Great Book
|
I have read about 100 trading books and traded stocks, futures, options for about 20 years now. It wasn't until I reduced my leaverage by building positions in ISA's ie cash purchases that I began to consistently win. This is a refreshingly honest book by a true home trader who's expierience mirrors and goes beyond my own. Read it!
On a persosnal note if you wish to trade successfully learn how to interpret price action in the present and decide whether it means you are still in trend, if so hold, is it consolidating? - if so hold and watch you stops or is it reversing trend, if so go the other way, stop and reverse.
Real trading and real money on the line will teach you more than any book can.
Smith reiterates time and again that real trading is where you learn.
|
|
A great read.
|
I found this book hard to put down once I started reading. Like other reviewers have said, it doesn't give you much help on day trading on the internet as this is not how Gary Smith has made his money. Instead it is an inspiring book which teaches you to develop your own style, analyze every one of your trades and keep your losses to a minimum.
There are pages and pages on the techniques Gary Smith uses to trade funds but the most enjoyable parts were the early chapters where Smith talks about how he got to where he is now - something he always dreamed of as a youngster.
|
|
Outdated
|
Gary Smith earns his money trading so one has to give him respect. However I found this book difficult to read and of course time has moved on. The bubble has burst, decimilisation of stock prices is here and online trading is a cinch.
better books available in my humble opinipon.
|
|
Not for day traders
|
|
Smith is a position trader. He rails against day trading because it is very difficult to day trade profitably on a consistent basis. So day traders beware..this book does not give you much in the way of day trading strategies. Smith has his own psychological issues, principally fear of loss, which makes pure day trading too stressful for him. The problem with the book is the absence of a clear methodology or if there is one you are going to have to read it more than once to find it. Otherwise the book is fair in spelling out the dangers in trading and the fact that you are going to lose a lot of money before you start getting it back. I like its realism.
|
|
|
A bit complicated for a beginner
|
|
I am a beginner in the field of investment in the stock market and as such am trying to read as much as possible before committing any funds. I found that this book started by giving me an honest idea of what would actually be involved in day trading for a living, how hard it would be and a strategy for achieving this goal. It is certainly not a "Get Rich Quick" book and the author emphasises the fact that trading for a living is hard work, takes a lot of experience and is not a suitable career for everybody. However I found that as I progressed through the book to the mechanics of the authors trading system the book became hard work, and probably more suitable for the experienced trader who can easily understand the "lingo". However I would recommend this book to anybody interested in day trading because the author is an actual trader, recommends a lot of further reading which may prove useful and appears to give the reader a true idea of what is involved in day trading. The author certainly does not give false hope but a realistic idea of what is invloved in day trading and an insight into his success following years of breaking even.
|
|
|
United States | 
United Kingdom | 
Canada