The initial part attracted me a lot and I just could not let go this book once I started. Quotes below are good enough to attract my attention in the first place:
You have spent 90% of your effort on the least important of trading components: trade identification. In my opinion, learning the importance of managing losing trades is the single most important trading component.
Various indicators are just statistical manipulators and derivatives of price. My attitude is that I trade price, so why not study price directly?
I warn 3 types pf novice investor types to avoid the commodity markets:
1. Day traders
2. Balance checkers - people who want to know their trading account balances frequently during a trading day
3. The emotionally unfit - individuals whose emotional makeup has led to frequent life troubles
The second major part focuses a lot on discretionary stuff. Surprisingly, I find myself reading some trading diary with full of interest. Although I may not gain much through this section, but I really admire the author's integrity and sincerity in revealing his "lessons".
As a summary, although the methods used are totally opposite with mine; I have to admit that this is a book written humbly by someone who is sincere to share his stuff. Despite playing down his own method as something unique, the author openly accepts other stuff. Having said that, do allow me to rate this book at 7/10. I could have given a perfect 10 for this book. However, I just could not digest the discretionary part and I got no choice but to shy away....A must read for traders though...
No comments:
Post a Comment