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Title: How I Trade for a Living (Wiley Online Trading for a Living) by Gary Smith ISBN: 0-471-35514-3 Publisher: Wiley Pub. Date: 26 October, 1999 Format: Hardcover Volumes: 1 List Price(USD): $34.95 |
Average Customer Rating: 4.02 (50 reviews)
Rating: 5
Summary: Something that finally tells it like it is!
Comment: This book is one of many I have read concerning trying to trade on your own and is probably my favorite. I like Gary's straightforward approach and willingness to share what he's learned from a struggling trader to a successful one. Gary also does not try to impress the reader with useless info, but rather only what is necessary to make a decision on whether an apparent opportunity is a worthy one. I've been a broker for 5 years and have also relied on traditional methods on interpreting the market, but honestly have always found the task daunting. Gary sticks to sound principles that work ignoring charting techniques, advice from others and online scalp day trading.
Rating: 5
Summary: Highly Recommended
Comment: As a number of reviewers before me mentioned, this is a terrific book that belongs in every trader's library. It is that good, and is easy reading. You will probably want to read it more than once just to get all of the concepts down.
While reading Gary Smiths book, a light went on in my head. He mentions somewhere that approximately 90 per cent of new traders don't make it. Another words, less than 10 out of 100 people who set out to do day trading wind up making consistent money (a profit). This ratio is very close to the number of people who don't make it (or don't even try) to be self-employed - about 94%
Think about this: 94% of the working U.S. population, is employed for the other 6%. Why is that? It's because most of us are not taught as children to think for ourselves. Our schools teach us to obey the rules and prepare us for a career or trade working for an established company (i.e. someone else). At our job, we are usually given instructions on what needs to be done, when it is due, and in some cases, how to do it. Nothing wrong with that, but this training can work against you if applied to the stock market.
Day trading, is very much a self-directed profession. It requires you to make ALL decisions. There is no one to tell you when to start, when to stop, what securites to buy or how to buy them or especially how many to buy. In Gary's book he discusses all of these topics in detail, but not in a general way.
Is it any mystery that so many don't succeed? I believe, that in order to be a good trader, even if you are working for a trading firm, you must have a self-employment mindset. Most of us do not.
I recommend reading the following book along with Gary Smith's book in order to learn those ideas that were not taught to us when we were young. Reading this book will improve the odds of success significantly for traders just starting out and who have not previously run their own operation.
The book is "Secrets of Self-Employment" by Sarah and Paul Edwards. Amazon.com carries this title ISBN 0874778379. This book will help you establish the right mindset for working on your own. These two books alone are not going to make you a super trader, but they are a very good start.
Rating: 3
Summary: My view on this book.
Comment: This is a good book if you trade trending securities. Don't look at this book if you trade grains or other non-linear futures.
But...how can I say anything bad about a guy who can turn $2,000 into close to a million dollars. Buy this book if you want to make a million dollars. Don't buy this book if you are looking for methods to trade grains.
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Title: How I Made 2,000,000 in the Stock Market by Nicolas Darvas ISBN: 0818403969 Publisher: Citadel Trade Pub. Date: 01 April, 1986 List Price(USD): $12.95 |
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Title: High Probability trading by Marcel Link ISBN: 0071381562 Publisher: McGraw-Hill Pub. Date: 17 March, 2003 List Price(USD): $39.95 |
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Title: Pit Bull : Lessons from Wall Street's Champion Day Trader by Martin Schwartz ISBN: 0887309569 Publisher: HarperBusiness Pub. Date: 01 April, 1999 List Price(USD): $17.00 |
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Title: Reminiscences of a Stock Operator (A Marketplace Book) by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: Wiley Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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Title: Mind over Markets: Power Trading With Market Generated Information by James Dalton, Eric T. Jones, Robert B. Dalton, James F. Dalton ISBN: 0934380538 Publisher: Traders Press Pub. Date: 25 May, 1999 List Price(USD): $29.95 |
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