5 comments about The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities.

1. The book is badly written and difficult to understand and to follow even for graduated people. All thinks are put inside without any logical framework. The reader get lost after some pages.
   The book is too long and worth of nothing interesting.
   Avoid to waste money for this book. I bought one copy kidded by the high rating and looking for some good insight in swing trading.



2. The book feels like Farley is trying too hard too impress, instead of to truly educate. A few good insights, but buried beneath the weight of all those self-important words.



3. A lot of people seem to love or hate this book, and I am without question in the love this book category. I have been in the market for many years, and I can say without hesitation that this book is the most advanced and thorough study of trading psychology and tactics ever written. If there's a better one out there, I've never seen it (and I've read hundreds of them).
   
   This is not a beginners book. This is a book for people who have at least a couple of years experience trading and investing actively in the market. I don't mean someone who has a few mutual funds or a stock or two they just hold; I mean someone who follows the market closely day in and day out and has felt the fear, panic, and greed that comes from buying and selling in real time on a regular basis. If you're one of those people then this book is for you. If not, then you should look into something a little less advanced and come back to it in the future.
   
   It was clear to me even after a couple of chapters that the author really knew what he was talking about and had advanced experience. I think many people have been frustrated by this book because they were either too inexperienced to understand it fully or because they were confused by the author's deeply intuitive writing style. Myers-Briggs intuitive types (N's) will feel instantly at home with this, but sensory types (S's) will have a hard time with it because he writes about the deeper meaning behind patterns and movements rather than the obvious visual aspects that are the focus of most books on trading. If you are someone who thinks deeply and looks for the deeper meaning of things then you'll probably like the style of this book. If you are not, then it might not be for you. I am an intuitive N, and I recommend it to others like me without hesitation. It's the equivalent of a capstone course in a master's degree program in trading.



4. The Master Swing Trader is not for beginners, and is a difficult read from cover to cover. But I constantly refer to mine, and I have it highlighted throughout with the margins all marked up. It is very technical but also very thorough. More than any other book this one is responsible for my quest for perfection in my trading systems.
   
   David Colletti
   Founder
   StockTradersHQ.com



5. I have read this book close to three times. Its pages are now worn from use and travel. It is the single book to which I attribute the majority of my market knowledge and trading success. I have since used my trading record to become an investment adviser utilizing only the techniques found here. In truth, I have also created my own money management system as a framework for capitalizing on Farley's directional insights.
   
   This book, when I first read it, was not very appealing. I wanted something that could predict the market, not something that would tell me to wait and wait and wait until conditions were right. I didn't want to have to plan for opportunity and then strike if- and only if- price action developed according to my plan. I didn't want to do any of this until trading losses inspired me to enjoy making money over being excited about making a trade.
   
   Since then I have returned to the book and read most parts twice over. Farley's patterns can be applied to any market environment, because they don't have too much overlap (that is, there's always a set of patterns available for any possible market environment). Therefore, first identify the general market conditions (1st section of the book dedicated to this), then identify which of his '7 Bells' fits that market environment (2nd part of book dedicated to these), and then perform the trade if and only if conditions are favorable (3rd part of book..). Take profits and losses readily. The markets have noise. Perfectly good setups will go up in smoke sometimes. Know your 'edge' and risk only the right amount of capital to take advantage of it (I did have to develop a system myself for this part as Farley does not cover it).
   
   So, that is my review. The Master Swing Trader is a seminal work on swing trading that should not be taken lightly and most definitely not derided as "too complex". Yes, if it's hard, come back later with more trading experience. I consider this book to be the Be-All-End-All of trading books, and it reminds me of my senior-level Electromagnetic Engineering courses in college. Looking at that book in the first days of my study would have frightened me (just glance at a 'Smith Chart' in Google Images if you don't believe me). But after time, I realize that the concepts in that book were not too complicated and were in reality very practical and extremely useful. So, too, with Farley's masterpiece.
   
   Ryan Sanden
   Investment Analyst,
   Northwestern Mutual Financial Network

5 comments about The ART of Trading: Combining the Science of Technical Analysis with the Art of Reality-Based Trading (Wiley Trading).

1. If you are a trader, his book is a must! You will learn the many necessary facets needed to win in trading. From money management and risk control to the science of reality based trading this book has it all. It also comes with a neat DVD and a free software trial. I highly recommend this book to all traders!



2. This book is very detailed and through and explains the value of how price and volume are the true realities of any market. I learned a great deal about the benefits of technical analysis and how to apply it. As an investor, the ART Software helps to identify trending markets and identifies buying opportunities, as well as, when the trend has finished and it is time to sell. Using risk control and how to apply it is also explained with clarity and detail. I learned a great deal from this book and therefore I highly recommend it.



3. If you are a novice trader you can really benefit from Bennett McDowell's methodical approach to trading explained in "The ART of Trading". If you are an experienced trader and open to new ideas, this book can give you a new edge.
   
   Bennett McDowell's method helps the trader add structure to his/her trading skills. The book also addresses the power of psychology. How everyone reacts to the financial market is a function of their psychology and Bennett McDowell helps us discover that dimension.
   
   What I also liked about "The Art of Trading" is that Bennett McDowell does not promise the reader the Holy Grail with a "get rich quick" type of recipe. Trading needs to be treated with the utmost discipline, rigor, passion, and needless to mention lots of work. Trading is like playing a musical instrument. The more you play and practice, the more you learn, the better you perform.
   
   This book and Bennett's approach to trading has helped me improve my trading skills and has given me the peace of mind that I need to become a better trader.



4. What I liked about the book is that it covers all the various aspects of trading, from psychology to money management and explains the true realities of the markets which are price and volume. In his book, McDowell does not lull readers into thinking ART is a "get rick fast" trading system and instead instills the notion of strict risk control and discipline, essentially helping readers to learn how to trade in a market where odds are against traders.
   The down side is that the trading ideas in the book are applicable for his software only. Therefore unless you purchase the software, the majority of the book is pretty much just nice to read but not that useful.



5. I've been trading the ART software for almost five years and have found it to be the easiest to use of all the technical analysis systems I've tested. What helps me is that the software gives me entries and exits plus risk control. Other approaches would give me entries -- but then didn't always have clear exit signals before I placed my trade. Problem with that for me is that there wasn't a way to calculate the trade size -- since I didn't have an exit selected prior to my entry. The other aspect of the ART software is that it has voice technology so I can work on other things while I'm waiting for my entry or exit. There's no chance of missing the signal because a voice comes on that says "Pyramid Trading Point Entry NOW". Of course the ART book has tons of material on how to use the ART software system -- but it's also got a strong foundation in all the areas needed for success including money management, trading psychology, risk capital, etc. Meaning -- it's not a total loss if you don't end up using the software when you are done with the book.

5 comments about A Beginner's Guide to Short-Term Trading: How to Maximize Profits in 3 Days to 3 Weeks.

1. This book is better than most beginners Technical Analysis books, and it focuses on alot more. She gives a basic strategy which can be used. This is a must buy, look at the price you got nothing to lose.



2. I've read this book twice, [I read everything multiple times] good entree into various mkt-related topics, though certainly requires follow up via other books, methods, research. Being a golden Buddha, I love the centerpoints.



3. This book taught me a great deal in a short time. It was not only easy to read, but informative and encouraging. She explains concepts in a very straightforward manner plus and was very positive about trading in general. I would recommend this book to anybody just starting out and want to learn more about trading stocks using technical analysis.



4. Learning to trade confidently & profitably was probably the most daunting endeavor I've ever taken up. As a former novice trader, I recall having the feeling that I was paralyzed by uncertainty and self-doubt about my trades. It seemed then that there was drastically more information than a person could take in. Everything I heard or read made me believe that it was so critical and important. Yet I never seemed to understand how I should use what I was learning. I was always a step behind the market, chasing the crowd and loosing money. The more I traded the more frustrated I became. I thought I'd never understand how to trade. I'd lost so much money and enthusiasm that I considered quitting trading and leaving it up to smarter people than myself. I was beaten and embarrassed.
   
   That was all before I read this book. Toni showed me step by step what I needed to know in order to get a firm grasp of trading successfully and profitably. What made this book so special to me is that Toni has an easy style that describes everything in really plain language. She takes nothing for granted when she explains how to read charts and when to buy and sell. She rounds out every chapter with some words of wisdom that guide the novice and expert trader alike toward having the knowledge, attitude and confidence to succeed. It's akin to having a "market mentor" showing you the ropes in a very thoughtful and intuative way. She's a great teacher and what I've learned from her has been the foundation for all of the knowledge I've aquired since reading this book.
   
   In short, this book helped me see the beauty and simplicity of trading for profit & I'll never give it up (I do it for a living).
   
   Brian Berry [...]



5. this book is good for beginner but i think if it has more real life example that will be more easy to understand.Should have specific rather then histroy.helal for sydney australia

5 comments about An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund.

1. Tim's book was an unexpectedly pleasurable read. Boy makes good, the "great American dream". Refreshing in the telling (and I must say, I agree with other reviewers, it does remind me of Reminiscences of a Stock Operator), it highlights the incredible euphoria and gut wrenching lows of penny stock trading. While not a trading manual, his downfall trade of Cygnus paints a quintessential story of a newer trader's education and downfall by letting emotions/ego take over and ignore the market facts. The fact is, the market doesn't care what you think. Get over it.
   
   Tim's book is also a great read for its take behind the hedge fund curtain and market manipulation. When you finish this book you should know that the odds are stacked against you at all times, particularly as a small investor. Penny stocking is a risky business. Tim's book is the appetizer. Buy his DVD for the whole enchilada.



2. Tim's business model is simple - brutal honesty. His book, An American Hedge Fund, is just that, brutally honest. The finance industry is filled with corruption, manipulation, and arrogance of the highest degree. Tim's brutally honest story about his trading experiences (both good and bad), illustrates his character and supports his business model.
   
   An American Hedge Fund gives its readers the opportunity to ride Tim's stock-market-roller-coaster-ride where he takes $12,000 and turns into $2,000,000. That by itself is both inspiring and motivational, but the book adds another dimension which I found to be even more stimulating; Tim's introspective journey. The psychology behind trading stocks is truly fascinating and first-hand experience can be truly humbling. The life lessons Tim learns from trading stocks, which he openly shares in his book, apply to all areas of life, which the reader will either identify with or learn from.
   
   For someone who has never traded a stock in his life (me!), this book peaked my interest to learn the stock market. An American Hedge Fund will not teach you how to trade stocks or reveal secrets on how to become a millionaire. What An American Hedge Fund does give you is an honest story of how one person, Timothy Sykes, was able to defy the odds and achieve the American Dream.
   
   I've read An American Hedge Fund twice and I highly recommend this book if you have any interest in the stock market or if you're looking for an easy read that's entertaining and honest. An American Hedge Fund brings a spiritual enlightenment to finance, which is really cool.
   
   I`ve also ordered Tim's DVD (Pennystocking)and frequent his blog at [...]. I would recommend both as well. Tim's DVD is educational and his blog is honest. The short-selling strategy will only make a strong trader better and help a novice trader become successful in the markets.



3. I did enjoy reading "An American Hedge Fund" since the author is well-known in the daytrader community for turning $12K into $1.65 million when he was still in college and the story of how he did it is certainly worth the read. Timothy Sykes comes across more like a normal daytrader, as opposed to a true Wall Street insider. This makes him easier to identify with. However, this also does make the book a little less interesting since much of it just describes various penny-stock trades he did and his rationale behind them, which gets repetitive after a while. When I picked up the book, I was hoping either for material that would help improve my own trading technique, or maybe just an interesting story, but the book comes up a little short on both fronts.



4. This book is awesome!!!! You will probably finish this book very quickly, because this book is very interesting and enticing.
   
   Tim has taught me so much in this book! Tim cuts the "bullship", and teaches you lessons you will never forget. I am only 15 and recently begun playing the stock market, and thanks to this book I have avoided many beginner mistakes.
   
   This book is truly amazing, I would recommend buying it for anyone even if they're not into finance! Tim has truly inspired me and he will inspire you too!
   
   -Liam



5. Where to begin? All of the other people that have reviewed this book and given it a 1-star rating are spot on. Like everyone said, he got lucky during the dotcom bubble and doesn't know how to make money any more. I love the fact that he's obsessed with selling short while he has his hedge fund - then the arrogant prick has the audacity to blame industry regulations for this failures as a hedge fund manager. The definition of insanity is to keep doing the same thing over again and expecting something different - according to this definition, Sykes is definitely insane. I'm sorry, but if you can't make money with $2 million USD, how is having $10 million USD going to improve your trading?
   
   More than anything, I'm angry. I normally find that I can rely on Amazon's ratings for a book, but this one was a HUGE let down. I can't believe I wasted valuable time and money on this garbage.

5 comments about Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day, Swing, and Position Traders.

1. This book has very simple strategies/plays that could be used to make money. I know because I made some money on it. Of course, it is not as simple as they make it in the book. Preferable that you have some trading experience under your belt.



2. I think this book provides some very relevant ideas for the mental preparation required to be a trader. Sure, it may be a bit repetitive but the author's believe in repitition for learning anyway. I'll re-read it again and again.



3. This book is really the one. Now I fell more confident when I strike the market. No more words than JUST PERFECT. I do recommend this book.



4. They have written the perfect book for the beginning trader or the trader who is struggling and needs to get back to the basics. They cover trading psychology thoroughly and offer an excellent introduction to basic trading systems.
   
   David Colletti
   Founder
   StockTradersHQ.com



5. This book is by far the most informative that I have read in a very long time. Most other books on the subject of trading offer only so much. However, O.V. goes much further in that he gives actual methods by which one can enhance his trading techniques many fold. I recommend this book to any and all - beginners and experienced traders. I only wish I had come upon this book years ago!

5 comments about Trade What You See: How To Profit from Pattern Recognition (Wiley Trading).

1. This book is one of the easiest reading technical analysis books I've read. The book lays out a fairly simple mechanical system which can be implemented immediately to improve one's bottom line. I've been using the patterns and techniques in this book for a little over a month and it has helped me more than just about any other book out there. I now have a specific plan of action and rules to follow when I enter the market every day.
   
   I would say that the only area lacking in the book is the mental side of the equation. But this isn't a book on the psychology of trading. The psychology of trading is far too important to be covered in a chapter in a book on technical pattern recognition. Those looking for guidance on the psychological side of trading would do well to read books by Dr. Brett Steenbarger, and the first half of Trading Chaos by Dr. Bill Williams.
   
   I would say that reading the first half of Trading Chaos and then Trade What You See could be a real recipe for success for a lot of traders. Every trader has a different perspective and style, and every trader needs to find their own style. These two books fit my style best and I think they could help others as well.



2. Should be used by Advanced Traders...Also if you like to use triangules and Fibonnacci as tolls for trading decisions.



3. Respect to the author, but a lot of this material can be found on the internet already, such as the AB=CD and Gartley patterns. For a book about visual pattern recognitions, the b/w blurry charts were a disappointment. Authors take note, shell extra for some color and larger charts will convey more than words, it would become a bestseller fast. Still, I've timed some profitable options trades using the geometric patterns.
   A Pesavento must have book is Astro Cycles...if you are ready for it



4. I am new to the world of trading, and I have already read many books, seen seminars, etc.
   
   Out of everything I have read, this book is not only the most practical and objective, but it also includes many poignant examples of both successful and failed trades. The patterns in this book are consistent and all build from Fibonacci ratios as well as the classic AB=CD pattern.
   
   I cannot recommend this book enough. Out of every trading book I have, this is my favorite. It is well worth the money.
   
   One note: it does take a little time to break into at first. I don't know that the opening of the book eases the reader into it, but if you get frustrated just skim the Fibonacci parts and go into the AB=CD pattern. It gets clearer from there.
   
   One of my favorite books!!



5. Great Book on simple TA... It was not what I expected but a cool book..

3 comments about Day Trading For Dummies (For Dummies (Business & Personal Finance)).

1. I received this book as a gift and, at first, I was skeptical. I spent 20 years working for investment banks starting as a runner on the floor and retiring as the head of a trading desk. "What," I asked, "does this book have to teach me?"
   
   Ah, beware of hubris! I was pleasantly surprised at what I learned. The book has a good introduction to how to obtain the sorts of information that a real day trader will need, but is best on the emotional. Emotions are almost always overlooked. I've seen lots of bright people rise to a certain point on a trading desk and then just implode because they couldn't handle the stress. And these were people working with other's money. It is even worse when it's your own dough on the line. The guy who practices day trading until he has his system all ready and then blows out a month after going live is very common.
   
   Early in my career I started my own firm. This was before day trading was even technically possible and the firm was in the options pits. I got on the emotional roller coaster: on good days it was "Come on Honey, its steak dinner time!" On bad days I tried to save money by rationing toothpaste. It all ended in tears.
   
   This is all by way of stressing the role emotions play in successfully trading the market. This book discusses strategies actually employed by some of the best traders on Wall Street and the book is worth looking into for that alone.



2. I have a Mensa IQ - have traded equities for 15 years and found this book to be complex and difficult to read. It presumes a lot of things that puts this well outside the title " For Dummies." "Daytrading for Intermediate to Advanced Traders" would be more honest.
   If you are looking for simple understanding of the day trading concept, look elsewhere. If you want an advanced text, this is probably a minimally fair choice.



3. This book has been wonderful for me explaining the very basics of day trading! I would highly reconmend this book to anyone who wants to see what it's all about and how things work. It's obviously not meant to be a detailed book but more of "what this means and what that means". Perfect for dummmies!

5 comments about High Probability trading.

1. I just started to trade a month ago with paper money. It's a good book for a beginner. The book is out of date, 2003 edition. Charts are black-and-white color that makes them difficult to read. Recommended.



2. I've bought alot of trading books, usually at 50 bucks a pop, and some of them really leave you groaning about. I rationalize that even one good idea, even it just reinforces something I already know or reminds of something I forgot or ignored then it's better that losing 50 bucks to the market. It's kind of like trading itself, you take some losses but the winners make up for it.
   
   This was a great book. One of the best sections I've seen on stops and exits. It goes more into the proper mentality than cookbook strategies, but it goes deep into areas alot of other books overlook or just don't develop beyond a few cliche's. If you're past the introduction level and already own all the indicator catalogs then this is a great pick. Not too deep into the tools, but good in that area too. Mentality and strategy development without becoming a psychology book. Excellent. The 1 star guys missed the point.



3. like I did for about 3 years. Now I that I finally picked it up I am almost a third of the way through and already has Marcel Link's clear, honest, to the point language and approach to day trading dotted my i's and crossed my t's several times over. Yes, I did read books about small cap value investing, how to read charts and how to make money using all kinds of fancy systems before this one and I recommend you do the same. But don't stop there - go ahead and finish your training with this excellent work. Marcel's straightforward message is so simple yet so deep that I hope it will, just like it is already doing for me, banish all your fears about making mistakes and still coming out a winner. I write this on purpose because if you are not making money in the market you probably have a fear of winning and/or are making too many mistakes. Right after I started reading this book I had my first winning streak in years only to face an age old stumbling block just a week later; this time, thanks to Marcel's warning, I could honestly say to myself "It's OK, keep going" and I actually was able to prevent a big loss because the market had turned against me. Thanks to Marcel's "handholding" I had the courage to read all the charts before rushing into a decision that could have cost me. This book is for everybody who is missing out on grasping the "whole" of trading. After this, I plan to read more technical books just to stay sharp in that area, but for the time being I am enjoying every page in this volume. Highy recommended.



4. This is an excellent book about trading, especially for the beginner. However, the beginner is not likely to recognize why this book is excellent versus the many books written about trading by non-traders. I highly recommend this book to anyone trying to teach themselves about the markets. If you already are a successful trader, the book may not be that helpful. If I were to teach a course in trading, I would consider using this book as one of the textbooks for the class, in part because there are very few comprehensive good books about trading. I have read the negative reviews posted on Amazon, and I don't think they are, for the most part, informed or fair. I hope the author comes out with a second edition, in part because while I think the content is excellent, the writing could be improved upon. But I'd rather have a substantively excellent book, than one of the many trading books well-written by a non-trader that is unhelpful or even misleading on the substance. "High Probability Trading" is worth the read.



5. At the beginning I thougt I'd read all this before and that it was all the same.
   But soon after reading some more I learned some new things, f.exmpl. to use the fibonacci retracement properly, this is mandatory because every serious trader watches these levels and trade thereafter.
   
   Marcel also goes through exit strategies , something very few other authors do.
   He uses his own hard earned wisdom to give great advices.
   
   One of the most important things was the money management chapter, if a trader misses out on this one the it doesn't matter how good a technician he or she may be.
   
   One of the best trading books I've read, just wish I'd read this one earlier.
   
   Good Luck !

5 comments about The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach.

1. I never felt comfortable with day trading until I read Markus Heitkoetter's book. I have gone from the mindset of "cannot be done" to "let's give it a try." The approach shown in this book with the info on how to test your strategy and how to develop a trading plan is easy to understand and straightforward.
   
   He keeps everything simple in his book - I can understand it and follow the examples. Now, do not confuse "Can be done" with "Everyone can do it." You still have to learn and not everyone can be successful.
   
   I especially like the help on keeping my emotions out of trading and sticking to my plan. An exit strategy is included to help you get out and avoid panicking and losing money. The 7 steps to developing a strategy are helpful, yet in my eyes, a bit too simple and not deep enough. I wish that there would be some more info in this chapter.
   
   Some more basic info for a complete beginner might be helpful as well so that you can learn even more.
   
   All in all, though, I would have to recommend the book as it covers just about everything needed.



2. The Complete Guide to Day Trading is the book you should buy if you are interested in learning about Day Trading. Markus Heitkoetter's book leads by example and shows you everything needed from the beginning to the end. He also lets you know straight up that there is no magic way of succeeding as a day trader.
   
   The book shows you how to create a plan and execute it. He makes it clear that you should not trade with your emotions but rather with a clear head; you need to stick to your plan if you want to make money.
   
   Heitkoetter explains how important it is to create a timetable as well as an entry and exit strategy. The most important thing I learned in his book is that you have to create a plan and then stay with it and focus on the plan, not on your emotions or scares. Keep to your plan and use your strategy based on your plan (not on your fear) and you can succeed.



3. I've been studying day-trading for about a year but still found this book to be a good read. It doesn't get too heavy into trading strategies or a lot of market internals but it does give you a good place to start if you're new. It discusses some essential things like having the right mindset about trading (which is one of the most important things). There are two things that the author states that I disagree with and they are:
   
   1. You need multiple strategies for when the markets are going up, down, or sideways.
   
   2. You should be trading different markets.
   
   I don't know about you, but I would rather find ONE good strategy that works most of the time (nothing works 100% of the time). I don't want to have to worry about trying to change my strategy every day, I would have have my strategy be flexible enough to adjust to the market.
   
   I also don't want to have to switch between markets to try to make money, this seems counter productive. Why try to be a master of all markets when you can follow one market closely and learn how it moves and behaves.
   
   Other than these 2 things, I think this book is a good place to start.I would recommend it to those looking to get into day-trading.



4. I bought this book for one reason, and one reason only - to see what the author had to say about trading strategies. I appreciated the sections on what it takes to become a day trader - mindset, funds, goals - and the chapters that dealt with info for newbies, like finding a broker and picking a market, but I've been a trader for awhile. It was nice refresher material, but not the main reason I bought the book.
   
   Since I first began trading, I've been trying to find the ideal strategy for me. I've found a lot of elements from different trading strategies that I like, but I haven't found any one strategy that seems to fit me perfectly. Because of that, I've thought a lot about what it takes to create a well-tested, reliable strategy. What do you need? How much depends on numbers and how much depends on your personal preferences? And how do you go about creating a new strategy that's successful in the markets and also works for your trading style?
   
   When I read the back cover of this book, I finally found something that might be able to answer my questions. One of the main elements of the book is that it lays out a seven-step approach to creating your own trading strategy, and I was hooked. I bought my copy right then and there. And I'm really glad I did.
   
   These are the seven steps outlined in The Complete Guide to Day Trading for creating your own strategy:
   
   Step 1: Selecting a Market
   Step 2: Selecting a Timeframe
   Step 3: Selecting a Trading Approach
   Step 4: Defining Entry Points
   Step 5: Defining Exit Points
   Step 6: Evaluating Your Strategy
   Step 7: Improving Your Strategy
   
   I can't really go into detail on each step, even though I'd like to, but the ones that were really essential to me were Steps 3-7, especially 6 and 7. I finally feel like I have a good idea of what a reliable trading strategy needs to be. And I have the knowledge to test my strategy, revise it, improve it, and use it in a way that complements my trading preferences and style.
   
   I'm a satisfied reader, and if anyone else out there is interested in the same thing as me, then I would say this book is exactly what you're looking for.



5. Day trading is a potentially rewarding but also quite risky profession. Many day traders jump into their new career role with both feet, but they don't succeed and often quit as quickly as they started. They either end up losing money or they make so little that they cannot leave their day job and work exclusively as a day trader.
   
   Lack of education, lack of discipline, and other factors are among the reasons many people don't succeed when they attempt to make a living as a day trader and this is where The Complete Guide to Day Trading can help. This book explains the do's and don'ts of the profession and it includes graphic illustrations that help explain how to spot trends, how to know the right timing for buying and selling, and how to realize when the time is right to get out of a specific investment and move on to the next.
   
   Day Trading requires discipline, education, timing, and planning. These areas, and others like them, are emphasized over and over again in this book because anyone who is lacking in any of these areas is almost certain to fail. For example, one of the most common mistakes made in day trading is not having the discipline to quit while you're ahead. A person will be trading away and will have made a decent amount of money for the day. But because market conditions are favorable and the money is looking good, the day trader will suddenly feel a surge of greed and want to continue trading. Sometimes, more money will be made but more often than not, the gains from earlier in the day will be wiped out, resulting in no positive cash flow for the day. On the opposite end, the same occurrence is commonplace. A day trader might be having a bad day with losses of a few hundred dollars. Instead of quitting for the day and hoping for a better tomorrow, the day trader will suddenly increase the amount of his/her investments in an effort to gain back what was lost. Panic can then result, leading to even greater losses. This is why discipline and planning are so important. The day trader needs to set a goal for daily earnings and then stick to that goal, resisting the temptation to continue trading.
   
   Besides the advice on attitude, education, and the like, The Complete Guide to Day Trading is also very practical about the science of day trading and it includes many graphic illustrations to help day traders learn how markets work. This is very valuable information and these graphs and the accompanying text rank amount the most helpful parts of the entire guide. Many individuals may have sufficient education, discipline, and planning strategies, but they may have little knowledge about the actual tracking of stock options, futures contracts, foreign currency, etc. This book offers a quick overview of these different investments and how they work, followed by actual graphic illustrations that indicate the pricing trends for a specific commodity or financial security on a given day. Using these illustrations, the book indicates precise ways to spot trends and the exact moment to buy and sell.
   
   Day trading should never be viewed as a get rich quick scheme and I like that the author doesn't promote day trading in this manner. I also like the way he includes evaluations of different software products for tracking pricing changes throughout the day and I like his lists of helpful hints and principles for day trading. Some of the educational material on stock options, futures contracts, etc., isn't as thorough as it could be, but the approach of this book is very practical and hands- on, and it serves as an effective resource for someone considering day trading as a full or part time profession.

5 comments about Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude.

1. This book changed the way I think and act when trading. If you are an experienced trader or a new trader, this book is a must. It's one of the only sources that focuses on the mental aspect of trading. There are piles of technical, fundamental and system trading books, but this author will introduce you to the most important part of trading - your mind and how to control emotion when putting on a trade!



2. This is a super book.
   The focus is on improving yourself as a trader, but the material can be applied to any aspect of yourself that you wish to understand or improve.
   
   The explanation about how the our minds create, maintain and use our beliefs is very clear and simple. The explanation of how are minds function with exiting beliefs is followed by methods for overcoming limiting behaviors and instilling new beliefs.
   
   A quote that I think we have all been told in some form or another has much clearer personal meaning after reading this book.
   "When it comes to personal transformation, the most important ingredients are your willingness to change, the clarity of your intent, and the strength of your desire."
   
   If you're willing to work on yourself, this book is a fantastic guide.



3. And, it doesn't hurt to read this essential book again every couple of years either as your trading develops and matures.
   
   Some reviewers are critical of the style of writing (psycho babble, motivational, etc) and some are critical of the quality of the writing. Some even think the book is over rated. Don't be swayed by the critics -- just get the book and read it.
   
   You'll find that the message (regardless of the delivery or the style of the writing) is all that matters. If at first the message seems redundant or unfamiliar or a bit uncomfortable, keep an open mind. Remember, repetition of a message enables you to integrate it more effectively. And, if the ideas are a little "out there" for you, it is the revolutionary ideas that are often the ones that inspire true discovery (in trading and life).
   
   Mastering our trading psychology and self awareness is the key to pulling all the other elements together. A terrific system plus great fundamentals won't add up to consistent profitability unless we can master our mind.



4. If you are a new trader, you probably won't "get" this book. It takes some time and pain to realize there's a problem beyond market knowledge. The author says as much.
   
   I read the three star review and I agree with it---there's a lot of words in this book. BUT, as that reviewer said, the gems are there and worth every penny I spent on this book. I'd have paid a thousand dollars for them. I actually bought it because another reviewer said it was the best book he'd read on trading. I'd have to agree.
   
   I have fabulous trading days only to have them followed by disaster days. I thought this was just me, but this book says one thing that will hit home to those who trade: euphoria leads to reckless trading. That's exactly the thought I couldn't put into words and hearing him I realized I'm not alone.
   
   I wasn't going to review the book because I don't need the competition, but then I realized what he says is true---there are few great traders.



5. It may not be the most exciting writing/reading in the trading genre but when all is said and done one gets a lot from Trading in the Zone. It certainly helps to make concise notes and return to such highlights as often as one trades. Maintaining a probability oriented mindset is crucial for success in trading, and M.Douglas has made a major contribution in this area. Strongly recommended.