Customer Reviews

Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading)

5 star:		(32)
4 star:		(5)
3 star:		(3)
2 star:		(2)
1 star:		(1)

 

 

I will have to disagree with the enthusiastic reviews of this book by various users. I suppose I'm not the target audience of this book because I've been trading currency in one form or another for about 9yrs now and I just read the book yesterday. So being a seasoned trader, I came to the book with different experiences than a total newbie.

That being said, *if* I could go back to my newbie self and recommend books for me to read, this would not be one of them. First off, the title of the book is misleading: Adventure? There is no adventure in this book. If you want adventure, read "Investment Biker" or "Adventure Capitalist" by Jim Rogers. If you want a pseudo-adventure with a real character - read "Reminiscences of a Stock Operator" by Edwin Lefevre. Reminiscences is a great book about a true trading legend, this book is about a guy in an office who wants to trade for a living. It goes on about how he blows through two accounts and meets various mentors (more on that later) that get him on the right path. There is very little that is exciting about any of the events that happen within the book - i.e. there is no adventure here.

You should also understand that this book is a parable/fable - so it reads as a strange combination of personal journey and enlightenment event. It's somewhat bizarre. Some of the characters seem to know things about the protagonist that are completely unbelievable. For example, in the book, a big-shot trader of a multi-billion dollar trading firm knows that a random law clerk (the main character) just lost $5,000 using a retail forex account. You're expected to believe that an unemployed law clerk can sneak into a trading firm and get a trading mentor. (Incidentally, the author's adulation of "mentors" is not the least bit suspicious considering he seems to run some sort of mentoring business on the side). All of these logical leaps and storytelling lapses you're expected to excuse because the book is a parable.

The main character himself is not really sympathetic or believable. We are told that he funds his forex account with his credit card but that he and his wife are maxed out on their 6 credit cards. Yet somehow, miraculously, at some point later in the book, he has something like $30,000 in "savings" that he can draw upon. His wife is pregnant with his fourth child at the same time that he quits his job and decides to become a trader (despite having shown no talent for it and having no experience doing it). We are supposed to have sympathy for this guy, who decides he doesn't need health insurance while having a pregnant wife and no money? In general, the character himself makes so many poor decisions it lessens the impact the author is trying to achieve. It's quite obvious the author wants to point out the many pitfalls of trading currencies (i.e. don't use too much leverage, don't gamble with money you can't afford to lose, etc etc) but he makes these points in such a heavy-handed manner that it's nearly impossible to take the protagonist seriously.

I got through over 2/3 of the book before I ever saw the words "stop-loss". But of course by the time the reader learns about what a stop-loss is, the protagonist is already hobnobbing with multi-billion dollar hedge fund managers (explaining to them what the carry trade is - again very believable stuff here). Keep in mind, he's meeting all these people before he actually knows how to trade. A few paragraphs later we find out that our protagonist doesn't know how to use spreadsheets. Risk management is sort of an afterthought in this book. Again, we get through 2/3 of the book before we hear about what an acceptable drawdown is - Apparently that number is 25% (in a day? in a week? The author never specifies). He dismisses 10% out of hand without giving any explanation, but I'll tell you, any trader that would be OK losing 10% of his entire account in a day is either a) not a very good trader or b) a maniac. I simply think this is bad advice - especially for rank beginners which are who this book is intended for.

Putting aside the thin "plot", the style of the writing itself is repetitive and boring. Many sections are structured as interviews. The dialogue is clunky & unnatural. I've already mentioned that the situations themselves are totally unrealistic but the way these characters interact with each other is sometimes just plain strange.

At the end of the day, if the target audience is supposed to be newbies, let me give you some free advice:

1) Start trading with a demo account - don't risk real money until you understand the mechanics of trading and can prove that you can make money on the demo platform
2) As soon as you feel comfortable, fund a small account where you can trade micro lots and use no more than 2-1 leverage until you are consistently profitable
3) Never play with money you can't afford to lose - This is a cardinal rule (although the author makes the rather dubious argument that there is no such thing as money you can't afford to lose).
4) ALWAYS use a Stop-Loss! (this should actually be rule number one)
5) Do your homework and find/create a system that works for you - There are no free lunches

For the amount of money this book costs, you could buy 3 very good trading books or buy 5-7 used books.

Final verdict: 1.5 stars

It is in a story form and lets you read quickly. Telling you about how a novice can get everything wrong, but then how to make it right was not cover in detail, probably making it too easy. The man in the book more or less lost his account in the first few trades, very typical, but then he can do it right and start making money soon afterward, not very typical .... my understanding.

Overall, fun to read, but I don't learn much from it.

Booker did a brilliant job of balancing the dramatic impact of the fictional aspects of this book with the solid non-fiction wisdom he wanted to impart to the reader.

I very easily and painfully (ouch!) identified with the many beginner mistakes the book's hero "Harry Banes" made at the start of his trading experiences. These experiences gave me a greater insight as to why I made the same mistakes in my trading. The book helped me develop a systematic approach to trading based on logic and solid experience vs. emotion and wishful thinking.

I am so glad thatI no longer crave the emotional rollercoaster ride of impulsive day trading. Now I find entering fewer and well thought out trades based on long range goals a lot more satisfying than the frenzied rush of day trading. The biggest gift this book gave me was teaching me that there are more rational and peaceful ways to trade profitably. I would recommend this book very highly to all traders, but especially to the beginners.

It describes about the emotional and mental revenge of the author's friend - Banes to the currency trading. Really good for beginner and novice traders, in order to avoid the same mistakes of personal discipline matters involving currency trading.

This guy is an entertainer: the book, like his other work avaiable on the web, is genuinely entertaining. But he is at core a B.S. artist. This puts him at the level of most anyone on TV or in print who gives Trading Advice. According to his own Bio he has bounced from job to job and has finally found one that he can cash in on for a while. Read for fun and with a pound of salt.

There is not an original thought in this book, pass it up and look for something that will actually help you trade more effectively. If you are looking to become a better trader this is not the book for you. If you are looking for a fictional read about the day in the life of a trader then this is it.

I enjoyed reading this book. However I had some problems.

First of all, I like how Mr. Booker hammered home about how there are no trading shortcuts. Plus I also liked that the psycological issues of trading were addressed.

But the book is too expensive for all it contains. Plus I would rather the main character have a real mentor and not a magical one.

I'm reminded of The Greatest Miracle by Og Mandino. Only Og Mandino's book is far supperior (and cheaper) that Rob Booker's. If you want to read a fictional story about trading that is also educational, read Reminiscences of a Stock Operator. It is cheaper and semi-biographical of a real life successful trader, Jessie Livermore.

Over last couple of days I finished reading " Adventures Of a Currency Trader" by Rob Booker .

Very good book , interesting and insightful . The story has lot of drama and suspense and lot of lessons to learn as well .

The story is about Harry Banes , who is an average person and who reach the hall of fame by help of his mentor , Harvey Winklestien . Harry lives in NY , so he can walk to any trading floor anytime he want .
I wish I could be bale to do that . Though the story is little bit unrealistic , its not possible for someone to become expert from absolute beginner in 3-5 weeks . Anyway it's just a story book , as I mentioned before very entertaining and insightful . After a long time I read some fiction , though it's not really a fiction .

The moral of the story is summarized into three broad rules . Thou Shalt Never Lose More Than 25 Percent of Thine Account . ( Day Light saving )Thou Shalt Test Before Trading . ( Back testing ) Thou Shalt Stand Accountable to Another Person for Thy Trades . ( Amazing ) This broad values are new to me , though I am not new to FX .

I think this book is for advance audience . Everyone can enjoy the story of Harry banes , but not everyone is in a position to absorb the thoughts which are hidden between the lines . We need some experience in loosing trades , gyration of hit and run trading and above all people who have a tendency of chasing price and holding on to their ego will benefit from this book immensely .

This books builds up slowly over few chapters and then get very intense in last few chapters . Following are my favorite chapters . Chapter 13 : The Story of George SislerChapter 15 : Breakfast with HarveyChapter 17 : TestingChapter 18 : HomeworkChapter 19 : Team Banes Begins Anew ( Accountability for Day traders )The story emphasis on having your own strategy and back testing it with enough historical data and then implementing the day light saving limit or percentage of NAV concept . The most amazing part is , keeping a journal of all your trades and asking your partner to review them . The execution of your trades should meet your objective , all execution should be well planned and back tested . The book is not for you to learn about technical analysis or getting some magic trading strategies . The book is more on psychological aspects of FX trading , but it covers very valuable points . It mentions about support and resistance levels . It explains clearly why you should look more in to daily and 4 H chart rather than always looking at the 5M charts .

I believe the author accomplished exactly what he meant to accomplish with this book. Some folks who gave less than stellar reviews were concerned that the book offered no in depth analysis on Harry's systems or was a bit unrealistic in the way Harry bounced back into becoming a good trader. My understanding of the overall theme, which is pointed out in the epilogue, is that one should stick to the "laws" of trading. Excellent book. Took me only a couple days to read and loved every moment of it.

When you finally realize that the "How to" type books fall well short of actually showing you "how to" trade profitably, you will fill your book shelves with books like Adventures of a Currency Trader. My copy is placed between Reminiscences of a Stock Operator and Confessions of a Street Addict on my "re-read" shelf.

Adventures of a Currency Trader, while a fictional story, presents many of the sneaky pitfalls that most traders fall victim to at some point in their trading journey. By shedding light on the challenges that face the main character, Mr. Booker is actually uncovering many of the trading blunders that are more comfortable for us traders to sweep under the rug. By looking at the mistakes and successes of Harry Banes, I (speaking for myself here) am able to look at my own habits more honestly, and focus on bettering my trading behavior.

On top of all of the focus on trading psychology, this book also encourages a self responsible, empirical approach to trading, based on research, and thorough testing. For this alone, this book gets two thumbs up. It is also extremely entertaining, humorous, and enlightening. I just wish I had more thumbs for up-giving.

A superb and unique work. Highly Recommended.