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54 of 64 people found the following review helpful
5.0 out of 5 stars Everyday market wizards
Ok, I will start with a run-down of the things I liked best about this book.

-Every trader profiled is very different than the others. Telling me there are hundreds of ways to make money trading.

-Every trader knows his strengths and weaknesses and focuses on what he is good at. The basic centuries old advice "Know Thyself" rings true again. Are...
Published on September 27, 2007 by Chris Jaronsky

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76 of 83 people found the following review helpful
2.0 out of 5 stars Not Exactly Market Wizards
Read this book, but be careful. The research and documentation are questionable.

Millionaire Traders tries to replicate Jack Schwager's "Market Wizards". It does not. Read Market Wizards first. It is thorough, well researched, and the traders in it are first rate.

There is some useful information. The traders interviewed trade a variety of...
Published on October 17, 2007 by a reader


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76 of 83 people found the following review helpful
2.0 out of 5 stars Not Exactly Market Wizards, October 17, 2007
By 
a reader (SAN DIEGO, US, Canada) - See all my reviews
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Read this book, but be careful. The research and documentation are questionable.

Millionaire Traders tries to replicate Jack Schwager's "Market Wizards". It does not. Read Market Wizards first. It is thorough, well researched, and the traders in it are first rate.

There is some useful information. The traders interviewed trade a variety of instruments (not just FX as one reviewer claimed). It is interesting to see how others got into trading and how they chose their markets.

The following are what I consider the downsides of this book:

1. There is no indication of how these people were chosen. Unlike Schwager's book, the author's do not tell how they chose these 12 traders to represent successful individual traders. There is also no indication that the authors verified that these traders were successful. It appears that they just took their word at face value.

2. Some of the traders represented as being highly successful individual traders are "mentoring" and running blogs and chat rooms. A real red flag. It does not necessarily mean that they are not successful traders, but anyone who has been around long enough knows that a lot of "experts" selling their trading knowledge do so because they can't make money trading. Some are very good, but for every good one there are 10 con artists.

3. Some of the resources touted as having been instrumental in their development are worthless.
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30 of 31 people found the following review helpful
2.0 out of 5 stars Disappointed, December 27, 2007
I just finished reading Millionaire Traders and was generally disappointed in the book.

First, I found the sloppy editing, obvious grammar mistakes and numerous spelling errors highly annoying. No professionally authored and published book should have so many errors. Every page has missing or misplaced commas, misspelled words, or words simply missing from sentences.

Either the book was never copy edited, or that part of production was farmed out to a couple high school kids working summer internships.

While a few mistakes per book are acceptable and expected, mistakes on every page made the book unpleasant to read and created an unprofessional impression of the authors/publisher.

Secondly, as another reviewer mentioned, I would like to know how these particular traders were selected. Where did the authors find these people and what did the authors do, if anything, to try to verify the traders' performance claims?

As someone who plans to trade for a living at some point in the future, I was looking forward to reading each interview, but at the end of each I was left wondering who is this guy and how do I know his numbers are legit?

By interviewing professional traders, Jack Schwager in Market Wizards bypassed this problem, but by focusing on "Everyday People", the authors need to do more to establish credibility.

Finally, it seemed like the book was heavily skewed toward Forex traders. Even though traders of other instruments were featured, it just seemed to lean on Forex a lot, but this might be more impression than fact.

Overall, as I read the book I couldn't help but think this was a slam-bam-thank-you-type imitation of Schwager's two books, only superficially and sloppily written, then rushed through production to meet an arbitrary publishing deadline.
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54 of 64 people found the following review helpful
5.0 out of 5 stars Everyday market wizards, September 27, 2007
By 
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Ok, I will start with a run-down of the things I liked best about this book.

-Every trader profiled is very different than the others. Telling me there are hundreds of ways to make money trading.

-Every trader knows his strengths and weaknesses and focuses on what he is good at. The basic centuries old advice "Know Thyself" rings true again. Are you better trading long or short? Fast hits, or more long term? Trade your style for success.

-Every trader says "don't lose money". Come on, who doesn't know that? But it turns out it is probably one of the most violated trading rules out there, one every successful trader follows. As the book states, protect yourself, No Capital, No Trading, No Life.

-You are not smarter than the market. Trade what is happening at this moment, not what you want or hope to happen.

-Stay away from companies with debt. If you are going long, that's a great piece of advice! While other companies that carry debt also move up, those without it move up more reliably.

-Trend is continuous, but turn only happens once.

-If you have to make money, you never will. All of these traders trade to do it right. If you do it right each time you will make money as an added benefit. If you violate your rules the market will punish you.

-Focus on a few stocks, futures, or currencies. You can't trade everything, so you need to become an expert and specialize somewhere.

The traders profiled target different markets. Stocks, futures, and Forex. There is a good assortment here so you should be able to find at least one trader that resonates with your trading style. While every one of them trades differently they all have figured out a system that they stick to. Some have daily profit targets, others don't. Some of the targets are large, others seem very small, like one trader that shoots for ten pips a day. That's a pretty easy target in my opinion, but if you make it a large trade you can achieve a pretty high reward.

One comment in the book really clicked for me. It pretty much summed up in one sentence why I enjoy trading so much. The sentence was "Trading is one of the only professions that punishes you for non-performance". It also rewards you instantly for good performance. There are many jobs in this world where you can skate by and do mediocre work and get away with it. But in trading there is no place to hide. Your P/L will tell you immediately if you have done good or bad. What other career can give you that instantaneous feedback?

Most of these traders paper-trade to ensure their systems work. One trader will triple his paper account before trying the system live. That's dedication to your craft. I have found that I cannot paper-trade too long, maybe I am impatient? That's one reason I like Forex because I can trade very small amounts and actually use real money to do a pseudo-paper-trade. The amount of risk is very tiny, but psychologically I am more focused because I understand its actual money on the line. Then once I have achieved a long enough test sample the only change I have to make is the trade size.

If you trade or are planning on starting, I highly recommend this book. I think there is knowledge here for everyone, no matter what your skill level is.
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37 of 47 people found the following review helpful
5.0 out of 5 stars Better for individual traders than Market Wizards., September 29, 2007
By 
trader 10101 (hudson valley, ny) - See all my reviews
For years, Jack Schwager's Market Wizards has rightly been the standard for trading interview books. There's another book which can take its place in that trading book pantheon - Kathy Lien and Boris Schlossberg's Millionaire Traders.

I'm an individual (mainly day) trader with 8+ years experience. And as I read each chapter, I'd find multiple nuggets of gold and the book speaking directly to me - not as a market observer or cheerleader, but as a trader.

The authors knew which questions to ask and when to probe a little deeper into an answer. The contrasts and comparisons between the various traders are wide open for the reader to appreciate, and learn which of the traders "lessons learned" can be applied to their specific conditions.

I found myself constantly saying "Yup, I learned that the hard way too", and nodding agreeably when the trader would have their epiphany in much the same manner I did. The traders cover a wide variety of fields - equities, options, FX - and styles - buying or fading momentum, buying news, discertionary or systemic trading. There are very few points on which the traders are in complete agreement, and these tend towards money management: preserving trading capital, being able (at some point) to admit you're wrong, and other similar traits.

The key difference between Market Wizards and Millionaire Traders involves the people who are being interviews. Wizards is bonafide superstars in the trading industry, people who can move markets simply by their name being bandied about and who have gobs of money I'd never dream of having. In contrast, Millionaire Traders involves people who are either less widely-known in the trading community, but still achieve success and whose strategies are more attainable to a regular trader.

And that's ultimately what makes Millionaire Traders a better read than Market Wizards: the interviews are geared more towards regular traders. The exact methodologies aren't detailed here, so if you're looking for a Dave Landry (Swing Trading) / Jeff Cooper (Hit and Run) / Street Smarts kind of book you should look elsewhere. But if you want to know how others are able to succeed, and look inside at yourself and see if you have the keys for success, this is the place to start.
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5 of 5 people found the following review helpful
2.0 out of 5 stars Do Some Research First, May 22, 2013
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This review is from: Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game (Paperback)
Buyer beware. You may want to google one of the traders profiled in this book. He was sentenced to 9 years in jail and fined 80 million for engaging in a ponzi scheme. Do you trust the rest of the interviews in Millionaire Traders?
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4 of 4 people found the following review helpful
3.0 out of 5 stars Review of Millionaire Traders..., September 5, 2008
By 
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Millionaire Traders boosted my motivation and provided some inspiration regarding my Forex trading. The book did not provide any specific trading strategies, the focus was toward the general traits that successful traders share.

Update: (8 May 2010)

After reading Fooled by Randomness & The Black Swan by Nassim Taleb, I can plainly see the futility of books such as Millionaire Traders. The traits and characteristics of the subject traders are common to most if not all aspiring traders. However, books regarding "losers" do not sell well. Not many care about the traits of traders who have blown their trading accounts. It is mainly through attrition that someone, somewhere becomes the notorious Millionaire Trader. In my humble opinion, reading Fooled by Randomness is more productive than reading Millionaire Traders.
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4 of 4 people found the following review helpful
3.0 out of 5 stars solid surface -empty core, April 10, 2008
By 
MBK (South USA) - See all my reviews
This book has inspiration and will motivate the new trader however the book lacks substance. The writers should have put more understanding into the explanation into what these traders were doing.

I think charts and deeper explainations would be useful as well.
Another point I want to make is that the traders are not everyday people. Everday people do not have $150,000 dollars to start trading with and deal with Forex, Futures and Foreign Trade.

The title of this book should be
Millionaire TRADERS How Privledged People Are Beating WallStreet Ar its Own Game

Everyday people are people who start out with a couple thousand and come from regular jobs without ever being brokers, working the pits, low financial understand, a housewife, a construction worker, a college or high school drop out etc.

( a Great Trader story is : How I Trade For A Living By Gary Smith
Now the guy may not be a millionaire yet but he is close & his book really details how he traded his way up from the bottom. His book details all hiss losses and winnings with detailed information

Some of the stories I was left hanging trying to understand the stradegies of the traders mentioned in this book. The details are very fluffy with no substance to back them up.
Any person who would buy this type of book is looking for more than just a success story. I can buy readers digest if thats all I want. I believe most readers would buy this book searching for detailed trading ideas from successful people. I think that this book would have been much more successful if at the end of each interview, the trading stradegies would have been explained in more detail-

For a really detailed trading JOurney with solid substance
read Jim Cramer's- Confessions Of A Street Addict
that book is solid on top and in the middle
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6 of 7 people found the following review helpful
4.0 out of 5 stars A fun, insightful read, April 6, 2009
By 
SBJ400 "SBJ400" (Mt. Laurel, NJ USA) - See all my reviews
Right away, for laughs, you should know that Chuck Hays has a whole chapter in this book. Who is Mr. Hays...well, he is Bernie Madoff's long lost criminal brother.
Charles "Chuck" E. Hays, the man behind Crossfire Trading LLC, is now in trouble for running a huge Ponzi scheme and using investor money to buy himself goodies...like a $4 million Yacht. lol!!!

This book was written in 2007, no one knew Mr. Hays was a crook. So just ignore Chapt. 4. It is all lies, or read it to get a peak at his arrogance. Boris and Kathy had nothing to do with him but some people in trading forums are making ridiculous accusations. PLEASE!

This book will not teach you HOW TO TRADE anything in the conventional sense. It will give you insight into the emotions, viewpoints and feelings of some big players. From that, you can 'find' yourself and maybe learn a thing or two.

Some of this book made me laugh, some of it made me acknowledge my own mistakes, and the rest I either learned from or just simply enjoyed for the pleasure of reading.

Do not expect this book to point the way toward the holy grail. All you beginner and arrogant traders will never be happy and need to stop expecting to find it. My successes and failures in trading come from hands on experience coupled with the knowledge a WIDE VARIETY OF SOURCES provided to me. I still have not found perfection, the best and brightest out there have not and you will not either. You will simply learn how to correct your mistakes and get better.

This book is merely a fun, wisdom filled read. Don't expect a course in trading. Just look at it as if you are sitting at the table of some well seasoned traders that are openly discussing trading. There is no lesson plan, there is not set path. But the guy who shuts up and listens will learn from the conversation.
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6 of 7 people found the following review helpful
3.0 out of 5 stars Full of good advice but..., June 4, 2008
This book is full of good advice offered through the people being interviewed with critiques of what they said and of their trading styles given by the book's authors. Also what markets the interviewees trade in are discussed as well. However the reason for only three stars rests in the fact that this book, rather obviously, must not have had a proofreader. There are instances of words being inadvertently added or left out throughout the book and a particularly annoying and unforgivable instance is when the word "there" is used when the word "they're" is obviously meant. The authors must have been in a rush to get this book to print and out on the shelf. If you find these oversights as irritating as I do you may just want to pass this book up. However I don't think the advice given is enough to redeem this book's abysmal oversight as the advice can be found in other books of much better quality.
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6 of 8 people found the following review helpful
3.0 out of 5 stars Not an "everyday" traders' story, December 29, 2007
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The book is easy to read and inspirational. I find quite a few very useful information for myself. However, they are not "everyday' people in my view. Some may started out like us "everyday" people though. They all started early or relatively early in their life. Some worked for years as a broker. They day trade very risky instrument and made a living out of it.

For us "everyday people", or mildly active investors using Ameritrade, Scottrade or Fidelity with our life time saving mostly in IRA, it is not really suitable to use their financial instruments or methods directly. The book fails to warn the reader on that upfront. However, the spirit of successful trading is the same. We have to find our own way to success given our situation (time/ capital restriction, personality fit etc.)
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Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game
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