The Mind of a Trader will explore the trading philosophies, behaviors and tactics of the world's top traders, identifying successful strategies and winning ways in the markets.
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Book Description
Editorial Reviews
Review
"It takes courage to admit you are wrong," says Banque Paribas' Bernard Oppetit. "It take courage to face it when you have lost money and not blame it on the other guy or blame it on circumstance." This is just one of the many sobering observations found in Alpesh Patel's lucid, well-organized collection of to-the-point interviews with ten top traders in equities, currencies, bonds, commodities and derivatives. Mr. Patel is a London barrister-turned-financial-pro. And his book covers such concepts as dynamic analysis, progressive trading, pyramid information, pivot point and the Swill method. He does a particularly fine job of examining how winning strategies are implemented - and how failure can be avoided. "There is a time to be patient and there is a time to be impatient, and you just have to know the difference," observes Mercury Trading's Jon Najarian. Other interviewees includes Salmon brothers' Bill Lipschutz, Chicago Board of Trade's Pat Arbor and Paul Johnson, Monument's Martin Burton and trader-educator Neal Weintraub. -- Markets, July/August 1998
The book interviews a number of the world's best traders and you get an insight of how important cutting losses and admitting investment mistakes is to producing spectacular gains. It is one of the few books on the market that lets the reader get into the mind of a trader. These are futures and option traders, so their portfolios are far more volatile than stock portfolios. If you spend a few hours learning these traders' investment disciplines, I guarantee you a greater respect for the stop-loss discipline. The book sells for $34.95 and is available in most book stores. A blue chip investment. -- Green on MONEY, June 1998
The book interviews a number of the world's best traders and you get an insight of how important cutting losses and admitting investment mistakes is to producing spectacular gains. It is one of the few books on the market that lets the reader get into the mind of a trader. These are futures and option traders, so their portfolios are far more volatile than stock portfolios. If you spend a few hours learning these traders' investment disciplines, I guarantee you a greater respect for the stop-loss discipline. The book sells for $34.95 and is available in most book stores. A blue chip investment. -- Green on MONEY, June 1998
From the Back Cover
Discover the "sixth sense" that distinguishes winners from losers in the markets!
Meet the world's leading traders — and gain in-depth insight into their philosophies, behavior, and tactics.
Get into the minds of the world's best traders, with the help of world-renowned equity derivatives trader Alpesh B. Patel — author of the global best-seller Trading Online! Winning traders have a successful sixth sense which can't be learned from any academic course: a market intuition they've honed through thousands of trades.
The Mind of a Trader introduces you to several of the world's best traders — exploring their trading philosophies, behavior, tactics, strategies, and winning ways in the markets. You'll learn from the trades of Jon Najarian, Neal Weintraub, Bill Lipschutz, Pat Arbor, David Kyle, and many other trading legends — the best minds in the business!
"Gets to the heart of the matter of trading ... captures the ineffable ethos of singular, successful traders!"
— Pat Arbor, Chairman, Chicago Board of Trade
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Most Helpful Customer Reviews
12 of 13 people found the following review helpful:
2.0 out of 5 stars
Nice idea, but fails to enlighten,
By A Customer
This review is from: The Mind of a Trader: Lessons in Trading Strategy from the World's Leading Traders (Paperback)
This book should be called "The Basic Tips of a Trader" because there's almost nothing about the psychology behind their trading tactics nor a psychological insight into what makes the markets behave as they do. Supposing that the word "Mind" in the title isn't meant to be taken too literally then one may still find the tips somewhat superficial. If you're a novice to trading then you might be interested to hear comments like "take your losses like a man" or "pick a trading style suited to your personality", but if you are a novice then you probably don't want to be confused or bored by drawn out messages. The essence of this book is worth a chapter in a good general book on trading but wasn't worth the time sifting the mostly common-knowledge or common-sense tips from a well padded book.I am surprised that this book has so many excellent customer reviews (ignoring those of the big traders themselves). The title may sound interesting and useful but I found nothing profound or enlightening. A few of the tips can be applied to generally being successful at anything, not only trading. It would be useful to know the psychology behind the market-makers and big traders but if this book expresses all that they think then be assured that most semi-intelligent people with a fair education have little to learn from this book. As one trader said, you don't fight the markets, i.e. go with the flow. Useful. They may have a knack for making money but this is probably more to do with intuition than anything they have been able to consciously identify and translate into words that may be of some use to us mortals. Patel's later book, "Net-Trading", covers many of the more interesting points of this book in a book which is worth a read for beginners or those wanting to use the Internet as an info source and need good pointers through the proliferation of cyber-confusion. He puts the best points from "The Mind of a Trader" into better context and without the padding. Nice idea for a book for traders, but in my opinion it doesn't hit the spot.
4 of 4 people found the following review helpful:
1.0 out of 5 stars
Socond-Rate Trading Book.,
By A Customer
This review is from: The Mind of a Trader: Lessons in Trading Strategy from the World's Leading Traders (Paperback)
This book pretends to be the real thing but it isn't.Not nearly as good as Schwager,Douglas,Koppel or Elder.
4 of 4 people found the following review helpful:
2.0 out of 5 stars
I was disappointed with this book.,
By A Customer
This review is from: The Mind of a Trader: Lessons in Trading Strategy from the World's Leading Traders (Paperback)
If you are looking for specific trading strategies this book is not for you. If you are interested in listening to successful people talking about their lives, where they worked and what kind of hours they put in, this book is for you. I was disappointed that none of the people interviewed gave any specific trading strategies. The best advice in there was to limit your losses. Other than that it seemed like they were all just reminiscing to me.
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