Customer Reviews

The Outer Game of Trading: Modeling the Trading Strategies of Today's Market Wizard

5 star:		(2)
4 star:		(1)
3 star:		(0)
2 star:		(1)
1 star:		(0)

 

 

I know that Howard Abell is a very capable trader. However, you do not need to purchase all of his books due to the great deal of redundancy present in his writings. The title of this book is misleading. If you are looking for specific strategies or new ideas forget about it. I am not saying one needs to have a new idea in order to make money in the markets; what I am saying merely is that this book is more a pyschological treatise on the aspects of trading than one on methodologies. Out of all of his books this is the only title I can recommend. The Inner Game of trading is also good. But thats about all you need.

To be honest, I borrowed this book from a public library because the bad experience from its precedessor The Innergame of Trading had deterred me from wasting my hard earned money on this.

For detailed review please see my review of the Innergame of Trading because the two books are so similar, of very low value and repeating the same basic trading psychology stuff like a successful trader got to have discipline, focus, bravery to cut loss short and let profit ride blah blah blah, except that the interview part in Outer is about 100 page longer than that in Inner. (160 vs 60) However, the quality of the interview content is even lower.

I really cannot agree what the authors claimed on the book cover that their book helped the readers to model the trading strategies of Today's Market Wizards. How? Just by going through the lines of the interview. I am afraid that's more diffcult than achieving a 6 month winning streak.

There are many ideas and examples in this book that i found to be very useful to my trading.

This book is one of the best that I have read on trading. Its a definite keeper. I have read it several times. The book really helped me overcome some serioius problems in my trading -- and I am an experienced trader. The book gave me a fresh, "ah-ha" perspective to trading. Afterwards, my approach to trading improved dramatically.

While some may think the title is misleading, it really isn't. Once you complete the book, you will be able to better appreciate the circle of trading life the authors take the reader on. The middle section, on "modelling excellence" is a little tedious. But in retrospect, I found this section to be really quite valuable, especially the NLP tools. (In recent years, NLP has been credited for improving peak performers, in many highly competitive areas, e.g., sports, sales, management & military training).

If you find the beginnng a bit slow, then I would recommend you begin by reading the last 2 sections first and then proceed to the beginning and read the book all the way through to the end.

Again, I rate this book a strong buy, if not a market outperform!