7 of 10 people found the following review helpful
This review is from: One Good Trade: Inside the Highly Competitive World of Proprietary Trading (Wiley Trading) (Hardcover)Book is SMB marketing material, and thus should be free. 330-page content can be summarized like this:
-- To become a succesfull trader you MUST be insanely 1) passionate about the markets/trading,
2) hard working 3) disciplined 4) mentally tough
-- Trading Advice: 1) you must cut losses when stock goes against you 2) Buy when you see a big bid/buyer, sell or short when the bid/buyer goes away or gets filled. 3) do the right thing for every trade (which is not described in the book, but tought by SMB) and statistically you will make money in the long run.
-- The rest of the book is description of SMB office environment and people, and some anecdotes...
The first 2 bullet points is widely known info and available for free, and "Big bid/offer" strategy hasn't worked since 2002. This rest is extremely misleading: author pumps "the job" yet fails to clearly state there is no salary.
Prestigious prop trading firms - Goldman, SAC Capital etc. offer 6-figure salaries, even lower tier firms such as First NY, Schonfeld offer some salary or at least $5-6K/month draw. Also author implies that noone gets fired if they follow SMB
ways, yet even if you do, its possible to have a bad streak and lose enough money to be let go or simply not being able to afford not getting paid for a few months while trying to come back. There's very little specific info on what goes on in the office, how traders interact during the trading day, not a single example of how their trading analysis resulted in a trade. By being so vague, the author doesnt live up to the book's title and to readers expectations.
Talk of prestige effect that "trader" job title has on women is an even bigger joke - most NYC women that hit bars after work are far from dumb and #1 question would be "which firm do you trade at?" If you say "SMB Capital" especailly while wearing sweatshirt and sneakers - you got no chance....
Author's writing style is boring and primitive as if he is talking to a 10yr old, very repetetive, often taking multiple paragraphs to convey a simple point. Much more useful and entertaining reads on similar topic are: Lefevre "Reminiscences of a stock operator", Mark Douglas "Trading in the Zone", Shwager "Market Wizards" series, Ben Mezrich "Rigged", interviews with SAC's Stevie Cohen...