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How I Trade for a Living Hardcover – October 26, 1999
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From the Inside Flap
Gary Smith was bitten by the trading bug at the age of fourteen, and ever since he's thought of little else other than how to make a fortune as a home-based trader. He bought his first stock in 1966, when he was just a college sophomore, and then spent the next two decades unsuccessfully chasing his childhood dream. Finally, in 1985, nearly bankrupt and ready to quit, Gary Smith had an epiphany that changed everything-and since then he hasn't had a losing year and rarely even a losing month. His trading account has mushroomed from $2,200 to nearly $1 million. What did Gary discover on that fateful day in 1985? How did he achieve his phenomenal fifteen-year winning streak and earn an international reputation as one of the most successful home-based traders ever? Find out in How I Trade for a Living. What you won't find in How I Trade for a Living are knotty mathematical formulas, complex technical indicators, heavy charts, or elaborate software demands. What you will find is a simple, straightforward approach to home-based trading that can be used by virtually anyone, anywhere. Unlike most "experts" writing today, Gary Smith has actually made it as a home-based trader. Step by step, Smith outlines his low-risk trading strategies and explains how to use them to trade stock index futures and mutual funds-his preferred vehicles-as well as individual stocks, options, futures, and junk bonds. He acquaints you with his favorite indicators and tells you how to get the most out of them. He offers a wealth of tips on recognizing market trends and riding them for all they're worth. You've heard what the "experts" have to say about trading the markets. Now find out how it's really done from a consummate pro in How I Trade for a Living.
From the Back Cover
Master the Markets by Trading from Home! how I trade for a living "Gary Smith deals in reality. If you want to really learn to trade for real profits, not hypothetical, mumbo-back-tested programs, this book is a must. I seldom read market books anymore, but I read every word of this important book. Get it." -Larry Williams, author of Long-Term Secrets to Short-Term Trading "How I Trade for a Living is a remarkable book; truly a treasure trove of market information.. Highly recommended." -Humphrey E. D. Lloyd, MD, author of Trading S&P Futures & Options: A Survival Manual and Study Guide "Straight talk from an accomplished veteran on how to succeed as a full-time trader. Gary Smith recounts the obstacles he overcame on the road to trading mastery and describes the strategies, indicators, and insights he used to reach his goals." -Nelson Freeburg, Editor, Formula Research "It is always valuable to get inside the mind of a successful trader. Gary Smith does a good job taking you there in a book loaded with useful tips and helpful hints. A worthy addition to any trader's library!" -Gary B. Smith, Contributing Editor, The Street.com "In How I Trade for a Living Gary Smith dispenses a healthy dose of that rarest of all commodities, vicarious experience from a consistently winning trader. New traders will find great benefit from looking over Smith's shoulder as he generously shares with the reader the valuable knowledge he has gained over three decades of trading." -Edward D. Dobson, President, Traders Press, Inc.
Top customer reviews
This book is the testimony of a real trader who trades for a living, who managed to learn the big secret to success - learning from failed trades, and setting concrete goals (in Smith's case, to be profitable every month), while eliminating the urge to get rich quick. Once those things happened, he emerged from break even land to excellent profitability. Smith managed to intra-day trade the S&P futures contract (full size) on a $2200 account over the telephone, without any computer charts (I wonder how many traders could do that today?). Once he built his account up to a respectable six figure size, he began swing trading mutual funds.
Smith has his own views of the market and method of trading. That may or may not work for you, and Smith makes no attempt, as he said, to create a "Gary Smith clone" out of you. He is just sharing his way of doing things, and you are free to borrow whatever you like.
Smith also attacks trading vendors and all the BS that they peddle. Very few, if any, books make such a bold attempt at exposing the truth about them.
Two reasons why four stars and not five: first, the book is not as well organized as it could be, especially the area where strategies are discussed. There's almost a rambling style to them, which is okay but its not something a beginning trader can comprehend. Second, come on Smith, you're so anti-technical analysis yet you use the McLellan oscillator and the advance decline line for your trading strategies? What is that if not technical analysis? Plus, if you're such an anti-chartist, why do we have price charts in your book? A review of language would be appropriate here.
Bottom line, get this book if you want evidence that you can trade for a living, and see what struggles it took a person to get there (struggles which you can avoid!) As for the strategy part, its a bit advanced talk for a beginning trader, but it might give you some interesting ideas. Overall, a highly recommended read.