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Master Traders: Strategies for Superior Returns from Today's Top Traders Hardcover – September 29, 2006

4.3 out of 5 stars 11 customer reviews

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Editorial Reviews

From the Inside Flap

While there's no substitute for real-world trading experience, the chance to learn from those who have consistently succeeded in this demanding environment is the next best thing. In Master Traders, author Fari Hamzei provides you with the rare opportunity to learn from some of the top traders and market analysts in this business.

Engaging and informative, Master Traders introduces you to an outstanding group of financial experts—from seasoned hedge fund managers to top technical analysts—who discuss new and provocative methods that they use to tame today's highly volatile and unpredictable markets.

Composed of chapters contributed by these leading financial professionals, Master Traders contains a variety of proven strategies and techniques that will give you an edge in the world of stocks, options, and futures. You'll become familiar with many important strategies from advanced technical and sentiment analyses to pairs trading. Once you've gained a firm understanding of all the tools examined, you'll be able to choose the ones that best suit your trading style. Some of the advice and insights found within these pages include:

  • The question is not whether fundamental analysis or technical analysis works, rather it is "how and when do they work?" (Jeff deGraaf)
  • Understanding market-implied volatility is the key to bettering your trading performance. (Alex Jacobson)
  • The ability to market time individual stock sectors can boost overall investment returns dramatically. (Frank Barbera)
  • One way to approach investment opportunities in the biotech sector is not by chasing the big names, but by carefully researching second-tier players. (David Miller)
  • The major advantage of using seasonality is that it allows you to trade those periods when seasonal tendencies are consistent. (Phil Erlanger)
  • Given the cyclical nature of markets and the irrational behavior in the investment environment, the combination of technical and fundamental analyses can help you better identify potential trading opportunities. (Jeffrey Spotts)
  • The markets for European derivatives, and options in particular, present unique opportunities to diversify holdings, hedge positions, or gain leverage. (Timothy Corliss)
  • By following specific rules and methods, you can gain a better understanding of how volume interacts with price, and increase the accuracy of predicting future price patterns. (Tim Ord)

The professionals in this book have enjoyed extraordinary long-term success in the markets—and the hard-earned knowledge they've gained can be used to enhance your trading skills. Straightforward and accessible, Master Traders provides you with the information you need to succeed in today's dynamic markets.

From the Back Cover

Praise for Master Traders

"Fari Hamzei has assembled an impressive array of trading authors. Fari's own work on sentiment indicators is definitely worth reading, as usual, as is technical 'master' Phil Erlanger's. Furthermore, there is plenty of useful information on derivatives in the chapters by Alex Jacobson and Jon Najarian."
—Lawrence G. McMillan, The Option Strategist and President, McMillan Analysis Corp.

"Master Traders provides invaluable market education and wisdom from those who have distinguished themselves, not only by their track records in the market, but also for their risk and money management expertise. Strikingly, readers will find that these Masters use the basic understanding of human nature to achieve trading success and know how to achieve simplicity by focusing on the essence of opportunity."
—Mario Alberico, Partner, Financial Services Industry, Accenture, LLP and former senior vice president of electronic trading and market data, Chicago Mercantile Exchange

"Fari Hamzei knows a lot about the markets and so do the traders/analysts he has assembled here. From sector analysis to option strategies, from price and volume to volatility, there is sure to be something of interest in this compilation for every trader."
—John Bollinger, CFA, CMT, BollingerBands.com

"A straightforward, down-to-earth guide to using technical analysis, tips from the master traders, and excellent options information for successful trading. In my opinion, a manual every investor can profit from."
—Ned Bennett, CEO and co-founder, optionsXpress, Inc.


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Product Details

  • Hardcover: 302 pages
  • Publisher: Wiley; 1 edition (September 29, 2006)
  • Language: English
  • ISBN-10: 0471790621
  • ISBN-13: 978-0471790624
  • Product Dimensions: 6.4 x 1.1 x 9 inches
  • Shipping Weight: 1.1 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (11 customer reviews)
  • Amazon Best Sellers Rank: #1,698,392 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
If you compare this book directly with Market Wizards I & II, you will definitely be very disappointed. However, if the presence of one or two very bright ideas in one single book can already satisfy you well, you may still give it a try. IMHO, the chapter by David Miller (Keys to Biotech Investing) is outstanding, whilst the rest are just so so or even substandard. Sorry to say that there are many better alternatives in the market of the "various authors" genre, like the aforesaid ones and "Inside the House of Money" by Steven Drobny. In short, not recommended.
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Format: Hardcover
Before becoming a professional trader, I had success both on an academic, professional, and entrepreneurial level. The most important thing I learned was to find successful people who were doing what I wanted to do and then learn everything I possibly could from them. This may sound simple, but research shows successful ventures often fail right after some of their most successful years. The same thing occurs in financial trading. Someone has initial success, but then fails to adapt, grow, and change. Consequently, the market crushes them. This is usually due to being too rigid in their views or a lack of rigorous discipline that enables them to continually stay ahead of the curve. The best way to avoid these pitfalls is to study the "best" and learn how they achieved and maintain their success. In the military, there is a term called "ground truth." This information is considered the most valuable. It is distinguished from the theoretical and refers to what has actually happened on the field of battle. In his well researched book, Fari Hamzei has brought together some of most relevant voices today in investing and trading financial securities. It truly is packed with some of the most valuable "ground truth" in the field of trading. Whether it is Kevin Tuttle's insights into technical analysis, quantitative screening, and divergence theory or Tim Ord's methods in identifying buy and sell signals through evaluating volume and price, Fari Hamzei gives a rare behind the scenes look at some of the best financials professionals in the field. In addition, Hamzei's pioneering work on dollar weighted put/call ratios is an extremely valuable market sentiment indicator. I have not even mentioned Alex Jacobson, Phil Erlanger, etc... Simply put, this book is guaranteed to change the way you see the market and trade it. I whole-heartedly recommend you read and reread "Master Traders."
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Format: Hardcover Verified Purchase
All in all I'm glad I read the book. There's a couple of chapters on options that I learned one thing that more than paid for the price of the book and my time to read it. I was a little disappointed with the book however. Most the technical analysis chapters are simply inpractical for the average home based investored to use. They would require a lot of manual number crunching, or a subscription to a website.

But still, there were some gems in the book, and I've changed the way I would enter some options trades after reading it, so it still gets 5 stars.
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Format: Hardcover
I had time to read this very well compiled book over the holidays. The book is a worthwhile read for anyone interested in improving their own trading techniques as well as gaining insight to different methodologies used for successful trading. The Chapter written by well-known Investment Strategist, Jeff DeGraft was very good in pointing out the contrasting strategies used by Technicians versus Fundamentalists. Frank Barbera writes an excellent Chapter on Sector Analysis. I thought his explanation of how his methodology of using particular market tools has evolved over time was very insightful. Additionally, he explains the changes that have occured in measuring market sentiment over the years. The Traders interviewed are successful and each have a deep passion for their work. They each have their own unique methodology which has translated to trading successfully in the financial markets. The book was especially enjoyable because of the passion conveyed from each Trader regarding their work. I recommend this book if you are a student of the markets.
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Format: Hardcover
Lots of books like this one feature Q&A interviews with traders, which can be good reading but short on detail. By contrast, Hamzei got these market masters to put fingers to keyboards and describe their strategies specifically and concretely in writing, providing a rare glimpse into how they think. In each chapter, a different trader focuses on a particular specialty--e.g. volatility, sentiment, etc.--and the sum total is a thorough survey of trading by a master in each sub-discipline. Technical analysis, which often gets short shrift in these types of books, is covered in depth right at the beginning, setting a chartist-friendly tone. Options trading, another frequently overlooked subject, gets its due as well. The ideas are up-to-date and reflect the latest changes in the markets. This is not an introductory-level book, but experienced traders should find it rewarding.
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Format: Hardcover
Master trader Fari Hamzei uses inductive reasoning like current back-to-back World Chess Champion Viswanathan Anand. Fari has won numerous "Market Timer" awards (which means his skills are legit) and he is a highly respected member of the quantitative ("quant") trading community. He is the founder of Hamzei Analytics.

I recently read Fari's excellent book Master Traders: Strategies for Superior Returns from Today's Top Traders. This book is full of great lessons for the intermediate or advanced trader. The book is a collection of educational chapters by masters of their specific trading niche.

The first part of the book focuses on Technical Analysis. In each chapter, the author shares a few secrets about their proprietary trading methods. In Chapter One, Jeff deGraaf discusses how traders can profit when fear or arrogance manifests in the market. deGraaf also offers pithy nuggest of wisdom such as: "In the market, arrogance without fear will eventually break you. Fear without arrogance will leave you paralyzed at the most inopportune time. The delicate balance of fear and arrogance fosters appropriate aggressiveness without the recklessness."

My favorite chapter in section one is Chapter Two: Sector Analysis. Given the incredible explosion in sector ETFs, I think this chapter greatly benefits investors/traders who want to better understand some technical tools analyzing sector rotation and trends. I have already taken a few ideas onto the trading battle field.

The second section of Fari's book looks at Fundamental Analysis. I found Chapter 6, Investigative Investing, to be one of the top overviews regarding best-of-breed fundamental analysis.
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