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Showing 1-10 of 210 reviews(Verified Purchases). See all 305 reviews
on March 28, 2017
Mastering the Trade presents tons of example trades with various indicators over many types of markets. Unfortunately, the author rarely ever explains why he picked the indicators he does, or why the trade should work. Most of the example trades given are winning trades with very few losing examples, showing how much the trades were cherry picked.

The book trails off on side stories too often. Constant mentions of the author's wife are made and what she thinks of his trading profession, and his wife even writes one chapter in the book. While it was fine in the introduction it got very tiring, especially in the later part of the book where he spends multiple pages describing a situation where he went to a concert with another woman and returned home drunk to find his wife very upset.

Somehow the author denigrates long term investing as an extremely risky approach. He says staying in a trade overnight is a crazy risk to take, as he explains how you never know what could happen in the world. Yet in the beginning chapters the author talks about how he blew through his life savings and a down payment on a house and had to lie to his wife about it. The author writes that as a trader you will certainly go bust many times while trading.

There's plenty of links to the author's website and at this time (2017) the website seems to not functioning well. The author is selling different courses and products there. It is fairly obvious that the book is a cross promotion for his products.

Additionally, there are very few back-tests and many sample size issues. The author never runs simulations, he seems to trade just based off setups and ideas. In one trade he just looked at the MACD and some pivot points and realized it was a great setup; of course this trade was a big winner for him. At some point I was wondering why the author is trading in so many different markets with tons of different setups.

Some stories stretch beyond the point of absurd. The author says how he was planning a trip to Europe. Before going, he wanted to hedge out his currency risk between the EUR and the USD as he thought there might be some currency fluctuations that would impact him badly. At first, I thought he was making the trade just as a fun thought experiment. But after reading the story fully, it seems like he actually was concerned about having exposure to the EUR currency for a 2 week vacation.

I am giving the book 2-stars because there was some okay information explaining the futures market and how the mini-S&P works. Otherwise this book is definitely not worth the time.
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on February 25, 2017
I have been trading for four and a half years and still working on being consistent. After reading this book my eyes have been opened to some of the mistakes I've been making. It gave me insights into reading the markets and Direction and momentum. My confidence level has risen and I have been more profitable since I have finished the book and implementing the strategies from the book. I completely recommend any trailers that are not being consistent read this book it will definitely help.
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on December 2, 2016
Read the book twice, good read and knowledgeable. I still don't feel comfortable in trading and am not willing to take the mathematical risk as the fear of losing our nest egg will always be apart of my decision process. If you can gamble with someone else's money or shut off emotions then buy it, try it.
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on August 19, 2008
I was excited to receive this book because it is written by a seasoned professional and as such carries a lot more credibility than one from someone who never actually managed money. I am a money manager and systems developer myself and have managed huge positions and had many hundreds of clients. The first few chapters of the book cover some basics particularly those relating to psychology and setting up to trade. All of it is good. The section on computers is as would be expected for a book published in 2006. Then the book gets into some areas of trading. Chapter 5 is excellent and covers various breadth and/or market internal measurements. I found this chapter to be worth the price of the book as I have always traded with breadth and it was very nice to catch some differt viewpoints and ideas. John Carter is not a systems trader and I am. I code everything and test it extensively. Mr. Carter is a discretionary trader and as I started to code his methods (Part two) I found them to not hold up very well to the scrutiny of computer analysis. The concepts are still of value though, so I still recommend it as excellent reading and a wide array of excellent trading ideas that could be built on. Many times it is the process in the thinking that is of more value that the content itself. So, if you are inclined to purchase the book to find instantly useable trading ideas, you might come up short. But, if you want something that might inspire some of your own brilliance, of course, you may just find a jewel or two. Section three of the book covers more on planning, psychology and the game of trading. This is an excellent book for any level of trader.
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The author approaches day trading with the necessary discipline and preparation. Trading is not an easy way to make a living.

Here's what impressed me the most (this is not a summary):
* Idea and example of a trading plan.
* Author's personal perspective of trading and how perilous it is for the unprepared.
* Importance of price action over indicators on a short-term basis.
* Author's holy grail of trading, finding a way to trade that matches one's personality.
* The differences between the various markets available in terms of trading psychology.
* Types of mistakes we make due to our human psychology.
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on March 31, 2017
Okay.
Include: Swedroe, Bernstein, Bogle, Larimore, Buffet. Get them. Then get online to the "Bogleheads forum", or Morningstar forum.
They are a must for personal investment finance for retirees and those working toward a healthy retirement.
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on March 5, 2017
Great book to launch a career. Videos are included after every chapter on his website( though the website is kind of outdated because he has a different website now). Would recommend to any level of trader, except maybe a beginner because he assumes a basic knowledge of trading but I`m sure a beginner could just look everything up on Investopedia.
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on January 24, 2017
Don't use the setups in the book! They are too old. But it's still a very good book to read. I'm a fan of John Cater. Maybe because he was the first "Guru" I followed, haha.
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on July 22, 2009
Im not going to write about the topics in this book, as you can easily find out by reading it. I will, however, give you my honest opinion of this text. There are also plenty of other good reviews you can read to get a synopsis of this title.

The book is logically written and easy to follow. You can easily conceptualize some of his techniques but wont know if they hold any truth until you put them to the test. Many reviewers have backtested his setups and claimed them false or invalid. However, we also have to remember that some setups we backtest and have great results with dont fare well in the real world. So, the backtest argument goes both ways.

The best way to put this book to the ULTIMATE test is to simply use his setups by following them to the T in the real world with REAL MONEY. Put real dollars on the line and you will see if any of the ideas hold true.

Well, that is what i have begun to do. After reading this title, i quickly put 3 of his setups to the test and traded them word for word with minor adjustments on stops and entrys.

I used Pivots with DDM successfully and made enough money to pay for this book a hundred times over.

I used his ping pong plays and made money 75% of the time.

I also used his HOLP and LOHP setups and avoided a costly mistake in going long CIT before the 80% drop just 2 wks ago.

So far, i can say that this book is worth buying and having a look at. You have to try his setups and really see for yourself if they work or not.

He lays out a business plan for you to follow...of course you can tweak it to your liking and preferences.

Although he does emphasize futures trading alot, you can apply it to anything like an ETF or some other instrument.

All in all, i have yet to try his other setups but if 3 of them are working for me, thats all that will make this 40$ buy worth it for me. Even if i got one good setup out of it, it would be worth it...because most trading books are BS and a waste of time.

The only reason why i havent rated it 5 stars is because i havent had the time yet to trade all the setups that i like. I chose 5 out of the 10 setups and want to give them equal chance. Because i had success with the ones i tried so far, i will rate it 4 stars.

will update my review again in a few weeks.
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on April 27, 2014
Good writing style, useful info on psychology. Useless setups - I did take time to test all of them, they will lose you money in the long run. You can use them as ideas to build your own setups but do not trade them blindly as is. All in all, I would recommend this book as a must read for all traders together with Alex Elder's books and Douglas' 'trading in the zone'. I believe these three authors provide a firm foundation for a successful trading. After all, trading is risk management in the first place and not any specific setup or trading system.
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