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Momo Traders: Tips, Tricks, and Strategies from Ten Top Traders by Brady Dahl (2015-05-03) Paperback – January 1, 2015
"Devoted" by Dean Koontz
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It is definitely my own fault of not paying attention to the back cover which should have given me more insight into the type of trading, risk management etc. these traders follow:
“From the swing-set builder trading with credit card advances to the penny-stock trader outwitting market makers to the accountant funding trading accounts with cash his employer gave him to pay for his MBA [..]”
This does not align with my approach on risk, trading and life in general. For the ones who are ok with strategies based on penny stock trading, accounts funded by credit cards etc. this book may provide some value. The author does a good job in transmitting information in a reasonably entertaining way, giving some at least superficial insights into routines, tools they use, brokers etc. I personally find it a bit pushy to talk all the time about the bug number of shares they trade and the much money they make. A little less would have done a better job.
Now to my main complaint: out of the 10 traders, 8 have a direct link to a well-known internet chat room and they refer directly to their community in the interviews. I believe this is ok if you make it clear from the very beginning that those “top traders” are not at all a representative selection of market participants, but the author never mentions this and the book feels like a subtle promotion (especially when throwing in the big number of shares those traders trade and the returns they make). I let the readers get to their own conclusions by citing from the book or the web.
The gambler: “At night I go through Nate’s scan and Michelle’s scan, both from Investors Underground.”
The Youngster: “That’s when someone mentioned Nate and the chat room at Investors Underground. I’ve been with his service ever since.”
The Scanner: “Investors Underground is the only chat room I use.”
The Rock: “I met a friend in New York who ran Stockgappers, the original chatroom for this type of trading. I have to give him credit for starting this. Me, Nate, everybody was in there.”
The Student: From Investors Underground website: “Tim now trades NASDAQ’s alongside the Investors Underground team and continues to impress the trading world with his trading style.”
The Steadfast “I belong to the chat room at Investors Underground where all kind of traders bounce ideas off one another [..]”
The Resilient “[..] runs the well-known trading community at InvestorsUnderground[..]”
The Swing Trader [..] moderates the Swing Chat at InvestorsUnderground[..]”
The Tape Reader and The Storyteller seem to be the only ones without direct link to the aforementioned community, although at least one of them seems to be in loose collaboration.
I receive no endorsement or sponsorship in my review of this book. In fact, I am still banned from InvestorsUnderground on Twitter. LOL Guess, they think I am a FURU or a bot. Whatever??? I do not care.
In regards to your book, Mr. Dahl. Do, I think you will get a Pulitzer or Nobel Prize? Well, you have just as good a chance as I do to make $1 million in a day.
When, I read/analyze this book I look at the variables you discuss. You go into such great detail with each of the traders. They all have unique styles and issues. You really show there humanity and motivation. They talk about there successes and failure in unbelievable detail. I really appreciate the work you have put into this book.
I also appreciate the traders and there honesty of the variables they use to make those decisions. That alone has given my verification in my style of trading. Also, this has enlighten me to look at things differently and refocus on certain variables.
I intend to finish reading the last chapter of this book later this week. If I foresee any changes in my review. I will update accordingly. The only reason why I have not finished the last Chapter is because of Nathan M. I blocked him before he blocked me on twitter several years ago. Because, he seemed annoying at the time with all of his tweets. Maybe, I will reconsider. Guess, I will just have to get over my own variables. ;-)
I look forward to your next book. Thank You again, for putting so much detail into this book.
Thank You & Be Safe
My highlighter and underlining of text and golden nuggets of information is what will help any trader. I will recommend to other traders and investors alike.