- Paperback: 220 pages
- Publisher: Apress; 1st ed. edition (January 16, 2013)
- Language: English
- ISBN-10: 1430244437
- ISBN-13: 978-1430244431
- Product Dimensions: 6 x 0.5 x 9.2 inches
- Shipping Weight: 12 ounces (View shipping rates and policies)
- Average Customer Review: 24 customer reviews
- Amazon Best Sellers Rank: #1,377,797 in Books (See Top 100 in Books)
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Traders at Work: How the World's Most Successful Traders Make Their Living in the Markets 1st ed. Edition
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About the Author
Tim Bourquin is the co-founder of both the Online Trading Expo (now Traders Expo) and the Forex Trading Expo. While a police officer with the Los Angeles Police Department, Tim was trading the stock and currency markets by morning and arresting criminals by night. When he went looking for a convention for traders to learn more about how other traders were approaching the markets, he couldn't find one. So in 1999, along with a business partner, Tim started an annual convention and tradeshow for online traders and investors. Those events, which are held each year in New York, Las Vegas, and Los Angeles, continue to be the premier conventions for active retail traders. After speaking with countless traders throughout the past 14 years, Tim realized that the best way to learn how to make money trading was to ask those who were already doing it every day. Tim set out to find the best in the business and ask them exactly how they made their money. Some people talked to him and others refused, but through persistence, he slowly was able to interview hundreds of traders about the strategies they employ, the software they use, and how they became confident in the markets. In 2006 Tim founded TraderInterviews.com, an online media site featuring those frank discussions.
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There is some criticism here on Amazon.com of the book that (1) the traders aren't super successful, (2) the traders don't provide a track record to prove success, (3) the traders have the same general philosophy around trading, and (4) the interviewer asks the same series of questions. The criticism is unwarranted, as anyone who reads it carefully will understand.
First, many of the traders interviewed are genuine multi-millionaires, and one subject, Don Miller, has famously documented his year-long journey to that status in "Chronicles of a Million Dollar Trader." I think most people would be happy with even a fraction of that wealth. Second, on the criticism that almost nobody actually provides their trade journal entry-by-entry - no duh! That is the nature of the game where wide knowledge of a practices destroys it profitablity through copying. If you read between the lines, such as when John Carter talks about losing over $150k on a trade, yet not being too worried because it was only a small fraction of his account, you understand that they don't need to prove every little thing.
Third, the fact that so many people with such different experiences and styles reached the same general conclusions about how to successfully trade is a strength of the book, not a weakness. Sure, they differ on techniques - the indicators, timelines, whether to scale in or out of a trade, or how much to trust price quotes as the source of truth, etc. - but best practices regarding position size, risk management, and trade frequency hold true across all realms. Sure, other people may differ, but they're generally crackpots or bankrupt, and often both. These are real people who survived and came out ahead. They succeeded for a reason.
And as for the interviewer himself, he does ask standardized questions, but they are relevant to what the average reader wants to know. What time frame do you use? What indicators? How do you trade at home? What practices do you agree or disagree with? What common mistakes do new traders make that blow you away? And so on. The interviewer keeps things fresh too by personalizing things for each subject, e.g. how do you trade when your time is limited by military obligations? How do you manage money for other people, and what do they care about? What is it like when your savings disappear due to dishonest brokers? These are questions that I had never thought to ask, but am glad to know nonetheless.
Overall, I would highly recommend this book. The only qualm I have with it is that it is slightly biased in favor of day traders and people with sophisticated knowledge of futures and currency trading. That is a bit too advanced for the average person with a day job.
I would suggest reading this book with Dr. Alexander Elder's, "The New Trading For a Living" and "The New Sell and Sell Short", as well as Don Miller's "Chronicles of a Million Dollar Trader" and "Technical Analysis and the Active Trader" by Gary Norden (if you really want to be wary of what you're working with). You don't need a million books to succeed, only common sense advice on the key habits that keep you from destroying your account.
In fact, I highlighted a host of quips on every interview inside the ebook for more reasons than one. Some had details of technical parameters. Others gave insight that I could relate. Still, others brought confirmations of price dynamics that I have been observing in the markets on a daily basis, especially their take on the effects of HFT (high-speed trading). I would have bought the book just for that insight alone. In that respect, the original "Market Wizards" book is out of date by comparison.
The Author interviews Technical Traders including a Psychologist who advises traders (the best interview). Each chapter contains practical advice, These words come from people who actually trade, who have developed as professional traders. I lived the life of many traders as I went through the book, chapter by chapter. This is exactly the kind of experience traders should seek to obtain when they read a book.