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The Way to Trade: Discover Your Successful Trading Personality (Harriman Modern Classics) Paperback – December 1, 2006
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About the Author
John Piper has been involved with markets since his early twenties. In the late 1980s he started to trade options full time and did so right through the Crash of 1987 - an experience that stands him in good stead for markets today. For over a decade he has been the editor of The Technical Trader, the leading newsletter in the UK for those who trade futures and options markets worldwide. His articles bring a fine edge of analysis to markets and how they work. He trades full time, making consistent profits, and now manages money for selected clients at Berkeley Futures Ltd, a firm regulated by the SFA. He lives in Cobham, Surrey and in Massa, Italy.
Top customer reviews
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The author does not trust any trading method which he didn't develop himself. Traditional trading systems are under heavy criticism here:
Elliot's theory is called "garbage". Indicators are called "illusory" and "meaningless".
There is almost no discussion of how indicators work (i.e. Moving averages, MACD, Stochastics, etc.)
Rather, John Piper has developed methods based on "spiky action". That is, if the price unexpectedly jumps up,
you can expect it to go down quiclky, and you can profit from this. Or, vice-versa: if the price falls sharply, you can expect it to go up thereafter, and you can profit from this.
The format of the book is similar to Van Tharp's "Trade your way to financial freedom", but John's book is a little easier to follow. Van Tharp's main idea repeats here: "It is not the entry that counts, but rather the exit."
Alexander Elder's idea of not risking more that 2% of your capital per trade, is also mentioned here.
The book is focused primarily on the financial instruments of futures and options. There is not much discussion of other markets, for example spot FOREX. But in this book, you will find some universal trading ideas that apply to any market.
And the lengthy discussion of trading psychology in the beginning of the book is certainly
universal across different markets.
For me, I find comfort in the fact that I prefer to position trade, rather than day trade. The 2 hour chart is more appealing to me than the 1 minute chart. And John Piper's book approves of this. It means - follow your own path to trading that fits your psychological profile. If you are an original thinker, a non-conformist trader, you will like this book.
Great job Mr.Piper
But first this review is of my second book THE FORTUNE STRATEGY and NOT THE WAY TO TRADE. I do not therefore see its relevance here.
1. THE FORTUNE STRATEGY is desigend to help those who are struggling with markets and who need a plan - the book provides a plan.
2. The book also helps with system design and does include futures trading system contrary to this review.
3. We do offer a 60 day money back guarantee. But there was a period where we offered Clickbank's standard guarantee which may account for this point.
I have given my book 5 stars but only because the previous reviewer gave THE FORTUNE STRATEGY 2 stars - the average is 3.5 stars and THE WAY TO TRADE is certainly worth 4+!! I have had a lot of very positive feedback.
There is no information on the web site as to what you will be trading and what the trades look like. The marketing site only has indirect marketing information. The book covers trading options on futures and hedging with futures. If you buy it not knowing that, and don't want to trade that way then you are out $149 (or whatever the current price is) like me. This is the last time I buy a strategy ebook that doesn't give both graphical examples of what the trades look like and printed numerical details so you know the vehicles, the time frames, and have an idea of what the trades will look like. I also object to the author's self imposed arbitrary constraint that he won't give specifics for his trading strategies to more than 10 people, and won't put them in his book. That's just a cop out. Even if someone lays out a complete strategy with specific numbers on targets and stops, they don't have to worry about it being over traded because most people will never implement it, and those who do will implement it differently.