Exceptional Trading

Rating:
Summary: Ok
Review: Another psycho analysis book on trading, this one is actually applicable to non trading psychology. I especially liked the chapter on "Emotions", as many of it made sense to me and could possibly be applicable. However, the book is nothing special otherwise.

Rating:
Summary: If You Are Serious About Improving Your Trading...
Review: I bought this book mainly because of the glowing reviews, and was mostly disappointed. This is an ok book if you are new to the game and have not come across the standard wisdom presented, but if you have been around the block once or twice there is not much here of interest. I have read some of the better trading books in my library five times over (and still go back to some of them), while this book was knocked out in a few hours on a lazy weekend afternoon and I haven't gone back to it since. Two traders are interviewed in on-off style throughout the book, Linda Raschke and some no-name guy who we are assured is a great trader, and both of them come off as flat, with nothing new to say. The interviews provided about as much unique insight and content as the locker room commentary given by professional athletes after the game.

There are a lot of generalities in this book. The concepts and ideas are true and applicable, but they are very common. If the psychological guidance in a book on trading can be applied equally to any other endeavor that requires skill and concentration (making you a better rock climber, chess player, yachtsman, etc.) then it is likely not the most valuable information. There are lots of imagination exercises, blank spaces and places to fill in your goals, talk about your dreams and motivations, etc.- but how is this different from a self help book or motivational seminar, and what does this have to do with the business of making money in the markets? If trading was really just 90% motivation and positive psychology, then Tony Robbins could start a hedge fund and clean up. That just ain't the way it is. You can be the most motivated, psychologically integrated and enthusiastic person on the planet, with infinite patience and humility....but if your method sucks, then you are still going to lose, lose, LOSE....and you may be forced to earn a living from the markets indirectly by writing motivational books on trading.

There isn't anything wrong with this book. The observations are reasonable and the self-help exercises may be of use to some. There are also useful tips on arranging your trading office, determining the height of your computer screen, and even an outline of feng shui principles (I kid you not). But for real substance one could do better.

Rating:
Summary: belongs in the self help section
Review: I bought this book mainly because of the glowing reviews, and was mostly disappointed. This is an ok book if you are new to the game and have not come across the standard wisdom presented, but if you have been around the block once or twice there is not much here of interest. I have read some of the better trading books in my library five times over (and still go back to some of them), while this book was knocked out in a few hours on a lazy weekend afternoon and I haven't gone back to it since. Two traders are interviewed in on-off style throughout the book, Linda Raschke and some no-name guy who we are assured is a great trader, and both of them come off as flat, with nothing new to say. The interviews provided about as much unique insight and content as the locker room commentary given by professional athletes after the game.

There are a lot of generalities in this book. The concepts and ideas are true and applicable, but they are very common. If the psychological guidance in a book on trading can be applied equally to any other endeavor that requires skill and concentration (making you a better rock climber, chess player, yachtsman, etc.) then it is likely not the most valuable information. There are lots of imagination exercises, blank spaces and places to fill in your goals, talk about your dreams and motivations, etc.- but how is this different from a self help book or motivational seminar, and what does this have to do with the business of making money in the markets? If trading was really just 90% motivation and positive psychology, then Tony Robbins could start a hedge fund and clean up. That just ain't the way it is. You can be the most motivated, psychologically integrated and enthusiastic person on the planet, with infinite patience and humility....but if your method sucks, then you are still going to lose, lose, LOSE....and you may be forced to earn a living from the markets indirectly by writing motivational books on trading.

There isn't anything wrong with this book. The observations are reasonable and the self-help exercises may be of use to some. There are also useful tips on arranging your trading office, determining the height of your computer screen, and even an outline of feng shui principles (I kid you not). But for real substance one could do better.

Rating:
Summary: If You Are Serious About Improving Your Trading...
Review: I trade equities full-time and bought the book to help understand and resolve a tendancy to micromanage my trades. I know many successful professional traders and have met very few who are totally satisfied with their trading performance on a consistent basis. Even the best traders can use an occasional tune-up or can benefit from learning strategies to waste less energy and become more decisive and resilient.

This book was the best book on trader psychology I have come across to date, but I can understand why some people do not relate to it. First, one needs to have a strong motivation to work through the exercises and meditations; this usually means a reader needs a specific aspect of trading s/he wants to address. Next, a reader will need to be open to the possibility that his/her mind, beliefs and attitudes will play the biggest part in trading success. There are thousands of ways to make money in the markets, and anyone with normal intelligence can learn the mechanics of trading and improve his/her trading with practice, but few have the psychological balance (persistence, resilience, confidence, discipline, and humility) to succeed. This book is about taking a really close look at our needs, beliefs, and motivations and resolving the subtle issues that stand in our way. If this is of interest and motivates you to buy the book, you will find your money and time well spent.

Rating:
Summary: Execute trades & trading plans successfully
Review: The best of what's out there, and a very good book it is. This is not a book on trading systems or money management. It is a book to enable the trader to improve his/her trading. All of us suffer from emotional blockages, many unconcious. It is the result of growing up in less than perfect homes. RBR offers a step-by-step approach to finding and dealing with the blockages the interefer with YOUR trading. Caps on "your" because RBR uses a paradigmatic rather than case-specific approach. Next best book so far is Tharp's "Trade your way to financial freedom," which, while good, is a distant second. Of course, if your computer finds the trades, places the orders and exits the trades, and all you do is have the broker send you a check every month, this book is of no value to you. I haven't become that clever yet.

Rating:
Summary: THE BEST BOOK EVER WRITTEN ON MARKET PSYCHOLOGY
Review: This book is a real masterpiece. Infact, it is really a course of instruction as it isl so challenging, even containing blank spaces to put your own answers. Readers can really find that they have discovered a 'treat' on how to shape their mental attitude towards becomeing a winning trader in the very stressful futures market. Words are not enough to describe this boo. If you want to improve your trading, but it!

Rating:
Summary: An edge, sound money management... ...and this book!
Review: We all know the elements of successful trading. Some kind of Edge, sound Money Management principles and a disciplined, flexible Mind. The subject of trading psychology is perhaps the most neglected part of this master plan.

Van Tharp, Mark Douglas, Adrienne Toghraie and Carl-Gustav Gyllenram all have some interesting and highly educational books (and courses) dealing with this subject. However, I rank this as the best book on trading psychology I have come across.

In my work as a stock broker, I encounter winning and losing traders all the time. My experience is that most customers lose, on balance. It is an undisputed fact that losing traders have strikingly similar attributes. In general the losers remain losers because of the following facts:

1. They lack the necessary knowledge. 2. They fail to admit when they are wrong, ie they don't use stop-losses. 3. They overtrade. 4. They have no mental discipline.

This book does not provide the reader with any useful information whatsoever regarding indicators, trading systems or elaborate theories regarding the markets. Rather, it provides some highly informative, thought-provoking pages about your biggest enemy in the market... ...yourself.

I do not recommend that you read this book. Rather, I recommend that you work your way through it with an open mind. Digest it as you search your soul for those unpleasant truths about your trading, your life, and yourself.

I promise you that it will be one of the most profitable learning experiences that you will ever find...