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The Mind of a Trader: Lessons in Trading Strategy from the World's Leading Traders

The Mind of a Trader: Lessons in Trading Strategy from the World's Leading Traders

List Price: $34.95
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Product Info Reviews

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Rating: 4 stars
Summary: You should be able to trade/feel better after you read it
Review: If you go through the reviews, you might notice that the opinion of many readers had been much influenced by the "title" or even "background" of the traders interviewed in the book. A self claimed successful trader and reviewer just gave only "one" star to the book because he found one of the interviewee a liar and that the author had failed to verify the history of his interviewees.

Discounting the above, and taking in account that the book focused on the minds of options and futures traders (vs the all walks of life type in Market Wizards I&II), the primary objective had been delivered. In short, discipline, cut loss short, let profit run had been quoted in all the interviews, though in different style and wording. The book is well written by the ex barrister author, who intelligently and vividly merged his opinion with those of the interviewees, without going through the common Q&A format.

You may like or dislike the book after reading it. But for sure you will remember its strong emphasis on discipline for quite a while. In this respect, it's worth the time and the price.

Rating: 5 stars
Summary: Insightful and different
Review: It makes a difference to find a readable book on trading with real insight not trite cliches. Clearly an effort was made to get inside the mind of the traders. I have 14 years trading experience at a major US bank and this is recommended reading for all new recruits and old hands too.

Rating: 2 stars
Summary: Nice idea, but fails to enlighten
Review: This book should be called "The Basic Tips of a Trader" because there's almost nothing about the psychology behind their trading tactics nor a psychological insight into what makes the markets behave as they do. Supposing that the word "Mind" in the title isn't meant to be taken too literally then one may still find the tips somewhat superficial. If you're a novice to trading then you might be interested to hear comments like "take your losses like a man" or "pick a trading style suited to your personality", but if you are a novice then you probably don't want to be confused or bored by drawn out messages. The essence of this book is worth a chapter in a good general book on trading but wasn't worth the time sifting the mostly common-knowledge or common-sense tips from a well padded book.

I am surprised that this book has so many excellent customer reviews (ignoring those of the big traders themselves). The title may sound interesting and useful but I found nothing profound or enlightening. A few of the tips can be applied to generally being successful at anything, not only trading. It would be useful to know the psychology behind the market-makers and big traders but if this book expresses all that they think then be assured that most semi-intelligent people with a fair education have little to learn from this book. As one trader said, you don't fight the markets, i.e. go with the flow. Useful. They may have a knack for making money but this is probably more to do with intuition than anything they have been able to consciously identify and translate into words that may be of some use to us mortals.

Patel's later book, "Net-Trading", covers many of the more interesting points of this book in a book which is worth a read for beginners or those wanting to use the Internet as an info source and need good pointers through the proliferation of cyber-confusion. He puts the best points from "The Mind of a Trader" into better context and without the padding.

Nice idea for a book for traders, but in my opinion it doesn't hit the spot.

Rating: 2 stars
Summary: Nice idea, but fails to enlighten
Review: Whoever said this book is better then Market Wizards had to be smoking banana peels.

This book struck me as a collection of tired cliches combined with a condescending tone and weak sense of humor that came off making the author sound like a jerk.

As Homer Simpson says, "Booooooring."


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