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Mastering the Trade (McGraw-Hill Trader's Edge)
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List Price:
$59.95
Bugarin.info Price:
$37.77
Your Savings: $ 22.18 ( 37% )
Subject To Change Without Notice
Availability: Usually ships in 24 hours
Manufacturer: McGraw-Hill
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Average Customer Rating:  
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Binding: Hardcover
Dewey Decimal Number: 332.63228
EAN: 9780071459587
ISBN: 0071459588
Label: McGraw-Hill
Manufacturer: McGraw-Hill
Number Of Items: 1
Number Of Pages: 388
Publication Date: 2005-12-07
Publisher: McGraw-Hill
Studio: McGraw-Hill
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Editorial Reviews:
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Expert tactics to become make the most of every swing trade In Mastering the Trade, veteran trader and educator John Carter shares his hard-won five-point technique for successful swing trading. In addition, Carter helps you move to the next level of confidence by explaining how markets really work and detailing behind-the-scenes market mechanics.
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Spotlight customer reviews:
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Customer Rating: 
Summary: An ok outline
Comment: As a beginner in the field of short term trading, I found this text to be sort of a general overview of different trading strategies.It offers 20 trading strategies but does not offer a substantive elaboration on how to master and utilize those strategies. It's a broad introduction on trading strategies but I feel you not be able to master any one of them.
Overall, an OK outline but short on substance and techniques/timing.
Customer Rating:
Summary: Good Book -- But Lacks Money Management Techniques
Comment: Always looking for more information, I got this book since it is so popular. I already use the "Applied Reality Trading" software, so wasn't really needing Carter's set-ups, but found them informative. And, the rest of the book has much valuable information also, but is lacking in a key area of educating the reader about the importance of risk control and money management.
The areas that were my favorite were:
1) Ways that Carter takes the pulse of market emotions - a) Dive, Captain, Dive - he writes about how when "newbie" traders on a free trial in his trading room press the "submarine dive" noise - the more experienced traders know that it is time to cover their shorts and go long. b) What does your mother think? Another way he uses sentiment from "non-traders" to gauge when the market is topping or bottoming -- is by listening them interpret news headlines.
2) His drawdown rules and profit rules are useful for formulating your own personal rules. For example if Carter is down by 20% for the month he will stop trading for the rest of the month, and, if he hits a 30% total drawdown on his account, he takes a six week break from trading.
3) The profit rules are equally useful. Love his "euphoria" rule where if he has a day in which he makes $5,000 per $100,000 (or 5% return on his money in one day), he will "...take the next day off to escape those feelings of euphoria that cause traders to do stupid things...". And then, he says he will withdraw 50% of his trading profits at the end of each quarter.
The areas of the book that were weak were the following:
1) Risk control is weak, although he briefly mentions at the end of the book to not risk more than 2% of your account equity on any one trade, which is helpful. What has been profitable for me, is using the risk of ruin tables and the optimal f formula to be more precise with exactly how much to risk. You can get some easy formulas on this approach from McDowell's book "A Trader's Money Management System" A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) and you may find at times it is better to risk 1% or 2.5% or maybe even higher. The percent risked is based on what your pay off ratio and win ratio -- so it is not a shot in the dark with a flat 2% risk.
2) Paper trading has helped me refine my skills and, in my opinion, one weakness in Carter's book and philosophy is that he says "...paper trading it's more worthless than an iraqui dinar...". It will be hard for readers to dive right into the markets trying his set ups and be profitable if they don't test them in a safe environment (like paper trading), to at least see if they hold merit for their personal trading style and psychology. Maybe I'm more cautious than Carter, but I'd rather test the waters before jumping in.
Overall, this book will get you started, but you'll need a few other tools and books to round out your tool kit before entering the markets.
Customer Rating:
Summary: Must read
Comment: This is a MUST read. I have read a lot of books on trading and this book is really the only one that had helped me. That is an understatement. This book had changed my trading life forever!! Read all the other reviews and let me add this. Read the book cover to cover twice. Go to his website and sign up for his newsletter. Get the 4 day seminar on dvd. Buy the 5 indicator package. And finally start making some money. Yes all of this is expensive. It is worth every cent.. I paid for all of this in one day of trading using the indicators and his techniques!! Trading for me now is no stress, no yelling at the screen. And finally I have stopped buying the guy on the other side of the trade dinner or worse. No, I am not affiliated with TTM, this stuff just works and I wanted to share the news.
Customer Rating:
Summary: Read first, read often!
Comment: New to day trading? Read this first and read it often. Plain english with plenty of examples to make clear sense of the trading methods described. I have purchased no less than six books on the subjects of trading, options, investing etc. in the past year, all of them left me with a feeling of not getting what I paid for. Some were just a long winded infomercials for some product or service. Not this book. Worth every penny.
Customer Rating:
Summary: waste of time
Comment: I gave it a two stars because it did make great firewood. And by the look of the first book theres always room to do worse for this guy. This guy should be prosecuted for stealing other peoples ideas. Then on top of it he gives you the idea he knows how to trade those ideas. Do not trade with this stuff the way he presented doing it, you will lose your money. You can find all of these ideas for free on the internet, same with the indicators he sells for 500 bucks a pop. If really want to throw away your money give it to charity instead....or i'll give you my address. Go get some Wycoff, Oneill, Livermore, and shabacker books. Do your homework before wasting you hard earned money.
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