( 5 reviews )
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( 5 of 5 found this review helpful ) Posted: May 17 2005
As others have said, this book really doesn't tell you anything about trading. Instead, it focuses more on what kind of person would make a good trader. It reminds me of the articles about different professions my high school guidance counselor gave me when I was a kid. There are many contributing writers to this book, which is a bit confusing since the cover only mentions Leslie Masonson. It appears he was basically the editor of the book, who also wrote a few chapters. He conducted a survey, and published the results, which is worthwhile, and could be interesting to prospective traders. I found Chapter 11 on tax evasion (er, I mean planning) by Ted Tesser to be written poorly. I haven't read something so repetitive since Wade B. Cook's "Wall Street Money Machine". Tesser has a few ideas (which may be good, who knows), which he repeats (often in bullet form) over and over again. I couldn't imagine buying Tesser's book which he plugs in that chapter. Just hire a tax attorney... might cost more up front, but the at least you won't be wasting your time. The last few chapters contain interviews with many different traders. Masonson plugs each of their websites (about half of which are out of business as of May 2005). Some of these traders seemed to have intelligent advice, others seemed to barely know what they are doing themselves. In summary, I found this to be another run of the mill book on trading. Like so many books on the subject, you feel like the main goal of the book was to promote other businesses offered by the writers. I suggest if you still want to read it, you do as I did, and borrow it from your local library rather than waste your $$.
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( 3 of 6 found this review helpful ) Posted: Feb 15 2003
If you want to be successful in this field. You probably need minimum a dozen books for perodically refreshing your mind. Just like you need a minimum 12 stocks to achieve the diversification.This one will do the job. I doubt you have the time to go over all the books ever published in this field.I have heard the importance of money management in every of the hundreds book I have read in the past few years. I believe it is true. But this is the only book finally push me to the immediate action. After I spent whole afternoon do a experiment try to veryfy the statement on Percentage of Risk on page 184. I only did 33 tosses instead 100 tosses. I also believe day trading is hard. But just as the old adge "you will not shed the tears until you see the coffin." This book will do the trick. This book give you some of the other side truth.This the second time I read this book. Both time by borrowing it from local library. Now I am going to buy one for keep. Even though not every chapter is to my liking.
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( 2 of 4 found this review helpful ) Posted: Feb 18 2002
I have been looking into trading in general for the last 2 months or so. I strongly believe this should be one of the first books to be read.Why such a strong recommendation/endorsement ?? Because of a very interesting survey and discussion about the success rates of day traders and their age profile for example. How much money did aspiring day traders make during the first 6 months ?? And so on ..So it is a strong overview of the industry. It is available in the local library for me. If it weren't I wouldn't have bought it because some of the reviews on this forum were so negative. But I did read it. It is a great source of information ..
