Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading
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Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading Trading is generally far more difficult in practice than in theory. The reality is that no trade set up or individual trader or system can identify profitable trades in advance with complete certainty. In A Year of Trading, long-time trader Peter Brandt reveals the anxieties and uncertainties of trading in a diary of his 2009 trades. He explains his thought process as he searches for trading opportunities and executes them. Each trade includes charts, an analysis of the trade, and a play-by-play account of how the trade unfolds. Review: Sitting with a Market Wizard... - It’s a rare opportunity to get an inside look at the trading process of a legend. But that’s exactly what Peter L. Brandt (PLB) provides with his book Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading. The title is self-explanatory. PLB takes you with him as he trades over a 21 week period of time. You see every trade, every profit, and every loss. The book is a front row seat to the thought process of a master who’s averaged over 40% compounded returns throughout his 40 year trading career. Most famous traders you hear about have a few good years and then blow out. They’re only known for their “big calls” and CNBC appearances. But PLB has been consistently making huge profits for four decades, through every market environment imaginable. This type of longevity is extremely uncommon. Most of us have read the Market Wizards series. The interviews are fantastic and packed with tons of useful knowledge. But in the end they are just interviews. Imagine actually being able to sit with one of the Wizards as they trade themselves. PLB provides that experience. Throughout the book you’ll see PLB give it to you straight. There’s no sensationalism. No promise of ridiculous returns. No bulls***. It’s REAL trading. You see exactly what a professional goes through, from emotional and psychological management all the way to actual trade management. There’s a ridiculous amount of useful information packed in this book, but a few key lessons stand out to our team at Macro Ops. One is PLB’s focus on trade management over every other aspect of his strategy. This flies directly in the face of what most investors believe successful trading consists of. A majority think it’s all about trade identification. That’s why you’ll see them jump from indicator to indicator, looking for some holy grail that’ll find them non-stop winners. This is not the way a professional operates. As PLB explains early on: “I will explore all of the trading components I believe are necessary for consistent success later in this book, but trade identification is the least important of all. In my opinion, learning the importance of managing losing trades is the single most important trading component.” “Consistently profitable commodity trading is not about discovering some magic way to find profitable trades.” PLB understands that identifying a trade is only 10% of the process. The other 90% is managing the trade once you’re in it. And when it comes to management, PLB knows that the name of the game is risk control. PLB again: “Consistently successful trading is founded on solid risk management.” The ability to keep your losses small will bring you success in the long-run. Avoiding that one big mistake that’ll permanently take you out of the market is key. As the old saying goes, the best offense is a great defense. PLB continually displays this reality throughout his book, especially when considering his number of winning trades versus losing trades. PLB’s long-term success rate for individual trades is only around 30%. That means that 70% of his trades wind up losers. So how is he still so profitable year after year? Strict risk management. The losses he takes are very small. His few winners more than make up for all of them. With a strategy like this, where a majority of your trades are losers, a focus on process is of utmost importance. As PLB explains: “Successful trading is the process of doing certain things over and over again with discipline and patience.” “It is possible to be profitable over time even though the majority of trading events will be losers. “Process” will trump the results of any given trade or series of trades.” It’s not easy psychologically to have 70% of your trades fail. Most traders wouldn’t be able to handle it. But PLB can because he’s so focused on process. He can have 8 losers in a row and still follow his plan. He knows that it’s not the next trade, or the next 10 trades, but the entire cycle that needs to play through. His hand is not only steadied by years of experience, but also by a true understanding of his own strategy. For example, PLB knows the exact average number of trades he should take each year. Not only that, but he also knows how many of each type of trade he should be taking. The number of major pattern trades. The number of minor pattern trades. He understands how each portion should play out within his broader strategy. In total he’ll experience about 235 trading events in a year. Only 75 (32%) will be profitable and just 20 of those 75 will make his bottom line. By bottom line he means the trades that are mainly responsible for his profits that year. Most of his winning trades will only serve to cancel out the losers. But 20 of them will be big winners that’ll significantly move his P&L. Understanding his strategy down to the number and types of trades gives PLB the ability to continually execute through any market environment. Strategies work in cycles, just like the market. They go through periods of major gains while also experiencing times of drawdown. The trick is to keep executing through both periods to complete the full cycle. If the strategy is sound, the net result should be positive, or in PLB’s case, extremely positive. PLB’s thorough comprehension of his strategy gives him the confidence to know when it’s working and when it’s not. As he explains: “I am constantly studying and analyzing my trading performance for two major reasons: to determine if my trading plan is in sync with the markets and to determine if I am in sync with my trading plan.” This introspection allows him to make the right decisions throughout each cycle. It also comes in handy when evolving his strategy over time. Many traders tend to switch their strategy too often, basing it off the last few trades. PLB on the other hand is very careful to make changes because he realizes the folly of over-optimizing to one environment or another. But even though he’s very cautious when it comes to switching things up, his careful study and analysis helps him make a change when it really counts. For example, price breakouts are not as reliable now as they were a few decades ago. PLB has been able to adapt his strategy accordingly. But you’ll never see him make the mistake of adjusting his strategy based off some temporary drawdown. That’s the advantage he’s earned from developing a full-cycle mentality in regards to his strategy. The other interesting thing about PLB is that he’s a pure chartist. He relies solely on price and nothing else, and with price alone he’s been able to achieve his superior trading record. PLB has a deep understanding of what price actually is and the proper way to use it. He explains that there’s nothing magical about chart patterns. They don’t predict the future. At anytime, he says he really has no idea where price is going. Charts are just used to develop a process. To establish targets, define risk, and determine broad direction. Nothing more. This falls right in with what we believe at Macro Ops. Price is really just a way to simplify the extreme complexity that markets create. It takes infinite amounts of information and distills it into one simple reading. Price isn’t magic and shouldn’t be used as such. The lessons learned from PLB’s Diary are priceless. Though we run a global macro strategy at Macro Ops, you can still see PLB’s influence in everything we do. He’s one of the best mentors out there and we strive each day to be as disciplined with our process and ultimately as profitable as him in the markets. If you want a master class in REAL trading, then Peter Brandt’s Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading is for you. Review: A great read and learning tool from a classic chartist - In the Author's note, Peter Brandt wrote: "This book is educational and not intended to promote any product or service of Factor LLC now or in the future". How refreshing. He published his records, and documented 21 weeks of real tradings. You will read about his setups, his decision making, his gains and losses. YES, his losses. Unlike most trading books where every setup is a winner, he talked about the failed patterns, how he handled the losses. How refreshing, indeed. The author is a classic chartist, in the mode of Schabacker, Edwards and Magee. No indicators, he uses pure chart patterns (mostly breakouts of head and shoulders tops and bottoms, rectangles, channels, triangles). The first 2 parts of the book outlined his strategy, and part 3 is a five month journal, blow by blow, of what he traded during that 5 months, with all the trials and tribulations, the gain, the loss, the entry, the exit, and the lesson learned. It's all good stuff. While the book is all about commodity (except for one lone chart of apple), and I am a stock trader, I found the book is still very much relevant to my stock trading. It greatly enhanced my understanding of how he scans for the classic patterns. The book has a good discussion of risk, and he writes in layman's term, on how he uses position size, and what rules he uses to exit a trade (whether at a profit or loss). It shows that, with strict exit and money management, how he could turn a risky business (as in commodity trading) into a low risk endeavor. Put another way, even with a 30% to 40% winning ratio, with the right money management, and a sound trading plan, you can still have a uprising equity curve. I have a bookcase of trading books, this one now solidly belongs to the top shelf. I will read this book again, as I'd like to incorporate some of the strategies (eg: the Last Day Rule, start with a weekly big picture view of the patterns, keep a journal, review trades) into my own trading. If you are new to futures, as I was, you need to read this book. Even if you are experienced, just the risk management part is worth the price of the book. If you are a chartist, you'd be in hog heaven. Thank you Mr Brandt for writing a very educational and practical book.
| Best Sellers Rank | #104,785 in Books ( See Top 100 in Books ) #22 in Commodities Trading (Books) #49 in Business Finance #181 in Economics (Books) |
| Customer Reviews | 4.5 out of 5 stars 273 Reviews |
A**.
Sitting with a Market Wizard...
It’s a rare opportunity to get an inside look at the trading process of a legend. But that’s exactly what Peter L. Brandt (PLB) provides with his book Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading. The title is self-explanatory. PLB takes you with him as he trades over a 21 week period of time. You see every trade, every profit, and every loss. The book is a front row seat to the thought process of a master who’s averaged over 40% compounded returns throughout his 40 year trading career. Most famous traders you hear about have a few good years and then blow out. They’re only known for their “big calls” and CNBC appearances. But PLB has been consistently making huge profits for four decades, through every market environment imaginable. This type of longevity is extremely uncommon. Most of us have read the Market Wizards series. The interviews are fantastic and packed with tons of useful knowledge. But in the end they are just interviews. Imagine actually being able to sit with one of the Wizards as they trade themselves. PLB provides that experience. Throughout the book you’ll see PLB give it to you straight. There’s no sensationalism. No promise of ridiculous returns. No bulls***. It’s REAL trading. You see exactly what a professional goes through, from emotional and psychological management all the way to actual trade management. There’s a ridiculous amount of useful information packed in this book, but a few key lessons stand out to our team at Macro Ops. One is PLB’s focus on trade management over every other aspect of his strategy. This flies directly in the face of what most investors believe successful trading consists of. A majority think it’s all about trade identification. That’s why you’ll see them jump from indicator to indicator, looking for some holy grail that’ll find them non-stop winners. This is not the way a professional operates. As PLB explains early on: “I will explore all of the trading components I believe are necessary for consistent success later in this book, but trade identification is the least important of all. In my opinion, learning the importance of managing losing trades is the single most important trading component.” “Consistently profitable commodity trading is not about discovering some magic way to find profitable trades.” PLB understands that identifying a trade is only 10% of the process. The other 90% is managing the trade once you’re in it. And when it comes to management, PLB knows that the name of the game is risk control. PLB again: “Consistently successful trading is founded on solid risk management.” The ability to keep your losses small will bring you success in the long-run. Avoiding that one big mistake that’ll permanently take you out of the market is key. As the old saying goes, the best offense is a great defense. PLB continually displays this reality throughout his book, especially when considering his number of winning trades versus losing trades. PLB’s long-term success rate for individual trades is only around 30%. That means that 70% of his trades wind up losers. So how is he still so profitable year after year? Strict risk management. The losses he takes are very small. His few winners more than make up for all of them. With a strategy like this, where a majority of your trades are losers, a focus on process is of utmost importance. As PLB explains: “Successful trading is the process of doing certain things over and over again with discipline and patience.” “It is possible to be profitable over time even though the majority of trading events will be losers. “Process” will trump the results of any given trade or series of trades.” It’s not easy psychologically to have 70% of your trades fail. Most traders wouldn’t be able to handle it. But PLB can because he’s so focused on process. He can have 8 losers in a row and still follow his plan. He knows that it’s not the next trade, or the next 10 trades, but the entire cycle that needs to play through. His hand is not only steadied by years of experience, but also by a true understanding of his own strategy. For example, PLB knows the exact average number of trades he should take each year. Not only that, but he also knows how many of each type of trade he should be taking. The number of major pattern trades. The number of minor pattern trades. He understands how each portion should play out within his broader strategy. In total he’ll experience about 235 trading events in a year. Only 75 (32%) will be profitable and just 20 of those 75 will make his bottom line. By bottom line he means the trades that are mainly responsible for his profits that year. Most of his winning trades will only serve to cancel out the losers. But 20 of them will be big winners that’ll significantly move his P&L. Understanding his strategy down to the number and types of trades gives PLB the ability to continually execute through any market environment. Strategies work in cycles, just like the market. They go through periods of major gains while also experiencing times of drawdown. The trick is to keep executing through both periods to complete the full cycle. If the strategy is sound, the net result should be positive, or in PLB’s case, extremely positive. PLB’s thorough comprehension of his strategy gives him the confidence to know when it’s working and when it’s not. As he explains: “I am constantly studying and analyzing my trading performance for two major reasons: to determine if my trading plan is in sync with the markets and to determine if I am in sync with my trading plan.” This introspection allows him to make the right decisions throughout each cycle. It also comes in handy when evolving his strategy over time. Many traders tend to switch their strategy too often, basing it off the last few trades. PLB on the other hand is very careful to make changes because he realizes the folly of over-optimizing to one environment or another. But even though he’s very cautious when it comes to switching things up, his careful study and analysis helps him make a change when it really counts. For example, price breakouts are not as reliable now as they were a few decades ago. PLB has been able to adapt his strategy accordingly. But you’ll never see him make the mistake of adjusting his strategy based off some temporary drawdown. That’s the advantage he’s earned from developing a full-cycle mentality in regards to his strategy. The other interesting thing about PLB is that he’s a pure chartist. He relies solely on price and nothing else, and with price alone he’s been able to achieve his superior trading record. PLB has a deep understanding of what price actually is and the proper way to use it. He explains that there’s nothing magical about chart patterns. They don’t predict the future. At anytime, he says he really has no idea where price is going. Charts are just used to develop a process. To establish targets, define risk, and determine broad direction. Nothing more. This falls right in with what we believe at Macro Ops. Price is really just a way to simplify the extreme complexity that markets create. It takes infinite amounts of information and distills it into one simple reading. Price isn’t magic and shouldn’t be used as such. The lessons learned from PLB’s Diary are priceless. Though we run a global macro strategy at Macro Ops, you can still see PLB’s influence in everything we do. He’s one of the best mentors out there and we strive each day to be as disciplined with our process and ultimately as profitable as him in the markets. If you want a master class in REAL trading, then Peter Brandt’s Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading is for you.
T**E
A great read and learning tool from a classic chartist
In the Author's note, Peter Brandt wrote: "This book is educational and not intended to promote any product or service of Factor LLC now or in the future". How refreshing. He published his records, and documented 21 weeks of real tradings. You will read about his setups, his decision making, his gains and losses. YES, his losses. Unlike most trading books where every setup is a winner, he talked about the failed patterns, how he handled the losses. How refreshing, indeed. The author is a classic chartist, in the mode of Schabacker, Edwards and Magee. No indicators, he uses pure chart patterns (mostly breakouts of head and shoulders tops and bottoms, rectangles, channels, triangles). The first 2 parts of the book outlined his strategy, and part 3 is a five month journal, blow by blow, of what he traded during that 5 months, with all the trials and tribulations, the gain, the loss, the entry, the exit, and the lesson learned. It's all good stuff. While the book is all about commodity (except for one lone chart of apple), and I am a stock trader, I found the book is still very much relevant to my stock trading. It greatly enhanced my understanding of how he scans for the classic patterns. The book has a good discussion of risk, and he writes in layman's term, on how he uses position size, and what rules he uses to exit a trade (whether at a profit or loss). It shows that, with strict exit and money management, how he could turn a risky business (as in commodity trading) into a low risk endeavor. Put another way, even with a 30% to 40% winning ratio, with the right money management, and a sound trading plan, you can still have a uprising equity curve. I have a bookcase of trading books, this one now solidly belongs to the top shelf. I will read this book again, as I'd like to incorporate some of the strategies (eg: the Last Day Rule, start with a weekly big picture view of the patterns, keep a journal, review trades) into my own trading. If you are new to futures, as I was, you need to read this book. Even if you are experienced, just the risk management part is worth the price of the book. If you are a chartist, you'd be in hog heaven. Thank you Mr Brandt for writing a very educational and practical book.
O**R
Not your book if you are not a pattern trader
The book covers just about 5 months of trading and remainder of the book is composed of information about chart patterns and when and how to enter into trades based on chart patterns, setting stop loss points (Last Day Rule, Trailing Stops etc...), bull traps, bear traps and other points which is important to people who trade on chart patterns. However, if your are a person who invests in commodities based on fundementals or a trend follower who trades based on Moving Avarages, this is not a book which can further your information or help gain knowledge. Other than that, I believe the author is honest throughout the book and the book is well-written with explanatory notes and charts explaining each and every situation a chart pattern guy can encounter with.
E**R
A sincere, informative trading journal by a seasoned trader
I enjoyed this book. I received it one friday afternoon, and I plowed through it that evening. I went through it again the next day. This is a journal of one trader, older and experienced, knowing that he didn't know everything, sharing what he did know as a trader discussing his trades over the course of a few months (December 2009 to May 2010). I use trend following techniques, and while my approach is different, I could still appreciate that Mr. Brandt has offered nuggets of wisdom, generously shared, from a lifetime of hard-earned experiences. These are lessons from a passionate, humble and sincere individual, who presents himself simply as just another student of the markets. While I'm not a chartist, lately I've looked at these squiggles on the screen and because I'm human, I began to "notice" lines or paths of least resistance, and I saw some of the same in this wonderful book. I also agree with the idea that traders have to not hesitate to take a signal, and not hesitate to take a loss on a predetermined basis, just a couple of spoilers from this book. More importantly Brandt also talked about the need for each trader to prepare in advance answers for trading size, risk, attitude, and traits for success. What I really enjoyed was the post-mortem analysis of trading in 2010, which followed Brandt's trade by trade commentary. There are no holy grails, for every speculator there is definitely a need to focus on making dollars, while being willing to spend pennies in the form of losses, and not the other way around. This is at the heart of risk management in speculation. (The cliche of being pennywise versus poundfoolish is one that must be acknowledged as part of the human condition.) The author stresses that he is not offering a secret formula to trading futures with the timeworn allure of easy riches, plastered all over the marketing copy of too many poorly conceived books. He instead offers more important and time-tested lessons. Some of you will be disappointed and disagree with me (that's what makes markets), but I believe those who read with patience, or with a little perspective earned the hard way, will understand the real point of this book. One last thing about reading this book. As in trading and life, if you are patient, persistent and willing to put in the work and time and effort, you might be rewarded in surprising and delightful ways.
B**A
Helped me realize I am not the only one that has tough periods.
I trade commodity and financial futures for a living and wish I would've read this book a lot sooner. Trading for a living is arguably the most lonely thing I have ever tried, there are endless books, but the only school on how to apply theory and hopefully translate that to earnings is in the hardest school in the world - the markets. There is no teacher to visit with during officer hours, study hall, or remedial courses to assist, there is only the balance in your account to grade you - brutal. This book gives a real time insight into how hard it is. How many seemingly 'best dressed' patterns break out only to collapse right back into the congestion for a loss immediately followed by the market taking off in the original proposed direction. It happens and it happens a lot. It doesn't mean you are a bad trader it means this is an incredibly humbling process. Diary of a Professional Commodity Trader if nothing else will help you realize that you are not the only one this sort of thing happens to and that is reassuring, at least it is for me. Diary also highlights something I have found in my own trading. The number or percentage of losing trades is Not what drives profitability. Inevitably I finish any given measuring period with more trades closed for a loss than those that are profitable. That said, the book cautions you not to fall into a trap of trading every little set up and going nuts, some advice I wish I had much earlier. I think this book is best for someone who has been trading at least a short time. I think some of the issues will make more sense once you have a little 'mileage'. I don't think I would have appreciated his work had I read it before I had been stopped out of a couple of trades or been frustrated watching markets I wasn't trading take off with out me. Two small words of caution: He discusses the patterns he trades and I think that is necessary for the later discussion of the book, but realize this is not a technical analysis book and everybody is going to be responsible for their own methodology. The discussion here is illusory for his later diary only. Additionally, he discusses some trades that may be held several days or even week(s). Understand that commodity futures (I don't trade FOREX) are extremely leveraged and the volatility they can induce in your account balance over the course of several days can be gut wrenching. The author does a good job of discussing it early on in the book how to deal with it. I wish I would've read it earlier, but glad I didn't read it before I started trading.
D**R
Checklist To See If You Will Find This Book Useful
I came across Peter Brandt via Twitter feed . His Wise and sage advice instantly attracted me. One of the first traits of a successful trader is being modest in his capabilities in predicting the market. Every serious and successful trader will testify to this truth. If you hear someone who is talking other wise, either he is not truthful or the big draw down is ahead of him. WHO WILL BENEFIT FROM THIS BOOK: Everyone who reads the book is not going to find it useful. You got to be a trader who makes your decisions based on charts and chart patterns to find this book useful. If you are a buy and hold Buffett style trader, you will still find this book useful to a limited extend in determining a good entry point. Also if you are a young trader, please understand that there are lots of eyes and computers looking at the same chart and has made the efficacy of charts like head and shoulder less reliable than in the past, and is being mentioned in this book as well. If you are a swing trader, day trader or an options trader, you will only find the book useful to the trading advice and opinions suggested by the author ( and less of those H&S patterns which has to be readjusted to lesser time frame) WHAT THIS BOOK IS ABOUT : The book is a printed trade journal about one man's trade with no ideas of what the outcome will be . Even if you find the repeating charts boring after a while, make sure to read and assimilate the first pages of every chapter. Those are general observations of a mindset of a trader who has survived the markets for thirty years.Not an easy feet. As an example on chapter 12, "The best a trader can do is to develop trading principles and guidelines that provide a slight edge - and then attempt to exploit that edge over time." CONS : Peter trades price,pure and simple. However if you are a newbie trader, trading price alone might get you into trouble. That is where Mind Over Markets: Power Trading with Market Generated Information, Updated Edition type approach is needed. Modern trading require Time Price And Opportunity analysis to get a mild edge over others. SOME QUOTES: It would be a disgrace to leave without his wonderful quotes peppered along the book: "Profit cannot be the direct focus of my attention because I have no control over the outcome of any given trade" " I a constantly studying and analyzing my trading performance". " Just like cancer and heart diseases are the two major killers in America, doubt and second guessing are the two major killers of a sound trading plan" " I have maintained a journal of my trading endeavors since 1981" "Drawdowns are a way of life for a trader. Periods of capital draw down bring about tremendous introspection. When trading is going well, it is easy to think trading will never get bad again. When trading goes sour, it is difficult to remember the profitable times" TIPS AND SUGGESTIONS: This is a good book . If you are a beginner, read The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading) . Also, try TASTYTRADE. It is a free website by Tom Sosnoff , founder of ThinkorSwim who is giving away brilliant pieces of research analysis and advice for free after big wins in his career. He is employing Data scientists, Research programmers, tons of back testing reports etc never even imaginable for a common man and giving away everything for free. His tradable and actionable content crushes CNBC. ( Nope, I am not paid by Tastytrade). He is proving to the world `option's is not reckless. While at tastytrade never miss their segments like Market Measures, Option Jive etc.The quality of research you get is unbelievable ! SUMMARY: A very good book, worth reading.Even if you do not read the book, become his twitter follower. You will not regret it.
F**L
Great book if you want to trade for a living
The thing that interested me in Diary of a Professional Commodity Trader is that it is less about the actual trading methodology (although there is plenty of that if you want to learn exactly how "he" does it) but more importantly at least for me is how does someone go from trading as a hobby to becoming a professional and doing this as a living. Not in terms of being mentally prepared but how do you actually do it, literally? How many trades do you make a day, week, or month? Your position sizing? How do you pyramid? How do you scale back when the trade is going against you? Your average win:loss rate? All important things to consider if you want to trade for a living. There are many books discussing methods for each of these topics but reading something in a book and actually putting it into practice is a different story. There are tons of books out there that show great setups and proper buy points that any half decent trader would be able to identify but realistically this will not help you make money. It is very easy to spot a buy point on a long-term daily chart of AAPL and say "Just buy here and you would be up 300%" but it is an entirely different thing to make the decision in real time and hold it. The reason I bought this book is because it claimed to do exactly this, walk you through the thought process of every trade by someone who earns a living trading for 21 weeks. See all his wins and all his losses, all his successes and all his mistakes. There are too many good one-liners throughout the book to mention but I will offer just one here. "You have spent 90% of your effort on the least important of trading components: trade identification...trade identification is the least important of all. In my opinion, learning the importance of managing losing trades is the single most important trading component." There is so much wisdom in this one line I can't do it justice. That is why this book is so good because he doesn't just say "cut your losses" but rather shows you "when I make a trade and it goes against me, this is how I exit." The whole book is about how he puts "theory into practice." I will not give away any more of the book but let me say that it did just what it claimed to do. This is as close as you can get to sitting side by side to a real professional and someone that puts food on the table by trading. If you are seriously interested in trading this book is definitely a good read. If your aspirations are to one day do this for a living then I would say it is a must read.
F**U
mediocre
I found this to be a mediocre book. The positive is that he's a real trader actually trying to help you become a better trader without selling you something. Well written and concise. But i just didn't learn any insights from the book. Most of the diary consists of: see a chart pattern, enter trade as per pattern, then either hitting a target or a stop-loss. What's missing is the psychology of the moment or a description of how or why a pattern works. It's literally just see pattern, enter trade, exit trade. Maybe that's the insight - it's just that simple... but if it is, it's hardly worth an entire book.
E**W
real experience
this is real life experience and valuable information
E**O
A great book!
This book is exactly what is needed to be introduced in the commodity markets. The book can be a bit heavy or boring because it is what it is: a diary. The author shows the strategies, the reasons and the decisions he took and does the follow up of his trades for a period of time. It is incredible and a good exemple to those who don't know how to get started. this books is short, and quite simple, and at the same time very practical. It really shows you how to be a profitable trader from the practical point of view. If the book is supported with the "Technical Analysis of Stock Trends" bible, then the result is cuasi profesional.
K**L
Very fast shipping
Book looks great, fast shipping
C**E
Un livre à lire
Fait sans aucun doute partie des livres sur le trading à lire. Riche en enseignements, riche pour nourrir sa propre réflexion.
K**M
Very enjoyable
A lot of great insights. It's thr kind of book you read again every 6 months
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