Trading software

Friday, January 27, 2012

Excellent book about trading

Just finishedMastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups
by John F. Carter and I have to say that it’s been the best book on trading I’ve read so far. 

Peter Brown recommended it on the trading course I did so I got myself a copy and started reading it slowly. It’s the type of book that you’d want to make notes and take your time with however, not really bedtime reading. 

The great thing about this book is that the author is a daytrader himself. I’ve read loads of book on trading where you get the feeling that the author doesn’t actually trade all that much. 

Another big big plus is that he shares about half a dozen strategies that he actually uses himself to trade. Call them ‘setups’ or ‘systems’ if you will, but surprisingly, very few books actually discuss actual strategies and when to place the trades. Another good thing is that he discusses exit strategies too – a lot of books talk about how to enter the trade but assume the reader will know when to get out.  Most of this book is based on American Indices and some FOREX and are quite specific to the set-up he uses and the platform he uses - but if you are fairly knowledgeable about trading, you will be able to adapt them to suit your needs. He gives plenty of examples and screenshots showing his trades. 

He also deals with psychology and how to avoid being eaten by the sharks. It’s not a book for beginners though and a good working knowledge of trading would be required. 

I’ve highlighted loads of quotes and strategies so now I’m going to get to work adapting them to my needs and adding some ideas I got from the book to my portfolio.  All in all, an excellent book – highly recommended.
I’ve just started Trading In The Zone yesterday and so far, it’s very good. It’s by Mark Douglas – I read his earlier book, The Disciplined Trader, which I found quite good. 

Anyhow, I’m off to Norway later today with some friends – we are visiting an old friend who married a girl over there and moved there. Looks like it will be freezing!  Don’t care about the cold though, I’m really looking forward to a nice few days away and a bit of craic with the lads – despite the fact that it’s about 12 quid for a pint! I was in Norway with the missus last year and really enjoyed it. Flying to Oslo and spending a night there, and then it’s down to Grimstad.


Grimstad, Norway:

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