John F. Carter is a Commodity Trading Advisor (CTA) with Razor Trading. Founder of TradeTheMarkets.com and SimplerOptions.com, he makes frequent appearances on CNBC and Bloomberg and is a regular contributor to SFO magazine and MSN Money. Carter is a founding member of Maverick Business Adventures, which aims to train more than 100,000 young entrepreneurs by 2020.
There are "2" editions of this book, the second one is basically a revision of the original version and John has added more content as well as updated previous trading concepts as they apply to current day market conditions.
Every trader should budget for their own personal trading library. I tell you this so you better understand why we continue buying books on the subject. My own library can be separated in "3" categories, Market behavior which includes internals; Setups to trade which outline market conditions and RULES for entry and exit; the third and also my favorite is actual Trader stories where individuals share the events of their journey whether it be successful or not. John's first and second editions cover all three of these categories.
"Mastering the Trade" has a lot of focus on FUTURES trading and when I bought the first edition I didn't even know what futures trading was. At the time, I had been trading stocks for the better part of ten years. Within 90 days of reading the first edition, I opened a futures account and that was one of the best decisions I every made.
The question you are probably asking yourself is "Will this book make me a SUCCESSFUL trader ?" Unfortunately, that's not a fair question to ask if you're considering the purchase of any book on trading. You have NO Downside to reading the book if you buy it from Amazon, after all you can return it within their guidelines for a full refund if you're not satisfied.
Here's the #1 reason John Carter and his first book made a significant impact with me, John takes the time to explain the value of disversification with futures, stocks and options. While you may not have the account size to really take advantage of John's methods, that doesn't mean you can't mirror his actions on a scale that is comfortable for you.
I LOVE humor and John has a great writing style that often makes me laugh. Think of this book as a way to listen to John's personal trading story and his evolvement. You can also go to youtube and watch many of John Carter's live trades in action.
This book has something for every trader, regardless of experience or knowledge. Reading this book will not necessarily make you an instant success, but reading a book on how to hit a golf ball from Tiger Woods doesn't mean you'll be on tour with a winning streak next year either.
Every TRADER eventually learns one thing about TRADING, success or failure starts and ends with their own actions, not the lessons taught or material presented in a trading manual.
In closing I want to say, "Thanks John" and to those of you taking the time to read my review, I wish you a GREAT Trading Journey!
This revised edition of Master the Trade is a powerful book for a burgeoning day trader. It covers all the key topics including psychology, trade setups and money management and it is written really well.
This is not a beginners book on techincal analysis though. Its expected you have some idea of how to read a chart. Instead if focuses on reviewing John Carter's favorite trade setups and how to use breadth indicators or his own TTM indicators to enter and manage trades. Now I have ThinkorSwim which has John's indicators included in the package. If you don't have this platform or one that does, these setups may be more difficult for you to learn from or use. He may offer them on his website but I didn't have to investigate that far.
The setups are well defined with many examples of how they are identified and executed. Links to his website are also included where he adds more context to the setups and indicators through video. No backtesting of the setups was included in the text so you may want to perform your own assessment of the setups' fit into your trading strategy.
The end of the book is about executing a trading/business plan. Its a powerful section that helps tie everything together quite well, including one of my favorite sections in which some example trading plans are laid out in detail.
Ultimately this is a very robust intermediate level book on day trading. Highly recommend...just don't take the setups as gospel, test them yourself and trade safe.
Product Details :
Hardcover: 464 pages
Publisher: McGraw-Hill; 2 edition (March 27, 2012)
Language: English
ISBN-10: 0071775145
ISBN-13: 978-0071775144
Product Dimensions: 7.6 x 1.6 x 9.5 inches
More Details about Mastering the Trade, 2nd Edition: Proven Techniques for Profiting from Intraday and Swing Trading Setups
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