[easyazon-link asin=”0137067089″][/easyazon-link]Going through [easyazon-link asin=”0137067089″]Trade the Trader[/easyazon-link] by Quint Tatro I couldn’t help but think the author must have read my own book, or at least has been following my blogging over the years. So much of the advice Tatro offers up is exactly the sort of stuff I’ve been talking about and writing about for the last several years. I couldn’t help but chuckle at times at how the author was saying things in a very similar fashion to how I would have done. 🙂
The basic philosophy underlying Trade the Trader is that applying basic technical analysis methods is no longer sufficient. The author suggests that traders need to take a second level view of things and learn to anticipate what those traders using basic methods will be doing in the market and positioning accordingly to take advantage. This bit of philosophy is definitely interesting and worthwhile of itself, but the book doesn’t actually spend all that much time on that subject.
This is not to suggest the book isn’t a good and useful one, just that the title probably doesn’t best reflect its contents.
So what does the book focus on, if not trading the trader? Well, just about everything else, actually.
Tatro covers just about all the high points in individual trading. He has chapters discussing time frames, entry and exit rules, risk management, trading plans, and trader psychology. Mostly it focuses on things in terms of his own particular style, which is largely basic chart and trend oriented (no indicators). There are numerous examples and stories scattered through the text to help reinforce the points he’s making. This is a stock trading oriented discussion, but most of it can be applied to other markets as well, so non-stock traders should not be dissuaded.
My one little gripe with the book is that the author could have used more sectioning in the text, and maybe the latter part of the book could have been structured differently, but it’s a minor thing. The chapters are fairly short, making the book convenient to read in small chunks, as I was doing during my daily commute. Also, the author’s writing style is pleasant and easy to follow. At just about 200 pages, it’s also not particularly long to begin with. Overall, I found it a good read and would consider it well worth going through for developing traders.
Make sure to check out all my trading book reviews.