Fred Elkins from Finance Banter wrote up an excellent review of my new FAQs book. I took the first part if it for use as a short testimonial on the book’s website. Here’s the full text, though.
Every trader needs a mentor. A sober third party that can provide input, advice, direction or just a different point of view. Trader FAQs gives you a dozen. John Forman has gained access to a group of successful traders whose combined 150+ years of trading experience are laid out in Q&A format to help make you a better trader.
John has posed questions to the traders on various topics from getting started to trading education to building your trading system and picking a broker. All of the things you need to know to trade.
The Power of 12
Every trader is different. You are a different trader than I am and we are both different than the person who will read this piece next. So are the traders in this book. And in that lies its power as a trading tool. Because every writer brings a different viewpoint to each topic, there will almost always be a viewpoint that will be similar to your trading style and others that may be different but force you to look at things in a different way. If you were to pick up a single book on trading and read it, you may have found “the” trader for you. Odds are however, some of what they say will work for you but some will not. You will need to keep reading until you get the whole picture. Trading FAQ’s is like 12 books in one.
Like a bucket of cold water
Sometimes the traders are a bit blunt. But lets face it, if they were all rosy telling you that trading was easy and that everyone should do it tomorrow, they would be lying. Every one of these traders has earned their stripes and knows how hard it is to do this for a living. They want, no need you to understand that. They are not trying to talk you out of trading. They are letting you convince yourself you can. With different styles, markets and experiences, you are left with a whole list of questions to ask yourself about whether you can be a trader. Can I follow my trading strategy in up and down markets? Have I made my Risk of Ruin 0%? Do I fully understand the market I am trading? Am I the kind of person who can and will put in the time needed to learn how to do this properly? There are enough questions you will need to ask yourself before you have completed this book that if you are not convinced it is for you, it probably isn’t!
Tools, Tools, Tools
If you read this book and find a trader or three that speak to you and convince yourself that you want to take the next step then you have also come across many of the tools you will need to be successful. Additional reading – There are many references to tomes that will help you be a better trader on topics from technical analysis to the psychological aspects of trading. Methods and models – the traders share their thoughts on how to build your trading method and where to find tools to help you test it. Practice – How to do it right including a very novel way to make sure you do it and do it right.
Something for everyone
I once was introduced to a theory on why traders burn out and a big part of the theory relates to them being unable to adjust to a “new normal” to use an over used term. Basically it means that once a trader stops learning, they stop trading. As I noted before, there is over 150 years of trading experience in this book and even an experienced trader would be able to find a few nuggets to help them be a better trader. Whether it is a return to basics or just a different way of thinking about a particular idea, I predict you will be a better trader after reading this book.