3.0 out of 5 stars
some wrong concept but still a good book, Sept. 4 2009
I would like to say it is a good book, better than most other books. they give lots of idea are good and right to the point. but there are some concept I believe they said wrong:
1. They said fear is good, they can protect you from loss big because fear, you won't bet big. See page 58 adn page 59.
actually, fear is one of two worse enemies you have. to prevent from loss big, it is not protected by fear, it is protected by position size. and the big bet is caused by greed.
(on page 64, they said again, fear is poison, just a conflict of points they have by their own)
2. they said, if you put a trade, and you don't feel nerves, and you call your frient, then you are not a trader.
this is totally wrong, for a super trader, he should be no fear and greed, and no emotion on every single trade because every single trade's future is not predictable. also, the trade is protected by the stop so the super trade should not be nerves to be a trader. once the entry is done, the emotional part is over.
he will trade with the plan and the great trader life will be boring.
other than these points, so far, this book did give lots of wizdom advice.