Reviews for Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups (McGraw-Hill Trader's Edge Series)

1. Interesting, but a chore to get through.

   Rated 3 out of 5 stars, December 12th, 2009

   I'm afraid I found this book hard work, and not the guide to mastering the trade I had hoped it would be. Firstly, it is written in what I am starting to call 'Americanese' - it's English, but not as the English know it! Like many books from the US it is written in such a way that words are used in a different way from the common understanding of their meaning. Reading some parts of this book is like listening to the ramblings of US TV sports commentators: non-stop talking, too fast, overuse and inappropriate use of acronyms, and quite often making no sense! There are some very interesting examples and strategies, but some of them are unfathomable and suitable only to US equity markets. So, UK readers be warned.
   
   There are plenty of good tips and advice for traders, but nothing I haven't come across in other tomes on the subject. I have tried a couple of Carter's strategies but not found them to be profitable (yet). I am not saying the strategies are no good. It is more likely that I have not been applying them correctly. It takes time to get a strategy working for the trader. For me, the very worst thing about this book is the reproduction of trade charts. More often than not, the dates referred to by the author in the text are not shown on the charts or are just not clear and the reader has to guess whereabouts on the chart the precise dates the author refers to are. Same goes for price details on the other axis. Where tick charts are shown it is often impossible to see where the opening or closing price the author refers to are. Trying to follow exactly where the author says he entered and exited trades and where crucial signal points were in the charts is really hard work, and it shouldn't be. Charts should be clear, with the dates and price points referred to in the text clearly shown on the charts.
   
   All in all, a disappointing and unsatisfactory experience for me. The sections advising would-be traders how to go about trading are interesting, and it is good to read the advice of someone who has made a career out of trading in financial markets, but as mentioned previously the same advise can be found in many other books on trading.

2. Very useful guide but sometimes contradictory.

   Rated 4 out of 5 stars, November 12th, 2009

   Like any guide, the author is convinced that he/she is always right. The text does detail some high probability tactics but due to the very nature of the markets, the probability is a dynamic measure. There is a good point about emotional involvement but the author contradicts himself several times as he explains emotional reactions to certain set ups. overall, a very useful guide to formulate your own strategies. Proven techniques are historical an bear no relation to the present day.

3. Very useful guide to day trading

   Rated 4 out of 5 stars, November 12th, 2009

   This book is not for beginners. Readers are expected to be familiar with basic technical indicators, chart reading, common tradeable assets, etc. This book caters to those who have already attempted day trading or swing trading in the past but have been unable to put in the time and effort to take it to the next level.
   
   The main part of the book deals with the author's various trading setups, where he provides the rational for why they work, step by step guides (including limit and stop tactics, entry points, preferable conditions etc) and caveats. He gives detailed examples based on real trades with charts for each setup.
   
   He also provides guidance on how to manage risk, formalise trading rules to ensure discipline, in effect a business plan for traders.
   
   The author writes with confidence. He sounds very experienced and his writing shows. He has a high opinion of his own talents, which may grate a little. He has no sympathy for fools and undisciplined traders. However, his unforgiving style is in line with one in his profession. After all, trading is an unforgiving profession.
   
   I have definitely benefited from this book. I have implemented individual setups outlined in the book, with positive results in the first 3 days of trading. More time will be needed before one can be certain that the setups work. Also, I have not combined different setups, which should improve performance even further.
   
   
   

4. Worth Reading

   Rated 3 out of 5 stars, October 12th, 2009

   The author, John Carter, is an experienced trader and this comes across immediately with his style of writing and examples. This book is really aimed at the day trader where the author goes through numerous techniques in fine detail. In fact, his attention to details before placing a trade is mind boggling. As I am not a day trader I found myself skipping chapters. However, the book still contains enough nuggets of information for the end of day swing trader to learn from.

5. I don't know what to say!

   Rated 5 out of 5 stars, June 12th, 2009

   Any one you are, beginner or pro. Just buy the book, if you are a beginner you would learn sooooooooo much, if you are pro, you will have a good laugh.
   Just imagine if all teachers knew how to teach like the author, we all would be professors, and rich!