Average Reviews:
(More customer reviews)This book should be called "The Basic Tips of a Trader" because there's almost nothing about the psychology behind their trading tactics nor a psychological insight into what makes the markets behave as they do. Supposing that the word "Mind" in the title isn't meant to be taken too literally then one may still find the tips somewhat superficial. If you're a novice to trading then you might be interested to hear comments like "take your losses like a man" or "pick a trading style suited to your personality", but if you are a novice then you probably don't want to be confused or bored by drawn out messages. The essence of this book is worth a chapter in a good general book on trading but wasn't worth the time sifting the mostly common-knowledge or common-sense tips from a well padded book.
I am surprised that this book has so many excellent customer reviews (ignoring those of the big traders themselves). The title may sound interesting and useful but I found nothing profound or enlightening. A few of the tips can be applied to generally being successful at anything, not only trading. It would be useful to know the psychology behind the market-makers and big traders but if this book expresses all that they think then be assured that most semi-intelligent people with a fair education have little to learn from this book. As one trader said, you don't fight the markets, i.e. go with the flow. Useful. They may have a knack for making money but this is probably more to do with intuition than anything they have been able to consciously identify and translate into words that may be of some use to us mortals.
Patel's later book, "Net-Trading", covers many of the more interesting points of this book in a book which is worth a read for beginners or those wanting to use the Internet as an info source and need good pointers through the proliferation of cyber-confusion. He puts the best points from "The Mind of a Trader" into better context and without the padding.
Nice idea for a book for traders, but in my opinion it doesn't hit the spot.
Click Here to see more reviews about: The Mind of a Trader: Lessons in Trading Strategy from the World's Leading Traders
The Mind of a Trader will explore the trading philosophies, behaviors and tactics of the world's top traders, identifying successful strategies and winning ways in the markets.
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