Average Reviews:
(More customer reviews)In this interview-style book published in 2004, Bob presents his own perspectives on subjects as far-ranging as Elliot Wave Principle (obviously) to the way he believes that the 'normal' cause and effect relationships people take for granted in a market environment (and the world in general) are actually inverted.
As well as a detailed and personal discussion of the application of Elliott Wave in the context of the practical uses in actual trading, Bob gives some simple but excellent rules for trading in general. These include:
* Having a method
* Having discipline
* Gaining experience
* Accepting responsibility for your actions
* Accommodating losses
* Accepting huge gains
Although an interview format book is sometimes difficult for some people to extract the true `value' from, it is well worth the effort of studying this book since it can give you some useful insights into things that you may currently take for granted as `truths' that are actually detrimental to your trading performance.
The main novel theme in this book is about Bob's concept of `Socionomics', where social mood and psychology are the result of movements in the markets not the other way round. Believing that the market goes down because people are depressed, for example is a complete reversal of the `conventional wisdom' and thinking about it deeply can lead to some interesting conclusions and beliefs that have a significant practical impact on how one approaches trading.
Discussing specific approaches to trading, and how Bob thinks about them is a useful and informative look into the trading methods of an obviously accomplished and passionate market participant and also gives a context for the application of Elliott Wave Principle. All-in-all it should be considered a very worthwhile read.
Click Here to see more reviews about: Prechter's Perspective: Conversations with Bob Prechter, Legendary Market Theorist
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