Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game

[Carlos M. 231]

I finished the audible on this book about a week ago. I drive a lot so having the option to get through a book is pretty cool. It is a great audible, the narrator does a great job with all the short stories of the successful traders in the book. The books goes over how many different ways people trade different markets, using different tools, different strategies and different setups. It covers traders all around the world and how they found markets and strategies to trade that fit their personality. The struggle they went through and how they overcame them.

 

There were two messages that were really clear for me in this book.

 

First, is that no matter what market or type of trading you are doing, there is no skipping the learning curve. It can be really painful as you hear some of the traders who lost all their savings, plus their family members in some cases. Some took time off and came back to trading a few years later to then be successful. Andrew said it best in his book "you need to survive the learning curve", as a new traders that is our number one task.

 

Second is how crucial it is to be disciplined when it comes to sticking to your stop loss. Almost every trader, regardless of the market, talked about how they manage their stop loss, and how critical it is to execute it and not stay in a trade expecting it to change. This is an easy way to blow up your account.

 

This was a great book, if you are able to do the audible I highly recommend it. Please add your review of the book if you have read it as well, would like to see what others got out of it.

 

Carlos M.

[Ercilia182 4]

HI,

 

I Recenlty purchased this book and looking forward to reading it, cant wait.

 

Ercilia

 

[Stuart 16]

Thanks Carlos! I just downloaded it.

 

Best Regards,

 

Stuart

[Yuanzhi 8]

Hi Carlos,

I just finished the audible book today. It is just amazing. The rank of this book on amazon is not that high but in my opinion, this book is even better than "Trading in the zone". 

"Trading in the zone" is written by one successful trader, but this book is like by written by ten successful traders. And if you pay attention, you will discover that they have so much in common. They are serious about trading and they have passion about trading. They see trading as a great method to have a more freedom lifestyle and they were willing to take the risks before they consistently profitable.

The most important messages in this book for me as a new trader are:

1. Trade defensive. Which means you should always avoid letting your losing trade take you down. Set up a stop lose and keep the money in your pocket. With the capital, you can always get back in, but if you lose the capital, you are out of the game.

2. Don't say "trade with the money you can lose!". This is very mind blowing for me although it's just one chapter in the book about this, and there are people in the book have the opposite opinion. It did change my  mind. Now I believe "This is the seed money for our family, not the money you can just lose." I should pay attention and try my best to keep it and make more out of it.

3. If you have passion in trading, 6 hours a day is okay.

4. The ones who take trade more serious have more potential to success.

Thanks for sharing your book list with us.
 

If possible, please share more with us. I will definitely read them all.

Yuanzhi B

[Carlos M. 231]

Yuanzhi, you are absolutely correct on the 4 points you listed here.

I finished this audible when I was starting live in January and after several months of day trading live, point one on your list is so crucial to the success of us new traders. When I learned to accept losses and stick to my stop losses is when I started to become more consistent and seen better results in my trading. The book is amazing and worth reading, glad you found this book helpful!

Carlos