Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups (McGraw-Hill Trader’s Edge Series)
Expert tactics to become make the most of every swing trade In Mastering the Trade, veteran trader and educator John Carter shares his hard-won five-point technique for successful swing trading. In addition, Carter helps you move to the next level of confidence by explaining how markets really work and detailing behind-the-scenes market mechanics.
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Mastering the Trade,
I like John Carter – I like him a lot. But there were some disappointments for me in this book. Namely, several chapters are of little or no use without proprietary indicators and downloads. Repeatedly throughout the book, Carter casually refers the reader to his website but nowhere does he mention that they are very, very expensive. The indicators are typically $400 to $500 each – you can buy a package of them for $1500 to $2000 – and the downloads require you to sign up for an expensive subscription to one of his website trading products. I still like Carter but, in my opinion, his credibility suffered a bit from these omissions.
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|It’s the Market Internals, Stupid,
It’s the Market Internals, Stupid
Trading books, they’re a dime a dozen. If only their cover prices reflected that reality. Mastering The Trade, by John F. Carter, Published by Mcgraw-Hill Trader’s Edge is an example of the exception that proves the rule.
Carter, who is a CTA, trader, writer and trading educator, effectively communicates his strategies, methods and insights in this 400 page book.
The book is divided into Three parts:
In Part One, Carter explains hardware requirements, market mechanics, general market theory, trading psychology and finally, the all-important subject of interpretation of market internals. Begining traders will find all of these sections to be of value. While even experienced traders will greatly benefit from Carter’s discussions of trading psychology and market internals.
Part Two examines Carter’s specific set-ups for futures, equities, forex and options. Clear directions coupled with informative diagrams leave little question as to how he trades his set-ups. Carter coveys the reasons he pulls the trigger, and perhaps more importantly, the reasons he may let a set-up pass.
Part Three covers preparation for the trading day, creating and executing a trading business plan, thoughts on how to fine tune your trading and even a self-evaluation tool helping traders to hone in on the best markets to trade for their own personalities.
This trader/reviewer wishes that he had the knowledge that Carter imparts regarding reading and interpretation of market internals when he began trading. Carter lucidly explains use of the Tick, the Trin, the TICKI the Premium and other indicators which allow the trader to interpret the health of the market, and make decisions based on fact rather than feeling. Carter’s set-ups are simple and effective when evaluated in the context of market internals which he explains clearly. Finally, the author’s advice on market psychology is sterling.
This book covers new ground, offering both new and experienced traders the opportunity to add effective weapons to their informational arsenals that can help them win in their daily assaults on the market.
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|One of the best!!!,
There are at least 10,000 trading books out there. I know because I have probably read half of them. I also believe I have learned something from every one of them. Most of the books are like Doctors, they specialize in one area or another. This book, “Mastering The Trade” is different. Its the “General Practioner” that really knows what he is doing.
John Carter really covers enough ground to help a trader get profitable. He covers all areas of trading – hardware, software, psychology, basic mechanics of markets, and most importantly a traders business plan. Just those items alone more than cover the cost of this book, but then he also adds about a dozen market set-ups. Mr Carter does not just show one or two of each set-up like most books, he shows dozens of each example. Some more profitable than others, but enough to give you a good feeling of what he is trying to explain.
While I do believe this book alone will not make you a great trader, I know it will help you in your journey. This is not an absolute beginner book, you need some market knowledge to get through this comfortably. With that said, I think this is one of the best books out there on trading. I am giving it to my son who has recently become interested in trading after he learned about compound interest. Watch out world, because he is only 14 and is going to start much better prepared then the rest of us!
One last note about this book, you will not read it and become a better trader. Learning to trade is like learning to drive a car. You can’t read a book and then go out and drive successfully. You have to practice. You have to see whats working and do more of it, and you have to see whats not working and do less of that. And most importantly you have to do it enough so you get to the point where you feel comfortable with anything the road (or market) throws at you.
Good luck.
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