Rating: 
Summary: Mismatch between Title, book description and content
Review: Although this book has a copyright date of 2001, it apparently was written in early 2000, just at the start of the NASDAQ crash that ultimately resulted in a loss of over 75 percent of its value. Consequently, the author refers to a period of time when stocks traded in fractions, and high-flying tech stocks trading in the triple digits were "momentum" traded by daytraders. After the crash, many of those tech stocks trade in the single digits, all stocks now trade in decimals, and the "momentum" daytraders and their daytrading brokerage firms are now history. The author makes numerous references to "shadowing the axe" using Level II quotes to determine who is on the inside ask or bid. Nowadays, ECNs virtually always sit on the inside ask and bid, making it impossible to utilize that strategy. Even if a market maker had a large enough position to sit in front of the ECNs, he most likely would route much of his order to an ECN where it would appear anonymously in order to disguise his intentions.The problem with writing a book about trading strategies or systems is that the markets are constantly changing, and trading systems become obsolete and must evolve over time. What doesn't change is the emotions and psychology of the people who compose the markets. The author states numerous times that trading is about 90 percent mental. While this is in fact correct, he then only briefly touches on the mental and psychological barriers that must be overcome in order to trade successfully. The best books on trading understand this, and are devoted almost totally to this subject. There are also numerous inaccuracies. At one point, he details a month of trades from an "anonymous" daytrader who allegedly made 731 trades during the month, of which 377 were winners, with those trades averaging $93.03 profit. He then claims the trader netted $68,001.35 for the month. If you think about it for a minute, this is a mathematical impossibility. Also, he makes the typical mistake in believing a broadband connection is necessary to receive timely streaming quotations. Broadband speeds up downloads only with large size files. Streaming quotes do not fall into this category. I have timed my quotations against a T1 connection using an atomic clock accurate to 1 millionth of a second and have detected no difference. I do not use broadband, as it is not available in my area. If in fact the author is a successful trader, it would have been much more productive for him to detail his own evolution as a trader, as well as the evolution of other specific successful traders he has known. This is the information that would be most useful to new traders. Unfortunately, the author only briefly discusses a few of his own trades, and gives no information whatsoever on the path he traveled to reach competence, assuming he has reached that level. It would also be interesting to see how he is trading in the post-bubble market, if in fact he is still trading successfully.
Rating: 
Summary: not particularly useful
Review: Although this book has a copyright date of 2001, it apparently was written in early 2000, just at the start of the NASDAQ crash that ultimately resulted in a loss of over 75 percent of its value. Consequently, the author refers to a period of time when stocks traded in fractions, and high-flying tech stocks trading in the triple digits were "momentum" traded by daytraders. After the crash, many of those tech stocks trade in the single digits, all stocks now trade in decimals, and the "momentum" daytraders and their daytrading brokerage firms are now history. The author makes numerous references to "shadowing the axe" using Level II quotes to determine who is on the inside ask or bid. Nowadays, ECNs virtually always sit on the inside ask and bid, making it impossible to utilize that strategy. Even if a market maker had a large enough position to sit in front of the ECNs, he most likely would route much of his order to an ECN where it would appear anonymously in order to disguise his intentions. The problem with writing a book about trading strategies or systems is that the markets are constantly changing, and trading systems become obsolete and must evolve over time. What doesn't change is the emotions and psychology of the people who compose the markets. The author states numerous times that trading is about 90 percent mental. While this is in fact correct, he then only briefly touches on the mental and psychological barriers that must be overcome in order to trade successfully. The best books on trading understand this, and are devoted almost totally to this subject. There are also numerous inaccuracies. At one point, he details a month of trades from an "anonymous" daytrader who allegedly made 731 trades during the month, of which 377 were winners, with those trades averaging $93.03 profit. He then claims the trader netted $68,001.35 for the month. If you think about it for a minute, this is a mathematical impossibility. Also, he makes the typical mistake in believing a broadband connection is necessary to receive timely streaming quotations. Broadband speeds up downloads only with large size files. Streaming quotes do not fall into this category. I have timed my quotations against a T1 connection using an atomic clock accurate to 1 millionth of a second and have detected no difference. I do not use broadband, as it is not available in my area. If in fact the author is a successful trader, it would have been much more productive for him to detail his own evolution as a trader, as well as the evolution of other specific successful traders he has known. This is the information that would be most useful to new traders. Unfortunately, the author only briefly discusses a few of his own trades, and gives no information whatsoever on the path he traveled to reach competence, assuming he has reached that level. It would also be interesting to see how he is trading in the post-bubble market, if in fact he is still trading successfully.
Rating: 
Summary: Concise but covers +95% of rules I need to bear in mind
Review: I am nobody in the universe of traders. However, I am confident that I belong to the top 5% of traders who "seriously" carry on self study for better results so I deem myself qualified to write such a title. (I keep on reading and I had even gone so far to get a CFA) I dont write this paragraph for self boasting. I just want to emphasize that the author really had delivered what is implied in the book title "Rules of the trade - indispensable ...". Neatly structured, the book consists of 12 paragraphs, each of which about a specific topic, such as rules for the stock selection, rules for entering trades, rules for evaluating performances, rules for money and mind management, rules for this and rules for that...In the beginning of each chapter, related rules are listed. In "the rules for exiting trades", to name a few: dont expect to squeeze all the juice from the orange; exit on reaction, not price; set mental stops; when in doubt, get out; know why you are in a trade, and where you will exit etc. In the rules for active traders: size the trade; average winners, not losers; never let a winner turn into a loser; take profits often; never mix disciplines; dont fight the tape etc. In the rules for the technician: day trade the range and swing trade the trends; always use indicators to confirm charts and patterns; dont make it rocket science, cause it aint; never ignore volume regardless of your trading style etc. To me, this book is an easy read, well written but still can serve as a good reminder of things I know I need to remember but had somehow forgotten after intensive trading activities. Not a classic nor really insightful, but definitely good value for money! p.s. The author had named 10 books of note in the Appendix. Four of them would be in my own list of top 10 recommendations. That might be the reason why I consider this book so readable.
Rating:
Summary: Mismatch between Title, book description and content
Review: I bought the book based on excellent reviews here and very attractive description. However, I have been very disappointed because the content does not reflect the attractive title and description. The book is almost 100% for daytraders trading with level II screen. This is not said anywhere. "Online" does not mean exclusively daytrading to my opinion. It keeps on repeating "be disciplined" to fill space. One of the example of trade record given does not fit the explanation given in the text. For example, the trader made most of his profit in a single swing trade lasting several days whereas Nassar wants to show us that the guy is a good daytrader... Another interesting thing: This book is not for beginners but it describes in fact very general basic rules... in a tough style that assumes that the reader already knows almost eveything. When you read the table of contents, it looks great: how to enter, to exit, etc... but none of this is given in the book. No techniques are given. Conclusion: This book could be fine if the description was fitting the content. It is for daytrader watching level II screen and who trade instinctively.
Rating: 
Summary: REALLY WORTH IT!
Review: I have been trading for 17 years and am getting more and more active because of the new technologies out there. As I trade more, I find trading more a mind game than anything else. I found so many insights in this book that explained the mistakes I have made. The rules are right on the money! What is also great about this book is the price. I have read books that repeat the same old information four times the price of this one and not worth 1/4 of it. This book is fairly priced and worth four times the cost! It is fresh and new. It teaches something much different than what I have read before, and I read a lot of books on the market. It focuses on real issues we all (traders) face. There are rules about the market, buying, selling, keeping losers, averaging down, emotions, motivations, relationships; all factors that made sense to me. If I could have understood these rules better when I started trading, I know they would have helped me even more. Beginner or experienced, this book captures your attention and keeps it. Buy this book and refer to it often, because it will help you!
Rating:
Summary: I read it three times
Review: I have been trading four years and have never read a book that describes what a trader really goes through better than this. The emotions, psychology and demons a trader has to deal with are real, and this book brings them to the forefront; confronts them, and then helps teach how to conquer them. Really well done.
Rating:
Summary: I read it three times
Review: I have been trading four years and have never read a book that describes what a trader really goes through better than this. The emotions, psychology and demons a trader has to deal with are real, and this book brings them to the forefront; confronts them, and then helps teach how to conquer them. Really well done.
Rating:
Summary: Good Choice.
Review: I recently finished the book and think it is a sound choice to add to any trading library. The rules are spelled out and provide a great foundation for building a trading strategy. If you plan to start trading or are trading then this book will provide you lots of insurance against blowing up your account.
It is not however a how to book on trading, if that is what you are looking to read, you will need to search elsewhere.
Rating:
Summary: Good Choice.
Review: I recently finished the book and think it is a sound choice to add to any trading library. The rules are spelled out and provide a great foundation for building a trading strategy. If you plan to start trading or are trading then this book will provide you lots of insurance against blowing up your account.
It is not however a how to book on trading, if that is what you are looking to read, you will need to search elsewhere.
Rating:
Summary: Simply The Best Book I Have Read On Trading
Review: If you want a no nonsense, tell it as it is book, this is it. I love this authors writing style. This book is filled with experience and depth that comes through in an easy to read fashion. Finally a book that speaks directly to the issue of market psychology, and what it takes to be a trader. The lessons taught focus at the core of what emotions and demons a trader can face. So many books are riddled with useless facts and information that makes them hard to finish. This book is a "page turner". Like a good movie, I didn't want it to end. The book and its author are direct, funny, and interesting. I really loved this book. I am reading it again and giving it as many stars as I can!
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