Rating: 
Summary: It works
Review: I've read the book, backtested the strategy with Tradesation and concluded: the ACD method works. For the reviewer Bobby from New Orleans, instead using the proprietary numbers to figure out A and C, use some variables of ATR (Average True Range). For the reviewer 'The Collector' from Greenwich, CT.: Sorry to burst your bubble, but the markets are not random. Take a look at the Hurst Coefficient for the S&P 500 (it's not 1/2; if the markets were random, it'll be 1/2); take a look at the kurtosis and skewness - it's never zero (if it were random, they would be zero); the market's price distribution does not conform to a normal/Gaussian distribution but to a Stable Pareto-Levy distribution. As a result, the markets are 'predictible' in the short term but not in the long term - that's why Mark Fisher's ACD method works. The math/facts can't lie.
Rating:
Summary: Well worth it
Review: In my opinion, the single most important idea presented in the
book is that the opening range is a signficant reference point
in volatile and liquid markets. This results in an excellent
risk/reward entry point. I felt that some of the presentation in the book could be
improved. Especially the Macro ACD chapter. He does not
explain the premise behind the rating scheme (atleast I could
not find it). The book is also lacking in money management
techniques. Some of his insights are original (value of money, teaching
being therapeutic etc) In summary, I would highly recommend this book. Every trader
has a particular momemt in his trading career when the light
goes on in his mind. The concept introduced in this book
was that light for me.
Rating:
Summary: Hard gained experience from the trading trenches...
Review: It is interesting reading the various reviews on this book. Most users love it, and a few don't. It is probably safe to say that those who didn't were looking for a single book about how to trade. If that is the case, I wish them luck. Please let me know when (or should I say if) you find it. For the rest of us looking for greater insight and input from those who have gone before us, The Logical Trader is highly worthwhile. Only when you consider that Fisher runs a trading company in New York that employs 75+ traders who rely on his ACD system to make their daily bread, can its full value be appreciated. I have had a ball with this book and am currently working on my third article for Investopedia in which I test a few of the ideas he discusses. I have found that with a little work and using some common sense that his techniques work quite well indeed. But like any good indicator or system, it is a pipe dream to think that it will work on any and every equity. It takes time to find those on which it works best. Fisher's ACD system is no exception. The payoff comes when the reader takes the time to search out volatile candidates and then finds them. The book is straight forward and a relatively easy read. The proprietary A and C point values that he discusses can be more or less extrapolated by either eyeballing the security in question or by employing the Average True Range function in your favorite charting program. If you get stuck, he offers book customers a free trail to his website where the values are provided. Those who are new to trading will find this book a good introduction into what is possible in trading even if the methods may take a while to grasp. Those who are experienced should find the ideas discussed refreshing and very useful if they are looking to employ some new trading ideas. All in all the book is well worth the money. I have adopted the attitude that if I pick up one good new trading idea, the book is worth the price. This one has given me many so far with more to go. It is a book that should be in the library of every serious trader.(...)
Rating:
Summary: An excellent book, but...
Review: Overall, this is book provides some execellent insights into the thinking patterns of a successful daytrader. My complaints: A) On many occasions, Fisher refers the reader to "the Appendix" for further details and examples. Well, some of the information is there, and some of it is missing. At the price Wiley is charging for this book, they could have had an editor clear up those dangling references. B) A more serious issue is that Fisher's ACD trading system depends on a number of market-specific time and price parameters, which the author says are calculated using his firm's "proprietary methods." So, if you want to use the trading techniques he describes in this book, you'll need to get some historical intraday data and do a little number crunching of your own to fill in the missing information.
Rating:
Summary: An excellent book, but...
Review: Overall, this is book provides some execellent insights into the thinking patterns of a successful daytrader. My complaints: A) On many occasions, Fisher refers the reader to "the Appendix" for further details and examples. Well, some of the information is there, and some of it is missing. At the price Wiley is charging for this book, they could have had an editor clear up those dangling references. B) A more serious issue is that Fisher's ACD trading system depends on a number of market-specific time and price parameters, which the author says are calculated using his firm's "proprietary methods." So, if you want to use the trading techniques he describes in this book, you'll need to get some historical intraday data and do a little number crunching of your own to fill in the missing information.
Rating: 
Summary: Too many secrets
Review: The book contains some great ideas, such as buy or sell an opening range breakout of x or more points or use the range for support/resistance plays. The only problems are: 1. It will not tell you how many minutes to use for marking the opening range. The method for calculating that is secret.
2. It will not tell you how to calculate x, as that too is secret. Your only option is to email the author (you have to find the web site first!) and ask about your specific stock or future. I wrote an email four days ago asking about the settings needed for the S&P eminis and have yet to receive a response. The book also contains many errors and missing information/references. It was clearly rushed to market.
Rating: 
Summary: Proven Trading Approach for Serious Traders
Review: The Logical Trader is not a "fluff" book on trading. Quite the contrary, it requires the reader to spend considerable time and effort to absorb and learn the methodology and principles provided by Mark Fisher, a master trader and teacher. Over the last 15 years, Fisher, an independent trader, has taught his trading approach dubbed the "ACD" system to over 4,000 individuals including members of his clearing firm - which is the largest clearing firm for the NY Mercantile Exchange. Of the 1,000 traders who use Fisher's methodology, 10% make over $750,000 a year, according to Fisher. This is certainly a testament to the soundness of Fisher's methodology. Fisher emphasizes that is method can be used to trade commodities, currencies, or stocks either at a trading firm, on the exchange floor, or at home. Traders taught by Fisher have had a 40 - 50% success rate compared to around 10 - 15% for the average trader using different techniques/ Fisher peppers his books with examples, anecdotes and stories. However, the main thrust is focused on explaining his ACD system in excruciating detail with numerous chart examples, detailed explanations of the key terms and trading parameters. The ACD system - plotting price points in relation to the opening range - requires no expensive software. The method provides reference points for trading - A and C points are for entry and B and D are stops. Using the system the trader can calculate when to go long or short. Coupled with additional indicator and measurements, layered on top of the ACD system, the trader will be able to develop a trading plan. To use the ACD system -which is based on simple math - the trader must have certain abilities including collect and analyze information, make and implement decisions, be good with numbers, be disciplined to follow the system. Fisher describes pivot points, the daily pivot price (high+low+close)/3), daily pivot range, 3-day rolling pivot, etc. The last 30 days data are viewed to obtain the big picture of the vehicle being traded. He calls this his Macro ACD. He provides 25 chart examples to illustrate how to score each day. After the first four chapters, Fisher has an exam with answers to make sure that the reader understands all the key concepts and calculations. Fisher adds more meat to the ACD system by introducing the use of pivot moving average (using daily pivot price as opposes to the day's close) to determine the current trend (up, down or flat). He uses three pivot point moving averages (14 day, 30 day and 50 day) and focuses on looking at the slope of the moving average line to determine the existing trend or rate of change in the trend. Then Fisher covers exit strategies. He explains the rolling pivot range (RPR) which typically spans 3 to 6 trading days. This is the reference point for entry of the trade. The RPR let's you keep your winning position longer and gets you out of your losing positions in a more profitable manner. Fisher also calculates the price momentum of today's close compared to 8 days ago to determine the trend. He then discusses his use of the "reversal" trade set-up to exploit the market failures. Other subjects covered include the two-way swing, trend reversal trade and sushi roll (change in the direction of the market), and outside reversal week. Fisher illustrates the effectiveness of using the ACD system using charts from the 1929 crash. It would have worked well in 1929 at the top and in 1932 at the market bottom in keeping the trader on the right side of the market. Fisher devotes on 27-page chapter to real person trading stories focusing on risk management. Lastly, Fisher interviews seven traders that have successfully used his system with their personal perspectives. The book contains a 10-page glossary of relevant terms, a table of 20 simple trading rules, and a 27-page compilation of sample data gathering for the ACD system. In summary, this book requires a lot of time and study from the reader, but the potential rewards could be substantial
Rating:
Summary: A GLIMPS INTO THE FREAK SHOW. . . THE PROFESSIONAL TRADER
Review: This book, The Logical Trader, by Mark Fisher is an absolute must read for anyone fascinated by the mechanics of professional trading and the master minds that make those gears turn. Fisher gives a very candid look at what it takes to be the very best of the best in professional trading, whether it be from a long term investor to a daily grind floor trader. He also offers an extremely simplified methodology in systematic trading and what it takes to make trades become consitant winners. These systems are easy to comprehend and are told through extremely entertaining true stories that have been compiled in Fisher's treasure trove of trading and life experiences.
I highly recommend this read to anyone fascinated or intrigued by the world of the Wall St. trader and what it takes to be one of the few consitant successful ones.
Rating:
Summary: Interesting and amuzing but no Toby Crabel
Review: Toby Crabel's articles deal with the same issues , and on top of that he gives you the statistical breakdown.Much better than Fisher's stingy musings.
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