This is not your normal trading book. This is a “trading experiences and suggestions” book that definitely shall be read by anyone struggling with their trading or even better, before they start trading. This is the book I wish I had read 7 years ago but is launching on the 21st of January 2019. (TradingMentorsBook.com)
I’m sure you have read many times that you shall get a mentor that helps you in your trading. But what does a mentor do for you? Is it worth it? Could you have a preview? If this are the questions that you have then this book will help you understand the value of a mentor.
The book is a collection of 10 interviews/presentations that professional traders did at an Online Trading Summit organized by book’s author Philip Teo. Each trader explains their method and gives away some clear examples and recommendations. The main impact that this book has it is clarity and tangible value of the techniques exposed. For example, a trader shares with you his stock scanner setup with full details and another trader explains how he ranks individual stocks to find high probability setups. I’ve never seen such clear and realistic details before. There are years of experience condense in short and direct presentations here.
Philip Teo has done a good job in the selection of the traders as they cover 3 different types of trading: Discretionary traders, Systematic traders and Algorithmic traders. This goes from a pure manual process to pure automated trading and gives you a feeling of what is involved in each approach. Traders discuss why do they prefer their approach and why they fit their personalities. Is then easy for you to identify which style do you prefer or even try a different one that you haven’t consider yet.
Last but not least, the book is fast to read, and I love that! It is common in trading books to find repetition quite often, but this is not the case here. Each trader was given a short period of time to do the presentation (I’m guessing 30 minutes) and, as the book is the transcription of those presentations, it will take you below 1 hour to read one interview. I enjoyed reading one trader per day and then having the rest of the day to think about the new ideas learnt.
I don’t want to finish this review without suggesting an improvement (maybe for the next book). I am always curious to know the software systems and setup that the traders use. It would be good that at the beginning of each trader’s chapter to have the details of the software packages they use along with their market-data provider, etc. This is specially helpful when reading traders that use fully automated trading.
Conclusion: Get this book and gain years of experience one interview at the time. There are 10 to indulge in!