"How I trade for a living" - Gary Smith

A

andrasnm

I bought it as my last trading book. As I was browsing in the sections of computer books and trading books - my two
subjects of reading. (I know I should go for some classics)
This has been my fav. browsing book but never purchased it.
Did any of you read it ? Any ideas or feedbacks ?
I used to buy all the books in the world but never did me much good. This is something very different and interesting
reading. At least in my oppinion.
-Andras
 
Andras,

I have this book and really liked it. Not because it has some magic trading method (There is no book in existence with this, so anyone still looking can save some time now and stop), but because it is written by someone who actually trades for a living. Not someone who writes for a living, or sells systems for a living or anything else but trading. The only two types of books I buy anymore are those written by traders and those interviewing traders (i.e. Market Wizards), the rest I browse through at Barnes and Noble. The best way to learn in my opinion is to model those who are successful, not to search for a "holy grail".

In this book Gary talks about his evolution as a trader from futures to mutual funds. He now primarily trades mutual funds. Of interest is the fact that he does not use a quote feed, and only uses his computer to visit message boards (he even calls in all his trades). It just goes to show that there are a million ways to trade successfully, you just have to find the one that fits your style.

This book will probably not interest the hard core scalping daytrader because it has nothing to do with that. But it should interest any new or struggling trader who wants to see how someone else achieved full-time trader status. Another thing I like about Gary is that he shares my disgust for the trading vendoring business, much of which consists of worthless traps for newbie traders.

Kirk

 
I have read this book four times. I think it is tremendous. Unlike so meany writers, Gary approaches the subjext with real world experience and a dose of humility. I have had the chance to email correspond with him on a couple of occasions, and I have been very impressed with what he had to say. As an example; in the book he writes that "V" bottom reversals are entered long, as they start off the next rally. When I wrote Gary about a recent "V" bottom, he replyed that this is now a bear market, and so the things that were working in a bull may not be work now. Boy was he right. He does not claim to have the holy grail and he can see things objectively for what they are. Anyway, can't say enough good thinks about this book. It is the real deal.
 
I concur with the above regarding this title. Very good read, and refreshing from the standpoint of a reader weary of reading about the next holy grail. "Those who can, do. Those who can't, teach."
 
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