Marketplace Books Ltd.
360 pages, $29.95
As the editor of a web site that emphasizes trading education, I am always interested in good, educational material that can help traders and investors learn how to do a better job of trading and succeeding by applying what they have learned. Make Money Trading is one of those resources, starting with fundamental concepts and moving into the nitty-gritty of a trading plan and the daily routine of trading as a business.
The authors do not try to make trading come across as an easy, get-rich-quick scheme as promotional flyers or web sites for some other resources do, but they get into the element of risk that is present in all trading early in the book and then explain how to deal with it as part of a trading plan.
"Throughout this book, we emphasize two keys to building a successful trading plan: taking a business-like approach to trading and effectively employing technology," the authors say at the beginning of Chapter 4, and that describes the book in a nutshell.
The business aspect is discussed thoroughly, from setting up and developing a trading plan to configuring the trading desk hardware to making software and broker choices. In short, it is about as complete an outline of what is needed to treat trading as a business as you can find anywhere.
Depending on your level of experience, several of the chapters cover trading information you may already know - types of markets, chart patterns, types of orders, 10 rules for successful trading, etc. But if you are a newcomer to trading, these chapters should be quite helpful in getting up to speed on the basics. Experienced traders will also find the descriptions of pivot points, Fibonacci and technical indicators such as moving averages and oscillators a good review for developing a trading strategy.
Any trader will benefit from the sections on trade examples and types of strategies to handle different situations, the importance of having - and following - a trading plan and the insights into evaluating the trading performance of a strategy or trading system. And then, of course, there is the chapter on live trading that indicates the authors have gone through the ropes as traders a time or two and have learned some valuable lessons that they are passing along to others who want to make trading a business.
For those who have TradeStation and some understanding of Easy Language, a bonus of the book is the appendix of Easy Language code for sample indicators and strategies such as pivot points, double exponential moving average, premiere stochastic, TICK interval countdown meter and a number of others that are tied to the ample number of charts that illustrate trading concepts throughout the text.
For anyone who has ever wanted to become an independent trader and manage their own money and, further, is willing to study and implement what it takes to become a successful trader, here is a book that comes highly recommended - a real Editor