Trading Education: Book - Review

Product: To Be a Trader

Successful retail trader, some may say this is the ultimate oxymoron. It seems like even the obnoxious uncle who made a killing trading commodities back in the 80s no longer boasts about his investment prowess. With the advent of electronic trading and the rise of powerful algorithms, the landscape has dramatically changed for the smaller trader.

Despite this new paradigm, that doesn’t mean that successful trading isn’t possible for a smaller player, even for someone looking to trade full-time. It just requires following a proven path and paying proper attention to all facets of the business including technical analysis, risk management and trading psychology.

While many books address one piece of this trading puzzle, Paul Kogut’s “To Be a Trader” offers comprehensive instruction. Written in an engaging and relatable style, Kogut interweaves the stories of his own trading career, which began when he worked on the floor of the Chicago Board of Trade as a summer clerk for his father in 1972, with all the key concepts of successful trading.

Kogut uses his own experience as a trader, a technical analyst, a system developer and more to lay a clear blueprint for trading success. Giving readers what they need to know about technical analysis, risk management and general market knowledge, Kogut eschews the fluff that is found in so many trading books. Having spent time on the trading floor, he speaks the trader’s direct, straightforward language to deliver clear, concrete messages all with a healthy dose of humor.

His anecdotes, from stories about his father to the short lived onion futures contract are both hysterical and endearing. But in the end, this book helps you to find a path to trading success.  For newer traders looking for inspiration or struggling traders looking to right the ship, “To Be a Trader” is a must read.