I just got an email from amazon that the book shipping is delayed. I should get it by the end of this month. The book is popular. WTG Boris and Kathy.
Thanks very much for the kind words gaj. but please don't pick on Beck - she was just doing good television which is to create a bit of drama and tension. BTW Steve handled the question just right, polite but firm refusal to jump to the bait.
Wow that really sucks! I can't believe they ran through the stock already - but it does mean that they are moving. The books are in B&N and Borders so you may be able to get a copy there right away. K and I just finished a show in LA and got some great response on the book there as well. Hope you enjoy reading it as much as we enjoyed writing it.
I'll definitely buy - will be nice to have a good new book out that isn't a bunch of pure BS! Nice interview as well.
I'm excited to read this book, but I have to say it's gonna be tough to compete with Tim Sykes' book, which I just completed and loved. Check it out: http://www.timothysykes.com Hell, I love all these millionaire's stories!!!
Hi and thanks for starting the thread. Can you elaborate what you call a 'small loss' in FX terms? That term varies greatly from one trader to the next. Thank you. Best regards, MK
Tip: Buy the book used on Amazon and then resell it when you are done. You'll be out $5-$10 bucks when you are through. It's what a trader would do. Better trade: Barnes and Nobel gives you all your money back if you return the book in decent shape within 30 days, and this won't take 30 days to read.
A small loss is not a function of points but rather of percentage. Generally the "Never Lose More Than 2% of Your Equity on Any Single Position" is good tried and tested approach. Some of the guys went up to 5% of their account - BUT THAT's IT. I think if many novices simply practiced that rule - no excuses ever- they would be able to survive long enough to figure out what they are doing wrong. BTW - I posted the clip of the CNBC interview on the site in case you guys want to see. http://www.millionairetradersbook.com/
I have an intern at the office who is just starting to learn trading and we were going over the charts in GBPUSD today. Her first inclination was to try to bottom pick and go long. This is such a common novice mistake and brings to mind an observations made by one of our interviews Ashkan Balour. "Turn Happens Only Once but Trend Is Continuous For anyone who is a fade trader trying constantly to pick tops or bottoms, Ashkan Balourâs deceptively simple observation should provide a moment of pause. He states, âBasically I am a continuation trader. When the trend is going in that direction, I donât see any point in trying to find the turn. It will tell you when itâs reversed. If a daily reversal. Reversal only happens once, but the continuations happen all the time until the moment the reversal is hit.â In a sense, Ashkan argues rather persuasively that the higher probability trades occur with the trend since, like in physics, price will stay in motion until it is counteracted by a stronger opposing force. Until such time comes, Ashkan believes, it is much more productive to trade in the direction of the major trend." If you look at sterling right now the news is clearly supportive to the downside as the Northern Rock fiasco unfolds. Therefore instead of looking to book 25 pips on a bounce it may be more productive to make 100 points on a further slide down. Can sterling bounce? Of course. That what stops are for. But the easy money is likely to the downside.
And the pound goes down... Instead of going back and forth on who is going ot read or not read Timmay's book - you guys should pay attention to how successful traders do it and learn something.