Monday, 11 August 2014

Millionaire Traders: How Everyday People are Beating Wall Street at Its Own Game (Kathy Lien and Boris Schlossberg)

Written by Lien and Schlossberg, both forex experts, this book is similar in execution to the Market Wizards series. Lien herself is an author of other forex books. As expected, the traders interviewed in this book are skewed towards forex traders. Each chapter focuses on an unknown trader and is an interview with each. There is a summary of each trader's key lessons for the readers.

Just like the Market Wizards series, the value of the book is not in any how-to gleaned from each trader, but what each reader is able to take away, given that there are so many different styles in this book. The authors have kept the questions almost consistent to give readers a better comparison and I think they have achieved one aim of showing readers that there are different strokes for different folks in the trading arena. However, how does this compare to the famed Market Wizards series? I feel that the authors may not have been as in-depth or technical as the former, but in this aspect, I find the book easier to read and it should be accessible to most readers, even casual ones. The Market Wizards series tends to be more academic (because of that author's background) and I can sense a deeper engagement in those interviews. Millionaire Traders may have been a missed opportunity in going deeper into the traders' stories, but I still feel that it is a good read. I also like that they have interviewed unknown people which is quite inspiring, unlike the Market Wizards which tends to include well-known traders. An example in this book is an African trader who started only with $1000. Only draw back of this book is the strong bias towards forex traders. More equity or commodity trader interviews would have been welcome.

This book is definitely suitable for beginners in forex trading and would serve as a good reminder about being disciplined to one's own trading style, as practised by almost all the interviewees.

Found in NLB: Yes

Recommended: Definitely.