Readers reviews of The 21 Irrefutable Truths of Trading
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It is interesting to see such certainty in a field where uncertainty is the only
consistent rule. Readers may find the discussions on faith a little too religious and
there is a general fervour that is too rich for my taste. Despite the brash American style
title this is a very useful book.
His core idea is to show how traders impose their own view on the market in preference
to working with market activity. It is not a new idea, but as he explores the concepts and
consequences there are some very useful insights. As we move from novice to trader we all
come to understand that our own attitudes have more to do with our trading success than
the analysis techniques we use. The novice believes success is all in the system or
technique. The experienced trader learns to recognise his own self defeating behaviours.
The bulk of this book is useful in understanding what those weaknesses look like. It does
present some ways to overcome them.
His section on using RSI presents some interesting new applications of this indicator.
The section on money management is very useful and in many ways better than the equivalent
sections in Van Tharps book reviewed elsewhere on this site. It brings together
probability, risk and reward in a practical way. It is geared more towards futures trading
and this makes his limit on capital risk less relevant to share traders.
His 21 truths may be irrefutably true, but his selection is not beyond dispute. This is
a good book for new traders who have had some successes and are now looking at an
increasing number of failures. When you have to go back to the drawing board to redesign
your market activity then this book should be in your reading list.
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