Readers reviews of
Tools and Tactics for the Master Day Trader
Battled-Tested Techniques for Day, Swing, and Position Traders
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This is an entertaining easily digested treatise. The authors
recognise that "85 percent of the trading game is psychological" and accordingly
devote the first part of the book "Seeds and Wisdom for the Master Trader: Preparing
the Traders Mind for Greatness" to that belief.
It includes chapters on:
Developing the Master Traders Mind: Keys to correct Trading Behaviour
Loss: The Prerequisite ot Trading Power and Success
The Seven Deadly Sins of Trading: How to Combat Them and Defeat Them
Trading Laws of Success: Rule the Master Trader Lives By
Secrets of the Master Trader: 15 Things Every Trader Should Know, But Doesnt
The second part of the book is devoted to the introduction and implementation of their
ideas and strategies.
Charting Tools and Tactics
Entry Tools and Tactics
Trade Management Tools and Tactics
Exit tools and Tactics
This methodology is well presented in a clear step by step manner. That the techniques
were not new did not present a problem to me. I wasnt looking for the Holy Grail. It
doesnt exist and this book, just like others does not contain it.
There are some chapters in this section of the book that discuss the US Electronic
Trading System. These may be skipped over by Australian traders as our system is very
Part three is titled "Looking Ahead" and contains chapters on :
How to Put it all Together
ESP: The Future of Electronic Trading Software and their Conclusion.
The inside flap of the book contains the quote "Short-term traders who concentrate
only on the what (What company is good?) and not on the when (When do I strike?) will be
trading on a very short-term basis indeed." The book is full of trading truisms such
Velez and Capra are principals of Pristine Capital Management Inc. Apparently the
methodology disclosed in their book is based on their teachings to the members of
Pristine.com. Whether the book is an attempt to gain subscribers to their site as others
have commented (one person described it as an infomercial), is irrelevant. I found it a
good read and another book I am glad to have in my library.
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