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Readers reviews of Tools and Tactics for the Master Day Trader
Battled-Tested Techniques for Day, Swing, and Position Traders

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Tony Compton

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 Trader’s Mind for Greatness" to that belief.

It includes chapters on:

  Developing the Master Trader’s 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 Doesn’t

amongst others.

 

The second part of the book is devoted to the introduction and implementation of their ideas and strategies.

 

Chapters include:

  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 wasn’t looking for the Holy Grail. It doesn’t 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 different.

 

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 as this.

 

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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