Readers reviews of RULE THE FREAKIN' MARKETS

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This is a gem of a book, despite its revolting title. It goes to the core of trading skills and practical applications. This is a good book for traders just starting in the market and it is a quick refresher for more experienced traders. This is not a book about technical analysis, charts and indicators. The book deals with the way traders are responsible for their own success as a result of the trading methods and approaches they use.

The book has the ring of authenticity. This is not theory. This is about the experiences where theory meets practice, and the result is not always what we expect. Parness starts with Preparing To Win and uses this section to explore the types of behaviors which stop traders from succeeding. Poor analysis skills play a role initially, but as traders become more proficient in these, it is other factors which prevent their success.

The book is not heavy on psychology. The style is at times a little irritating, but the experience is worth following. The second section, The Mind Game considers how different participants view the market. The market maker has different objectives from the trader, and they have different perspectives from the company CEO or institutional analyst. His discussion of market maker manipulation is one of the best I have read. Instead of explaining the complex mechanisms of the process he simply illustrates what type of activity to look for. This includes manipulation of the open fill and this explains why an overnight buy-at-market  order is a license to steal. Parness is interested in results built around observed actions. He calls this Trader Reality.

The final section, Playing To Win, has a strong emphasis  on money management applied by the use of stop loss and trailing stop loss techniques. Again the emphasis is on practical application and implications.   He explains why some common trading approaches, such as using hot tips, do not work. These are included as five ways to pick bad stocks. For the new trader this chapter is very useful.

The book is an in-death pithy summary of the essential rules for trading survival. Each subsection is summarized with a  Rules of The Game comment, or  a Waxie’s Street Smarts comment.  His Trader Talk notes explain any of the jargon terms he uses.

This is the SAS survival skills course for traders. They apply no matter if you consider yourself a day trader, a position trader or an investor. This book is worth having.

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