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I picked up this book with some reluctance. I am wary of claims that a book can deal with the market with 7 rules, or 10 principles. With this book I was pleasantly surprised. It offers some useful insights into the basic principles of trading. It also provides good practical examples of these processes in action.

Mc Cafferty explains why it is important to specialize in the trading tactics you decide to use. He shows clearly how trading is quite different from betting, or gambling. He underlines the need for continual coaching to ensure that your trading edge remains sharp, and on target. Coaching comes in many forms, and includes the traditional idea of a coach as well as continuing education and revision.

He makes the very valid point that top performers such as Tiger Woods have specialist coaches. Even at the top of their game, they do not expect to go on winning without errors. Traders are the same. Staying at the top requires constant practice and specialist coaching to help overcome the inevitable lapses in our success rate.

He raises some interesting issues about trading as a lonely pursuit. He suggests that some people benefit from a group atmosphere because group pressure encourages them to stick with their trading rules.

This is an interesting book that provides some new food for thought for experienced traders. It also is a very good starting point for those who are interested in taking a more pro-active role with their investing, or with trading.


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