Millionaire Traders

by Kathy Lien and Boris Schlossberg

Book Overview

Trading is a battle between you and the market. And while you might not be a financial professional, that doesn't mean you can't win this battle.

Through interviews with twelve ordinary individuals who have worked hard to transform themselves into extraordinary traders, Millionaire Traders reveals how you can beat Wall Street at its own game.

Filled with in-depth insights and practical advice, this book introduces you to a dozen...

• Format: Paperback
• Language: English
• ISBN: 0470452544
• ISBN13: 9780470452547
• Release Date: March 2010
• Publisher: Wiley
• Length: 384 Pages
• Weight: 1.09 lbs.
• Dimensions: 1.0" x 5.8" x 8.2"

Customer Reviews

A Good Book for understanding the successes of trading

This book is great if you want to know what it takes to be successful in trading, however some of the stories in here seems a bit suspicious. But it is still a great book for extra motivation toward trading and understanding what it takes to be successful.

A book for FULL TIME traders

Although this book could not take the place of Jack Schwager's Market Wizards, it does hold its own in its unique way. Whenever the authors speak on TV & seminars, Kathy & Boris, I always stop whatever I'm doing and pay full attention, but this project is about the regular guys(girls) next door who trade for a living. I personally would like to see a book focused just only on FX Traders but then that would be selfish of me. In referenceing another reviewers comments about the validity of the traders successes featured in the book, his/her comment is well taken. However if you've been trading for a few years you can tell just who's blowing hot air. My point is this, I will purchase any book that features real traders who actually "trade for a living" instead of someone just selling ideas. In my opinion this book is a gem. I recommend this book to the experience, and the newbies. Thank you Boris & Kathy, please do a follow-up book!!!

Very useful but all success?

This is a good & exciting book, cover a lot of information and experiences from traders from countries all over the world. However, I think Kathy should cover some really, big failures & failed traders as well. That will make the book perfect.

Better for individual traders than Market Wizards.

For years, Jack Schwager's Market Wizards has rightly been the standard for trading interview books. There's another book which can take its place in that trading book pantheon - Kathy Lien and Boris Schlossberg's Millionaire Traders. I'm an individual (mainly day) trader with 8+ years experience. And as I read each chapter, I'd find multiple nuggets of gold and the book speaking directly to me - not as a market observer or cheerleader, but as a trader. The authors knew which questions to ask and when to probe a little deeper into an answer. The contrasts and comparisons between the various traders are wide open for the reader to appreciate, and learn which of the traders "lessons learned" can be applied to their specific conditions. I found myself constantly saying "Yup, I learned that the hard way too", and nodding agreeably when the trader would have their epiphany in much the same manner I did. The traders cover a wide variety of fields - equities, options, FX - and styles - buying or fading momentum, buying news, discertionary or systemic trading. There are very few points on which the traders are in complete agreement, and these tend towards money management: preserving trading capital, being able (at some point) to admit you're wrong, and other similar traits. The key difference between Market Wizards and Millionaire Traders involves the people who are being interviews. Wizards is bonafide superstars in the trading industry, people who can move markets simply by their name being bandied about and who have gobs of money I'd never dream of having. In contrast, Millionaire Traders involves people who are either less widely-known in the trading community, but still achieve success and whose strategies are more attainable to a regular trader. And that's ultimately what makes Millionaire Traders a better read than Market Wizards: the interviews are geared more towards regular traders. The exact methodologies aren't detailed here, so if you're looking for a Dave Landry (Swing Trading) / Jeff Cooper (Hit and Run) / Street Smarts kind of book you should look elsewhere. But if you want to know how others are able to succeed, and look inside at yourself and see if you have the keys for success, this is the place to start.

Everyday market wizards

Ok, I will start with a run-down of the things I liked best about this book. -Every trader profiled is very different than the others. Telling me there are hundreds of ways to make money trading. -Every trader knows his strengths and weaknesses and focuses on what he is good at. The basic centuries old advice "Know Thyself" rings true again. Are you better trading long or short? Fast hits, or more long term? Trade your style for success. -Every trader says "don't lose money". Come on, who doesn't know that? But it turns out it is probably one of the most violated trading rules out there, one every successful trader follows. As the book states, protect yourself, No Capital, No Trading, No Life. -You are not smarter than the market. Trade what is happening at this moment, not what you want or hope to happen. -Stay away from companies with debt. If you are going long, that's a great piece of advice! While other companies that carry debt also move up, those without it move up more reliably. -Trend is continuous, but turn only happens once. -If you have to make money, you never will. All of these traders trade to do it right. If you do it right each time you will make money as an added benefit. If you violate your rules the market will punish you. -Focus on a few stocks, futures, or currencies. You can't trade everything, so you need to become an expert and specialize somewhere. The traders profiled target different markets. Stocks, futures, and Forex. There is a good assortment here so you should be able to find at least one trader that resonates with your trading style. While every one of them trades differently they all have figured out a system that they stick to. Some have daily profit targets, others don't. Some of the targets are large, others seem very small, like one trader that shoots for ten pips a day. That's a pretty easy target in my opinion, but if you make it a large trade you can achieve a pretty high reward. One comment in the book really clicked for me. It pretty much summed up in one sentence why I enjoy trading so much. The sentence was "Trading is one of the only professions that punishes you for non-performance". It also rewards you instantly for good performance. There are many jobs in this world where you can skate by and do mediocre work and get away with it. But in trading there is no place to hide. Your P/L will tell you immediately if you have done good or bad. What other career can give you that instantaneous feedback? Most of these traders paper-trade to ensure their systems work. One trader will triple his paper account before trying the system live. That's dedication to your craft. I have found that I cannot paper-trade too long, maybe I am impatient? That's one reason I like Forex because I can trade very small amounts and actually use real money to do a pseudo-paper-trade. The amount of risk is very tiny, but psychologically I am more focused because I understand its