760x200 learn fx 2

As anyone knows we are huge fans of the books Market Wizards and New Market Wizards by Jack Shwager which are two of the best selling and most informative books on investment ever written and Millionaire traders tries to follow the same format – but is it as good and as informative as Market Wizards? The answer is a resounding no. The book is simply not in the same league as Market Wizards in terms of insight into trading or the quality of the traders interviewed.

Traders Interviewed – Who Are They?

Dana "Dan" Allen Chuck Hayes Indi Jones (this is an alias) Roland Campbell, Tyrone Ballashkan, Ball Ashkan Bolour, Frank Law and Paul Willette and until I read the book I must admit I had never heard of the people but the reason for this is:

We have found 12 people who have hit it big trading for themselves”

Of course the book is about, everyday people beating the market but I am curious, about the real track records they have and there is no supporting evidence, that they have made money trading of in excess of a million. It's hardly a line up to compare with the Market Wizard books.

In Market Wizards, we get interviews with the best of the best, its really the cream of the top traders – Jim Rogers, Bill Eckhart, Larry Hite and Bruce Kovner to name just four. These traders really are super traders and most traders will have heard of them and know they have made money. Their stories are exciting, with lots of insight and you know their the real deal, unlike the traders in this book.

Is the Book Worth Reading? No

This book is poorly written and as you don't actually know, if the traders have made big gains and I suspect from the answers they give many have not and have failed to make any profits - there is nothing you can learn from them, you can't learn for free on the internet and also some of the advice is just not going to help you make money.

We also have an intro to the book called - “The Art of Trading” which gives you some of the wisdom, the authors have gleaned from the traders they have interviewed. What they have learned is the obvious stuff like: “don't lose your cool use a stop” “ Protect Yourself and your Capital" and “Know yourself know your trade” You also get trading wisdom, I am not to sure about at all like:

Triple Your Demo Twice Before Trading for Real”

Why?

The authors however claim:

This insight from Hoosain Harneker is perhaps the most practical advice from any of our super traders”

Demo account trading profits, have nothing to do with real trading profits – Period. Forex trading is a pressure game and making money in a demo account is easy, compared to real time trading when the pressure is on and emotions come into play.

I am all for working out a trading strategy and having an edge but demo account trading means nothing in terms of profits you will make, when you move to real time trading.  In addition - tripling your demo account means a gain of 300%! Now consider, that the best traders in the world, make around a 100% per annum  so the logic of - tripling your account and doing it twice, means you would be trading a demo account for years!

Anyway enough comment - is this book a worthwhile read? Well you have probably guessed my answer already but let's sum up our book review of Millionaire Traders by Kathy Lien and Boris Schlossberg.

Final Words

The book concludes:

We hope these stories inspire you to believe that success is possible and that everyday people can beat Wall Street at its own game.” (Kathy and Boris)

Both authors work for a well known Forex broker and I have always maintained - Forex brokers don't make money for clients and the only thing you can learn from them is what not to do.

There is no insight in this book, to help lead you to currency trading success, you won't find for free on the internet for free. Furthermore, much of the advice should be ignored as we have noted already. I would not reccomend this book but recommend instead, you buy the real deal which is the Market Wizards  series of books by Jack Schwager. As a star rating I would give this a 0 star – don't waste your time reading it.

 

 

 

 

Daily FX ResearchDaily FX R