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Book Review of Trader's Secrets

I've just read the following book review which I thought that others here might enjoy:

Traders’ Secrets: Real People Becoming Successful Traders, by Murray Ruggerio and Adrienne Toghraie, enables the reader to take a close-up look at the thought processes and methodologies of traders who have achieved an extraordinary degree of success after a modest beginning -- the dream of most of us involved in the challenging and fascinating world of trading. Readers are bound to walk away with a sense of hope after reading this book.

The authors, themselves experts in the psychology and methodology of trading, interview 14 individuals from various socio-economic backgrounds who have abandoned former careers in pursuit of trading. The personal histories of their struggles and transformations are inspiring.

Those interviewed are from all walks of life, as well as different parts of the world. Many started trading relatively late in life, others in their youth. Each chapter outlines the evolution of the trader, from childhood to adulthood, exposing along the way traits that make him or her successful. Several of the traders, if not immigrants themselves, were children of immigrants. Either circumstance seemed to foster a strong sense of determination that motivated them to succeed as traders.

Despite the cultural and educational variances, there are several common threads in their character. They all showed an enterprising, competitive spirit, enjoyed challenges and demonstrated excellence in intuitive thinking. All were voracious readers and “self-taught” traders. For some, trading was a drastic career change although it was interesting to see that certain aspects of their former career equipped them for the battlefield of trading.

The interviews read like biographies. The reader gets a glimpse of early home life, interactions with others, relationships with family, scholastic abilities, extracurricular activities, as well as personal strengths and weaknesses. The author also thoroughly examines the people, events and books that have significantly influenced them through the years.

The characters come alive as their stories are told. At the conclusion of each chapter, Ms. Toghraie presents a psychological profile of each trader, followed by a review of his or her trading methodologies as analyzed by Mr. Murray.

The authors are exceptionally well qualified to write such a book, based on their own backgrounds and knowledge. Ms. Toghraie is an internationally famous trader’s coach who has worked for many years with individual traders to help them reach their optimal effectiveness. She possesses a deep understanding of the psychological makeup of traders and the emotional and behavioral barriers to trading success, as well as how to teach traders to overcome these obstacles. Mr. Ruggerio is an expert in the area of trading systems and systems research and design and has an encyclopedic knowledge of trading methodologies and tactics.

Most of the book’s focus seems to be on futures although there is some discussion of equities and options. Before initiating a trade, the majority of the traders featured in the book wait for signals from their proprietary indicators, classifying them more as “systems” traders than discretionary traders. The authors do an excellent job of weaving 14 fascinating stories that demonstrate the dynamics between psychology and trading and bringing to light the qualities that make a good trader great.

Every investor, whether full time trader or not, will gain valuable insight from this book. It also offers the hope and the proof that ordinary individuals who “started from scratch” can achieve extraordinary success.
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