The Day Trader’s Advantage: How to Move from One Winning Position to the Next by Howard Abell

Summary: A decent trading psychology book with many interviews on well-known traders. Focus on daytrading with outline on the author’s unique approach to making trading decisions. Interesting read and everything still applicable even today.

Review

This book is essentially a compressed version of the book, The Inner Game of Trading, in the content department while the interview section is replaced by a different group of traders being interviewed.

It is difficult to write a full blown review on this without feeling deja vu. Think of this book as a sequel, or supplement to the other one is more proper.

One important area that this book covers on daytrading that is not part of the first one is the focus of certain price levels on intraday basis. The concept of combining simple biases are more important than complex indicators is in line with my own experience. Majority of books on technical analysis tend to lead you to believe the author’s special indicators are the answer to all trading situations. By simply stating that there is no such thing makes this book unique at the time it was published.

So read my other review (the link above) to get the full picture of what these 2 books are about.

I recommend this book to those who has been struggling with trading for way too long. Similar to the other book, it is a book that requires your participation and reflection to gain insights into yourself. For beginners it is a good read but the message in the book would be very difficult to make an impact.

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