Millionaire Traders
November 19, 2007 by Trader Rich
{mosimage}I picked up a copy of "Millionaire Traders" by Kathy Lien and Boris Schlossberg a couple of weeks ago and just returned it to the bookstore. I know I've been tough on Lien/Schlossberg in the past with their forex trading service but I just wanted to mention that my thoughts of this book were not influenced by their service. What a snoozer this book was. It was impossible to get through. It's basically a "Market Wizards" style question and answer book but it comes nowhere near to the quality of the Schwager books. I had never heard of any of the traders profiled in this book and I would have loved to know how Lien and Schlossberg verified that these traders were in fact successful. Some of them just didn't sound successful and some of the answers to questions were questionable at best. Sorry, but in this business, you need to show me PROOF and they just don't do it. This is just my opinion. Don't take my word for it, check out the book yourself. If anything, it's a good substitute for a sleeping pill.
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I would have liked a little more proof too. But taken on face value I liked it better then the market wizards book because the people in Millionare Traders are more like us in that they are regular guys who had a DSL connection a laptop and a simple retail brokerage account and they still made it big. That was very encouraging to hear.
I have definitly heard of Rob Booker, I have been signed up with him for a year now. There are an uncomfortable amount of typos in the book though.
Roland Campbell, the News Junkie trader has his own site and is providing a mentoring service now.
http://www.forexpremiumtrading.com
He teaches people to trade the news and trade Non-Farm Payrolls.
Yes, it all seemed a bit low quality didn’t it? I think Lien and Schlossberg are more into selling dreams than providing good information. Didn’t one of the traders profiled still have another job? I hardly call this the definition of success.
…anyway, I was underwhelmed.
Good point Craig. I agree 100%. The title of the book is “Millionaire Traders.” I would be surprised if any of them could be classified as that.
Actually the trader with a weekend job is the most sucessful of all. He clearly explains why he keeps the job in the book. All traders records were verified and i have a copy of the news traders amazing run. Can you say 5k to 145k in 6 months? This guy is still trading and probably up 10,000 percent from his starting balance. The book was boring, but the traders are very real.