Rob Booker Book Review
May 8, 2007 by Trader Rich
I had jury duty on Monday so I decided to bring lots of reading
material including a Kiplinger's magazine, the Economist, Men's Health,
and Rob Booker's book, Adventures of a Currency Trader. I was
already halfway through Rob's book and just had not had the time to
complete it so I thought this would be a better time than any for doing
so.
First, I appreciate the free book that Rob sent to me via
his publisher. Even though it was free though doesn't mean that I'm
going to hold back on my opinion of it. Saying that, I'm not much of a
book reviewer but I'll do my best.
This book is about a
fictional character named Harry Banes who works at a law firm in New
York City as a filing manager. Harry wants to be a forex trader but
manages to blow up his account on his first few trades. From there he
embarks on a journey to find the answers to being a successful trader
with the help of others.
What were my positive opinions of the book?
- The book was well written.
- The book came across as a novel, unlike the countless forex books out there on the book shelf. So I appreciate it's uniqueness.
- The book could be good reading material for a total beginner forex trader.
What were my negative opinions of the book?
- I've only been trading for about 2 years and I found it hard to find any lessons that I have not already learned.
- I really don't feel like the lessons that are even attempted to
be taught in this book can be. You can't learn these lessons from
reading a book. You have to learn these lessons by trading, period. - I felt like the book oversimplified success. Harry Banes fails
in a couple of trades then miraculously makes millions of dollars for a
big trading firm by leaving a post it note with a trade idea he had.
Before you know it he's got the interest of an entire room of
experienced traders with his simple explanation of a carry trade
strategy. I know it's just a book but I found most of his experiences
totally unrealistic.
Amazon, all 6 of them giving this book 5/5 stars. I'm sorry but I just
can't do it. 2/5 stars for me. In the near future, I'll find some
way to give away the book to one of the visitors to this site. I'd
like to hear your opinion of the book also.
Popularity: 3%
Loading ...
Coming from somebody who is just starting their trading career, I found the book entertaining and informative. Even though it was $40-50, I honestly thought it was worth the money.
It may not have been realistic, but I don\’t think that was the point. It put across the point of what you should and should not do. If you already knew, more power to you. =)
I’ve been actively trading the forex market for just over a year. Although I will agree that the book was lacking in strategies one could follow, I did like the book.
I feel Booker’s book was based on ideals. Why are most people attracted to the forex market…freedom, independence, work your own hours, call your own shots.
I would recommend this book to people who have already read Kathy Lien’s Day Trading the Currency Market or a trader who has real life experience in the market. In the end I would still recommend the book.
I think this book is enormously entertaining, ESPECIALLY to those of us who have already learned the lessons that Harry learns in this book. I laughed out loud reliving my own experiences. It was psychologically healing to see my deepest darkest experiences with trading portrayed in a fictional way.
Yea, I’m overly critical I guess. I’m glad you got something out of it. It didn’t interest me.
I’m one of those traders Rob mentions in his book as “among the best traders” he knows. LOL, that list is comprised of former Seminar and “1-on 1″ (LOL, its not more like “1-on -1000″) students, OVER 90% OF WHICH BLEW-UP AND ARE NO LONGER TRADING. Rob is a showman, not a trader. Proof: ask to see his broker statement. Proof: ask what strategy he trades, and how many strategies he has taught over the last 4 years (answer, more than you’ll expect!). Proof: ask him about what specific backtesting he did on it, his money management, equity crossovers, drawdowns, expectancy, and for how long he’s used his latest strategy. With a little insight you will see that every 6-8 months he simply makes-up a poorly tested (if at all) “system” and hawks it to newbies who whould be much better served starting with babypips.com, and then working on developing and testing a system. Rob is expensive entertainment–and the worst of it is he seems completely unaware of the casulties he leaves in his wake. What a sad way to make a living, especially for a guy who claims to be a Deacon in the Mormon Church.