The Inner Voice of Trading by Michael Martin
This is a book to read with your coffee in the morning. You won’t learn anything particular, but you might be reassured. It’s a warm and fuzzy book for new traders.
I can’t tell you the number of times Mr. Martin refers to Jack D. Schwager’s book Market Wizards, but it’s too many. More than once, I’m watching subtle product placement.
It’s a book which affirms, reaffirms and affirms again that psychology and balance play the greatest role in successful trading. This is surely true and very interesting, but like the best (or worse – depending how you look at it) self-help book, we read over and over how important it is to find balance/well-being internally and externally through yoga or other ‘meditating’ activities. I appreciate the point of this type of book, but tire of hearing the same point berated over and over.
Writing a book isn’t easy, I appreciate the effort and energy Mr. Martin has taken. (Some of my best friends are authors <— shameless product placement!) It’s hard to write a self-help book for traders, any active trader learns over time to find a balance and takes stock in their mistakes. Some are better at this than others, but like all self-help books, with a simple message, there’s little reason to keep the message simple. It wouldn’t be a book otherwise, there has to be examples, ample reiterations, anecdotal conviction, etc. Risk management is obvious after a couple good mistakes, and admittedly new traders need to be told this, potentially taught (though I’m skeptical of teaching ‘balance’). The examples are vague enough to make the point, and complicated enough that we feel someone with experience is doing the writing.
I enjoy the journey as much as Mr Martin does and he sounds like the type of trader/author I’d like to have a coffee with. That’s a strong compliment considering all the ‘bad’ books on the market.
It’s Gandhi meets Wall Street with a commercial tossed in.
Get The Inner Voice of Trading at Amazon