BOOK REVIEW: "Adventures of a Currency Trader"

Hi guys -

This post is going to be a little different, so bear with me here.

I recently have received a copy of Rob Booker's "Adventures Of A Currency Trader". As I am always looking for more information, I was interested in this approach to trading education. This is not your usual technical analysis book. There are no magic formulas in this book. This book is a novel. And a damn good one, in my opinion.

To give you an idea, I read the thing front to back in one sitting. (And plan on reading it again next weekend.)

The main character here is a man named Harry Banes. Harry starts out trading one day, using some "black box" software. As a tribute to the futility of such software, Harry's first trade is a profit, even though he accidentally took the exact opposite position that the software indicated. (Another amusing part of this: The login name is SUPERTRADER_2000, password: G$TRICH. This is a peek into this guy's mind right away.)

From the start, Harry truly is a bad trader, with giant dreams. Harry makes several emotional and bad decisions along the way. (Both in trading and personal challenges.) Harry sounds familiar. Harry is each and every one of us. Harry is the sum of all of our bad habits. Booker manages to convey a lot of basic truths about the common Forex trader, without listing them. He actually has built an interesting story around these lessons.

Harry eventually learns the truths of trading. The truth shall set you free, in more ways than one. This story does have a happy ending. But, he has to learn all of those hard lessons we are all struggling with.

Booker even throws some charts in the book, but not necessarily with a lesson attached to it. Well, let me take that back, it's there, but not quite as boring and obvious as so many other books. The charts are for illustration. (EUR/USD at 1.1850 anyone?)

As I mentioned the happy ending before, that is where I have the one issue with this book - It has an ending. This book could easily be 1,000 pages, as it truly is that easy to read. I found myself nodding in agreement with certain siutations, and laughing at others.

He even goes into busting a few myths about bank traders having some kind of "magical aura" about them. He presents them as human. Certainly Booker is trying to convey that they are not the "legendary traders" most of us out here think. They are capable of making stupid, greedy trades as well. Booker paints a picture of a trading room that is quite different than most people out here believe.

One point Booker brings up more than once is that longer term charts are the way to go. He even presents a lot of the mathmatical reasons for it in a conversation. When you go and get this book, please read this particular part a few hundred times. I have never taken any of his courses, but I am willing to bet he doesn't promote scalping. (Which makes him good in my opinion.)

There are far too many people out there pushing the "greed buttons" on all of us traders. Booker not only dispells this myth of getting rich quick, but also makes a compelling argument to treat Forex as an investment. He points out how this is a job, and it takes work. He even manages to do it in an entertaining way.

The story leaves with some unanswered questions about the future. I suspect that a sequel could be in the works. I certainly hope so, as I will be buying it.

I rate this book 5 out of 5 pips!