"The Logical Trader" by Mark B. Fisher is a must-read for both beginner and experienced traders who want to master the art of trading. Fisher, a well-known trader and teacher, shares his proven strategies in a concise and understandable manner.
The book begins by emphasizing the importance of having a logical mindset when it comes to trading. Fisher explains that successful trading requires discipline, objectivity, and a systematic approach. He delves into the psychology of trading, emphasizing the need to control emotions and stick to a well-defined trading plan.
Fisher then explores various technical analysis tools and indicators, such as moving averages, oscillators, and trendlines. He explains how to effectively use these tools to identify trends, support and resistance levels, and potential entry and exit points. Fisher also introduces his own method called LSS (Logical Swing System), which helps traders spot market reversals and capitalize on profitable trading opportunities.
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One of the standout features of this book is its focus on risk management. Fisher provides different techniques to manage risk, such as setting stop-loss orders and determining position sizes. He emphasizes the importance of preserving capital and protecting oneself from significant losses, offering insights on how to optimize risk-reward ratios and maintain consistent performance over time.
Overall, "The Logical Trader" is a valuable resource for traders seeking to improve their skills. Fisher's practical advice and proven strategies enable traders to make well-informed decisions and increase their odds of success in the financial markets. Whether you are a novice or an experienced trader, this book offers valuable insights and tools to enhance your trading performance.
What are readers saying?
Mark B. Fisher's book, "The Logical Trader," has received a range of reviews, indicating both positive and negative feedback. Some readers praised the book for its informative and practical content, highlighting Fisher's clear and easy-to-understand explanations that cater to both beginner and experienced traders. Many appreciated the author's insights into technical analysis and his emphasis on developing a logical and disciplined trading strategy. The book was also commended for providing useful tips on risk management and controlling emotions while trading.
On the other hand, some readers found the book excessively technical and challenging to follow. They felt that Fisher's writing style was dense and overloaded with jargon, making it difficult for newcomers to absorb the information. Some reviewers expressed disappointment with the book, stating that it did not meet their expectations, particularly due to the lack of concrete examples and step-by-step instructions that would have facilitated understanding. Additionally, the book's focus on day trading was criticized by some readers, who believed that the strategies discussed were not relevant to longer-term investors. They also mentioned a desire for more diversity in trading approaches. Some reviewers insisted that the book's content, published in 2002, may not be as applicable or effective in today's market conditions.
Despite the criticisms, many readers still found value in "The Logical Trader" and considered it a helpful resource for understanding technical analysis and developing a trading strategy. However, potential readers should be aware of its technical nature and the focus on day trading, which may not suit everyone, especially those seeking a more beginner-friendly or updated guide.
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