Mastering the Trade provides the reader a glimpse of how John Carter conducts his trading. Key aspects which I found are the following.
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- Carter thoroughly covers how a normal speculator is regularly on the wrong side of the markets and is frequently exploited.
- He runs the gamut of everything you need to do in order to trade for a living.
Small Speculators – The Amateur Traders
In this chapter the author explains clearly how the market works and how traders take positions based on what they perceive. He explains the advantage of being an early bird in this competitive market. Moreover the reader can also understand how a professional trader differs from a retail trader and how their bets differ and who would end up on the winning side and reasons for the same.
John Carter’s Trading Strategies
Different trading strategies are discussed throughout the book and the author himself explains about his strategy of making money by going through the NYSE Tick Indicator.
The Tick measures the latest up or down ticks of NYSE stocks. He explains in the book that he just sets an alarm when the Ticks hit extreme levels of + or – 1,000. Once the alarm sounds, he places a trade in the opposite direction to fade the extreme move
The Trading Plan
The important aspect of the commodities trading is to have a formal trading plan.
- Carter provides a nice outline of a trading plan and even has a sample plan from one of his students
- A plan will include the markets you will trade, trading capital, trading strategies, profit objectives, risk parameters and even taking time off when trading is going poorly or too well
- Above all is he even explains how to setup computers, monitors, software and everything else you need for your own trading office
