Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading

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Diary of a professional commodity trader by Peter L. Brandt

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  A top trader takes you through the markets and revels how he succeeded In Diary of a Professional Commodity Trader, Peter Brandt provides a play-by-play diary of his 2009 trading, offering an inside look at the difficult process and what it takes to excel at such a demanding endeavor. A long-time trader, Brandt clearly explains his thinking as he searches for the right opportunities and executes trades for 21 weeks. And by utilizing a diary format, he reveals exactly what it's like to trade, communicating the uncertainty that surrounds every trade and the discipline required to make tough decisions in the face of losing money. Along the way, Brandt touches upon his philosophy on speculation, market analysis, trade identification and selection, risk management, and much more. Fully discloses the methods and rules the author has used to trade so successfully for so many years Each trade include charts, an analysis of the trade, and a play-by-play account of how the trade unfolds Brandt examines all his trades and keeps a running account of his profits and losses Unlike most trading books, which tell people how to trade, this reliable guide will reveal the reality of this discipline and provide you with a firm understanding of what it takes to make it work.　　


Randomly find this book on amazon. Frankly, it's not a classical trading book, but it's absolutely a life-changing book.
　　
　　First and foremost, I love the sincere and humble spirit of Peter. Traders usually disguise themselves from others; yet in this book he exposed himself fully, with stupid trades, with every details, doing sth like a trading assistance for us to review.
　　
　　I've read on "Market Wizards" how important risk management is, how traders should set predetermined stop before entry. But all looks like "story". In this book, Peter showed us how to actually fulfill with "Last Day Rule", "Trailing Stop Rule" and no more than 0.8% of total capital in every trade.
　　
　　He pointed out we have long emphasized on entry recognition part, but oversaw the risk management part. His success is no secret at all. He is chartist, and definitely discretionary trader, which is very different with the high frequency traders I've known.
　　
　　For me, the most important thing Peter taught me is, there's no secret to be a good trader. You just have to overcome every weakness in human and persistently do your homework.
　　
　　Will start following his way from this week. Trade identification is not important, no important is learn his way of risk management.