April 23,2016- Book Review : The Responsible Trader

 First and foremost ; let me place a disclaimer. I, representing BookAKA, has a clear bias (thus conflict of interest) in supporting TRT’s work as we have him enlisted both as a free and premium sentiment contributor inside the website and mobile application BookAKA.com

  

With that conflict of interest stated in the first place; let me share to you what I’ve learned upon evaluating TRT’s work. 

This book will only be suitable for those who have no idea of charts and technical analysis. If you’re already using indicators and are fairly adept in using your own trading system; maybe this book is not for you. 

Looking upon the references ; TRT has essentially summarized most of the important trading legends and their technical analysis books and incorporated it into what he calls the “TRT system” so the book reads more like a manual to me about what their system is.  

 
*****

What to expect : this book is more encyclopedic and text book in nature. It summarizes a lot of technical analysis principles which will suit a student who has next to zero idea of what technical analysis means. However( someone who already charts everyday; and makes his own analysis; might find this quite redundant in one’s learning as you may be aware already of the principles and contents inside.)

 I’d list down the book’s strengths : 

The strength is that TRT can take all the most famous chart patterns written into a text book summary fashion which will help anyone who’s still lost and hasn’t heard of John Murphy; Martin Pring. Someone who doesn’t have the time to study 5-10 technical analysis books in depth can thus use this more as a reference guide. 

  

The book reads more or less like a manual of what Alfredo Miguel uses in his own trading system. His journey as he reached 64 is one of the motivations and the lack of Philippine examples of tech analysis books is what led him to write. 

    *****

More than anything ( the main strength of the book is that it’s a reference manual.) what i find lacking in the book is Alfredo Miguel’s personal insights on why he uses certain indicators more or less. There’s a section on fundamentals but it’s also more on the basic side. 

Although he had given many technical examples using Philippine charts; I think much more chart examples could have made the book better so that the traders can fully appreciate the indicators that he talks about. The weakness is that because he is covering everything – he cannot talk in depth about each as much as he could. I guess what we can say is that the book encompasses all technical principles that’s why there’s not much time given to illustrate why the indicators work well and so forth. 

He also cited a worksheet to help the traders generate low risk high probability setups by making trading plans according to evidences – a term he coined from David Aronson –  

 
*****

The book is currently for sale at php 1,000 but can also be purchased combined with his annual premium sentiments inside Bookaka for more “responsible trader” guidelines for php 2,000 a year (inclusive of the book already.)

I’m keen on only recommending the book to those who are new to trading or those looking to brush up their basics on the markets as Mr Alfredo Miguel really can be seen as an adept teacher when it comes to giving lessons on being more rules-based in entering and exiting trades.  

At the heart of it all; it really shows to me the academic man in him. So instead of asking TRT what his system is ; then just read the book since that’s what it’s all about. 

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