There are sections about how to prepare for the trading day, the dynamics during the trading day and how to use time effectively after trading is done. Again, the material presented is basic in nature. Perhaps when a book is written with such a large scope, it would be impossible to add much depth to the various topics. Borsellino is a legend of trading. But I would recommend Schwartz's Pit Bull over this effort.
The first chapter of the book is dedicated to mental preparation, and the importance of fully understanding the basic truths about trading. Lewis has seen people from all types of professions think they can take what they have learned in their fields and apply it to trading. This is not the case. When Lewis shares his experiences, it is clear that the market requires a certain "frame of mind" that is like nothing else.
At one point in Lewis' career, he had gained $4.5 million in profits, but saw it evaporate to only $100,000. From this loss, he learned that certain errors in his thinking were the culprits. For example, trading in big size may be good for the ego, but it can get you into situations that a poor market won't accommodate for. As Lewis said:
"I couldn't fling around hundreds of contracts to satisfy my ego or because people in the pit expected that of me. I had to trade what suited both my own plan and the market conditions. After that my trading was noticeably on track."
With a proper mindset in place, a good trader needs a good plan to execute. Essential to Lewis' plan is technical analysis. According to Mr. Borsellino, technical analysis, as far as drawing up the images, is the easy part; interpreting them is where the real expertise comes in. With this book as your guide, insight into what Lewis looks for in a chart will be made clear. The goal here is to identify the trend at an early stage and stay with the trend until it has ceased. Just learning the patterns will only get you so far, it takes the advice of a real pro to gain a superior edge in the markets.
The most important aspect of trading for Lewis is discipline. This means adhering to a plan, focusing on the trade, not the money, and goal setting. Without discipline, the best strategies in the world will fall apart. Knowing when, and when not to trade, as well as not letting matters outside of trading interfere with your decisions, are the results of practicing good discipline. This challenge is something even Lewis deals with now in his career. Through sharing personal experiences, the author gives tips and advice on how to incorporate good discipline, and to avoid common pitfalls that will wreak havoc on your account. Again, just being familiar with the importance of discipline is one thing, but having Lewis as your guide is a real treat.
I will admit that I am a trading book junky and find something to learn from just about everything I pick up. But this one comes from the perspective of one of the world's greatest, and with co-author Patricia Crisafulli, this well-written read will help solidify what's really important when it comes to obtaining success. As Larry Connors, CEO of TradingMarkets.com, puts it, "If you're looking for theory, this is not the book for you. But if you want to learn how to trade in the real world, Lewis is your greatest teacher."