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Five Bullets, by Joe Trader
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Many trading books focus on the technical aspects of market analysis. Others focus on the psychological aspects. This book joins the dots, arguing that self-awareness is of fundamental importance in building a methodology adapted to the trader and the instrument he trades.
In walking through the development of his own trading methodology, the author provides a turn-key solution adapted to the volatile, but highly lucrative, regulated Forex market.
Whilst nothing can remove the hard work necessary to become consistently profitable in such a competitive business, this book is essential reading for anyone aspiring to build or adapt a robust trading methodology, tailored to his own personality and the specific characteristics of the regulated Forex market.
If you absorb and assimilate the principles herein, your trading performance will improve radically. It’s as simple as that.
- Sales Rank: #1043197 in eBooks
- Published on: 2010-11-13
- Released on: 2010-11-13
- Format: Kindle eBook
Most helpful customer reviews
8 of 9 people found the following review helpful.
"Joe" is a real trader (surprise!)
By W. R. Booker
I've known "Joe" for years now, from the time he hosted me on a tour of a 500-ft submarine destroyer battleship in the North Sea - all the way to now, as he successfully manages his own funds on a few hours of trading per day, with a low-risk strategy. The reason I tell you this is because it's impossible to say that this review isn't biased. I know the guy. I trust him. I plan on investing some of my own investment capital with him in 2011. So with that preface, I want to tell you just a couple of reasons that this book matters, and why you should read it.
In a world where advice-givers come and go, and never show you any evidence of their actual trading ability, "Joe" sets himself apart. You're not just reading a book about theory: you're reading about his own practice. This is what he really does, and he proves it: his trading performance is public, posted real-time, on Twitter, every single day. He doesn't _tell_ you that he trades. He trades. He shows you. Why read anything written from anyone who doesn't show you that they really put their own money to work with the methods that they write about? Many advice givers in this business have decided it's too embarrassing to show a loss - and that embarrassment would harm their business - so they show nothing. I'm sorry to say that in the past, I've done that too - but "Joe" was a significant influence on me changing that, and it has made a ton of difference for me personally. "Joe" has never done any trading that wasn't also simultaneously public. That counts for something substantial.
Second, in a world of books that tell you the same thing that you already learned a year ago in another place - this is refreshing. It's a personal story, but it's also a complete trading method. Granted, it's inspired from something he read and learned from another source - but it's original. It gives credit where credit is due, but then it breaks new ground. I built a small cottage with Strategy:10. "Joe" came along and built a skyscraper next door.
Dollar for dollar (and you know as well as I do how much trading books usualy cost), this is one of the most valuable books you can have in your trading collection. It's a no-brainer. Buy the book.
4 of 4 people found the following review helpful.
Reality Check - The Only Kind Banks Will Cash
By Richard K.
Joe lays it on the line like no other currency or, for that matter, any other kind of trading book I've ever read. Joe strips down professional Forex trading to its two essential elements, either without which you will not be able to make money trading currencies, or for that matter in any field: (1) knowing what to do and (2) having the character to do it. Making money trading money is a profession no different from any other.
Joe first thoroughly, yet succinctly, explains his trading system, and get this, actually trades it - and here's the kicker to silence the skeptics - then publicly posts all of his raw results. You might have to re-read that a few times, and his compact book, before your critical faculties can assimilate the facts that your brain can otherwise easily handle. But, before you can dwell on accepting the speed with which Joe conveys his system, your attention is immediately swung 90 degrees into the realm of character building. If the first part of the book can be likened to building a winning race car, then you could metaphorically treat the second part of the book as building racing skills. Let's face it, in a real race, an untrained amateur will wrap a million dollar race car around a pole, while the professional racer will send the same car across the finish line. Joe openly discusses the oft-ignored or possibly avoided missing link to successful trading, or perhaps more generally, to success itself: it involves character building work. This entails establishing both technical mastery and then expending the effort it takes to develop a work regimen until you are able to implement your new-found academic knowledge of Five Bullets consistently in the real world. Joe's efforts spanned several years of system discovery, culminating in 9 months of transition during which he ramped up and engaged Five Bullets in ever more stressful stages of implementation, until finally attaining the confidence, discipline, and honesty to trade successfully in the real world. Honesty? You can't make money deluding yourself, bending the rules or giving in to greed or fear, and as I have mentioned at the outset, Joe publicly posts his results, to keep himself real and sober.
You need perspective, which the book lays out well along the way. Beating the professional million and billion dollar Forex traders employed by banks and other financial institutions and taking money away from them trading in the "pit" will require absorbing every sentence, word, and letter of Five Bullets, and implementing it - which will take work, or else deciding Forex is not for you. There is nothing wrong with either of these decisions. Only doing anything that falls in between them will amount to a waste of time and money.
If you decide to become a professional a trader, more than just teaching you Five Bullets, Joe teaches you how to become that "pit" professional and make money with his system. Joe's book goes beyond explaining a Forex trading system by also taking the unusual steps of trading and documenting it, and then distances itself from the rest by both explaining the commitment involved and how to acquire the professional demeanor to successfully implement the system. Factual, honest, real, practical, and profitable. Five Bullets. Five stars.
3 of 3 people found the following review helpful.
Take the good with the bad
By Amazon Customer
The book is very short, although not very simple. It is a short term, quasi-scalping strategy. It is mostly centered on support/resistance reversals combined with stochastic divergence. Day trading is risky, and this strategy should not be used with real cash until you have back tested and forward tested it to "destruction." The method trades off of 1 minute charts, in the first few hours of the London open.
It is one of the cheaper books on the market, but there are some good insights in the book even if you choose to never trade the method. Personally, I do not think I will ever trade this method. I do not have 2-3 hours every afternoon to be on my computer waiting for all the right signals. He stresses knowing what you are doing before pulling the trigger, admitting that he never played with live cash before tested and perfecting his strategy for nine months before hand. This is a good lesson for new traders. Just because you don't make money in the first month on your demo account does not mean your methodology is flawed, perhaps just your execution of your strategy. He also stresses knowing yourself and your strengths/weaknesses so you can tailor this or any trade strategy for your liking. He does feel you could use this system all the way out to the one hour charts...again that is a lot of waiting, but possible in his estimation.
Joe stresses using money management, though after reading it and checking his website his rules seem a bit less hard and fast. Sometimes he will use a specific size and other times he will double, triple or quadruple it, it seems. I may be wrong here if I am reading his website wrong, but money management that doubles up or more to get back to even can be very dangerous. His stated goal is to walk away if he loses 1% in a day, at 0.2% risk per standard trade with a 10 pip stop loss. Profit taking is usually 15 pips, with a goal of 0.5% account gain per day.
This book reinforced to me the need to test and feel comfortable with your strategies before you ever pull the trigger in real life, and it also helped nail down the idea of stochastic divergences. Combining all the moving averages (1 EMA with 2 SMAs) and then Bollinger bands and stochastics makes for a demanding strategy. Focused individuals need only apply.
So, I give the book 3 stars because it has some good things: the price of book, reinforcement of preparation, ideas of retracements, knowing yourself and picking a strategy that fits your style, and explanation of divergences. These things are worth the price of the book and will help me in my overall trading. The less good things are the complexity of the strategy, the extensive amount of time it requires, the high level of stress involved, and lastly the ambiguity of the trade setups.
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