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Trading is a chaotic, complex, and loosely-structured game played by the smartest minds and most expensive computers in the world. It is the ultimate puzzle. Few can trade at an elite level for an extended period. The game is constantly changing and the rules, mechanics, and probabilities are difficult to observe and forever in flux. Just when you think you’ve got a plan: BAM
You get punched in the mouth.
Trading attracts intelligent, driven individuals who see enormous financial rewards and few barriers to entry. But no amount of intelligence or skill is enough if you are irrational, undisciplined, or overconfident. The best analysis is useless if you keep reaching for the self-destruct button. How do you survive and excel in this high-stakes competition? How do you become an Alpha Trader?
The answer is mindset, methodology, and math.
ALPHA TRADER is not a behavioral economics textbook and it is not a boring, theoretical deep dive into trading psychology. It’s a practical guide full of actionable information, exciting and relevant trading floor stories, concisely-distilled research, and real-life examples that explain and reinforce critical concepts. The book details the specific strategies, tactics, and habits that lead to professional trading success. It will help you become more self-aware, rational, and profitable.
This book will make you a better trader. It will help you unlock more edge and it will motivate you to become an expert in your market. It covers practical and essential topics like strategy vs. tactics, microstructure, market narrative, technical analysis, sentiment, positioning, and systematic risk management. It will explain the importance of adaptation, rational thinking, behavioral bias, and risk of ruin.
Brent Donnelly, the author of ALPHA TRADER, has been a professional trader for more than two decades and has been writing about macro and markets for more than 15 years. His writing style is engaging, approachable, and entertaining and he has the experience and knowledge of a veteran professional trader. His first book, The Art of Currency Trading is a bestseller and has received rave reviews.
Brent has worked as a senior FX dealer at some of the biggest banks in the world. He has traded global macro for a Connecticut hedge fund, and he has day traded equities with his own money. He loves trading and he loves writing about it.
ALPHA TRADER is for traders of every skill and experience level. Veterans and rookies alike will benefit as the book digs into topics like self-awareness, discipline, endurance, and grit. Learn the common traits of winning traders, the myriad sources of trader kryptonite, how to improve your decision-making, and how smart people do stupid things, all the time.Professional trading is a lifelong journey of self-improvement, struggle, adaptation, and success. This book will help you level up on that journey.
Be rational and self-aware.
Learn, adapt, and grow.
Unleash the Alpha.
Publisher : Brent Donnelly (May 22 2021)
Language : English
Paperback : 514 pages
ISBN-10 : 1736739816
ISBN-13 : 978-1736739815
Item weight : 752 g
Dimensions : 15.24 x 2.95 x 22.86 cm
Customers say
Customers find the book easy to read and a must-read for any trader. They appreciate its insightful content, historical context, and practical tools for trading. The book provides theory, historical context, and exercises that make it a valuable resource. Readers mention it’s the most practical book on trading they’ve ever read, covering profit-generating fundamentals and risk management.
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TMoney Bidness –
Phenomenal book for traders of all levels. It’s got it all: market approach, mindset, tools & more!
This was the most practical book on trading I’ve ever read. Brent provides first-hand knowledge on developing personal trading systems, routines, and the best ways to approach the markets. He does a thorough job of addressing profit-generating fundamentals (ie. risk management, mindset, managing trades), while also providing theory, historical context, and even short exercises that help you recognize personal strengths and shortfalls. Brent also shares a ton of suggested reading as they apply to concepts.I read this book with a highlighter (and notepad nearby). Each chapter had TLDRs, summaries, and bite-size takeaways. To me, this is my new trading ‘handbook’ (thanks to his killer glossary too)!Overall, this book is a must-read for any trader. I contend it’s on the reading list between Market Wizards (which teaches trader style / mindset) and Reminiscences of a Stock Operator (teaches about markets), while Alpha Trader is your battlechest for war. Highly recommend!
PK –
This is THE one
This book is in elite company; belongs on the shelf beside anything by Mark Douglas and Jon Coates’ “The Hour Between Dog & Wolf.” While these deal with the psychology and biology of risk taking, Brent combines both of these and adds in portfolio manager hat. Some ‘lessons’ are even structured the way a proper trading journal is – with intraday charts and the mindset/decision tree at each step along the way. Littered with footnotes and references, this is the kind of seminal work you wish you had at 25 years old.
Michael Hogan –
An entertaining ride through the mind of a trader
Arguably Alpha Trader is an easy book to read, even for beginners. Given the topic (trading/finance) this is a huge achievement. I couldn’t put the book down. Honestly, I figured I’d tap out during the psychology section, but to my surprise I found that part the most helpful. Go figure. Regardless, if you’re a trader this book is required reading.
Konstantin Boehmer –
Outstanding! Brent delivers again
Phenomenal book! True expert & true insights. Really high value add for anyone reading this book. I have read countless books on trading and investing and work in this field – but this book still had so much to give. Thanks Brent!
Ardi Aaziznia –
Amazing Book
The author knows what he is talking about. The book is not dry and covers all aspect of trading. Brent is one of the best in the industry!
Rob Struk –
Awesome!
This book is a great read. Very insightful.
FED –
This book will DEFINITELY make you smarter.
Loved it! Great writing, learning lots!
H –
Good but nothing groundbreaking
I will still prefer the art of currency which is a great book . This book is almost a copy of it
Simon –
If I had to recommend a single book for any serious trader, it would be this.The book discusses many different aspects of trading that are often overlooked. Brent spends a lot of time discussing biases, self-awareness, risk management, psychological pitfalls, and so on. It doesn’t teach you how to trade (The Art of Currency Trading by Brent is slightly better in that domain), but how to become a better trader.Brent writes from experience and is humble enough to describe his own flaws and mistakes. He lays out the personality traits that make a good trader and outlines how to approach trading in a more calculated way.There are certain things that I don’t necessarily agree with him on, but this is what he encourages: being an independent thinker. Brent is one of the few voices in the trading space worth listening to, and for any retail trader looking to get beyond the marketing bs and take trading seriously, this is a great step in the right direction.
Michael –
Miglior libro sul trading che io abbia mai letto,Svariati spunti per il miglioramento personale, numerose spiegazioni sulle principali bias comportamentali e come affrontarle, per niente noioso, l’ho divorato
C-Groot –
Brent has outdone himself with this book. Alpha Trader is a deep read. Read this book and then re-read. If you just started trading after the Covid-induced lockdowns, you may think trading is easy and the “stonks” always go up. But market conditions keep on changing, and if you want to continue making money, you need to read this book.As someone, who has been an institutional trader for all his life, I have faced many challenges. Brent’s book addresses each of those challenges in detail. Mr. Donnelly is not just an astute observer of the market, but also a keen observer of human behaviour.Alpha Trader is not just another ebook on a moving average crossover strategy with the MACD filter. Rather, it’s a tome on trading – covering all its aspects such as psychology and building a trading idea from scratch. Some noob traders may find the book boring – but if they persist through the book, they will save themselves years of pain and many hundreds of thousand of dollars in costly mistakes.Trading is not a sprint – but a marathon – and this book provides you tools to survive and thrive in this marathon.I wish Brent was my mentor when I started trading. But having his book on my trading desk, is the next best thing!
Pedro M. –
Um livro que abre com uma boa dose de realidade, que o trading não é para todos, só para alguns e poucos.
Martin –
With a ton of trading & finance books in your library one can maybe be excused for becoming a bit jaded about additions to the field. Do we really need more? Yes, we do.For those who do not know Brent Donnelly’s work yet, check out his also excellent “The Art of Currency Trading”. Neither a boring intl. finance textbook nor a simple through-some-indicators-on-a-chart type of trading book this teaches you to really think deeply about trading currencies and how to tie fundamentals, news, sentiment, narrative etc. into a coherent whole in order to trade FX.So why another book I was wondering.While Brent’s trading focus is FX this new work is applicable to any type of trading. Actually, it is indirectly applicable to many other performance disciplines both inside and outside of financial markets. There is so much to it that it would break the boundaries of an amazon review; suffice it to say – were I to run a trading desk at a bank, fund or prop firm I would put this on the required reading list. And any individual / retail traders should have a go at it too because there is a lot in it that no one else will tell you, anywhere.Let’s just pick one example. “Trading psychology”. How beaten to death is that topic? We have those who say trading psychology is nonsense because most individuals’ inability to trade profitably, consistently, is simply down to a lack of edge. No amount of psych training can cure this. On the other end of the spectrum sit the people who make it sound like you only have to find out what works “for you”, that it’s all about attitude. While the latter position is utter nonsense and the former has a lot of truth to it, neither captures it all. Brent puts it in perspective and teaches how we need to take an inventory of ourselves, psychologically speaking (not in a touchy feely but in a very pragmatic and systematic way). Then, to analyze where we sit on the continuum with a view to various important traits and what needs to be done in order to level up and be able to do this job successfully. No two persons are alike and, hence, there can be no one-size-fits-all advice on trading psychology. The solution needs to be tailored. Everything is presented in a very concrete and structured way and citing the academic literature and studies where relevant for readers who would like to dig deeper. We have all the greats of trading psychology like Douglas or Steenbarger (for whom I have great respect) and still – you will find stuff here that you have not yet seen elsewhere.That is the part on trading psychology and it is only one small part of the book.If you trade, you owe it yourself to read it (because otherwise you will be at a disadvantage to others who did). If you have a spouse who would like to know how it is to trade and why it is fascinating – give them the book. Maybe only the first chapter (which – together with the related web link) will give them an impression what it is that drives trade(r)s.Oh and one thing I forgot: Forword’s by Ben Hunt. That alone tells you: You won’t agree with everything in it but it also won’t be dull 🙂