One Good Trade: Inside the Highly Competitive World of Proprietary Trading

If you are looking for a book about daytrade techniques, this book is not for you. ThIs book is about the routine of a proprietary Desk and the profile of Traders who achieve consistency. The reason is behavior and psychology. The book tells the story of traders who failed and traders who were successful and there is a lot of INSIGHT in these stories. If Trader is competent, why trade on a proprietary Desk? Why not operate alone, without strict rules and without sharing the result of the work? All DAY TRADERS who have tried long enough in the market to the point of reaching frustration will find the answer in this book. At the proprietary desk, you either follow the rules and the trade plan or you are out. At home alone it is much more difficult to impose the necessary discipline, even if you have all the knowledge and technique. Read the book and you will get a lot of inspiration on what should be done. In short, it is a book on behavior, psychology and teamwork.

For all new traders they will be able to relate to a few points however at times I felt he took too long to get to the point. I would still recommend the book as I too have had a slight trading slump but live to fight another day.

The author has looked deeply to understand why traders succeed or fail, and combines those insights with a passion for teaching and coaching. Knowing that skill and discipline are required to make money as a trader, he works in this book to instill that knowing in the reader, and tells how to develop skill and discipline in trading. It's a remarkable book. It is entirely focused on becoming a great trader, but the concepts apply to many endeavors in life. Highly recommended. Also see his other book, The Playbook. It's great, too.

Anyone who is trading should read this book. Author gives valuable insight into what it takes to be a trader from the Prop firms point of view. If you are looking for specific strategies then forget it. Trading not all about strategies but more to do with psychology. If you've read Trading In the Zone by Mark Douglas then this would be great addition to that

First of all this is Bryan and not Brooke! I had to ask my wife to borrow her Amazon account so that I could write a review. Apparently creating an Amazon account is not enough to write a review, they found a way to monetize even that part of their business (hence the nearly $800 stock price). Sarcasm aside, I read the reviews of One Good Trade prior to reading the book and then again upon completion. I have never been someone to take the time to write a review for a book I read, but given my affinity for the book I felt compelled to offer my perspective. To give full disclosure, I worked on Wall Street on a prop desk during one of the greatest times in history ( Late 1990s- Early 2000s) and I enjoyed great success where I was able to quickly become a CPT ( Consistently Profitable Trader). Similar to the experience the author describes in the book, I never received the in-depth training that could have given me a better chance of success. I succeeded through hard work, asking a lot of questions, improving daily, and being surrounded by other talented individuals. I am sure there was some luck involved, but my point is that this book provides valuable insight into not only the job of a professional trader but the experiences, thought process and most importantly challenges that will surface if one chooses to embark on the challenging career of a prop trader. I found the anecdotes to be poignant and at times amusing. I found One Good Trade to be enjoyable and more importantly educational. I was shocked how much I learned about trading that I either forgot or never knew. The author does a nice job of explaining things in layman's terms while still challenging experienced traders. I read the book in a few days and enjoyed it so much that I had my wife purchase The Playbook which I read the following week. Since I won't be writing a second review, I will tell you that as helpful as One Good Trade was, The Playbook was even better. The Playbook provided an updated and even more relevant insight into the discipline, patience and work ethic required to succeed in the highly competitive world of proprietary trading. Lastly, I will say that the author comes across as more of a coach than a critic. It seems that he really does want to help people and see them succeed. It is a shame that some people couldn't find something positive to enhance their trading or understanding of a prop desk from the book. I highly recommend it for anyone with a positive attitude that is looking to improve himself/herself. If you are a novice you will learn a ton. If you are an experienced and successful trader then hopefully you will take away one concept that will make you even better. Enjoy.

Very interesting for traders.

This is an excellent book and now sit in my top 10 alongside The Playbook. Never was a day trader, but I always aimed to find the best entries and timing to my longer plays, this book and The Playbook has changed my trading to another level as. If you are an investor or longer term trader, swing trader and not making money or killing it in the markets, then you have to read these books to understand what really goes in a trading day, which gives you clear signals whether you should be holding or selling, for whatever timeframe you are trading. This has been written by a master trader with a group of master traders, so only ignorance will stop you from becoming better, you don’t know what you don’t know, and it’s important to know what you don’t know.

As an experienced and high performance futures and options prop trader, I have read many trading books but only a few have truly impressed me and One Good Trade is one of them. One Good Trade is a simple but very powerful concept that all traders should embrace. Talking from my own experience, One Good Trade and then another Good Trade and another Good Trade is the path to become a consistently profitable trader. By the way, as you will find out when you read the book, One Good Trade does not mean necessarily a profitable trade but a trade well researched and well executed. Additionally, the book is quite easy to read with many funny prop trading anecdotes.