Customer comments on this selection.
 Good overall concepts, just not very useful in some areas
First, let me say that I do recommend this book to any trader no matter what level they are at.
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br /I did like what Mr. Jankovsky is trying to point out to traders out there - that there is more to trading than just a trade "strategy". There are some things in this book that a trader needs to really think about ie their trade plan, thinking thru your exit strategy, really think about your own psychology, etc, which is where the 2 stars came from in my review of this book.
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br /However, the book falls short of really giving the reader something useful in other areas. For example, 80% or so of market movement are traders getting out of their positions. That's great to know - but how do I trade with that knowledge? If I look at a chart now with that knowledge will I see where to get in and to short now or go long? No, because he doesn't explain how to actually use that knowledge. Another concept from the book: you have to ask yourself where is the loser? Well, again, how does that help me? He doesn't point out how to see where the losers are. That's like saying "You really need to go long when price hits the bottom." Ok, but how do I know where the bottom is? The ideas like that he presents is about as useful as "Buy low, sell high."
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br /He seems to be little negative about technical analysis and how that doesn't work and that the real question is where is the crowd going to panick and figure out that their long is no longer valid and decide to bail out. But again, he doesn't tell us how to determine that. HELLO!!! You don't need to sit there and try to get into trader's minds that you can't even see or know because there is this thing called "technical analysis" that incorporates all the emotions and strengths and weaknesses! For example, if I see a big spiked rejection hammer at the top of a run, I don't have to take 15 minutes and talk to myself trying to evaluate what all the traders were thinking when that happened - a hammer at the top of a run shows huge weakness. Period. Done. If there is another way to determine what the bulk of traders are thinking, then I wish Mr. Jankovsky would have shared it with us. If there was, then why didn't he simply tell us how? He wrote this entire book, but then didn't really tell us anything about how to determine things like that. It's like writing a book on the cure for cancer, but never actually giving out the formula for the drug. Very frustrating to read this book in that regard.
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br /But the other things mentioned in the begininng of my review do make this book worthwhile to read.
 Food for thought
If you are looking for a how-to book on trading, forget it.
br /If you are looking for set-ups, entry points, etc. forget it.
br /If you are looking for a list of trading rules, save your money, you can find (basically) these same rules for free on the web.
br /Actually READING this book will not help you AT ALL.
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br /Then, why do I give Trader X/Jankovsky's book 5 stars? Because in my view it is simply the best trading book out there, provided that you use it not as some sort of recipe, but as it was meant, as food for thought.
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br /Keep in mind that the premise of the book was to explain why rules DO NOT work (you can clearly see the marketing people hand in the title, can't you?). Actually, if you think that you can have a set of rules handed to you, follow them and then trade profitable, be ready to join the legions of guru followers that waste both their money and their time because they simply REFUSE TO THINK. If you don't believe me, read some of the other reviews of this book.
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br /Jorge
 Good for the novice
It's obvious that the author has had the benefit of either having attended a workshop, or personally worked with experts in the field of trading such as Alexander Elder, Larry Pesavento, and the like. He has tried to duplicate the expertise that these leaders in the world of trading live and breathe, however, it is apparent, that the author is still learning, but still provides those of us novices some great insight.
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br /Not a negative by any means ~ as in my title, this is a good book for the novice who has no prior education in trading such as myself, or someone again, like myself, who only has expertise in psychology as a clinical psychologist, and needs to understand the underlying components of trading the markets. So, overall, a very decent work.
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Simple Truths: Powerful Lessons
This guide blueprints 28 rules for trading success. Straightforward and simple in their statement, they are pregnant with meaning for anyone who has ever ventured into a zero-sum trade.
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br /Jason Alan Jankovsky is the exception to the rule that those who "can, do and those who cannot, write books." Leaf through this book's first few pages and you will quickly recognize the depth of his insight. His rules are clearly and concisely stated. The author explains the psychology behind each. His explanations drip with the insight that can only be bought with one's money on the line. Once understood, the rule becomes easier to employ.
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br /The rules, perhaps they are better defined as guidelines fall into four categories:
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br /* Part One: Getting in the Game outlines the psychology of market price action.
br /* Part Two: Cutting Losses shows you how to protect yourself in today's markets--even when it is emotionally difficult to do so--by developing a set of unique trading rules.
br /* Part Three: Letting Profits Run covers the few simple rules you should follow in order to remain in a winning trade.
br /* Part Four: Trader Maxims examines trading's most common rules.
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br /When I read the work of a master, and make no mistake, Jankovsky has earned that title, I always pick up something. Personally, Part Two was a revelation. I had never thought to commit my personal trading rules to paper. Detailed, specific and goal-oriented rules that can be review each day - both before the opening and after the close. It was hard work writing them. It is even worse, trying to remain true to them. Yet I have seen a discernible improvement in my discipline as a result of this exercise
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br /Successful trading takes discipline, desire, knowledge, and skill. The 28 rules, insights, and guidelines found in this book will push you towards your goal of consistent trading success in what for many is anything but.
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 Extremely boring book
Extremely boring book. Filled with the usual "don't overtrade", "always use a stop" and other "secrets" and blah blah blah...
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br /I could not find ANYTHING of value inside this soporific book. Your money could be better used elsewhere, don't spend it on this useless book unless you suffer form chronic insomnia.
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