Book Review: Way Of The Trader, By Ian Murphy

It’s been a while since a mainstream publisher released a book on trading, especially trading with a human face. Ian Murphy’s Way of the Trader: A Complete Guide to the Art of Financial Trading (Harriman House, 2019) is a welcome addition to the literature. Not only does it offer sound advice, but it does so in a way that does credit to the Irish tradition of great storytelling.

As an active member of SpikeTrade.com, a group of traders led by Alexander Elder and Kerry Lovvorn, Murphy reprises some of the themes in Elder’s works. One is the critical importance of keeping good records. For instance, in delineating some of the differences between traders and gamblers, Murphy writes:

“Honest and accurate records are what separate trading from gambling. The floor of a bookmaker’s office is littered with crumpled papers, each one cast aside by an unlucky punter. Every piece of paper is a written record of a financial transaction. This carpet of losses is conveniently trampled underfoot, allowing the customers to ignore the reality of their situation. But the bookmaker doesn’t throw away his records. That in itself speaks volumes.”

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