Thread by @anambroid

What follows is my review for altcointradershandbook.com
by @cointradernik
On a related note, I will start using @CryptoJuggalo's hashtag #cryptobookclub more frequently and I implore you to do the same while reviewing or mentioning an inspirational book/paper. Let's collaborate.

Let me start off saying that Nik is a good friend and I enjoy conversing with him. Despite me dissing the book hard in the upcoming tweets, I hope he continues writing.
The score is also overall positive. All the criticism just means that I care.

P1: Memoir 10/10
Arguably the best part of the book. Nik shows how he started, reminiscences on his biggest trades before hiatus and there are quite a few morals to be remembered, which are explored later in the book.
It indirectly shows how much more elaborate scams are nowadays

P1, CH2: FA 5/10
A very narrow-minded approach towards FA shows what Nik excels at, low caps. There is zero mention of ICO's (tokens in general), mining (despite Nik mentioning he speculatively mines) and if this book is to become a handbook, it needs more concrete examples.

Overall the FA section is aimed at a complete beginner, which is fine. Such a beginner will however ask - how about these other angles that are not mentioned? The author should have at least addressed why he does no go into depth regarding them and maybe point towards others.

I did enjoy the Rich List section, however it is, again, narrow-minded. It should go more into depth about transactions themselves, about faking positions and mind games that big holders have started with in the top holder wallets.

A lot of the principles Nik applies to coins can be twisted towards tokens, however there is no mention of this. I find this a huge oversight and maybe a challenge for Nik as a trader. Cryptopia might not be around here forever and if it dies, Nik will be left floundering.

P2CH3 TA 3/10
The diss cometh.
Starting off with patterns and completely butchering them is a massive mistake. It's like the author wanted to get his weakest tool out of sight ASAP.
1/ Why do patterns form? There is a psychology behind them. Completely ignored.

2/ How to trade patterns and what if they fail? It is a trap to play into a developing pattern instead of waiting for it to finish - and the author fell for it.
3/ Why start with patterns? It is only logical to start with market cycles themselves as the basis for TA.

Price action is the only section with staying power. Unfortunately, it is underfed and lacking, because of what I perceive a fear of going into more depth (due to ICT suing the author? Who knows.).

Fractals and projection section could as well get a beefed up. Why do fractals develop? How about more hints for spotting them? When is not considered a fractal anymore in authors mind, because it's not similar enough?

Orderbook reading was a section of the book that I got access to early in the game and I was ecstatic. I was telling myself - if the rest of the book is like this, it's gonna be a masterpiece!
This is what the rest of the book should look like.

Accu/Distro section is 50/50. It's great for exiting one's positions, however it should go into a lot more depth about the cycles themselves.
There is no mention of the TREND in-between accumulation and distribution for fucks sake.

How does one follow such a trend and not get shaken out? How does one identify such a trend? When is it still safe to hop on, is it sometimes too late (yes, yes it is)?

P2CH5 6/10
Risk/portfolio management could be beefed up with imaginary portfolios for the beginner, actual situations from real trading and there should be more emphasis on it throughout the book. Otherwise it's great.

Market psychology (and market cycles). Completely understated, should have it's own chapter.
Zero mention of Wyckoff method, which is sad.

Some notes:
a/ Author mentions 10% of his portfolio is in high caps. How does he pick them? When does he get in and out? Does he even get out or are they buy and hold?

b/ Beyond mentioning that he did spec/rental mining and downloaded an infected wallet, there is no mention of mining. Why? How to pick mining projects? How to do rentals? Why mine now instead of buying later? Etc.

c/ How about a section on "How to avoid a scam?" or something similar? Anything in this vein would be a boon to a beginner reader. Maybe some charts to accompany how such suspicious projects end up.

Summary:
The whole book comes off with what I call a British vibe. The language flows smoothly and makes one want to keep reading forever, however it's full of unnecessary padding and rambling. Arguably, this is why it flows so easy on the eyes&mind and why Nik likes ICT so much.

The aim of the book seems to be a handbook for a newbie cryptocurrency speculator. In some cases, such a reader is left with very precise instructions and step by step processes (Orderbook reading, Explorers and Rich Lists, The Process).

Other times the reader is left with half assed explanations (Order Blocks, Market Psychology & Cycles, Chart Patterns) which leave them floundering and confused, or outright ignorance of important sectors in the "cryptosphere", as author calls it.

6/10