IQM's High IQPro is not bad. A better "stone" for sharpening the WM (it claims to target Gf, I don't agree with that since Jaeggi's original study already made a disclaimer about targeting Gf indirectly), but a stone nevertheless. All these games try to help you remember "more" things. Rudimentary English is required. And hope that it sticks...crudely speaking. Very inelegant.
So my reco is none of them. Instead I found the toy that I prefer....and it's Merzinch's Posit Science. More elegant. Does it work?...I believe it does.....quality over quantity......more sensory.
This pretty much describes me, but in regards to poker. Hence why I'm here trying to learn a new field
Fair enough. Perhaps I can ask some things and you can just respond how you want..
I've done a fair amount of reading. I struggle to find anything worthwhile. At the same time, who am I to decide what is worthwhile? Its just that nothing I find can provide me with a foothold to grab onto and form a base for trading the market.
In past posts, both you and Fat Tails have recommended learning the structure of the markets instead of reading worthless TA material. The ONLY thing that has made sense to me that I've read so far is this pdf: Larry Harris - Winners and Losers of the Zero Sum Game (gonna move onto the Market Microstructure book next). Probably because of my poker background, it just makes sense to me to look at things from an exploitive point of view. Who am I exploiting? Where does the money come from?
So the pdf was very interesting explaining the different types of participants and what their goals in the market is. However, I'm still finding it difficult to use this information to put together a trading plan. The stuff about price/volume relationship, reading the tape and the dom, that has made the most sense to me. But when it comes time to define entries or interpret the structure of the market and which is more likely long/short, I find all the information about the participants kinda goes out the window.
Any guidance would be appreicated
Last edited by mikusha; May 1st, 2012 at 08:40 PM.
Thanks! One thing is improving a well-functioning brain, another is to try to prevent mental decline. I'm primarily interested in the latter. Just doing simple stuff like mental arithmetic, or trying to remember, after glancing for less then a second, the license plate, both forwards and backwards of each car that pass by while driving. I also enjoyed arriving in a new city, studying a map in my hotel room and then take a taxi to somewhere deep in the "jungle". It's fun trying to find one's way home. Even more fun if there's a few bars on the way. Thankfully a few beer doesn't hurt: Creative Problem Solving: Forget the Focus
Yes, Harris has written some good stuff. It's important to think about these things, but not necessarily easy to put into practice. There are several approaches to trading. My trading is mainly based on getting a read on the market and only trade when truly feel that it's worth it. People trade too much. Trade less and try to ride the winners for what their worth. Get out quickly if it doesn't work out. As you are a gambler, try to find a pdf of this book: Amazon.com: Secrets of Professional Turf Betting (9780685137529): Bacon: Books
I also included a collection of articles by Toby Crabel. That's a decent place to start.
Just to clarify, I'm not revealing anything about how I trade or claim that the specifics of the material is any good. But I think it might be a better place to start than all of the standard TA mumbo jumbo.
I only read a book on balance sheet analysis and one about macroeconomics when I first started. Then I read Klarman's "Margin of Safety". Later I enjoyed reading some of the old books from the early 1900s -- mostly for historical reasons. Jesse Livermore's original 1940 "How I Trade In Stocks" truly captures the essence of being a speculator.
I find great parallels between sports/horse betting and trading. Ziemba has written a lot of stuff that applies to all speculative ventures, but his stuff requires some mathematical knowledge.
Also try to find Mark Fishers seminars. They have been posted before, and maybe a kind soul will reupload them. I'm not sure where I have my copies, but I'm pretty certain @Fat Tails or @mfbreakout have them available. I challenge them to give something back to the community. Especially @Fat Tails! He has always tried his best to avoid helping people...
The following user says Thank You to Lornz for this post:
No I don't. I have only worked through his book "The Logical Trader".
Yes, there are parallels between trading and gambling. I recently bought an interesting book, think it was recommended by Edward O. Thorp, requires a bit of mathematics. Have only started to read it, too early to make a substantial comment, but I really like it.
After Dual 3B, I graduated myself to Triple 3B... which proved to be tough and I dropped back down as I felt it wasn't optimal training. So I'm back at Dual 3B, though I feel I mastered that one (around 90% hit rate when I concentrate hard)... not sure if I should go to Triple 3B or Dual 4B next. I'll probably try triple again as I'm interested in improving my 'width' thinking rather than 'length'.
The interesting part is the effects.
Dreams are quite vivid, I remember them in detail... which I find annoying when I wake up in the morning. Instead of being happily oblivious about my subconscious issues, I am now aware. Probably good for me. Also, sometimes I dream in bright colors now and remember numbers in my dreams (4 8 15 16 23 42 ).
Huge improvements in short term memory. I casually glance at license plates while driving and remember them effortlessly days later. As for IQ I'm not sure. I'll do a test after a few months of practice and see if there's some points gain (typically, I've read people reporting 5-10 point gains).
Will post an update in a couple of weeks again.
"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
The following user says Thank You to Anagami for this post:
Many parallels between trading and gambling. I have done a little bit of research on sports betting, and they are very close as well. Especially since most of the real winners (sharps) at sports betting have extensive models which they've backtested. These are the 'value investors' who pounce on bad lines that the books offer. You have steam-chasers who basically wait for those sharps to move the lines, and then look for a bookie that is slow to update his in line with the broad market. Those players are the 'front runners'. You have arbers who keep money on all books. You have traders who buy/sell odds on betting exchanges. Its interesting because I just got into sports betting maybe 6 months ago but I'm glad I did, because it helps me make comparisons with trading.