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Some highly recommended books
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Some highly recommended books

  #141 (permalink)
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More Books

“Ninety per cent of the game is half mental” - Yogi Berra

Here are some books that I'm currently reading and that I'd like to recommend to discretionary traders:

The Tao of Poker, Larry Phillips
The Art of Learning, Josh Waitzkin
Mind Gym, Gary Mack

Have happy holiday all.

UC

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  #142 (permalink)
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Beat The Forex Dealer

I'm reading this at the moment and it's great.

Chapter 1 starts with...


Quoting 
Markets

If one believes in a random universe, a strong case can be made for the fact that any sort of technical analysis and trading tactics are in fact quite useless. Under this scenario, random and unpredictable price movements makes research, analysis, and market timing an exercise in futility, and relegates any kind of strategy (other than buy-and-hold) to a game of chance, not skill. As Burton Malkiel famously noted, "A blindfolded monkey throwing darts at the financial pages of a newspaper can select a portfolio that will do just as well as one carefully selected by the experts". This market view is supported by the fact that the vast majority of mutual funds fail to beat the broader market year after year, and history shows us that the ten best-performing funds in any one year will drop to the bottom of the pack in the following two to four years, meaning that a manager''s outperformance is largely the product of luck, like a gambler''s short-term winning streak. Simply put, there is no way to consistently beat the market.
Needless to say, this view of things does not sit well with Wall Street, which preaches that research, analysis, and relying on expertise are the keys to investing (and their business model!). Assuming that we can draw a similar parallel to other markets, then why bother trading? Why spend so much time researching the market and analyzing prices when we could just as simply close our eyes and buy or sell?
Thankfully for traders, although the random walk theory paints a strong case against mutual funds, it is not entirely bullet-proof. Investors consistently fall prey to fear, envy, overconfidence, faddism, and other recognizably human imperfections that make markets not only inefficient but predictably inefficient. In the short run, recognizable patterns are indeed visible in the stock market. Bubbles are created, and then burst. If the DOW goes up one week, it is more likely to go up the next week. In the long run all of these moves smooth themselves out, but in the short run, predicting and trading these constant adjustments can actually make for quite a profitable proposition. Through research and analysis we can visually identify these inefficiencies and market anomalies in charts, and then trade their expected outcomes. The point in trading is therefore not to forecast the future events themselves, but rather to predict and profit from their consequences instead.
The day the financial community realized exactly how imperfect a science it practices was 19 October 1987. On this "Black Monday" US stock markets managed to drop an incredible 22.6% for no apparent reason, which proved especially shocking to the brilliant mathematical minds that had spent their academic careers solving most of the puzzles surrounding proper pricing and valuation. By the late 1980s it seemed that markets had finally been "figured out" and trading was no longer the realm of risk-hungry cowboys as technology quickly came to replace the gut in pricing (and trading) decisions. Yet in light of all this, the world''s biggest and most sophisticated market still managed to shed nearly one-quarter of its value in one day and on no news, putting into question even the most basic financial assumptions. By noon of that day, IBM''s stock stopped trading in the face of only sell orders; literally no one wanted to buy. If a stock is only worth as much as someone is willing to pay for it, did this mean that IBM''s stock was, at least for the time being, worthless? What exactly was going on? How could we call the market rational and efficient, let alone figured out?
The fact that this event now seems as distant as the stock market crash of 1929 is evidence of just how much we have moved forward, yet many of the underlying reasons behind the crash are still around today and the trading lessons behind these underline the major differences from what we may call the "academic" view of markets and the trader''s view.


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  #143 (permalink)
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I agree with Cunparis - most trading books aren't worth the paper they are written on.

I have Trading Authors in the same category as Trading Mentors - most do it because they have domain knowledge but couldn't make the grade trading.

Anyway - my contribution to best book for day traders is this:

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It was recommended to me by a trader I aspire to be like.

Note that I do not play golf.

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  #144 (permalink)
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Here's a book I found helpful.

The Intuitive Trader: Developing Your Inner Trading Wisdom [Hardcover]
Robert Koppel

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  #145 (permalink)
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Mindless View Post
Here's a book I found helpful.

The Intuitive Trader: Developing Your Inner Trading Wisdom [Hardcover]
Robert Koppel

I'm not familiar with this book, what do you like best about it?

Mike

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  #146 (permalink)
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First of all. Please forgive my lack of strength in the writing department. That is possibly why I don't post much.

From my own experience: I know that you can only reach intuitive trading after you have truly accept the fact that losing trades are a normal everyday part of a traders life. And once you embrace losing you start to free yourself of all the distractions that come from trading with extreme emotional swings. A great example of traders not embracing losing is the constant search for the holy grail.

My own opinion of myself is that I am no expert of trading. Even though I have been making a living as a trader for close to 20 years. That mindset keeps my mind open to the big picture or high probable moves that the market may be making.

So back to the book. In the book the author uses real traders. to help you understand the different levels of intuition. For example one trader informs that he believes that intuition is only achieved after you have put in the thousand of hours of studying and applying with real $ your trading method. My take on that. Is after the repetition of using your method time and time again. You will have moments of clarity, and putting a trade on without hesitation. Like peddling your bike down the street.

And from my own opinion. I feel you can take it a little further by figuring out your core mythology. Are you leaning towards automated assist trading or discretionary. Are you a price-action trader or indicator base. Do you like using the info from the news and fundamentals (economic or business) to make decisions. Or do care less about the news and just wait to see how the market reacts to the news. And if your a indicator base trader you need to ask yourself how long have i been using this set up. In most cases indicator base traders like to change there indicators like a child with ADD.

So I guess what I'm trying to say or suggest is to keep it simple. Put the thousand of hours in on a core method (Traders Identity that fits your personality). Try your best to not change up your foundation once you found a method of trading that fits your brain. Then put the thousands of hours of blue collar work in.

Hope this helps
Mindless

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  #147 (permalink)
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More Money Than God

I must admit that I did not like the title of this book. There are many authors around that have fed on the hype following the financial crisis without contributing a lot.

I finally bought this book, and I do not regret. It is a well researched story of the history of hedge funds. It accurately tracks the fate of famous traders and their funds, explains their trading styles, the great success stories and the great failures.

The author is a former board member of the Washington Post, was the International Finance Correspondant for The Economist and currently works for the Council On Foreign Relations (CFR), where he holds the position of the Director of the M.R. Greenberg Center for Geoeconomic Studies.

The book is extremely well researched, as the author has conducted around 150 interviews with traders and other members of the financial community. The cited sources alone cover 55 pages.

In a way the book can be compared to Jack Schwager's Market Wizards, but with a lesser focus on the personal histories of the traders. By contrast it gives a far better overview of the evolution of the financial markets, which provided the context for the different trading strategies during the last 30 years.

I enjoyed reading the book.

Sebastian Mallaby - More Money Than God: Hedge Funds and the Making of a New Elite

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  #148 (permalink)
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Reminescences of a stock operator

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First published in 1923 the true story of Jesse Livermore where he made and lost several fortunes.

In a age made of supercomputers, high tech procedures, indies and algorythms this book is still actual and reminds us that the rules and the psychology of the game are still the same.

I don't know if it's been mentioned before, I found it simply incredible.


LOL I just found out that's the first post adviced by BM, happy coincidence The book should be free of copyright you can read it at http://www.trading-naked.com/library/jesse_livermore.pdf


Last edited by redratsal; February 20th, 2011 at 04:41 PM. Reason: Goto post 1
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  #149 (permalink)
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Mindless View Post

First of all. Please forgive my lack of strength in the writing department. That is possibly why I don't post much.

From my own experience: I know that you can only reach intuitive trading after you have truly accept the fact that losing trades are a normal everyday part of a traders life. And once you embrace losing you start to free yourself of all the distractions that come from trading with extreme emotional swings. A great example of traders not embracing losing is the constant search for the holy grail.

My own opinion of myself is that I am no expert of trading. Even though I have been making a living as a trader for close to 20 years. That mindset keeps my mind open to the big picture or high probable moves that the market may be making.

So back to the book. In the book the author uses real traders. to help you understand the different levels of intuition. For example one trader informs that he believes that intuition is only achieved after you have put in the thousand of hours of studying and applying with real $ your trading method. My take on that. Is after the repetition of using your method time and time again. You will have moments of clarity, and putting a trade on without hesitation. Like peddling your bike down the street.

And from my own opinion. I feel you can take it a little further by figuring out your core mythology. Are you leaning towards automated assist trading or discretionary. Are you a price-action trader or indicator base. Do you like using the info from the news and fundamentals (economic or business) to make decisions. Or do care less about the news and just wait to see how the market reacts to the news. And if your a indicator base trader you need to ask yourself how long have i been using this set up. In most cases indicator base traders like to change there indicators like a child with ADD.

So I guess what I'm trying to say or suggest is to keep it simple. Put the thousand of hours in on a core method (Traders Identity that fits your personality). Try your best to not change up your foundation once you found a method of trading that fits your brain. Then put the thousands of hours of blue collar work in.

Hope this helps
Mindless

+1. I couldn't agree more with your thoughts above.

I think people become obsessed with indicators because they treat it as an intellectual challenge - searching for a holy grail (modern day alchemy) is futile and can lead to a poor trading mindset.

I picked up an old copy of the book on eBay and will look forward to reading it.

Please post more often!

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  #150 (permalink)
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A good book i have read

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Causality is the relationship between an event (the cause) and a second event (the effect), where the second event is a consequence of the first.
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