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Some highly recommended books


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Some highly recommended books

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  #201 (permalink)
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boomer34 View Post
Hey guys...

I was looking for the highly recommended book "Trade Chart Patterns Like the Pros" by Duddella.

I noticed that it is not on Amazon (they do have a outside seller on their site you can buy from), and seems to not be readily available on the internet. Now I have found places to buy it from...but I was just wondering why it is not readily available? I mean Amazon usually directly sells every known book...

Thoughts?

Suri Duddella (@suriNotes) is around, maybe he can comment on the Amazon issue because I was thinking it was on Amazon now. But you've always been able to buy it on his website:

suriNotes.com, suriNotes, Stock Research, Futures Trading, Emini Trading, Tradestation, Indicators

I think Suri's intention was to self publish mainly because he wanted an oversized book (his is physically larger than most) and also because a lot of publishers take like 90% of proceeds, so if you can market the book yourself...

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  #202 (permalink)
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I thought I might chime in with a brief review of a book I read during the holidays entitled 'Market Mind Games' written by upcoming speaker here Denise Shull.
I realize it's not on Mikes favorite list if for no other reason it wasn't even written when this thread was created but is none the less worthy of mention. It's basically about dealing with emotion when trading.

The common view on emotion is to surpress or try to ignore emotions when trading and try to act like a robot. Shull suggests that instead of ignoring emotion we should learn to interpret emotion and use it to our advantage. In other words realize and identify what you are feeling in various situations and then use those feelings to your advantage.

She goes into detail and doesn't miss anything as far as I could tell ( I'm not a psycho babbler). It's fairly easy to understand and makes a lot of sense and I would recommend it.

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Richard A. Epstein: The Theory of Gambling and Statistical Logic, Second Edition

"Recent advances in the field, particularly Parrondo's paradox, have triggered a surge of interest in the statistical and mathematical theory behind gambling. This interest was acknowledge in the motion picture, "21," inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos. Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market (including Edward Thorp's warrant-hedging analysis). He even considers whether statistical inference can shed light on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study. The book is written at a fairly sophisticated mathematical level; this is not "Gambling for Dummies" or "How To Beat The Odds Without Really Trying." A background in upper-level undergraduate mathematics is helpful for understanding this work."

Amazon.com: The Theory of Gambling and Statistical Logic, Second Edition (9780123749406): Richard A. Epstein: Books




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  #204 (permalink)
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Technical Analysis of Stock Trends - Edwards & Magee
Technical Analysis Explained - Pring
Technical Analysis of the Financial Markets - Murphy

I'm looking to read a general technical analysis book, one that covers the spectrum. I am profitably trading, using a few methods, but I feel like I missed an intro to TA.

I keep finding these 3 mentioned over and over for a "Bible on TA" so to speak...is one of them more current and applicable to today than the others?

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  #205 (permalink)
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Maybe "Trade Chart Patterns Like the Pros" by Duddella is what I am looking for...

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  #206 (permalink)
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Boomer34 View Post
Maybe "Trade Chart Patterns Like the Pros" by Duddella is what I am looking for...

An excellent book on patterns. You can watch his webinars on futures.io (formerly BMT) and see if his style makes sense to you before buying.

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  #207 (permalink)
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There are tons of trading books. Topics range from fundamentalist perspective to psychology to "If you want to make $120394810 a year, buy my whiz-bang software" to everything in between. I've got and have read a lot of these books, just like most others have. All that means is that I'm reading and thinking the same way everyone else is. So I look for things outside of trading that may be applicable to trading - both personally and already in play in general.

So here are a few recent and current reads (all are available on Amazon or similar) that have been well worth the price of admission:

Recent
The Power of Full Engagement
Talent Is Overrated
The Talent Code
Slaying the Dragon

Current
Thinking, Fast and Slow
More Than You Know
Think Twice
Thinking Strategically

I chose not to go into why each has been important to me because I have no desire to influence someone else's experience. Something life-changing to me could be less than a disposable napkin to someone else. Worse, it could be the opposite. Always remember, the Grail is you.

I am on a constant journey to improve myself - in trading and in life. These and many other resources have had a positive impact on both.

Take care -

Omni

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  #208 (permalink)
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My two favourite trading books are

a) Technical Analysis of Financial Markets by John J Murphy
Amazon.com: Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance) (9780735200661): John J. Murphy: Books

b) Technical Analysis of Stock Trends by Edwards & Magee
Amazon.com: Technical Analysis of Stock Trends (9780814408643): Robert D. Edwards, John Magee, W.H.C. Bassetti: Books


Both these books are must have on the shelf for any serious trader.

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  #209 (permalink)
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Generate Thousands in Cash on your Stocks Before Buying or Selling Them by Samir Elias

https://www.amazon.com/Generate-Thousands-Stocks-Before-Selling/dp/1585974242/ref=sr_1_1?ie=UTF8&qid=1328086899&sr=8-1

Even though his book is about using options to generate cash, some of his strategies are applicable in futures, stock and forex.

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  #210 (permalink)
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Finally got around to working my way through this thread (but not cover to cover - just 75% or so).

I would say I agree w Cunparis's post that you have to be careful with your time. However, I would add that you have to be more careful with your mind - especially if you are starting out. The reason being that (IMO) most how-to trading book authors are writing because they cannot make money trading. My opinion is that if you consider this to be axiomatic then you will be correct more times than you will be wrong. There's a story about Ed Seykota in which van tharp asks Ed several times to get help in writing his book "trade your way to financial freedom" and Ed tells Van that he should title his book "Write your way to financial freedom" instead.

The problem is that there are so many "ways to trade" that do not work but still look great "on paper" or "in theory". I think that if you spend time reading these books, you'll not only waste your time but be mislead about what it really takes to be consistently profitable trading. (I want to make a distinction here between "how to trade" books and "reference" books such as edwards and magee.)

I think this is why psychology of trading books are more often good than bad - the author isn't claiming to know how to trade, just how to think while trading. However, even in this space there is a lot a repetition and trite advice.

I don't want to make a list of all the books I like and all the books I don't. But I do want to discuss (if anyone is interested) Ari Kiev's books. Dr. Kiev worked with at the olympic training center at the start of his career. After establishing himself as a performance shrink and coach, Steven Cohen (SAC capital) hired him to be there on-site shrink/coach. After almost a decade of this, he wrote his first book "Trade to Win" with a preface by Steven Cohen. As far as I'm concerned, a pedigree doesn't get any better than this - the guy worked with the best athletes in the world then he worked with one of the best traders (and his hedge fund) in the world. I don't know of anybody in this space that has anything like this level of experience and track record.

Ari's advice is very clear - he believes (in direct contrast to much i've read in "how to trade" books and psych books and also many places on futures.io (formerly BMT)) that a trader needs to set specific monetary goals. He believes that only specific monetary goals have the power to push a trader to do what is necessary to improve him/herself (in terms of knowledge, strategy, psychology, etc) in trading. He believes goals push individuals to unlock their potential. He also has a somewhat unique take on the emotions generated by trading. He (even back in 1998 when this was anathema to most wrote/said) has never recommended "controlling" emotions - he recommends feeling them, acknowledging them, and working WITH them. This is advice many today claim to have "invented" (but I'm not naming names!).

I'm curious if anyone has read Ari and what they think? I have read "psychology of risk", most of "managing trader stress", some of "trading in the zone" (same title as douglas's book), and have "trading to win" on deck right now.

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  #211 (permalink)
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This is a rare book, not anymore publish. I bough my copy on Ebay and have it signed by the author.

In it, there is no magic recipe, no promise to get you the grail. Listen to the Market is about what it said listening of what the market want to say. Witch direction, how does a market reverse, What is the prelude to a panic and how you can profit from it etc. There a good explanation on different aspects of the trading business.

Also include, some of is setup. They are explained with the trading participant point of view or emotion. How does the crowd react, how do they feel and how it is interpreted in the bars. Again this is not a recipe book. This is a reference book.

Ivan Krastins, the author was my mentor He is a trading legend in Australia where he was one of the founder of the AATA, a traders associations down there. What he wrote in the beginning og the 80' did go trough the crash in 87, in 92, in 2000 etc. The market was telling about is nervousness. Like any language, it need practice and open mind to succeed in the understanding of it.

Now living like Gilligan on a tiny island of Vanuatu in the deep South Pacific. The market as given him the opportunity to choose the way he wanted to live. He has by choice decided to live a very down to earth life, eating is vegetable and working with the Ni Van, the Vanuatu peoples

If you want to learn more about him, PM me.

Martin
Montreal, Canada

P.S. Excuse my English, I'm more fluent in French

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  #212 (permalink)
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cunparis View Post
I'm currently reading Outliers. The 10,000 hour rule is great. It explains why so many fail in trading. They don't stick around for the 10,000 hours. They either give up or blow up.

There is a shortcut!
"Electrodes plugged on the brain could replace the 10,000 training hours necessary to become an expert".


Summary in French: Brancher son cerveau sur électrodes pour remplacer 10.000 heures de travail | Slate
Full article in English: Zap your brain into the zone: Fast track to pure focus - life - 06 February 2012 - New Scientist

Nicolas

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Nicolas11 View Post
There is a shortcut!
"Electrodes plugged on the brain could replace the 10,000 hours training necessary to become an expert".


Summary in French: Brancher son cerveau sur électrodes pour remplacer 10.000 heures de travail | Slate
Full article in English: Zap your brain into the zone: Fast track to pure focus - life - 06 February 2012 - New Scientist

Nicolas

I do it the traditional way and put a trading book under my pillow every evening. Only works after a good glass of French or Italian wine.

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I can't wait to inform my wife of my new bedtime routine, who knew a nice glass of barollo or a pinot could be the perfect adjunct to my ongoing education. Sheeesh, why didn't I think of this !??
I am a big fan of alpha wave technology, have been using it for a couple of years, it's not difficult to learn, just a bit of practice. Great way to start the trading day, very useful skill for everyone to learn.
Denise Shull's Market Games gets two thumbs up from me.

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  #215 (permalink)
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THINKING FAST and SLOW . by Daniel Kahneman

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Fat Tails View Post
I also like the book by Joel Hasbrouck.

As per post # 105 of this thread, I also recommend the book by Barry Johnson on Algorithmic Trading and DMA.

Amazon.com: Algorithmic Trading and DMA: An introduction to direct access trading strategies (9780956399205): Barry Johnson: Books


Thanks for the heads up on this book. The ratio of trading specific books on my radar to non-trading related has grown heavier and heavier in favor of non. However, given your comments and Amazon reviews I decided to give this one a go.

I'm not a programmer or a quant. And I do not play either on TV, so it wasn't going to hurt my feelers if this book was destined to induce the eye-glaze effect. Pleasantly surprised. I'm only about 30% into the book, but so far it is all 100% readable.

My interest in the algo frontier is new, but I'm not new to trading. Amazingly, Barry's got a subtle knack for writing about stuff like order types that keeps it interesting and informational. I mean, I love trading, but if you look at the TOC it sure looks like some dry material ahead. Instead, it turns out more like you are part of a conversation. One that would bore any non-trader, sure, but luckily that's not me. Big kudos to Mr. Johnson

Looking forward to reading the rest of the book. One of my favorite parts so far is a tiny little blurb at the bottom of page 67:


Barry Johnson
Order placement and execution times are now measured in fractions of a second. In comparison, the old U.S. equity inter-market system (ITS) allowed dealers up to 30 seconds.

Thirty seconds?!? Today, that is like a century to a day trader

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  #217 (permalink)
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I just picked up 2 of Kiev's trading psychology books from some high marks in the thread...I will report back soon.

Trading in the Zone

&

Trading to Win

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  #218 (permalink)
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I am looking for books that will not be about trading signals/systems or how to trade (as there is too many of them on the market already) but will provide inside out interpretation of the price action, volume, Level II info (as in: "slight drop below the support line could be explained by stop hunting..." etc.).

I am also interested in things like creation of the order book, priority of order types in the order book (eg.: will limit orders be executed before market orders, etc.) so some insider knowledge of book makers could be interesting

I would rather go for technically accurate than easy read.

So in short I need 2 things:
1. technical explanation on how the market/order book works
2. some attempt at interpretation of price/volume/volatility/level II information (what drives those changes)

Any recommendations?

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  #219 (permalink)
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gregid View Post
So in short I need 2 things:
1. technical explanation on how the market/order book works
2. some attempt at interpretation of price/volume/volatility/level II information (what drives those changes)

Any recommendations?

This may not be exactly what you're looking for but it is definitely worth reading, is "factually accurate, and will help fill in gaps in knowledge about what trading and exchanges are.

Amazon.com: Trading and Exchanges: Market Microstructure for Practitioners (9780195144703): Larry Harris: Books

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  #220 (permalink)
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Surly View Post
This may not be exactly what you're looking for...

Thanks Surly

Obviously I am aware I rather won't find everything I am looking for in just one book but this book is a step in the right direction for at least some of the information I am after (structure of the markets).

Thanks again... any other recommendations?

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  #221 (permalink)
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I would recommend tackling Al Brooks's material - it is overwhelming but its my opinion that studying his work will save you a lot of screen time on your way to understanding market movement.

There's a lot of good stuff here. I wouldn't say FT's stuff is or isn't the best stuff out there - there's just a ridiculous amount of info for free and much of it is very helpful (esp if you are a visual learner).

That should take care of the next month of two of your life.

good luck!

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  #222 (permalink)
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Hi All

I came across this book but haven't read it. I did a search but apparently no one
has posted about it.

Video here is an interview with the author:

{less than 9 minutes}

Click on PLAY.

Fictional Thriller Tackles Dangers of High-Frequency Trading | PBS NewsHour | March 15, 2012 | PBS

The Fear Index by Robert Harris
------------------------------------------------------------------------------------------------------

Video below is Kevin Slavin speaking. If you watch it for the first 4 minutes you'll
know if it's worth watching the rest. Slavin was mentioned in the PBS video.

OR just go to 10:42 on the video.

Coolest video I've seen in months!



Comments anyone?

- Stephen

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stephenszpak View Post
Hi All

I came across this book but haven't read it. I did a search but apparently no one
has posted about it.

Video here is an interview with the author:

{less than 9 minutes}

Click on PLAY.

Fictional Thriller Tackles Dangers of High-Frequency Trading | PBS NewsHour | March 15, 2012 | PBS

The Fear Index by Robert Harris
------------------------------------------------------------------------------------------------------

Video below is Kevin Slavin speaking. If you watch it for the first 4 minutes you'll
know if it's worth watching the rest. Slavin was mentioned in the PBS video.

OR just go to 10:42 on the video.

Coolest video I've seen in months!



Comments anyone?

- Stephen

- Out of the subject of the book, but bring a lot of interrogations.

Very interesting and bring a lot of questioning on our day to day living. A bunch of guy, coder, software engineer, and the peoples who hire them do control in a way how we live and took decision. They may control the choice that we say that we took freely.

- They modify and influence the trading arena by being the major operator. Only 2% control 75% of the shares volume traffic.
- They influence witch movie will be rent on Netflix
- They code in algorithm next blockbuster movie
- They push some book of their choice in Amazone
- Etc,

Just imagine few second if somebody took control of the street light in New-York and or the power grid distribution panel.

We are like sheep, we don't ask to much question. Happy to be well served by the community....

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  #224 (permalink)
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Thanks arjfca. Well we've reached the point where a book gets its own trailer.

The trailer is below if anyone wants to re.....I mean watch it.

Excerpts from trailer are here which I've typed in:
=========================================
It was conceived to make money.
An artificial intelligence that feeds on human emotion.
Generating untold wealth, it grows ever more powerful
until the day comes to make a killing.
=========================================

The Fear Index by Robert Harris - Official Book Trailer - YouTube

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Legendary Market Wizard
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Hi,

a highly recommendable book around Trading Psychology is Trading in the Zone by Mark Douglas.

I dont't know whether or not it was mentioned before, but this book is clearly a 'must read'.

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  #226 (permalink)
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Hello,

I'm looking for a good book about money management, not only with theory, but if possible with some maths !
Any idea ?

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  #227 (permalink)
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Laurent View Post
Hello,

I'm looking for a good book about money management, not only with theory, but if possible with some maths !
Any idea ?

@Laurent: You asked for some math?

Ralph Vince: The Handbook of Portfolio Mathematics
Philip McDonnell: Optimal Portfolio Modeling
Leonard McLean, Edward O.Thorp: The Kelly Capital Growth Investment Criterion

That is just, if you really want to use position sizing for getting optimal returns. In the end all approaches to money management are a trade-off between optimal geometric growth and risk appetite (acceptable drawdowns).

There are also two more hands-on books, which do not require undergraduate knowledge of mathematics:

Nauzer J. Balsara: Money Management Strategies for Futures Traders
Bennett A. McDowell: A Trader's Money Management System


It is probably better to start with the latter ones and graduate to the first group.

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Thanks a lot Fat Tails!
Always nice advices

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Hi,

i've done my homework and now i'm sitting at a lot of system metrics and trade data series. Thru several tests in my own software i got a sense in what direction i have to dig deeper. The "Why 7% ..." thread helped me to turn in the right direction. Now i need some real statistical digits to compare the different results. I want it in EXCEL so i can feed EXCEL from my program easily. I want do the normal stuff like seen in NTs "Account Performance" and some correlation-, distribition- and deviation charts, monte carlo analysis.

Can anybody suggest a book which covers this (Englisch or @Fat Tails in Deutsch)? I've already searched but can't really find a book which catch's me respectively covers all aspects in a single book.

Found so far:
Statistical Analysis with Excel for Dummies
Financial Modeling
Statistical Analysis: Microsoft Excel 2010
Excel Data Analysis: Modeling and Simulation
Statistik mit Excel: Beschreibende Statistik für jedermann

Because this is a broad topic feel free to share links to some BM threads/posts which can guide me further. Sadly i am still a beginner in statistics.

Thanks
Koepisch

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Market Wizard
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Koepisch View Post
Hi,

i've done my homework and now i'm sitting at a lot of system metrics and trade data series. Thru several tests in my own software i got a sense in what direction i have to dig deeper. The "Why 7% ..." thread helped me to turn in the right direction. Now i need some real statistical digits to compare the different results. I want it in EXCEL so i can feed EXCEL from my program easily. I want do the normal stuff like seen in NTs "Account Performance" and some correlation-, distribition- and deviation charts, monte carlo analysis.

Can anybody suggest a book which covers this (Englisch or @Fat Tails in Deutsch)? I've already searched but can't really find a book which catch's me respectively covers all aspects in a single book.

Found so far:
Statistical Analysis with Excel for Dummies
Financial Modeling
Statistical Analysis: Microsoft Excel 2010
Excel Data Analysis: Modeling and Simulation
Statistik mit Excel: Beschreibende Statistik für jedermann

Because this is a broad topic feel free to share links to some BM threads/posts which can guide me further. Sadly i am still a beginner in statistics.

Thanks
Koepisch

I have not made extensive use of Excel so far, I am still on the lower end of the learning curve. The only book I have purchased so far is the book by Simon Menninga on Financial Modeling.

https://www.amazon.com/Financial-Modeling-Simon-Benninga/dp/0262026287/ref=sr_1_1?s=books&ie=UTF8&qid=1342897154&sr=1-1&keywords=financial+modeling

The book is geared towards general concepts in financial modelling. It is one of those books which is sitting on my shelf and waiting for me being able to make full use of it. It does have a short chapter on Monte Carlo methods, but it would probably make the task for you more complex. The book requires in-depth knowledge of financial mathematics. Also 95% of the stuff is not needed for what you wish to do.

I have quickly enquired via internet, whether there are other books that might be useful, but have only found the following one, which looks half- interesting.

https://www.amazon.com/Data-Analysis-Microsoft-Excel-Updated/product-reviews/0538494670/ref=dp_top_cm_cr_acr_txt?ie=UTF8&showViewpoints=1

I think you will need two books, one on working with Excel, and the other on trade analysis.

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Thanks Harry! I've looked at the 2. book and the website. I'm afraid that the used tool is a bit outdated (some reviewer mentions that) and Excel 2010 covers most of the functions yet.

Now i prefer to:
Statistical Analysis: Microsoft Excel 2010
[NEW] Excel Statistics: A Quick Guide
[Currently looking at]: RExcel + Statconn

Until i become more familar with the system performance formulas i consider to purchase (after i got the excel stuff running) the Market System Analyzer (MSA) from Adaptrade. It isn't too expensive and has monte carlo analysis and extra stuff with it. Then i can check my computations against the MSA ones (which are the correct ones - always!).

PS: HEY ADAPTRADE! CALL A SPECIAL BIGMIKE USER PRICE DISCOUNT FOR MSA.

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Once i was an expert in Excel and was doing many simulations in it. If you have Excel, you might want to check this expert at S&P 500 Futures Trading Simulator - Emini ES | ExcelTrader He did many tools for trading using Excel. Worth a visit in my opinion.

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Koepisch View Post
Thanks Harry! I've looked at the 2. book and the website. I'm afraid that the used tool is a bit outdated (some reviewer mentions that) and Excel 2010 covers most of the functions yet.

Now i prefer to:
Statistical Analysis: Microsoft Excel 2010
[NEW] Excel Statistics: A Quick Guide
[Currently looking at]: RExcel + Statconn

Until i become more familar with the system performance formulas i consider to purchase (after i got the excel stuff running) the Market System Analyzer (MSA) from Adaptrade. It isn't too expensive and has monte carlo analysis and extra stuff with it. Then i can check my computations against the MSA ones (which are the correct ones - always!).

PS: HEY ADAPTRADE! CALL A SPECIAL BIGMIKE USER PRICE DISCOUNT FOR MSA.

The Adaptrade Tool looks serious, the user's guide can be downloaded at the website:

https://www.adaptrade.com/MSA/MSA3UsersGuide.pdf

Also they offer a free trial of 30 days.


If you use it, please let me know how it works and post your experience here:


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Commodity Trader's Almanac. By Hirsch and Person. Comes out every year. Explains the how, when and why of seasonal trading. Has a good trading quote for every day.

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Surly View Post
This may not be exactly what you're looking for but it is definitely worth reading, is "factually accurate, and will help fill in gaps in knowledge about what trading and exchanges are.

Amazon.com: Trading and Exchanges: Market Microstructure for Practitioners (9780195144703): Larry Harris: Books

I'm trying to decide between two books on Market Microstructure:

Trading and Exchanges: Market Microstructure for Practitioners
Which is highly reviewed but very dated (2002).

or

Financial Markets and Trading: An Introduction to Market Microstructure and Trading Strategies
Which has no reviews, probably because it's a very recent publication (2011), it's also 1/3 of the length of the former.

Due to cost and time I would prefer not to go through both to fill the gaps in my knowledge. Any input from futures.io (formerly BMT) members would be appreciated.

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I have the first one (oxford) and it helped me a lot in understanding the auction process. Buy this one, it isn't outdated and it is a classic one.

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gonzofist View Post
I'm trying to decide between two books on Market Microstructure:

Trading and Exchanges: Market Microstructure for Practitioners
Which is highly reviewed but very dated (2002).

I haven't read the other one but this book is excellent - I found myself thinking through most of the book "I can't believe no one recommends this book to new (or experienced) traders - it's giving me the most insight of any book I've read about markets." It is not going to teach you "how to trade" - it is going to teach you about markets. Hope that helps.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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Market Wizard
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gonzofist View Post
I'm trying to decide between two books on Market Microstructure:

Trading and Exchanges: Market Microstructure for Practitioners
Which is highly reviewed but very dated (2002).

or

Financial Markets and Trading: An Introduction to Market Microstructure and Trading Strategies
Which has no reviews, probably because it's a very recent publication (2011), it's also 1/3 of the length of the former.

Due to cost and time I would prefer not to go through both to fill the gaps in my knowledge. Any input from futures.io (formerly BMT) members would be appreciated.

I think that both are good books. Let us go through your options.

(1) The book by Harris is a classic. I have not read it, but it has been recommended by a lot of people that I know. I think it is a comparatively easy read.

(2) My favourite book is another one, I simply love it: Barry Johnson: Algorithmic Trading & DMA. You can get an idea here Algo Dma Preview or at Amazon books. Although the title is very different, it has quite a few things in common with the book by Harris.

(3) I also have read a book by Joel Hasbrouck: Empirical Market Microstructure. It does not come close to the book by Barry Johnson.

(4) I am really tempted by reading the recent book which you mentioned, but will certianly wait some time before I do it.


But now there is a difference between them:

-> The book by Harris is for practitioners, probably no grand theories and no undergraduate mathematics required to understand it
-> If I look at the book by Schmidt, there is

Chapter 3: Risk-Neutral Models: Garman's Model, Amihud-Mendelson Model, Stoll's Model
Chapter 4: Information Based Model: Kyle's Model, Glosten-Milgrom Model,
Chapter 5: Models at the Limit-Order Markets: the CMSW Model, the Parlour Model, the Foucault Model

Although I have followed undergraduate studies in Mathematics, this book would not be easy for me to understand. It is probably aimed at future quants and not suitable for the average retail trader.

It all comes down to who you are and what you want to learn.

for beginning traders / practitioners -> select the book by Larry Harris
for advanced traders / practitioners -> select the book by Barry Johnson
for quants or would-be quants -> select the book by Anatoly Schmidt

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Fat Tails View Post
I think that both are good books. Let us go through your options.

(1) The book by Harris is a classic. I have not read it, but it has been recommended by a lot of people that I know. I think it is a comparatively easy read.

(2) My favourite book is another one, I simply love it: Barry Johnson: Algorithmic Trading & DMA. You can get an idea here Algo Dma Preview or at Amazon books. Although the title is very different, it has quite a few things in common with the book by Harris.

(3) I also have read a book by Joel Hasbrouck: Empirical Market Microstructure. It does not come close to the book by Barry Johnson.

(4) I am really tempted by reading the recent book which you mentioned, but will certianly wait some time before I do it.


But now there is a difference between them:

-> The book by Harris is for practitioners, probably no grand theories and no undergraduate mathematics required to understand it
-> If I look at the book by Schmidt, there is

Chapter 3: Risk-Neutral Models: Garman's Model, Amihud-Mendelson Model, Stoll's Model
Chapter 4: Information Based Model: Kyle's Model, Glosten-Milgrom Model,
Chapter 5: Models at the Limit-Order Markets: the CMSW Model, the Parlour Model, the Foucault Model

I have followed undergraduate studies in Mathematics, but this book will not be easy for me to understand. It requires some undergraduate mathematics and is probably aimed at futures quants and not retail traders.

It all comes down to who you are and what you want to read.

for beginning traders / practitioners -> select the book by Larry Harris
for advanced traders / practitioners -> select the book by Barry Johnson
for quants or would-be quants -> select the book by Anatoly Schmidt

Would you echo that Harris's book is still wholly relevant in todays markets? I was only put off that it was published in 2002, thank you for analyzing their contents it was a great help.

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gonzofist View Post
Would you echo that Harris's book is still wholly relevant in todays markets? I was only put off that it was published in 2002, thank you for analyzing their contents it was a great help.


@gonzofist: I have not read the book. Many people have recommended the book.

Why don't you simply go through the table of contents of the book and find out, if the subject is interesting.


Below are links to two papers:

(1) Bruno Biais, Larry Glosten and Chester Spatt: Market Microstructure: A Survey of Microfoundations, Empirical Results, and Policy Implications (2005)

https://www.cis.upenn.edu/~mkearns/finread/bias-spatt-survey.pdf

If you look at pages 57 to 63, it gives you an idea, where a theoretical book on market microstructure will focus on. Is that what you look for?

(2) Martin Sewell (2007): Market Microstructure (2007)

https://finance.martinsewell.com/microstructure/microstructure.pdf

You will find a recommendation for the books from Harris and Hasbrouck. The books by Johnson and Schmidt have been published later.

But again, you can access the table of contents of all books easily via Google books or Amazon.

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After going through @Fat Tails suggestions I have settled on Algorithmic Trading and DMA: An introduction to direct access trading strategies it looks like a great read and I stand to learn a lot of concepts I never fully understood. Thank you all.

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Can anyone give some reviews about this book?

Tape Reading 101 by Bidhitter Holdings

Amazon.com: Tape Reading 101 (9781477421574): Bidhitter Holdings: Books

There aren't much books about this topic and this is quite expensive. Their website is quite daunting (looks like 99$ Forex Holy Grail Offer). I don't search for BM threads - i'm searching for books or articles.

Koepisch

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Koepisch View Post
Can anyone give some reviews about this book?

Tape Reading 101 by Bidhitter Holdings

Amazon.com: Tape Reading 101 (9781477421574): Bidhitter Holdings: Books

There aren't much books about this topic and this is quite expensive. Their website is quite daunting (looks like 99$ Forex Holy Grail Offer). I don't search for BM threads - i'm searching for books or articles.

Koepisch

@Koepisch: This book is rubbish. It has 80 something pages with probably little information and the price is outrageous. Don't buy this book.

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Market Wizard
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Koepisch View Post
Can anyone give some reviews about this book?

Tape Reading 101 by Bidhitter Holdings

Amazon.com: Tape Reading 101 (9781477421574): Bidhitter Holdings: Books

There aren't much books about this topic and this is quite expensive. Their website is quite daunting (looks like 99$ Forex Holy Grail Offer). I don't search for BM threads - i'm searching for books or articles.

Koepisch

As it is easy to critize an option here is an alternative:

Tom Williams: Master The Market (this book is available as PDF courtesy of TradeGuider, although it is a commerical booklet, it is one of the better introductions to tape reading) -> comes at $ 0.

Barry Johnson: Algorithmic Trading and DMA (it will supply you with all the background knowledge needed for tape reading)
Amazon.com: Algorithmic Trading and DMA: An introduction to direct access trading strategies (9780956399205): Barry Johnson: Books
-> comes at $ 49.99

Vadym Graifer/ Christopher Schumacher: Techniques of Tape Reading ( I do have this book, it is not very well structured, but still worth having a look at)
https://www.amazon.com/Techniques-Tape-Reading-Vadym-Graifer/dp/0071414908/ref=sr_1_1?s=books&ie=UTF8&qid=1347641768&sr=1-1&keywords=graifer
-> comes at $ 36.69

R.D.Wyckoff: Studies in Tape Reading (this is a classic of more historical value)
https://www.amazon.com/Studies-Tape-Reading-Richard-Wyckoff/dp/1614271844/ref=sr_1_8?ie=UTF8&qid=1347641840&sr=8-8&keywords=wyckoff
-> comes at $ 9.50

For $ 96 you will get a collection of four books, which will get you a good overview over the subject.

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Hi,

1. If I make no mistake,
(i) Tom Williams: Master The Market
(ii) Vadym Graifer/ Christopher Schumacher: Techniques of Tape Reading
are not really about tape reading in the meaning of Time & Sales reading. More about price+volume analysis.

2. With respect to Wyckoff and tape (T&S) reading, somebody informed me about the existence of the enclosed PDF ("Day Trader's Bible") which is available for free at this Web site: The Day Trader's Bible - Richard D. Wyckoff ("Save as" at the bottom of the page)
I have not really read it. I have not checked if it is really Wickoff's, etc... so caution!

Nicolas

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Nicolas11 View Post
Hi,

1. If I make no mistake,
(i) Tom Williams: Master The Market
(ii) Vadym Graifer/ Christopher Schumacher: Techniques of Tape Reading
are not really about tape reading in the meaning of Time & Sales reading. More about price+volume analysis.

Correct, it is less about analyzing times and sales or bid and asked traded volume.


Nicolas11 View Post
2. With respect to Wyckoff and tape (T&S) reading, somebody informed me about the existence of the enclosed PDF ("Day Trader's Bible") which is available for free at this Web site: The Day Trader's Bible - Richard D. Wyckoff ("Save as" at the bottom of the page)
I have not really read it. I have not checked if it is really Wickoff's, etc... so caution!

Nicolas

This is a book for understanding how stocks were traded 80 years ago. It is not really about tape reading, as we would do today. These are the chapter ....

1.Introduction
2. Getting Started in Tape Reading (here is no information on tape reading, it is more about getting started)
3. Analyzing the List of Stocks
4. Trading Rules
5. Volumes and Their Significance
6. Market Technique
7. Dull Markets and Their Opportunities
8. The Use if Charts as Guides and Indicators
9. Daily Trading vs. Longer Term Trading
10. Various Examples and Suggestions
11. Obstacles to be overcome
12. Closing the Trade
13. Examples

The order book is not even mentioned. Wyckoff did not even have access to the first level of the order book, not to mention level 2. Transactions were reported via the ticker tape delayed by about half a minute. The only available information was price and volume. If you set up a 1 tick chart with volume, you get exactly what Wyckoff analyzed.

If Wyckoff was alive today he would probably call himself a price action trader. The tape in the sense of Wyckoff is just the precursor of the chart.

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Exactly!
A 1-tick chart.

I am currently reading the other Wyckoff book that you mentioned (thanks for that): Studies in Tape Reading.

It is really interesting to see that the concepts he writes about are still the ones discussed today for tape/DOM reading: fake bids/offers, mark up/down, sweeping the book, absorption, leaning on an order, follow big lots rather than small ones, manipulation in the DOM (fake size at offers in order to buy lower, etc.), stop-running, intermarket relationships, etc.

Even if he does not use some of the above words, the concepts are the same.
(Of course, he does not refer to the DOM per se in his book, but he describes some tricks on the floor which relate to first level of the DOM.)

Nicolas

EDIT: "If Wyckoff was alive today he would probably call himself a price action trader. The tape in the sense of Wyckoff is just the precursor of the chart."
I am not convinced, but it is not the place for me to launch a friendly debate on this question.
Thanks again for the reference to the book. I wish I had read it before.

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Crapshoot Investing - Jim McTague

Book Description

Equity markets are now high-speed casinos rigged against individual investors. Now, Barron’s Washington Editor Jim McTague reveals the twin causes: high-frequency traders and blundering regulators. Learn why the Flash Crash happened (and will again)… discover titanic, uncontrolled forces driving market chaos… find rational strategies for profiting in this terrifying new environment!

From the Back Cover
“The government’s master planners have done it again! Usurping the role of ‘invisible hand,’ they have inadvertently destabilized the stock market and frightened off long-term investors. McTague sardonically chronicles how this happened and the new dangers the meddling has created for the investing public.”





I find this book a quite good entry to lift the curtain a bit about the inner workings of the current markets.


https://www.google.de/url?sa=t&rct=j&q=crapshoot%20investing&source=web&cd=10&cad=rja&ved=0CHQQFjAJ&url=http%3A%2F%2Fbooks.google.com%2Fbooks%2Fabout%2FCrapshoot_Investing.html%3Fid%3DHeR2J02b3gwC&ei=MnVUULH5Ocem4gTEloHACg&usg=AFQjCNEhEmOuekjMnna09I7uAnn7bgAwjQ

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BRV 'No Brainer' (Indicator Free) S+R Trading
No Brainer Trades @ Forex Factory

"Hi everyone,

I'm starting this thread for the benefit of all for trade setups with 90%+- accuracy and reliability. When I say this I'm talking about posting trades with obvious levels of heavy support and resistance where not getting in seems like the dumbest thing to do. For the Negative Nancy's out there please dont scorn me on the 90% accuracy figure. With most of these trades you could atleast scalp for 20 pips, others have paid out hundreds of pips.

If you feel you have something please post but make sure your confidence level is way above average."

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Trading and Exchanges: Market Microstructure for Practitioners
Larry harris.

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Quite enjoying "Forex price action scalping" by Bob Volman.
Primarily a Price Action trading method as per Al Brooks method or PATSTrading.

Regards,
Neil.

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  #252 (permalink)
Thessaloniki
 
 
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NW27 View Post
Quite enjoying "Forex price action scalping" by Bob Colman.

You mean Bob Volman.

Great book. I had some questions about his setups, I emailed Bob and he was very prompt to answer me with details and diagrams. Great guy.

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  #253 (permalink)
KANO STATE NIGERIA
 
 
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bgeorge View Post
You mean Bob Volman.

Great book. I had some questions about his setups, I emailed Bob and he was very prompt to answer me with details and diagrams. Great guy.

is the book i am planing to order from Amazon after i had my brook trading course.

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  #254 (permalink)
Thessaloniki
 
 
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smusa700 View Post
is the book i am planing to order from Amazon after i had my brook trading course.

I assume you have read Brooks' books. And after taking his course. Don't you feel you had enough? I think Volman is similar but more simple and basic than Brooks. So why would you go from extensive course to a simpler book?

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  #255 (permalink)
KANO STATE NIGERIA
 
 
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bgeorge View Post
I assume you have read Brooks' books. And after taking his course. Don't you feel you had enough? I think Volman is similar but more simple and basic than Brooks. So why would you go from extensive course to a simpler book?

I am highly interesting in any meaningful price action trading book, especially if it is related to Brooks trading method in any way or form , because i describe my self as a wolf hunting anything that look like price action ,so that i will feed my understanding of market action .l know studying Bob Volman price action can help me to sharpen my understanding of Brook's Methodology which is hard and difficult to understand but fruitful at the end of the hardship.

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  #256 (permalink)
Manchester Center, Vermont
 
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I've recently read a book which although not about 'trading' per se, imo has major implications which can be readily applied to the trading journey. I really wish I had discovered it when I was in my 20's as I believe it would have had a major impact on my life in many ways.

The title is 'Mindset' by Carol S. Dweck and you can usually find it 'used' as well as 'new' on Amazon.

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  #257 (permalink)
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It seems Malcolm Gladwell will present us with a new book.


Quoting 
...Gladwell’s fifth book, “David and Goliath,” due in 2013...

21 Things About Malcolm Gladwell - Beth Callaghan - Ten Things About Me - AllThingsD


If I become half a percent smarter each year, I'll be a genius by the time I die
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  #258 (permalink)
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TRADING IN THE ZONE. Great book about mental control over trading!

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  #259 (permalink)
Near Vancouver BC CANADA
 
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I guess I am kind of out of step with many of the members here. The two books you hear about all the time are two I don’t like.

Reminiscence of Stock Operator is the story of a Jesse Livermore who lost all he had in the markets many times and by begging, got back in, to take higher risks and make another fortune for a short time and then loose it all again. What’s worse, there are hints that his best methods were based on hunches and inside information. The book stops short of the last of the story, but in the end On November 28, 1940, Livermore shot and killed himself in the cloakroom of the Sherry Netherland Hotel in Manhattan. A note to his wife said, “My dear Nina: Can’t help it. Things have been bad with me. I am tired of fighting. Can’t carry on any longer. This is the only way out. I am unworthy of your love. I am a failure. I am truly sorry, but this is the only way out for me. Love Laurie”. Honestly I would hope my trading never goes like that.

Trading in the Zone is a book that says that you should find your “edge” but offers no further clue about that. Then it says you should pull the trigger every time you see your edge form on the charts. Master your fear -- pull that trigger my man!! Well lets see if that was all there was to it, I would imagine the computers based systems would be scoring way better than they do. They have a proven edge, and they pull the trigger every time. Still many have a 40% draw-down. Yup that’s about as good as saying “go learn to count cards on a five deck shoe” then go in every blackjack table and use that method to clean up! I found this book frustrating and perhaps dangerous for new traders.

I can recommend three books:
Trade your way to financial freedom Van K. Tharp Because it has a simple to understand section on position sizing and risk management.
Trade Your Way to Financial Freedom: Amazon.ca: Van Tharp: Books

Beyond Technical Analysis Tushar S. Chande
Because it has some great tested trading systems – with real tests
Beyond Technical Analysis: How to Develop and Implement a Winning Trading System: Amazon.ca: Tushar S. Chande: Books

Evidence-Based Technical Analysis: Applying the Scientific Method and Statistical Inference to Trading Signals by David Aronson
This book is from a former trader who began to realize that the human eye can see what it wants in charts and that there is more voodoo in technical analysis than people admit. Ask Big Mike what he thinks of exotic technical indicators.
Evidence-Based Technical Analysis: Applying the Scientific Method and Statistical Inference to Trading Signals: Amazon.ca: David Aronson: Books

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  #260 (permalink)
Tel Aviv Israel
 
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Hi
What do you think about:
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing
From what i read in amazon this book is a bit counter to what we are trying to do as the author seems
to think that most shouldn't mess with trading but invest in index funds if i understand correctly.
Personally i have a little irritation with that
But wonder if i can learn something useful from it despite that that would make this book worth a read.
The reviews are abit mixed in amazon
I'd be glad to hear opinions from people who have read the book
Thanks
Rafael

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  #261 (permalink)
Vendor
 
 
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The Secrets of Economic Indicators
Bernard Baumohl
Third Edition

I like to buy books that I use as a reference.
This book will help traders because it teaches you what Economic indicators
mean along with their significance and market sensitivity.

In my opinion it is important to understand economic indicators for the big picture.
Lastly, prior to starting the day and knowing what data is released will allow you to make an
assessment whether you want to wait for the dust to settle or get a trade from the get go.

The book does not come with Buy and Sell signals. Use at your own discretion.

Matt

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
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  #262 (permalink)
Market Wizard
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matty33 View Post
always got to introduce your kids to this early

Yes, you should start as early as possible, that way they do not need to change their habits.

Trader: I am sleeping like a baby, I wake up crying every hour.

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  #263 (permalink)
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Hey, I'm new to this site and am interested in the books you're recommending, however only two of the 6 books you recommend can be seen. It seems like they are pictures from other sites, yet may no longer exist where the hyperlink points to??? Anyway if the books could just be written out that'd be great.

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  #264 (permalink)
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I aplogozied to Mike for posting a copywritten pdf. So this pdf, which is associated with an entirely different title, Trading Divergences by Dr. Alexander Elder, you'll have to spring for on your own. And if divergences or the MACD are a part of your trading plan, it's the best $8 you'll ever spend, as Dr. Elder uses the MACD almost exclusively to identify divergences. In fact, if you are looking to blow a couple of thousand on some education, save your dineros and start with this $8 pdf. You'll be hittin' the "thank you" button on the lower right.

The writing is clear, concise and powerful.

Attached is a chart reflecting ideas in the book. I chose this particular day because I was on it for Market Replay but similar divergences show up every day.

Oh, and credits go to Fat Tails for his anaMACDUniversal.




ETA: The last example is not divergence as much as a bottom has formed -- and you know it!


Elder.com: Education for Intelligent Traders

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  #265 (permalink)
Los Angeles, CA
 
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Option Greeks in Plain English: Mastery in Under 60 Minutes By Steven Place

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  #266 (permalink)
Europe
 
 
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Trading & Exchanges Larry harris Oxford university press. If you want to understand what is a market microstructure who trades in that market who MMs that market and so on.
One good trade mike bellafiore. Prop firms work.A nice reading.
The day traders survival guide Farrel. Good if you trade NQ stocks. Also Nyse. It explain how to read the specialist in the Nyse and the MMS in the Nasdaq i mean the orders book. HFT if you want.

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  #267 (permalink)
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Maletor View Post
These are the three books that belong on every trader's book shelf.

Especially the one by Edwards and Magee. These guys invented trading.

Pring's Technical Analysis Explained is one of my favorites. The book fires on all cylinders.

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  #268 (permalink)
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My favorite books are: Reminisance of a Stock operator and Pitbull from Martin Schwartz.

Amazon.com: Customer Reviews: Reminiscences of a Stock Operator (Wiley Investment Classics)

Amazon.com: Customer Reviews: Pit Bull: Lessons from Wall Street's Champion Day Trader

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  #269 (permalink)
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Hi all,

I notice Van K Tharp has a new book out: Trading Beyond the Matrix: The Red Pill for Traders and Investors: Van Tharp: 9781118525661: Amazon.com: Books

It's got quite a hefty price tag, but Tharp is usually excellent. Has anyone had a chance to read it yet? thoughts?

Diversification is the only free lunch
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  #270 (permalink)
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Investing with Volume Analysis: Identify, Follow, and Profit from Trends


Investing with Volume Analysis: Identify, Follow, and Profit from Trends (paperback): Buff Pelz Dormeier: 9780133381047: Amazon.com: Books

Book Description
In the continual pursuit for higher profits, investors and traders alike often assume significantly higher risks while chasing the next hot opportunity. Other more sophisticated investors attempt to employ complicated indicators while not fully understanding the information the indicator was designed to reveal. On the other hand, savvy investors employ analysis to gauge the market, positioning themselves to potentially earn higher profits with significantly less risk. Volume analysis attempts to delve deep inside the market trends to help identify shifts within the markets. Investing with Volume Analysis: Identify, Follow, and Profit from Trendspresents an enlightened perspective on the role of volume, not only in pragmatic terms but also in terms of apprehending the underlying rationale of how and why. Award-winning technical analyst Buff Pelz Dormeier teaches state-of-the-art methods for analyzing the relationship of volume to price movements and the evolution of market trends.

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #271 (permalink)
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This book has probably been mentioned at some point in the thread already, but it deserves reiterating: Amazon.com: The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading) (9780470398562): Brett N. Steenbarger: Books

As the title suggests, it contains 101 trading specific psychological lessons. They're short enough to read in a couple minutes each. I have made a habit of reading one lesson every single morning when I wake up before the trading day. In my opinion, trading psychology doesn't get any better than Steenbarger.

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  #272 (permalink)
Hong Kong
 
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Koepisch View Post
Can anyone give some reviews about this book?

Tape Reading 101 by Bidhitter Holdings

Amazon.com: Tape Reading 101 (9781477421574): Bidhitter Holdings: Books

There aren't much books about this topic and this is quite expensive. Their website is quite daunting (looks like 99$ Forex Holy Grail Offer). I don't search for BM threads - i'm searching for books or articles.

Koepisch

Further to the rubbish comment above, I bought one of the Bidhitter videos expecting in-depth nuggets on price and volume behavior. But the video was awful, so lightweight and poor I had to ask for my money back and complain about their marketing crap.

They ignored my several emails and did not refund, so I told them I would tell others about their poor quality stuff any time I had the chance.

Keep well away. Rubbish. Scammers. Snake oil. Etc... You have been warned.

Richard
Hong Kong
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  #273 (permalink)
Russia, St.Petersburg
 
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The Secret Science of Price and Volume: Techniques for Spotting Market Trends, Hot Sectors, and the Best Stocks

In The Secret Science of Price and Volume, leading market timer Tim Ord outlines a top-down approach to trading—identifying the trend, picking the strongest sectors, and focusing on the best stocks within those sectors—that will allow you to excel in a variety of markets. With this book as your guide, you’ll quickly become familiar with Ord’s proven method and discover how it can be used to make more profitable trading decisions

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #274 (permalink)
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Liar's Poker by Michael Lewis


Book Description
The time was the 1980s. The place was Wall Street. The game was called Liar’s Poker.

Michael Lewis was fresh out of Princeton and the London School of Economics when he landed a job at Salomon Brothers, one of Wall Street’s premier investment firms. During the next three years, Lewis rose from callow trainee to bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush.

Liar’s Poker is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game of bluffing and deception, here is Michael Lewis’s knowing and hilarious insider’s account of an unprecedented era of greed, gluttony, and outrageous fortune.

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #275 (permalink)
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Hey Jonson,

I do not believe you should be posting affiliate links to Amazon here. Reviews should be by those of us that have read the books. You are just pasting general book info, and as you know, your link earns money on anything anyone buys from Amazon. Sneeky...

Perhaps Mike can comment on this practice. I have many books I could link this way and prosper.

Richard
Hong Kong
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  #276 (permalink)
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RichardHK View Post
Hey Jonson,

I do not believe you should be posting affiliate links to Amazon here. Reviews should be by those of us that have read the books. You are just pasting general book info, and as you know, your link earns money on anything anyone buys from Amazon. Sneeky...

Perhaps Mike can comment on this practice. I have many books I could link this way and prosper.

You can read reviews of people who have already read the book
I do not make sense to advertise online store, I just posted a link for people to understand a little more about the book than the description and no more

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #277 (permalink)
Site Administrator &
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We do not allow affiliate links. If someone posts an affiliate link, use the Report Post feature. Ultimately that person will be banned if they do it after being told not to.

Mike

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  #278 (permalink)
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Jonson View Post
You can read reviews of people who have already read the book
I do not make sense to advertise online store, I just posted a link for people to understand a little more about the book than the description and no more

Hi Jonson,

Ok, sorry for making a mistake here! I was under impression your links were not direct, but seems they are after all.

Thanks Mike for the clarification. We have all been warned. Only Mike is entitled to earnings from this site.

Richard
Hong Kong
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  #279 (permalink)
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Studies in Tape Reading



Contained within are the results of a lifetime of studies in tape reading. It’s a pursuit that is profitable…but it’s not for the slow minded or weak hearted. You must be resolute…strength of will is an absolute requirement as is discipline, concentration, study and a calm disposition. May your efforts bear fruit and strengthen your will to persevere

Thanks to DbPhoenix for attached pdf file

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #280 (permalink)
Europe
 
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One of my favorite books is Dancing With Lions.

Was written by Trader X.
The book describes Trader X's personal experience in the future markets.
I remember the first time I read it took me by surprise because it showed me the other side of the markets, a market that goes beyond charts and hearsay's.

I believe it was only available in pdf.
It seems the author closed his blog when the book was being sold...

Google books has the first 49 pages

Dancing With Lions - Trader X - Google Livros

If I become half a percent smarter each year, I'll be a genius by the time I die
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  #281 (permalink)
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I'm going to recommend Dalton's Mind Over Markets 2nd ed. before it comes out.

Wiley: Mind Over Markets: Power Trading with Market Generated Information, 2nd Edition - James F. Dalton

Maybe he'll do a webinar to promote it

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  #282 (permalink)
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emerson View Post
Maybe he'll do a webinar to promote it

Already ahead of you...

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  #283 (permalink)
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emerson View Post
I'm going to recommend Dalton's Mind Over Markets 2nd ed. before it comes out.

Wiley: Mind Over Markets: Power Trading with Market Generated Information, 2nd Edition - James F. Dalton

Maybe he'll do a webinar to promote it

I would advise this store because it will have it for €10 less

I bought the previous version for my Kindle and what a mistake that was.
Research books are NOT to be read on digital devices.

I will definitely buy this new version.

If I become half a percent smarter each year, I'll be a genius by the time I die
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  #284 (permalink)
Market Wizard
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arnie View Post
I would advise this store because it will have it for €10 less

I bought the previous version for my Kindle and what a mistake that was.
Research books are NOT to be read on digital devices.

I will definitely buy this new version.

@arnie: That is an important point. I use my Kindle to read classics and novels, everything that can be read from the beginning to the end. However any science or research book should not be read on Kindle. If you need to go back a few pages to look up a definition or a formula it becomes a real pain.

All my trading and finance books are printed books.

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  #285 (permalink)
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Fat Tails View Post
@arnie: That is an important point. I use my Kindle to read classics and novels, everything that can be read from the beginning to the end. However any science or research book should not be read on Kindle. If you need to go back a few pages to look up a definition or a formula it becomes a real pain.

All my trading and finance books are printed books.


@Fat Tails

Definitely!
I can tell you that I never finished reading it because I got tired. Reading a chart comment when the chart itself is 10 Kindle pages forward, look at the chart and then go back to continue reading... what a pain.
I actually started to take screenshots of the charts and then transferred them to the PC so while reading on the Kindle I would look at the chart on the PC but that also became painful because there are a lot of charts to look at.

When I bought the printed version of Markets in Profile... boy what a difference. From that day I told myself never again I would buy a research book for the Kindle.

For every other type of book I only buy Kindle versions. It saves a lot of shelves space, less dust accumulation...

If I become half a percent smarter each year, I'll be a genius by the time I die
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  #286 (permalink)
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The free kindle for pc:
https://www.amazon.com/gp/feature.html?ie=UTF8&docId=1000426311
may help to read some technical kindle books.

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  #287 (permalink)
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panjm View Post
The free kindle for pc:
Amazon.com: Kindle for PC - Read Kindle eBooks on your PC
may help to read technical kindle books.

Well, yeah, but the problem is that I cannot spend too much time reading text on a white background screen.
That is one of the reasons all my charts have black background.
I spent so many hours in front of the screens that my eyes are getting more and more sensitive to bright lights.

When I have long texts to read I usually print it because I just can't stand reading on the screen.

By the way @Big Mike, have you ever thought creating a black or dark gray skin for the forum where the letters would become white, it would help a lot. There are many threads to read and I end up not reading them because my eyes start to cry. Sure many times I cry because I'm seeing someone profiting from my loss but that is another problem

If I become half a percent smarter each year, I'll be a genius by the time I die
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arnie View Post
Well, yeah, but the problem is that I cannot spend too much time reading text on a white background screen.
That is one of the reasons all my charts have black background.
I spent so many hours in front of the screens that my eyes are getting more and more sensitive to bright lights.

When I have long texts to read I usually print it because I just can't stand reading on the screen.

By the way @Big Mike, have you ever thought creating a black or dark gray skin for the forum where the letters would become white, it would help a lot. There are many threads to read and I end up not reading them because my eyes start to cry. Sure many times I cry because I'm seeing someone profiting from my loss but that is another problem

@arnie: Why not reduce the brightness of your screen, I have set mine to 40%. That also saves electricity.

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Fat Tails View Post
@arnie: That is an important point. I use my Kindle to read classics and novels, everything that can be read from the beginning to the end. However any science or research book should not be read on Kindle. If you need to go back a few pages to look up a definition or a formula it becomes a real pain.

All my trading and finance books are printed books.

May I kindly disagree?
My solution is to use a second screen. While reading on a primary device (real kindle), I just use another device (tablet/PC/smartphone) for lookup purposes. Of course, whispersync has to be disabled.

So the "real pain" transforms to "real pleasure". Search and bookmarking features even add more comfort.

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Well, yeah, but the problem is that I cannot spend too much time reading text on a white background screen. That is one of the reasons all my charts have black background. I spent so many hours in front of the screens that my eyes are getting more and more sensitive to bright lights.

When I have long texts to read I usually print it because I just can't stand reading on the screen.

By the way @Big Mike, have you ever thought creating a black or dark gray skin for the forum where the letters would become white, it would help a lot. There are many threads to read and I end up not reading them because my eyes start to cry. Sure many times I cry because I'm seeing someone profiting from my loss but that is another problem

Arnie,

Depending on which browser you use there are a number of extensions available that will allow you to invert your browser's colour via one/two keystrokes.

How to Invert Your Browser's Colors for Easier Reading at Night

sleepy

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Arnie,

Depending on which browser you use there are a number of extensions available that will allow you to invert your browser's colour via one/two keystrokes.

How to Invert Your Browser's Colors for Easier Reading at Night

sleepy


How cool is this!

@sleepy, you've saved the day

The yellow's are a bit sleazy but a couple minutes looking at this and my eyes are not hurting which is a very good sign.


If I become half a percent smarter each year, I'll be a genius by the time I die
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sleepy View Post
Arnie,

Depending on which browser you use there are a number of extensions available that will allow you to invert your browser's colour via one/two keystrokes.

How to Invert Your Browser's Colors for Easier Reading at Night

sleepy

And do not forget to make this website your default page for your browser.

Blackle - Energy Saving Search


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"Trades About to Happen" by David Weis, coming out at the end of April

My previous mentor, David Weis, has a book coming out, at the end of April. It is an exploration and explanation of the Wyckoff method of chart analysis. It is about reading the markets, bar by bar. It is about big money and how they manipulate the market and how to read their actions in the market, in real time.

It is about reading the market by its own actions.

I have been waiting for this book for at least 3 years. David is a meticulous writer, and he has edited and reedited the manuscript, to get it just right. He has been a trader of the Wyckoff method for 40 years. This is his gift to the trading community. For what you are going to be paying, you will be getting, WAY MORE than your monies worth.

For those who haven't heard much of Wyckoff, he was a legendary trader who use to work in the brokerage houses near the turn of the last century. He noted and re-noted how the big players, like Livermore, would manipulate the market, for their own gains. He put this information together, and that is the beginning of the Wyckoff method. Eventually he made enough money to buy nine acres in the Hamptons, next to Alfred Sloan, the General Motors industrialist. David learned the Wyckoff method years ago from the Stock Market Institute. He has clarified and expanded on this information.

Dont get me wrong. This book will be for those brain surgeons that decided to go into trading instead of surgery. It will take work and effort to learn the material in this book. I have been given some of the material that will be included in the book, as part of my education with David. But I promised that I would not share the information because of its inclusion in the book. The material he gave me was and still is excellent. I learn something every time I read his literature.

Gary Dayton, who has presented a few well received webinars, here on Big Mikes, was also, at one time, a student of David's. Here is a link to one of Garys webinars on Big Mikes - and like I said, he got his real kick from David. And what Gary is sharing here is just a small sampling of the kind of material that you would see in Davids book.

Webinar: Dr. Gary Dayton - Trading without Indicators


Davids Weis's book is called "Trades About to Happen"

Amazon.com: Trades About to Happen: A Modern Adaptation of the Wyckoff Method (Wiley Trading) (9780470487808): David H. Weis: Books

I hope that we can get David to present here on big Mikes. He trains and mentors people, out of the goodness of his heart, he doesnt need the money, so he has no interest in promoting himself, so that may be tough. But maybe I could send him an email, if Big Mike wanted him to present here. He was one of, if not my favorite teacher that I have ever had the pleasure of knowing. He really is a blessing to trading. He also, I believe, will sign books if you get them thru his web site. But I am not sure.

If you arent sure about this, just get the book thru amazon, when it comes out. Look at the thing, and then return it if you arent satisfied. But remember, I guarantee you will be...

Tyler

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Currently reading these books:


Antifragile by Nicholas Nassim Taleb

Market Sense and Nonsense by Jack Schwager

I recommend to read both. The book by Taleb is brilliant.


Oil 101 by Morgan Patrick Downey

Recommended read for those interested in background knowledge for trading crude.

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Jonson View Post
Studies in Tape Reading



Contained within are the results of a lifetime of studies in tape reading. It’s a pursuit that is profitable…but it’s not for the slow minded or weak hearted. You must be resolute…strength of will is an absolute requirement as is discipline, concentration, study and a calm disposition. May your efforts bear fruit and strengthen your will to persevere

Thanks to DbPhoenix for attached pdf file

Not only that, DbPhoenix provided links to:

- The Richard D. Wyckoff Method of Trading and Investing in Stocks: A Course of Instruction in Stock Market Science and Technique
( http://www.traderslaboratory.com/forums/topic/2436-wyckoff-resources/ )
- The Richard D. Wyckoff Method of Trading in Stocks: A Course of Instruction in Tape Reading and Active Trading
( http://www.traderslaboratory.com/forums/topic/2436-wyckoff-resources/ )

and a brilliant review of Wyckoff under:



It would be awesome to have a webinar presented by him on the subject.

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Fat Tails View Post
Currently reading these books:


Antifragile by Nicholas Nassim Taleb

Market Sense and Nonsense by Jack Schwager

I recommend to read both. The book by Taleb is brilliant.


Oil 101 by Morgan Patrick Downey

Recommended read for those interested in background knowledge for trading crude.

@Fat Tails

Have to say that I greatly oppose many things Taleb has said, and for the same reason, I've never bought any of his books. Don't get me wrong, I fully agree that we see 10-sigma events - the caveats were already known to us as early as the 1980's so his work is 20+ years late, not to mention that they arrive at the wrong conclusions from this premise. There are also private reasons why I dislike his work, namely that I think his way of running a fund is extremely unethical. Marketing your fund strategy covertly through book publishing, then convincing your investors that they're going to eventually hit a homerun, which gives you an excuse for underperforming continuously while you collect the management fee, is the oldest, dirtiest act in the book. Start a fund, have a few mediocre years while promising your investors better times, and finally close it after you've collected your share. Sounds familiar? Even Paul Wilmott (whom I'm less a critic of) speaks against it.

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@Fat Tails

Have to say that I greatly oppose many things Taleb has said, and for the same reason, I've never bought any of his books. Don't get me wrong, I fully agree that we see 10-sigma events - the caveats were already known to us as early as the 1980's so his work is 20+ years late, not to mention that they arrive at the wrong conclusions from this premise. There are also private reasons why I dislike his work, namely that I think his way of running a fund is extremely unethical. Marketing your fund strategy covertly through book publishing, then convincing your investors that they're going to eventually hit a homerun, which gives you an excuse for underperforming continuously while you collect the management fee, is the oldest, dirtiest act in the book. Start a fund, have a few mediocre years while promising your investors better times, and finally close it after you've collected your share. Sounds familiar? Even Paul Wilmott (whom I'm less a critic of) speaks against it.

@artemiso: I am not a uncritical follower of Taleb, but I find that the book he has written is stimulating and intellectually challenging. Or otherwise put, I enjoy reading it - even if I do not subscribe to all ideas that he has put forward. The books is mainly about having long options. An option comes at a price, and if his own fund Empirica bought options to benefit from disaster that did not happen, that might explain the meagre returns after 2000. As far as I know, Empirica was closed in 2004, and Taleb acts as an adviser to the fund which is run by his former partner. Why would you brand this as unethical? It would be unethical, if his writings were opportunistic and mainly driven by the motivation to lure customers into the fund of his partner. I don't think that this is the case. Should everybody who speaks up with whatever idea should refrain himself entirely from pursing any other activities? I do not see a conflict of interest.

Anyhow, I just wanted to say that I enjoy reading Taleb's book. I do not know, whether I would like him as a person, but anyhow it does not seem to be his primary objective to be liked by others.

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@artemiso: I am not a uncritical follower of Taleb, but I find that the book he has written is stimulating and intellectually challenging. Or otherwise put, I enjoy reading it - even if I do not subscribe to all ideas that he has put forward. The books is mainly about having long options. An option comes at a price, and if his own fund Empirica bought options to benefit from disaster that did not happen, that might explain the meagre returns after 2000. As far as I know, Empirica was closed in 2004, and Taleb acts as an adviser to the fund which is run by his former partner. Why would you brand this as unethical? It would be unethical, if his writings were opportunistic and mainly driven by the motivation to lure customers into the fund of his partner. I don't think that this is the case.

Anyhow, I just wanted to say that I enjoy reading Taleb's book. I do not know, whether I would like him as a person, but anyhow it does not seem to be his primary objective to be liked by others.

I believe he still plays a role in Universa (Nassim Taleb - Universa Investments L.P.)

There's nothing ethically wrong with choosing to be long options in your investment philosophy. Or even short deep OTM. As a fiduciary, your duty is to make it known to your investors the downside that they are getting into. If they want short deep OTM, then helping them do it at a lower cost than they would otherwise have paid for is something good that you're doing for them.


Fat Tails View Post
Should everybody who speaks up with whatever idea should refrain himself entirely from pursing any other activities? I do not see a conflict of interest.

The two conflicts of interest are clear as daylight to me.

1. To maximize return from the incentive fee, a manager should maximize volatility - therefore they take the profits on the large upsides and their investors take the losses on the downsides.

2. To maximize return from the management fee, a manager should lock up his investors' funds for as long as possible, even if it's a consistently-losing strategy. Since the Madoff blowup, investors have wisened up with ways to remove this incentive from the manager.

However, Universa has done something half-clever here: by rewording the goal for their investors, so the incentives are very much still there, except now it's what their investors are signing up for. Instead of explaining to them the principal-agent risks, they have made maximum principal-agent risk their investment strategy: their goal is to expect a 10-sigma home run and tolerate losses. (Conflict 1) What I find dirty is that most models tell you that it would take forever to hit that 10-sigma home run, so they are really telling their investors to have faith in a model that can only be proven wrong if they continuously lose money and that home run never comes. That's good for the manager (Conflict 2), but it's as good as Bernie Madoff for their investors.

It's like telling you that you will go to heaven (hit the homerun) in your afterlife (after a very long time) if you have faith and continue to donate (lose money) to the temple (Universa) of the Flying Spaghetti Monster ("black swan strategy"). Is there an incentive for the temple to spread the faith (educate the public by publishing books about the Flying Spaghetti Monster)?

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Quoting 
I do not know, whether I would like him as a person, but anyhow it does not seem to be his primary objective to be liked by others.

@Fat Tails

Also, I just sent you PM about this.

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tyler durden View Post
"Trades About to Happen" by David Weis, coming out at the end of April

My previous mentor, David Weis, has a book coming out, at the end of April. It is an exploration and explanation of the Wyckoff method of chart analysis. It is about reading the markets, bar by bar. It is about big money and how they manipulate the market and how to read their actions in the market, in real time.

It is about reading the market by its own actions.

I have been waiting for this book for at least 3 years. David is a meticulous writer, and he has edited and reedited the manuscript, to get it just right. He has been a trader of the Wyckoff method for 40 years. This is his gift to the trading community. For what you are going to be paying, you will be getting, WAY MORE than your monies worth.

For those who haven't heard much of Wyckoff, he was a legendary trader who use to work in the brokerage houses near the turn of the last century. He noted and re-noted how the big players, like Livermore, would manipulate the market, for their own gains. He put this information together, and that is the beginning of the Wyckoff method. Eventually he made enough money to buy nine acres in the Hamptons, next to Alfred Sloan, the General Motors industrialist. David learned the Wyckoff method years ago from the Stock Market Institute. He has clarified and expanded on this information.

Dont get me wrong. This book will be for those brain surgeons that decided to go into trading instead of surgery. It will take work and effort to learn the material in this book. I have been given some of the material that will be included in the book, as part of my education with David. But I promised that I would not share the information because of its inclusion in the book. The material he gave me was and still is excellent. I learn something every time I read his literature.

Gary Dayton, who has presented a few well received webinars, here on Big Mikes, was also, at one time, a student of David's. Here is a link to one of Garys webinars on Big Mikes - and like I said, he got his real kick from David. And what Gary is sharing here is just a small sampling of the kind of material that you would see in Davids book.

Webinar: Dr. Gary Dayton - Trading without Indicators


Davids Weis's book is called "Trades About to Happen"

Amazon.com: Trades About to Happen: A Modern Adaptation of the Wyckoff Method (Wiley Trading) (9780470487808): David H. Weis: Books

I hope that we can get David to present here on big Mikes. He trains and mentors people, out of the goodness of his heart, he doesnt need the money, so he has no interest in promoting himself, so that may be tough. But maybe I could send him an email, if Big Mike wanted him to present here. He was one of, if not my favorite teacher that I have ever had the pleasure of knowing. He really is a blessing to trading. He also, I believe, will sign books if you get them thru his web site. But I am not sure.

If you arent sure about this, just get the book thru amazon, when it comes out. Look at the thing, and then return it if you arent satisfied. But remember, I guarantee you will be...

Tyler

Received my shipping notice from Amazon.com yesterday and already see a couple of great reviews.

Can't wait.

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