You only have to read the first chapter of Lewis's book to realize the buy side does not understand how their own market works.
I initially made this revelation reading Haim Bodek's book The Problem of HFT - Collected Writings on High Frequency Trading & Stock Market Structure Reform. While very dry and boring, the book does explain very clearly how order types like "Hide Not Slide" allow you to jump to the front of the order queue and how HFT take advantage of that. It also points out though that these are not private orders only available to the selective few. They are available to anybody, but the buy side understands so little how the market has evolved, they have little idea what is going on, but continue to whine anyway.
For those of you not aware of "Hide Not Slide" and other such orders WSJs Scott Patterson wrote an article For Superfast Stock Traders, a Way to Jump Ahead in Line in 2012. Like Lewis's book, he paints a picture of big bad HFT but in the second half of the article the guts of the order types are discussed.
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One good trade by Mike Bellafiore, manager of a NY equities prop firm. It gives great insight into how professional traders think, most importantly their attitude to the market - the need to be resilient, to put in the work and always focus on making "one good trade, after one good trade"rather than focus on the results. If you are looking for a book that teaches you how to trade however, you wont find this useful, its language is very technical when discussing setups and unless you have a decent amount of experience with trading these parts probably wont make sense to you. It is still a worthwhile and useful read for novices, and quite entertaining, but be aware of this.
We have two selves, self 1 and self 2.
self 1 is our typical emotional ego thing, which jumps to judge, worry and carried away by emotions
self 2 is our calm inner self, which is vastly competent in getting things done.
self 1 never trusts self 2 and always interferes from getting things done.
Even having a checklist and trying to 'give instructions' is self 1 interfering with self 2.
Think if a violinist, starts giving instruction and following checklists, when he plays, absolutely that will screw up the performance. He simply switches to self 2 and completely trusts self 2 get the job done!
I think this is very true in trading too!
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