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Some highly recommended books
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Some highly recommended books

  #381 (permalink)
Trading for Fun
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Big Mike View Post
You can watch Jack Schwager's futures.io (formerly BMT) webinar about the book here:

https://futures.io/webinars/june30_2012/jack_schwager_qa_hedge_fund_market_wizards/

Mike

Thanks I haven't seen this one yet.

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  #382 (permalink)
Market Wizard
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This is what amazes me.

Fat Tails View Post
- that dumb money now represents the entire buy side

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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  #383 (permalink)
Trading for Fun
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I'm currently reading
Fixed Income Securities: Tools for Today's Markets by Bruce Tuckman
Amazon.com: Fixed Income Securities: Tools for Today's Markets (9780470891698): Bruce Tuckman, Angel Serrat: Books

and
Currency Strategy: The Practitioner's Guide to Currency Investing, Hedging and Forecasting
http://www.amazon.com/Currency-Strategy-Practitioners-Investing-Forecasting/dp/0...ywords=currency+strategy

Both are wonderful so far and I realize what huge holes in my understanding of markets I have as we tend to be almost obsessed with equities as retail traders.

I'm pretty much banning myself from reading any book that has to do with equities.

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  #384 (permalink)
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The links in the original post from Big Mike are almost all dead, the pictures are not displaying the covers either.
Any chance they could be re-posted in the original splendor?

BTW, this is a great thread.
Unfortunately my reading list has now swollen to unmanageable size. Oh well, it's a sweet kind of misery.

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  #385 (permalink)
Normal Wizard
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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.

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  #386 (permalink)
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So what are the other books that Mike posted in the first post?

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  #387 (permalink)
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TennisOrDie View Post
So what are the other books that Mike posted in the first post?

Newer book

Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology

I like. I have read it once and now work begins

Amazon.com: Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology (Wiley Trading) (9781118445617): Gary Dayton: Books

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  #388 (permalink)
Trading Apprentice
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The Power of Consistency: Prosperity Mindset Training for Sales and Business Professionals
by Weldon Long

I read this wonderful book last weekend! Although it's not directly related to trading but it has lot to teach about trading for me!

My biggest challenge with trading is having proper mindset, this book talks about a very practical plan to develop proper mindset. Easily this book can be categorized under life changers.

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  #389 (permalink)
Trading Apprentice
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I read another awesome book :

The Inner Game of Tennis by Timothy Gallwey

Here are few insights from the book:

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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  #390 (permalink)
Every Day I'm a n00b
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I recommend the following:

The E-Myth Revisited - we have three personalities: The Entrepreneur, The Manager, and The Technician. One is the dreamer, one is the do-er, the last is the nerd that wants to get technical.

Summary here:
The Entrepreneur, The Manager, and The Technician : Sources of Insight

Mastery - Becoming a Master is more than just 10,000 hours and dedication - it takes being comfortable with not knowing the future.

Amazon link here:
http://www.amazon.com/Mastery-Robert-Greene/dp/014312417X

-Jimmy
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