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Audible from Amazon has been on my phone forever. Great way to listen to books!
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
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 [email protected]
I'm fascinated with Harari's books (actually reading the three of them again).
Do you think it's possible to translate or incorporate anything from this amazing knowledge into the trading activity?
Is there a way to profit from the fact of knowing that everything is just a lie? haha
And I'm not saying to make a profit by contributing to the lies, for example, by building a "billion dollar fictional financial news businesses" (as mentioned in some other thread).
Absolutely! I’m with centaurer on this one in that it may be one of the greatest books I have ever read.
There are so many examples I could cite from that book but one of my favorites is the chapter on happiness. It absolutely blew me away. Basically, to summarize a great and detailed chapter in a few sentences:
The new age theme is that happiness is not an external condition but rather what you feel inside (because Buddha said it). And that you must pursue happiness because you deserve it. After all, if you feel good then whatever you are doing to stimulate these fleeting vibrations of pleasantness, must be good right?
Wrong. Suffering comes from the relentless pursuit of what you think you deserve. All the literature, videos, gurus, media, public icons...basically everything we as consumers see and hear, tells us to follow our dreams, do what feels right, you deserve better, just do it..etc and from this we impose certain expectations on ourselves.
And thus begins the neverending personal crusade, as we embark on a journey of self discovery towards an imagined holy grail of enlightenment, health, wealth and happiness. We think we are on the right path but its exactly this pursuit that is the root of suffering! I can never do it justice but that book explains the concept beautifully.
So what does this have to do with trading? Self imposed expectations are the root of all evil. You think that because you have logged 10,000 hours of screen time, and you meditate every day, and you have money management skillz and price actions skillz and youve read the books, and you have other badass skillz...that you're going to 'get it' as soon as you overcome this one last hurdle that has been holding you back (The theme on this forum lately has been the monkey brain). Do you see what you're doing? You have expectations of success and you are pursuing. This doesn’t mean you shouldn’t have a well formed point of view, but it means you should consider your point of view as temporary (Tigertrader said that).
From what Ive learned, you never reach a point in trading where you have made it, but rather you are always learning.
You don't pursue a method or approach that will make you successful but rather you do whatever is necessary to get the job done. Your only edge comes from consistency and good money management. Thats it! THats the holy grail.
I don't know why but that chapter helped me 'get' that concept.
I have read many blog posts and articles by these authors so I am glad they put their thoughts in a book. Their approach to technical analysis is unique because it also combines the behavior of traders. Mass psychology plays a significant role in the way you interpret chart patterns.
The book organized logically: TA components, patterns, and chart formations and the third section helps you build a strategy. An efficient approach.
There is a substantial risk of loss in futures trading. past performance is not indicative of future results.
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 [email protected]
I think Options as a Strategic Investment by Larry McMillan hasn't been mentioned yet. It is a real encyclopedia of option strategies which goes into each and every detail. Make sure you read the latest edition which has an extremely interesting chapter about VIX futures and Options. I'm quite sure most people are unaware of the characteristics of these.
Highly recommended.
I've just finished An End To The Bull by Gary Norden for the second time.
I thought I'd add it in here as it's one of the books I've really found useful in trading. Like all books of value, it isn't a how-to method but instead directs traders to think about the bigger picture and adopt certain behaviours that will bolster their chances of being successful in the markets. I've taken different things away from it each time, and as a scalper, the last chapter is very interesting.
I personally got a lot out of this book, so am happy to recommend it.
Although his later works seem to supersede the book, it is still a good starting point to understanding different ways in which we can filter the noise from various signals (e.g. prices).
I am currently reading Cycle Analytic for Traders, also by Ehlers. It is his last book and contains improvements over his early works. I was actually able to build a workable trading system from his concepts around the Even Better Sine Wave indicator. I also have Cybernetic Analysis for Stocks and Futures which I will read next.
