Hope u find it as interesting as I. Just so u know there are no charts in the book. Futias brilliance is in the psychological interpretation of the market sentiment. The guy has been in the business for a long time and does really well on the trades he posts live on his blog. All he uses is newspaper covers, some trendlines and volume patterns. After reading it I now keep my own little media diary to remind me to keep my cool when it starts to rock a lot.
2 months ago I stopped all news. I did it mainly to stop financial news. CNBC, CNN, and blogs. But even going to CNN for regular news I'd accidently see things about the economy. So I stopped, cold turkey. Yes I'm out of touch with current affairs but I found it didn't make one bit of difference in my life.
And oddly enough, my swing trading improved dramatically. I'm near 100% win rate for the past 2 months.
So I'm curious how this book would apply to my situation? If it uses the media then I think I prefer to stay in the blind. I was always letting myself get influenced. Even if I tried to take a contrarian point of view.
I even subscribed to sentimentrader thinking that would help me see through the sentiment and fade the crowd. It didn't.
Now just trading price works much better. I didn't know why the market tanked, all I knew is I was short. And when coworkers talked about Dubai defaulting on loans it made sense why the market tanked. But the warning signs where there to those who studied the price action closely.
The following user says Thank You to cunparis for this post:
cunparis, i actually dont follow media like cnbc and such. all I do is look at a economic calender before trading so I dont trade infront of any numbers. but I never look to see if the numbers were good. i dont eighter follow blogs on projections. thats all noise to me and it confuses me.
the media diary is just a piece of the book. futia doesnt eighter follow finans media but only maistream like new york times and some other. and he only pays attentions to big cover stories. his reasoning is that when it hits mainstream its time to do the opposite.
offcourse if you only scalp then the book maybe isnīt interesting. itīs not tecnical. I view it as a good book on market understanding. most of the books I like are eigher for inspiration, market or self understanding.
this one helped me deal with fear. like dubai was a front story in sweden. that morning when I saw the cover story I actually bought the swedish omx and got a nice profit while people at work were talking about the consequenses. the diary reminds me that the news are just b-s. my diary doesnt have that much articles. Its not often mainstream media is interested in the market.
I've been reading Seth Freedman's "Binge Trading".
It kind of reminds me of Reminiscences of a stock operator.
It a story about his personal life, how he entered the trading world, relentless trading, fortune making, spending, drugs, cash, etc.
It doesnt teach you a lot about entries and exits (or any technical analysis for that matter), but it kind of gives you an insight about what happens at trading, and how he felt about it, to the point that he left the game...
Its an easy reading, and still you get an idea of the rotten side of trading.
Its relatively smal, ie under 200 pages, so i recommend it if you'd like to read trading-related stories.
The following user says Thank You to FredyMegaG for this post:
Sun Tsu The Art of War by the Denma Translation Group and their follow-up
The Rules of Victory - Strategies from the Art of War by Gimian and Boyce which goes deeper into how to apply the text in everyday life situations. Both written in modern English with the view to making the underlying material fresh and available. Highly applicable to traders as well as anyone in a 'leadership' role which basically means, acc. to their definition, anyone taking responsibility for their lives and actions.
The following user says Thank You to cclsys for this post:
Now Sun Tsuīs The Art of War is my favorit book. Iīve read this so many times I lost count . Even read different translations not to miss something. Like cclsys wrote, great for traders but foremost for everyday life situation. Itīs appicable in all situations that resambles a conflict. Itīs just a book about strategy and beeing clever as a fox
Amazing, this is someones thoughts 2000 years ago...
The following user says Thank You to fiki for this post:
I think the most influential book i have ever read (can't remember the times anymore), is
"The Undeclared secrets that drive the stock market" plus its updates,
Its a true eye-opener in realising how the markets move.
Unfortunately, once I made it about half way through I was really not pleased with the book any longer. I got a refund.
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Try Joe Ross books. He's a real super trader and shows how to read pure price action. Trading by the Minute and Trading by the Book are both excellent. I also found Japaneese Candlestick Charting Techniques to be very helpful as well as anything by Larry Conners and Toby Crabel (opening range breakout). Crabel has an incredible amount of stats on ORB's that you could explore for years.
The following 3 users say Thank You to hotdog for this post: