On advice of a nice post( from chs245) I bought a new book on trading, "Trade Like A Hedge Fund". I have spent more than $3000. on trading info during the last 4 years. My Tony Oz, and Don Miller purchases were good: all the other items (videos etc.) were worthless to me. IMO, this book by James Altucher is the best of all that I have come across. I believe all new traders would benefit from the info contained therein. I bought it from Amazon with 2 day delivery for $51. Hope this helps some of you newbies.
How much money have you made from the wealth of information contained in your recent literary purchase? Enough to cover the 3k? Let us all know. Yours Chuckling Trader
You'll have to excuse the chuckling traders cynicism. He came out of the womb with a P&L in the black.
Funnily enough, becasue no one else on this whole fucking site seems to have made money during their first ten years trading, if it all, you are right. I made money consistently for my first two years trading and have never looked back during the last 5. Not a boast, in fact you brought it up arsed, nevertheless a fact. That is why I find the idea of a 'trading book' amusing. Bollocks - from start to finish - although people on this site like to pretend it can make all the difference! Why should I not be cynical? Are you certain You are right? I take it you are profitable? lol Yours Rich Trader
""""""Lol. Most of the v. successful traders I have come across have been 1. greedy. 2. Snappy. 3. Fairly secretive. 4. V.v. cynical. I sometimes believe that the only reason Im not retired, like lots of my trading peers, is that I have been too much like you suggest! So in that sense, I cant agree with you bloggs. It would be nice though if ridiculously upbeat people made the money trading, but I fear its not the case as much as you might like it to be. If you are 110% cheerful all day long, including the morning - go and make a keep fit video. Yours Amused Trader""""""" ----------------------- Funnily enough, I just posted this on another thread. Sums up my position in cynicism. Yours Complimented Trader
To some extent you are right. And I deal with this question in the book: why write a book if these techniques work? I'll leave my answer for the book readers. That said, then there's the question why read any books about trading? And to that I have to say, why not read every book about trading? Or at least the the ones that go through some kind of peer filter and you can say they are probably pretty decent. When I want to master a field I try to read every book about the history of that field, biographies, interviews, books and articles about techniques and the history of those techniqes. In trading, everything from Edwin Lefevres early books (not just Reminiscences but "The Making of a Stockbroker" and others) to Graham's stuff to Adam Smith, Schwager, Crabel, Connors, etc etc etc. When I was a kid I was taking lessons from the then US chess champion. I arrived at his house once and he was reading a total "basics of chess" book, and going through one of the games. We spent the whole lesson giong through the commentary in the book. His point was that he tried to learn from every chess book possible. And that if all he did was play chess and never study it he would never succeed at it. Anyway, I hope people enjoy the book. In this game, if you learn one thing then hopefully that can directly transfer into paying for it. -James
--------- Interesting post Vishnu, but one thing - with chess (for example) - there are set rules and a finite number of outcomes. By which I mean there is a, (there is no correct word I can think of!), 'scientific' rationale, and a finite number of potential moves you or the opponent can make. This is coupled with the fact there are only two players. In short, there are no moves in chess that dont 'make sense'! Of course this is also true of financial markets - although it is difficult to remember that when you are short 500 Bund in a rising market!