Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
First of all. Please forgive my lack of strength in the writing department. That is possibly why I don't post much.
From my own experience: I know that you can only reach intuitive trading after you have truly accept the fact that losing trades are a normal everyday part of a traders life. And once you embrace losing you start to free yourself of all the distractions that come from trading with extreme emotional swings. A great example of traders not embracing losing is the constant search for the holy grail.
My own opinion of myself is that I am no expert of trading. Even though I have been making a living as a trader for close to 20 years. That mindset keeps my mind open to the big picture or high probable moves that the market may be making.
So back to the book. In the book the author uses real traders. to help you understand the different levels of intuition. For example one trader informs that he believes that intuition is only achieved after you have put in the thousand of hours of studying and applying with real $ your trading method. My take on that. Is after the repetition of using your method time and time again. You will have moments of clarity, and putting a trade on without hesitation. Like peddling your bike down the street.
And from my own opinion. I feel you can take it a little further by figuring out your core mythology. Are you leaning towards automated assist trading or discretionary. Are you a price-action trader or indicator base. Do you like using the info from the news and fundamentals (economic or business) to make decisions. Or do care less about the news and just wait to see how the market reacts to the news. And if your a indicator base trader you need to ask yourself how long have i been using this set up. In most cases indicator base traders like to change there indicators like a child with ADD.
So I guess what I'm trying to say or suggest is to keep it simple. Put the thousand of hours in on a core method (Traders Identity that fits your personality). Try your best to not change up your foundation once you found a method of trading that fits your brain. Then put the thousands of hours of blue collar work in.
I must admit that I did not like the title of this book. There are many authors around that have fed on the hype following the financial crisis without contributing a lot.
I finally bought this book, and I do not regret. It is a well researched story of the history of hedge funds. It accurately tracks the fate of famous traders and their funds, explains their trading styles, the great success stories and the great failures.
The author is a former board member of the Washington Post, was the International Finance Correspondant for The Economist and currently works for the Council On Foreign Relations (CFR), where he holds the position of the Director of the M.R. Greenberg Center for Geoeconomic Studies.
The book is extremely well researched, as the author has conducted around 150 interviews with traders and other members of the financial community. The cited sources alone cover 55 pages.
In a way the book can be compared to Jack Schwager's Market Wizards, but with a lesser focus on the personal histories of the traders. By contrast it gives a far better overview of the evolution of the financial markets, which provided the context for the different trading strategies during the last 30 years.
I enjoyed reading the book.
Sebastian Mallaby - More Money Than God: Hedge Funds and the Making of a New Elite
First published in 1923 the true story of Jesse Livermore where he made and lost several fortunes.
In a age made of supercomputers, high tech procedures, indies and algorythms this book is still actual and reminds us that the rules and the psychology of the game are still the same.
I don't know if it's been mentioned before, I found it simply incredible.
+1. I couldn't agree more with your thoughts above.
I think people become obsessed with indicators because they treat it as an intellectual challenge - searching for a holy grail (modern day alchemy) is futile and can lead to a poor trading mindset.
I picked up an old copy of the book on eBay and will look forward to reading it.