Must trash trading book

[commanderco]

OK, it's not a trading book but is money related.

'How To Make Your First $100 million' or some stupid title like that. Cost $277 and there was a post about it in the last few days.

No, I haven't read it but major probabilities state that it's only for fools and wannabe-get-rich-quick dreamers.

Make $100 million!!!
It is simple.
Just sell 361,010 books at $277 each

 

[clylbw]

Would you add the recommended ones to Des44's thread?

Trade2Win Boards > The Traders Forums > General Trading Chat Must-have trading book...

Hi robq,

Not sure about making recommendations, but I will try to explain.

I came across the Elder book and several other famous ones when trying to find my own methods. All those books emphasised one had to use the objective, logical plus indicator way in trading. No doubt many have succeeded via this path, but I am simply the opposite kind of person. I was so upset and confused after reading them.

Light only dawned when I came across Gary Smith's 'How I trade for a living'. I began to know it was all right bo be intuitive and subjective as there was more than one way in trading. Moreover, it made me realise the importance of market sentiment.

Looking back, much information in that book seems a bit outdated now, but it pointed me to the right direction at the right time, for which I am always grateful.

Sorry for all the rumbling, but hopefully this helps.

 

[jimmy1jag]

I found that "The Book of Common Prayer" didn't help me a whole bunch, personally.

 

[Salty Gibbon]

You should be more selective with your prayers then.

Common prayers are never going to be good enough.

You need a better class of prayer in this game.

 

[TheBramble]

I agree with Salty. Plus people look at you strangely as they picnic, fly kites, play football etc. They've never seemed that sensible a place to pray nor I might add, as an object of prayer either. Just as pointless in fact as those pointy places people go to pray. Can't remember what they're called...

The trouble with trashing a book is that it makes a statement about what your ability to get something out of it. Sure, books can be badly written, badly presented be totally incorrect factually, but you have to work awfully hard to claim you got nothing out of it and it deserves trashing.

Even if you already know everything the author is writing about and know it better, you can normally get the warm, smug glow of satisfaction of being a 'know all' and the security in knowing if only you'd had the time, you could have written a better one.

However - there is one book that I really found irritatingly pointless and with such high expectations of greatness which were never met, achieved or even half-reached for. A book so turgid which never even attempted to set off, let alone arrive. And from an author of some pedigree. It had to be I suppose.

Magee - Winning the Mental Game on Wall Street.

There will be some who will want to defend this one as I would some of the others mentioned above. But as I say, it's always a personal thing with a book.

However, if you've never considered any of the psychological aspects of trading and enjoy having the same point made time-after-time-after-time in not particularly different ways and delight in never having any genuinely useful point made - then buy this book. In fact, buy MY copy of the book!!!

 

[samtron]

However - there is one book that I really found irritatingly pointless and with such high expectations of greatness which were never met, achieved or even half-reached for. A book so turgid which never even attempted to set off, let alone arrive. And from an author of some pedigree. It had to be I suppose.

Magee - Winning the Mental Game on Wall Street.

There will be some who will want to defend this one as I would some of the others mentioned above. But as I say, it's always a personal thing with a book.

However, if you've never considered any of the psychological aspects of trading and enjoy having the same point made time-after-time-after-time in not particularly different ways and delight in never having any genuinely useful point made - then buy this book. In fact, buy MY copy of the book!!!

I bought the same book because I read a review for it by a very very very prominent member on this board.
He wrote it was the best book he has ever read on trading, and it was the number 1 on his list.!!!

Sadly after eagerly waiting for it to arrive, and then religiously reading it (it took several days) I too was most deflated. Really IMHO it was just one chapter repeated 88 times (yes there are 88 chapters the book!) After each chapter I had to urge myself to continue (in the believe that if it was number one on this persons list the penny will drop sooner or latter)
Just goes to show what works for one person may not for another; just like trading I really
.

 

[Trader333]

The trouble with trashing a book is that it makes a statement about what your ability to get something out of it. Sure, books can be badly written, badly presented be totally incorrect factually, but you have to work awfully hard to claim you got nothing out of it and it deserves trashing

Does this really apply to the likes of publications by VS or DW or had you trashed that idea in the first place ?


Paul

 

[dbphoenix]

After each chapter I had to urge myself to continue (in the believe that if it was number one on this persons list the penny will drop sooner or latter).

Take heart. If and as you develop as a trader, the penny will drop eventually.

--"this person"

 

[TheBramble]

Does this really apply to the likes of publications by VS or DW or had you trashed that idea in the first place ?

Well, I haven't ever read anything from either of these two 'masters' so can't comment directly, and based upon consensus they probably get quite close to the top of the pure-trash-o-meter scale, but even then, I suspect, there's possibly something of use to someone?

(Grasping at a very thin, reedy, straw)....

 

[Salty Gibbon]

For me a book has to have the "grab-ability" factor.

If it doesn't grab me and give me a good feeling early on I will trash it and sell it on to Bramble, won't I Tony ?

I really don't care a fig about my ability to get something out of it. That to me is a crass way to think. I will just search for a book which gives the same information but which presents it in a " sexier" fashion.

Jesus, now where did I put my copy of Daily Sport ?

 

[TheBramble]

For me a book has to have the "grab-ability" factor.

If it doesn't grab me and give me a good feeling early on I will trash it and sell it on to Bramble, won't I Tony ?

Indeed you will and you have old Salty. And although said resale wasn't the best book I've ever read - it wasn't THAT awful. (And I did have the joy of buying it for less than you did... )

I really don't care a fig about my ability to get something out of it. That to me is a crass way to think.

Crass? Well, 'scuse me all over the floor...Wasn't intended as a personal aspiration/ability 'thing' - just a personal observation that you'd have to be pretty dense NOT to get SOMETHING out of a trading book that a bona fide traders publisher feels was worth his/her risk.

Not implying you're dense Salty - just that as we have/are witnessing - different folk get different things out of different books.

What's interesting is that the classics - which tend to get re-read more often than the more recent additions to our catalogues/shelves - seem to reward in different ways on each re-read. Why would that be? (Genuine question).

 

[Salty Gibbon]

(And I did have the joy of buying it for less than you did... )

Very true lol

No Tony, I are not dense is me ?

It is just that I don't care to spend too much time reading and I need to have a book which will grab me by the coat-tails and drag me along at breakneck speed so I can quickly get to the end.

Trading in the Zone didn't do it for me at all, I only read up to half way or less and my brain was taken to heights of boredom never previously achieved. As a result, said brain discarded all information within said book and yours truly therefore did not gain any lasting value therefrom.

Give me a copy of the Beano anyday. At least it might amuse me and get me into a good mood for trading.

 

[Salty Gibbon]

Tony, you may be excused all over the floor provided sufficient sawdust has been put down beforehand.

 

[dbphoenix]

What's interesting is that the classics - which tend to get re-read more often than the more recent additions to our catalogues/shelves - seem to reward in different ways on each re-read. Why would that be? (Genuine question).

Probably because the "classics" are generally the result of experience and original thinking, whereas much of what's new is simply a restatement of what the pioneers explored decades ago. The Magee book, for example, delves into market reality (vs appearance), risk management, money management, "expectancy", individual and group psychology, "behavioral finance", and so on, all of which are revisited by Tharp, Douglas, Sperandeo, Elder et al.

 

[TheBramble]

Probably because the "classics" are generally the result of experience and original thinking, whereas much of what's new is simply a restatement of what the pioneers explored decades ago.

Good point. And sounds about right.

The Magee book, for example, delves into market reality (vs appearance), risk management, money management, "expectancy", individual and group psychology, "behavioral finance", and so on, all of which are revisited by Tharp, Douglas, Sperandeo, Elder et al.

The Magee book does not 'delve' at all. It flits around never making contact and only 'hints' at further research. All well and good and as I said earlier in a christian attempt at its defence - if you've never read anything on the basics then fine, but it is extremely repetitive and superficial otherwise. Personal view only.

 

[dbphoenix]

The Magee book does not 'delve' at all. It flits around never making contact and only 'hints' at further research. All well and good and as I said earlier in a christian attempt at its defence - if you've never read anything on the basics then fine, but it is extremely repetitive and superficial otherwise. Personal view only.

Actually, it goes into them quite thoroughly. But, as you say, personal view. I'm not defending the book. I couldn't care less whether anybody reads it or not. I'm explaining further my recommendation of it.

Incidentally, I've said many times that traders ought to get these books from the library rather than buy them. Preservation of capital is just as important when it comes to trading tools, including books, as it is when managing a trade, and many beginners waste hundreds of dollars on relatively useless books on trading and investing, not to mention software.

One useful criteria, or so I've found, is to compare the price of the used book with the price of the new at Amazon. Most of the "modern" books are available used for 25% to 30% to 50% or more below their new price. The older books, on the other hand, are worth used pretty much what they are new, if not more, if they're available at all. The Magee book, for example, sells for a higher price used than new, so you're not out anything if you decide to sell it.

 

[TheBramble]

Actually, it goes into them quite thoroughly.

Well, I'll let you have the last say on this one Mr. B. Maybe that dry desert air makes all the difference...

The Magee book, for example, sells for a higher price used than new, so you're not out anything if you decide to sell it.

Well, call me stupid, but if a trader buys a used book for more than a new book - he needs more than a book...

 

[dbphoenix]

Well, call me stupid, but if a trader buys a used book for more than a new book - he needs more than a book...

Although if he got it from the library, he'd be smarter still, and with money in his pocket to boot.

 

[Salty Gibbon]

Library books are totally unhygienic. Just think how many people have read them while sitting on the loo / john ( not one of my habits ) with resultant particles of fecal matter attached to said books.

 

[ducati998]

Collectible books are traded like many other collectibles, art for example.
The key, as always is being able to judge the value.
I keep charts of my valuable collectibles!!!
d998