The Holy Grail Mindset

Money Trust · Jan 4, 2014

Another thread on the search for the holy grail!? Not necessarily. I just wanted to discuss something to which I've taken notice.

Every now and then, I may go on Amazon and check out a few of the more well known trading books, and those that are indirectly related to trading. I sometimes get a kick out of reading the reviews. Recently, I was checking out the reviews on 4 different titles, and they were:

Reminisces of a Stock Operator
The Alchemy of Finance
Trading in the Zone
When Genius Failed: The Rise and Fall of LTCM

When I'd check out some of the comments, I'd see comments such as "this book doesn't teach you how to trade," or "there's nothing in here that will help your trading." In two of those books, the authors are telling stories. In Soros' book, it reads like a journal. Trading in the Zone is about psychology.

I found it crazy that would-be traders couldn't read a story without expecting to find some holy grail. There are many people who can learn many lessons from stories, but apparently, these individuals expect to find a "system" in books of this type. Even in Soros' book, I'm amazed that people actually expected him to provide a trading system.

So, my question is: Do you think that this particular state of mind is problematic? The mindset to which I'm referring is that of always expecting every bit of info that is market-related to "teach" you something?

xelite777 · Jan 4, 2014

Quote from STC Capital:

Another thread on the search for the holy grail!? Not necessarily. I just wanted to discuss something to which I've taken notice.

Every now and then, I may go on Amazon and check out a few of the more well known trading books, and those that are indirectly related to trading. I sometimes get a kick out of reading the reviews. Recently, I was checking out the reviews on 4 different titles, and they were:

Reminisces of a Stock Operator
The Alchemy of Finance
Trading in the Zone
When Genius Failed: The Rise and Fall of LTCM

When I'd check out some of the comments, I'd see comments such as "this book doesn't teach you how to trade," or "there's nothing in here that will help your trading." In two of those books, the authors are telling stories. In Soros' book, it reads like a journal. Trading in the Zone is about psychology.

I found it crazy that would-be traders couldn't read a story without expecting to find some holy grail. There are many people who can learn many lessons from stories, but apparently, these individuals expect to find a "system" in books of this type. Even in Soros' book, I'm amazed that people actually expected him to provide a trading system.

So, my question is: Do you think that this particular state of mind is problematic? The mindset to which I'm referring is that of always expecting every bit of info that is market-related to "teach" you something?

Well, if you pay 50 or a 100 bucks for a trading book, you do expect to learn something, unless you just like to throw your money from the window.

Money Trust · Jan 4, 2014

Quote from xelite777:

Well, if you pay 50 or a 100 bucks for a trading book, you do expect to learn something, unless you just like to throw your money from the window.

You missed my point. Guys are complaining that a book which offers no "systems" or trading method doesn't contain such. Why would one read a book like Reminisces of a Stock Operator and expect to learn a premise trading system or strategy? Why not take such works as what they are and learn the intended lessons? Not every piece of market material is a manual for trading.

Redneck · Jan 4, 2014

Quote from STC Capital:

So, my question is: Do you think that this particular state of mind is problematic?

The mindset to which I'm referring is that of always expecting every bit of info that is market-related to "teach" you something?

Thereâs a saying that comes to mind;

When the student readyâ¦, a mentor will appear

I rather interpret it as;

When a student ready â what the so called âmentorâ has been saying all along â will make sense

Everyone and everything has a lesson or two we could learn

Every moment..., and every interaction - an opportunity to learn

We only need be willing and receptive to learning it

=================

The mkt provides information â either Iâm open to itâ¦ or Iâm not

RN

Redneck · Jan 4, 2014

After pondering a bitâ¦maybe I should make my response sound less âzen-ishâ

Not nearly as fun, but what the heck....

Fact

No one source will provide a trader a complete system

And it unreasonable to think otherwise

But;

We must always be open and receptive to whatever presents itselfâ¦, and in whatever form it presented

Hell, who knowsâ¦ it may result in an ahh haa

RN

xelite777 · Jan 5, 2014

Quote from Redneck:

Fact: No one source will provide a trader a complete system
And it unreasonable to think otherwise

Not quite, Redneck.

I have read over 300 trading books over the years and some of them (less than 3% unfortunately) do provide the trader with fully (profitable) backtested trading systems, complete with their TradeStation code.

The rest is just subjective crap that you cannot backtest.

But hey, as long as the failed trader (err... I mean the author, sorry) is selling copies and luring idiots to his own website, seminars or boot camps ($$$), who cares, right?

Maverick74 · Jan 5, 2014

Quote from xelite777:

Not quite, Redneck.

I have read over 300 trading books over the years and some of them (less than 3% unfortunately) do provide the trader with fully (profitable) backtested trading systems, complete with their TradeStation code.

The rest is just subjective crap that you cannot backtest.

But hey, as long as the author is selling copies and luring idiots to his own website, seminars or boot camps ($$$), who cares, right?

Are you serious? Surely you jest. There is far more valuable information in the above books posted then anybook that provides silly tradestation code. Anyone who believes there is a "code" to making money is probably not making money. Markets don't work on codes. The best books on trading don't reveal "secrets", they give you insights into how other people think.

xelite777 · Jan 5, 2014

Quote from Maverick74:

Are you serious? Surely you jest. There is far more valuable information in the above books posted then anybook that provides silly tradestation code. Anyone who believes there is a "code" to making money is probably not making money. Markets don't work on codes. The best books on trading don't reveal "secrets", they give you insights into how other people think.

Dear Maverick, a code is simply a computer program (written in C++ or Easy Language for example), not some mystical trading secret from the grave.

Maverick74 · Jan 5, 2014

Quote from xelite777:

Dear Maverick, a code is simply a computer program (written in C++ or Easy Language for example), not some mystical trading secret from the grave.

If you think computer programs from $40 trading books are going to make you money then good luck with that. You probably also think reading Neal Strauss books are going to get you laid.

xelite777 · Jan 5, 2014

Quote from Maverick74:

If you think computer programs from $40 trading books are going to make you money then good luck with that.

Then some books are obviously missing from your trading library, my friend.

Quote from Maverick74:You probably also think reading Neal Strauss books are going to get you laid.

Pfff.... Neal Strauss is my student