What are you presently reading?
- Thread starter mikeriley
- Start date
Thanks for reading and for the feedback. I have been working on it as side project, not wanting to make money off it (and not expecting too), more of a escape from trading. Just would like to share inside account of professional trading. Really hope it could help few traders, vast majority are in the dark to "glitch trading", and maybe scare away some prospective traders (which I think is good thing)
I read The Psychology of Money by Morgan Housel. My perspective on managing money has significantly shifted. The book highlights the psychological aspects of managing finances and has helped me gain a deeper understanding of the subject. Every page is filled with insightful info.
Just a heads-up on the Terry Smith book. I had only heard of him a few years ago, but I really like the book so far. I am now past half-way through it this weekend, (will try to finish end of next week).
It's not my favorite book or anything, but I keep wanting to turn pages and not put it down. A lot of good writings though they are a number of years old. Topics include his full agreement with Buffett's indicators of ROCE (Return On Capital Employed)... and why he disagreed with Buffett's decision on IBM, etc... and what went wrong for Buffett there.
Many other things, including why the banking system was due to have another crisis, and how real Runs on the Banks will still happen in the future in America (he wrote this even after TGFC). Funny how all those things have now come true! And what makes it interesting, is Smith was the TOP banking analyst. Yes, the TOP. And yet he refused to invest in bank stocks for this reason.
Many other topics.. one interesting fact, is his earlier book "Accounting for Growth" explained crooked accounting practices that were very common for hiding stuff in financials. His employer tried to even have publishing of the book BANNED. Of course, this only resulted in the Streisand effect taking over, and it became very popular. Now sneaky CEO's don't do those methods as much anymore...
Still... it got him fired from his previous job.
Let's see what else I learn going forward....
It's not my favorite book or anything, but I keep wanting to turn pages and not put it down. A lot of good writings though they are a number of years old. Topics include his full agreement with Buffett's indicators of ROCE (Return On Capital Employed)... and why he disagreed with Buffett's decision on IBM, etc... and what went wrong for Buffett there.
Many other things, including why the banking system was due to have another crisis, and how real Runs on the Banks will still happen in the future in America (he wrote this even after TGFC). Funny how all those things have now come true! And what makes it interesting, is Smith was the TOP banking analyst. Yes, the TOP. And yet he refused to invest in bank stocks for this reason.
Many other topics.. one interesting fact, is his earlier book "Accounting for Growth" explained crooked accounting practices that were very common for hiding stuff in financials. His employer tried to even have publishing of the book BANNED. Of course, this only resulted in the Streisand effect taking over, and it became very popular. Now sneaky CEO's don't do those methods as much anymore...
Still... it got him fired from his previous job.
Let's see what else I learn going forward....
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Stock Traders Almanac, [by Hirsch] May June chapters + charts......
Its not current year, so updated with my charts.
Stock Traders Almanac, [by Hirsch] May June chapters + charts......
Its not current year, so updated with my charts.
@PennySnatch
Elsewhere buried in this thread, I am sure I covered that and Niederhoffer's other book. That one IIRC, started out very interesting he was talking about the time he was doing an FX trade... and bluffing the market, and being in a spot where he was dancing between getting margin-called if things didn't go his way... etc.
It seemed actually exciting... but then it got much more boring as the book went on. I wished he had written more in the style that the book starts off with, but perhaps he didn't wish to give out too much info on how he trades.
Elsewhere buried in this thread, I am sure I covered that and Niederhoffer's other book. That one IIRC, started out very interesting he was talking about the time he was doing an FX trade... and bluffing the market, and being in a spot where he was dancing between getting margin-called if things didn't go his way... etc.
It seemed actually exciting... but then it got much more boring as the book went on. I wished he had written more in the style that the book starts off with, but perhaps he didn't wish to give out too much info on how he trades.
It was simply painful to read to the end of this book. So much personal bullshit, including that fake-tennis tournament (what was it called again, pickle ball?
).In any case, there's a Japanese day trader called BNF, who amassed a tidy fortune (in 9 figures I believe). It's said that he got the trading bug from watching a documentary on Victor Niederhoffer and that's where he got his acronym. Check him out. He's quite a legend of his own in the day trading circle.
I can't say I have heard of BNF...
One thing I STILL can't find, is a translated version of the book by Jérôme Kerviel.
IIRC, he wrote one during the court cases against Society Generale when he went rogue and cost them billions....
One thing I STILL can't find, is a translated version of the book by Jérôme Kerviel.
IIRC, he wrote one during the court cases against Society Generale when he went rogue and cost them billions....