Tremendous respect for market opinion
This is a very good follow up to "The market wizards" published a few years before this one. One finds precious lessons from great traders like William Eckhardt, Randy Mc Kay, Victor Sperandeo, Tom Basso, the Ritchies, etc. One could argue that, deliberately or not, many other legendary traders have been left out of this book and its predecessor. Be it as it may, it's probably better to judge this book for what it is and not for what it could have been, and as such, I must say I find it really very interesting.
I can understand some of the criticism by the Amazon reviewers towards some of the traders methods or concepts. Every trader interviewed in this book represents a particular case, whether you agree with their methodology or not. And I guess everyone of them may be prone to criticism. But I won't be so pretentious to criticize any of them. After all, there are many ways to make money, and this is the main reason why these guys do what they do.
One trader that really stands out (in my mind) from the others though is Jeff Yass, and maybe that's because the part I was really interested in was option trading. The guy is a mathematician and a strategist. I was particularly impressed by his new (to me) insights, like "you can learn more about option trading strategy by playing poker than in all the college economics courses combined...the primary object being maximizing your gains and not winning most hands", "your senses deceive you...you always have to double-check the pretty obvious situations, cause there is never any money to be made in the obvious conclusions", "have a great deal of respect for the market opinion, since there's no way you can construct a model that can come close to being as informed as the market itself", "the market's pricing of an item is the best measure of its value", "information doesn't exactly flow perfectly, like they teach you in finance school...frequently the information will show up first in the option market", and many other gems of the like.
All in all a very good book on trading, maybe not as good as the first one, but frankly, what sequel ever is?
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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