How do I define a great book? When there is enough insight that results in a change of behavior. And believe me, you’ll find enough insight on this book.
Put it on other words, there is the trader I used to be before and another trader (I like to think I am) after reading this book. It completely changed the way I saw the market for good.
mark douglas, Trading in the Zone
The book is a “fictional” biography of Jesse Livermore, a stock trader that started his trading career at the beginning of the last century at a very early age.
The writer of the book really catches your attention as Livingston (the fictional character) makes millions, but then he makes a mistake and loses millions. He regroups, came back with a few thousands, makes millions again, makes another mistake, and loses them again.
esdwin lefevre review, reminiscences of a stock operator
This book has nothing to do with trading the Forex market or any other market, but it can give you some much insight about how we, human beings make our day to day decisions (including trading decisions).
I have an economics background, and one of the main economic theories (probably the most important one) states that we make rational decisions, based on the information that we have at the moment. The same theory governs what happens on the financial markets, or any other market: supply and demand.
dan ariely, predictably irrational
Turn on your TV and put on your favorite news channel after a sharp move on the market, a currency pair, etc. Wait, you don’t have to go that far, just go to Bloomberg or Reuters and you’ll always see an explanation of the “sharp move” it happened because the traders and investors took profits, traders and investors digesting the new info on the global crisis, etc.
All these news sites and channels play the past prophets. This information would be useful ahead of time, unfortunately no one knows how traders and investors are going to react. This is what hits book deeps in.
Fooled by Randomness, Nasim Taleb