Book Description
"The Long Tail" is a powerful new force in our economy: the rise of the niche. As the cost of reaching consumers drops dramatically, our markets are shifting from a one-size-fits-all model of mass appeal to one of unlimited variety for unique tastes. From supermarket shelves to advertising agencies, the ability to offer vast choice is changing everything, and causing us to rethink where our markets lie and how to get to them. Unlimited selection is revealing truths about what consumers want and how they want to get it, from DVDs at Netflix to songs on iTunes to advertising on Google. However, this is not just a virtue of online marketplaces; it is an example of an entirely new economic model for business, one that is just beginning to show its power. After a century of obsessing over the few products at the head of the demand curve, the new economics of distribution allow us to turn our focus to the many more products in the tail, which collectively can create a new market as big as the one we already know. The Long Tail is really about the economics of abundance. New efficiencies in distribution, manufacturing, and marketing are essentially resetting the definition of whats commercially viable across the board. If the 20th century was about hits, the 21st will be equally about niches.
Customer Reviews:
Fabulos... indispensable para entender la nueva realidad de internet.......2007-10-08
Este es un libro estructural. Ayuda a comprender la forma en que trabaja la economia a la luz de los avances de internet.
Pero tambien es un placer leerlo, lenguaje claro, ejemplos relevantes. Un lujo.
Good article, stretched out to a padded book.......2007-09-26
This book started off as an article in Wired Magazine, and it was an excellent one. But Anderson must have decided to cash in, because the book doesn't add anything that wasn't covered in the article itself. It's not a complex concept.
Read the article on the Wired website. Then go spend your money on something from a tiny niche market.
One Trick Pony.......2007-09-09
This is one of those books that has one, keen insight and then takes one hundred + pages to say the same thing over and again. The keen point is indeed interesting. It just does not a complete book make. My $.02 !!
Good book for the startup entrepreneur in the 21-century .......2007-08-20
This is an insightful book into the today's world of retail business. Cool examples of how the Internet has leveled the playing field for many small businesses and artist.
Looking at it from the point of view of the producer and not the consumer or the retailer .......2007-08-16
I am not much of a business mind but I think I get the picture here. Instead of twenty percent of the product bringing in eighty percent of the revenue ninety- eight percent of the product is going to bring in all the revenue. Having so much available, and having ready access to it means sales no longer concentrate on a relatively few items. Freedom of choice abounds, niches multiply, Alvin Toffler is happy, future shock is no longer shocking, customization is here forever, and we all can have anything we want as long as we are able to pay for it.
Good. But I think of this in another way. Does this mean that 'value' also will not be centered as we ordinarily center it in the great works, the masterpeices, the few chosen ones? Does it mean our whole conception of valuing cultural goods will change, and a few big things will be less worshipped while many more appreciated? In other words will deTocqueville be happy here because 'equality' is in the saddle and mankind has many little good things, instead of the aristocracy only having a few?
And what does that mean for creators of culture? As a writer can I now happily post my unpublished writings with the thought that perhaps a few will read them, where before none did. In other words a moneyless long- tail is still a long- tail.
I don't know. But I do sense Anderson has hit on to a new truth here which will have all kinds of implications better business people than me will have to see.
Book Description
John J. Murphy has now updated his landmark bestseller Technical Analysis of the Futures Markets, to include all of the financial markets.
"If one could read only one book on technical analysis, this should be the one." --Knight-Ridder Financial Products and News (on the first edition, Technical Analysis of the Futures Markets, 0-13-898008-X)
This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.
"One way to get started in technical analysis is to read a good book on the subject. One of my favorites is Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy. It's an easy read." Ralph J. Acampora, CMT, Managing Director, Prudential Securities Inc.
Customer Reviews:
If you haven't read this book yet, I suggest that you do ASAP.......2007-10-24
The day when you truly understand 80% of the contents of this book is the moment of milestone of your trading career. As you progress in your trading career, check back with this book to determine how much you have learn. This book is the pivotal standard of all technical traders.
Reference.......2007-08-13
If you use the charts to look for trades, you have to buy this book. It's an awesome reference for charting.
Good Even for a Random Walker.......2007-07-22
This book is a very well written introduction to the Technical Analysis of the financial markets. It covers a lot of ground and for a text book style layout, it is surprisingly easy to read. Murphy starts with a solid introduction including the philosophy of technical analysis and a defense against the criticisms from academics and followers of the Random Walk Theory. The meat of the book is a comprehensive treatment of the core components of technical analysis including Trendlines, Reversal and Continuation Patterns, Moving Averages, and Oscillators. The author continues to dig deeper with Point & Figure Charts, Japanese Candlesticks, and Eliott Wave Theory.
As a big fan of Malkiel's "Random Walk Down Wall Street," I started reading this book with some healthy skepticism. While I was not converted to the chartist's philosophy, I felt like I did pick up some tools that could still be useful in a buy-and-hold strategy.
Everything a beginner needs to know.......2007-07-07
John Murphy's book explains nearly everything anyone who is looking to understand the technical side of the market could ask for.
PROS: Easy to follow. Starts from the ground up into the complicated stuff. Feels like a year's worth of college courses finished in a few weeks time. This is far and away the best overall stock book I've read to date. I'm making money now!
CONS: Spends a bit too much time on futures trading (for which the book was originally written) Doesn't get far enough into how much time should lapse as a pattern unfolds. Doesn't get much into the psychology of the trader's mind. Somewhat outdated on computer advances (not a big deal)
Classic Technical Analysis Book.......2007-06-28
I received 4 copies of this book during my course work at the NYIF, its an excellent referance manual for anyone applying Technical Analysis to the financial markets.
Book Description
Over 30,000 online investors daily flock to pristine.com, the top-rated Website run by day trading legends Oliver Velez and Greg Capra, for up-to-the-minute strategies and market commentaries. In Tools and Tactics for the Master Day Trader, Velez and Capra revisit and completely update over 100 of their daily commentaries from the past four years, with new material explaining what worked, what didn't, and why.
This no-nonsense, easy read, meant to be referenced by traders every trading day, covers everything from potent trading strategies to intuitive insights on psychology and discipline. Proving once again that the best teacher is experience, Tools and Tactics for the Master Day Trader will help any trader log on with the technical skills, market knowledge, and confidence they need to capture more winning trades, and reap new profits.
Customer Reviews:
THE best book on trading I have ever read........2007-09-09
I had to get this book after reading such a mix of reviews. I was really curious how it would turn out since reviewers were either raving about it or trashing it.
After reading the 1st half of this book I was shocked to say the least. The first half of this book is worth more than all of the books I have read on trading combined. If someone trashes this book then they are either very new to trading and don't understand the points being made in this book(which I can understand because you have to get some experience under your belt to really appreciate what is being said in this book) or they are looking for a quick strategy they can read in 5 minutes and start making money. For one thing, that's never going to happen anyway.
The trading strategies in this book are very basic, so for newbies that part of the book has some good info. I was hoping for a little more advanced analysis of trading techniques, but I really didn't need that anyway. The knowledge and wisdom in the first half of this book is going to take my trading to moon.
For the newbies who didn't like this book, get a couple years experience under your belts then go back to this book and re-read the 1st half. I guarantee you, you will want to come back here and write a positive review.
Interesting book with lack in details by very self-confident authors.......2007-06-09
When I started reading the book by Oliver Velez and Greg Capra: "Tools and Tactics for the Master Day Trader", I thought it was one of the better books on day trading. It starts out with the importance of discipline, and the lessons to be learnt from losses. It also outlines the concept that you don't buy from the market, but there is always another person on the other side of the trade that has exactly the opposite market expectation as you.
Then come four chapters with lists of rules: 7 deadly sins, 12 trading laws of success, 15 things every trader should know, and 10 lessons for the master trader. Altogether 44 rules, which don't seem to be in any systematic order. It looks like the authors were brainstorming to come up with as many rules as they could think of, and then divided them up among the four chapters. Some rules contradict one another, some important rules are next to irrelevant ones etc. Also the "Seed of Wisdom" does not help to sum up the rules because it often is not related to the part that it is supposed to summarize.
In Chapter 10 and 11 the authors talk about tools and start out by explaining things as basic as a candle stick or support and resistance. Then they dedicate two chapters to Order Systems and Level II data, and it takes until page 293 when they finally talk about trading techniques.
After having talked redundantly about general things for three quarters of the book, the authors give their ideas of entry, stop and exit techniques. What I missed most in this part is the lack of exact trading rules. Everything is expressed vaguely (e.g. p.219 "you can also opt to keep the break-even stop. This is a matter of choice." or p.322 "Sell at least half your stock if and when the stock breaks below the 5-minute low. ... These are just guidelines. We don't want to be stupid. ... Many traders will be best served selling the whole lot at this point."). This is exactly the vagueness you can't afford as a day trader. I was also disappointed that there was so little variety in the trade setups (just three entry techniques).
So my hope was high that in chapter 17 "How to put it all together" there would finally be concrete entry and exit descriptions. Instead, the authors just describe common chart formations like any other book on technical analysis (and do a worse job, too).
Throughout the book I noted an arrogant tone (p. 317: "Let's assume a master trader, let's call him Mr. Velez."). The authors speak about master traders, as if they were some kind of rock stars. No matter, how successful you are, if you quit being humble, the market can easily take everything away from you.
I am giving the book three stars because it does cover important topics for day traders like discipline, and learning from your mistakes. If you want to read a more effective book, however, I recommend the one by John F. Carter "Mastering the Trade".
Seeds of Wisdom !.......2007-05-18
Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day, Swing, and Position Traders.
Velez and Capra give me the impression they have traded before and are not just book writer's. You can learn a few pointer's from this book whether you are just learning or have been trading a while. It covers Candlesticks,Moving Averages, Fibs, Volume and drawing a few trendlines on the charts intraday and daily charts.
It does not go into some of the mathematical lagging stock indicators that some trader's think it might be the "Holy Grail". Those lagging indicators act like delayed instrument gages on your dashboard. Sorry, there is no Holy Grail on WallStreet predicting the future for you... better look elsewhere like yourself. The only "Holy Grail" you will ever find trading stocks is yourself there is no quick fixes to learn to trade stocks it all takes lots of time and practice.
Its to look and observe what a chart's history or footprints tell you with some seeds of wisdom.
I see so many negative reviews here about this books. I am starting to wonder whether those reader's have ever traded stocks or are just rookie trader's learning from their mistakes the first 2 years.
I have traded full-time for years and I can tell you they must be all rookie trader's hoping that a book might have all the answer's for them and their future. It would help them if they read this book a few times until it really sinks in their minds.
This book is a concise,no nonsense approach and covers everything traders need to win consistently.
As a prior reviewer mentioned which I agree...
"The key buy setup, alone is worth many times the price of the book."
Nothing new.......2007-04-18
nothing new, nothing exciting. Everything can be found in books that are half the price. Save your money.
FIVE STARS!!!.......2007-02-27
I would definitely give this book five stars. I really learned alot from it. If you gave it a bad review you either need to go back and read the book again or just skimmed through the book.
and to the person who sid that he "Heard" that they don't actually trade they are wrong and I thought everyone knew not always to believe what they hear. But hey, some people just believe things more easily than others.
and you can't even RATE this book one star because YOU HAVEN'T ACTUALLY READ IT!!!
You skimmed through the book and rate it one star??? WOW. that's all I have to say: wow. I'm not even going to say anything else. and people don't listen to all of those bad revievs out there. It really was a great book and is worth the money. (and so is his newer book)
and to the person who said: "This book TOTALLY rocked. I read it alot because it was so awesome"
YOU TOTTALY ROCK TOO! LOL!
Book Description
Inside markets, innovation, and risk
Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of some of the world’s largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man’s attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.
Customer Reviews:
Smart - insightful book.......2007-10-09
Book gives good insight into workings of major buldge bracket houses and hedge funs with similiar risk reducing strategies. Little dry but this book has nothing to do with Jenna Jameson so its to be expected.
Spectacular info... but ah what to do, what to do.......2007-09-22
This book is very well layed out and is an excellent primer on what is going on behind the scenes in the financial markets.
The end is a bit disappointing in that the issues are clearly explicated but the solution seems a bit murky and maybe impossible. The author does acknowledge the difficulty of implementing a truly workable solution.
Great risk insights, and lots of useful reminders on liquidity mechanics .......2007-09-21
A finance-related book like this one is always something I open with a fear of "deja vu". To Bookstaber's credit, his numerous insights quickly got me over this. It is a constant reminder to risk practitioners and traders that liquidity supply is a serious matter. It does indeed move mountains. For new comers into risk management and trading, it explains the sources of the LTCM debacle, and its learnings. By all standards, I recommend this book to any finance graduate, experienced trader, or risk manager. A very useful read.
The Wisdom of the Cockroach.......2007-09-14
In recounting his time as risk manager at a number of prominent houses (Morgan Stanley, Salomon Brothers, Citigroup etc.), Bookstaber completes the i-banking trifecta. First there was the Michael Lewis classic, Liar's Poker, detailing the juvenile bravado and macho antics of the trading floor. Then Jonathan Knee gave an intimate portrait of the i-banker deal making culture with The Accidental Investment Banker.
And now, in A Demon of Our Own Design, we get a glimpse at the risk management side of things... a sort of master plumber's walking tour through the bowels of the system, with technical descriptions of exactly what happens when pipes burst and boilers explode. (Some will find Bookstabers' level of detail intolerably dull; others will find it quite fascinating. I was in the fascinated camp.)
Nature of the beast
In describing the finer points of risk arbitrage, Bookstaber explains why it's normal -- expected even -- for trading desks to take a good whack every so often. The nature of the beast is to make relatively steady profits, month in and month out, and then give back a chunk of those profits when something goes haywire. (That's how you move huge sums on an arb desk; grind out small bets that are almost guaranteed to work, juice up the returns with leverage, and try not to be in the vicinity when the rare position goes kablooey.)
In light of this general modus operandi, perhaps it isn't surprising that the "quant" funds recently took a major hit (as of September 2007). They had been minting money for an extraordinarily long period, had the leverage to show for it, and now, after the recent "oops," seem to be generally back in business.
In fact it appears natural for much of Wall Street to work in this "make a little, lose a lot" fashion... the key idea being that all the little updrafts make up for the once-in-a-blue-moon downdrafts. (Such calculus works better for the fee collectors than the fee payers, but that's a different kettle of fish.)
Bookstaber's detail-rich description of the various trades that investment houses put on, many of them lasting years, is also enlightening. The details seem to confirm that, by and large, Wall Street is a gigantic, slow moving, conventional-returns type machine. (And what else could it be, really, with such an ocean of capital to allocate and so many jobs to fill? There is only so much creativity and contrarianism to go round.)
A dangerous combination
Risk manager war stories aside, Bookstaber's goal is to hammer home a key philosophical point regarding risk. He wants readers to understand that financial markets are inherently unstable, and this reality places limits on how far we (or anyone) should go in pursuit of outsized returns.
To make his point, Bookstaber uses various analogies to describe how the market is a highly complex, tightly coupled system... and to explain why the combination of high complexity and tight coupling is particularly dangerous.
The counterexample Bookstaber gives of a highly complex, loosely coupled system is the US Postal Service. The USPS has countless potential points of failure and myriad moving parts, but there are no catastrophic linkages involved. A lost package does not set off a disastrous daisy chain of events in which millions of packages are lost.
In contrast, the classic example of a highly complex, tightly coupled system is a nuclear reactor. The reactor is tightly coupled because any point of failure can lead to a knock-on chain reaction; one small thing going wrong can set the entire mechanism on a path to disaster. Being a highly complex, tightly coupled system, the market is less like the postal service and more like the nuclear reactor, in that the combination of aggressive leverage, complex methodologies and heavily interlocking parts leads to significant potential for catastrophe.
Exquisitely adapted
Another serious problem is Wall Street's deeply ingrained tendency to push the envelope. (Richard Lowenstein put it exceptionally well in his book Origins of the Crash: "Finance has its own Peter Principle, by which a successful model will be adapted to progressively riskier causes until it fails.")
In this habit of fighting for every inch of profit, Wall Street is like a self-evolving animal overquick to embrace the particulars of its immediate environment. The more precisely an animal is attuned to a particular "fitness landscape," the better that animal can thrive... in the short term at least, as long as everything stays just so. To be exquisitely adapted (as opposed to robustly adapted) is to be vulnerable to the slightest change.
Thus when the fitness landscape DOES change -- as it inevitably will -- the heavily specialized competitors tend to get crushed (if not go extinct). If a strategy-gone-sour broadsides a large enough group of market participants, the entire financial ecosystem can be thrown into turmoil. When the turmoil from this upheaval spills into the broader economy, wreaking havoc in its wake, the "demon" spoken of in the book's title is unleashed. (As this reviewer interprets it anyway.)
Wisdom of the cockroach
So the problem, in sum, is Wall Street's tendency to `overadapt' to every appealing landscape it encounters, building up complexity and leverage to dangerous levels in doing so.
Bookstaber's suggestion is to heed the wisdom of the cockroach.
The cockroach has survived a longer time span, and a wider variety of harsh environments, than humans could ever match. It is one of the creatures man cannot wipe out no matter how hard he tries. And yet, the cockroach's key risk management strategy is embarrassingly simple... simpler, even, than putting in a stop loss. The deeper point is that simple equals robust; by refusing to get fancy, and sticking with the tried-and-true, the cockroach ensures its reign as champion survivor.
Bookstaber uses the cockroach (and other examples from nature) to argue that we, too, should consider cutting back on our excessively specialized ways. The cost of a rough-edged strategy is forgoing excess profits in accomodative environments... but the benefit is increased likelihood of survival in a much wider range of environments, including the truly harsh ones. (As Jim Grant likes to joke, if so many of these credit-driven vehicles can barely handle prosperity, how are they supposed to fare when adversity hits?)
Harrumphs all round
Bookstaber's finger-wagging solution (be less fancy; take less risk) has the ring of common sense to it, especially in the way it frustrates all those market participants determined to have their cake and eat it too.
For those who seek to wring every last nickel out of the market (as LTCM used to brag of doing), Bookstaber argues persuasively that flying too close to the sun will always be perilous. The commitment to leveraging every edge on a broad scale inevitably leads to disaster-prone configurations, no matter how smart the players.
For those who think the answer is greater regulation of markets, i.e. more rules, Bookstaber shows how extra layers of bureaucracy can actually bring about the exact opposite of the intended affect. Perversely, layers of red tape can (and often do) make a situation more risky, by increasing confusion and complacency simultaneously.
Nor is greater information disclosure the answer. If the market's traditional liquidity providers (traders, market makers, speculators etc.) are forced to disclose their positions to the world in real time, they will react in the manner of poker players forced to play their hands face-up. To the extent that disclosure resolves uncertainty, it also drives market participants from the game. And because "liquidity is a coward" as the old saying goes, always running away when you need it most, strict disclosure rules would likely make bad market conditions worse at the least opportune times.
Some left smiling
Two groups in particular may be left smiling at the end of this book -- value investors and trend followers. In both the theory and practice of their normal operations, value investors and trend followers intuitively embraced Bookstaber's message a long long time ago, favoring longevity and robusticity over the temptations of adjusting to the moment.
It is perhaps not surprising, then, that value investors and trend followers are arguably the most profitable market participants by far on an absolute-dollar basis, hauling in hundreds of billions in profit over the course of many decades. They are champion survivors too... with a touch more class than the cockroach.
A MUST READ for all financial markets professionals.......2007-09-13
This is an excellent book. I cannot say enough good things about it. Unquestionably one of the best books on financial markets of the hundreds that I have read. This book provides a ringside view of how the major banks and hedge funds work and why financial risks have become more magnified than before.
Derivatives, trading and hedge funds are here to stay. They perform a valuable service to the financial markets, though Warren Buffet will disagree with me. Nevertheless, it is the mis-use of derivatives and the excessive use of leverage that leads to financial disasters. This book provides an excellent insight into why we witness financial turmoil in some of the most liquid markets.
I strongly recommend it to all MBA finance students as well as to financial markets professionals at hedge funds, prop trading desks, risk managers, quants, bankers, pension fund managers.
Customer Reviews:
advanced, comprehensive treatment.......2007-07-11
As financial instruments become ever more complex, McDonald's book gives a systematic treatment of the most common forms of derivatives. Providing a unified etymology that can help you understand how they work.
He groups options (puts and calls) with forward contracts like zero coupon bonds. Through numerous simple payoff graphs, as well as explanatory accompanying text, the ideas are easily grasped. The book starts with these ideas in its early chapters. Then it builds on them, to illustrate associated and often more elaborate constructs, as in insurance strategies for hedging.
Nor is the discussion confined to minimising one's risk. There is an alternative method, of deliberately speculating on volatility, for example.
The modelling of futures and options pricing is dealt with in detail. Including the seminal Black-Scholes formula and related analysis. The assumptions behind Black-Scholes are examined in detail, given the crucial influence of this on many types of pricing. The treatment gets rather advanced, invoking ideas like Monte Carlo simulations of stock prices.
The text is well suited for a graduate program in finance.
Book Description
Praise for HedgeHogging
"Barton Biggs writes about markets with greater style, clarity, and insight than any other observer of the Wall Street scene. His new book, Hedgehogging, entertains immensely even as it provides countless valuable lessons regarding hedge funds and the investment world they inhabit."
—David F. Swensen, Chief Investment Officer, Yale University
"Since the glory days of the tech bubble, investing has become a perilous enterprise. Not the least for those running money in the proliferating hedge fund business. In Hedgehogging, Biggs offers a fascinating glimpse behind the scenes at the personalities and egos making decisions about the enormous sums being dumped en masse into these funds. This book is great. It's full of personal anecdotes and critical insights from an insider's insider. You should not even consider giving money to anyone on Wall Street ever again until you've read this book."
—Addison Wiggin, Agora Financial LLC, author of the New York Times bestseller, The Demise of the Dollar and coauthor of Empire of Debt
Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
Download Description
Praise for HedgeHogging ""Barton Biggs writes about markets with greater style, clarity, and insight than any other observer of the Wall Street scene. His new book, Hedgehogging, entertains immensely even as it provides countless valuable lessons regarding hedge funds and the investment world they inhabit."" David F. Swensen, Chief Investment Officer, Yale University ""Since the glory days of the tech bubble, investing has become a perilous enterprise. Not the least for those running money in the proliferating hedge fund business. In Hedgehogging, Biggs offers a fascinating glimpse behind the scenes at the personalities and egos making decisions about the enormous sums being dumped en masse into these funds. This book is great. It's full of personal anecdotes and critical insights from an insider's insider. You should not even consider giving money to anyone on Wall Street ever again until you've read this book."" Addison Wiggin, Agora Financial LLC, author of the New York Times bestseller, The Demise of the Dollar and coauthor of Empire of Debt Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
Customer Reviews:
Publicity Stunt.......2007-08-18
Three or 4 interesting things, but written for Grandpa Simpson. Utterly disappointing for financial types. Mostly it is a publicity stunt for his Hedge Fund.
An Excellent Read - informative and entertaining.......2007-07-19
With the Bear Stearns hedge funds going from 20 billion to zero in a matter of months this is a great book to understand what the hedge fund world is all about. What the book lacks in structure it makes up for in substance and I found it an enlightening read. Part memoir, part investment smarts, it really is a good buy if you enjoy popular finance books. It possibly also may be dissected by historians in decades to come as an insight into the excesses and hubris of early 21st century capitalism if many more triple 'AAA' rated CDOs suddenly becomes worthless and the whole financial system starts falling apart.
You also get a sense from the writing of wall street's disconnect from the 'real' world of business that actually makes things and employs the rest of us. The likes of Buffett and Peter Lynch seem to have a relationship with what companies do. Mr Biggs seems to be in a much more abstract, rarified world where the worshipped idol is the Market wihout a thought for what it represents. Financial voyeurism at it's extreme.
For the ordinary wage earner (of which I am one) it would also be interesting to know what motivates someone like Mr. Biggs who has always been wealthy (and presumably has continued to get wealthier) to want to make more and not instead devote themselves to something else. In other words, what's the point? But maybe wealth is the point.
There's a gentle a swipe at George Soros for creating his foundation so he can leave a better legacy but whatever the motives, many would applaud the spirit of someone who says 'I have enough, I'll do something useful'.
Whatever my criticism, I'll buy his next book - and make him wealthier.
A Look Behind the Hedge.......2007-06-06
Hedgehogging is a collection of anecdotes from the famous international investor, Barton Biggs. Through a series of short stories about other traders and money managers, he depicts many different styles and philosophies for investing. As he tells each story, he gives his opinions on just about every major topic in today's capital markets.
Though covering a hodgepodge of ideas, many of the anecdotes are about the pressure to perform and how it affects the psyche and personal lives of the money manager. Some of the stories are about speculative bets turned bad, such as one of Barton's own oil valuations gone awry. Every story has a different moral - maybe the trader unfairly got short squeezed, or a firm lost sight of the big picture when staring at a quantitative model.
Reading Hedgehogging puts you in the shoes of a Wall Street money manager. The stories tend to revolve around lifestyle and not investment strategy. It's easy to read, entertaining, but does not get too technical. I recommend it if you enjoy the field, but consider it more of an entertaining than informative read.
Boring and Uninsightful.......2007-05-20
I was hoping that this book would be the Liar's Poker of the Hedge Fund world. Instead, it was a big disappointment. Here's why:
1) By and large, the book was a random hodgepodge of anecdotes thrown together. It wasn't one cohesive story. Each chapter was it's own mini-story, or series of dinner conversations. It wasn't a page-turner in the least.
2) I didn't find it all that insightful. Through much of it, I'm thinking, "Gee, I could have made up a story like that"
3)I found the tidbits of advice to be trite and annoying. All of them seemed to come from the "Hindsight is 20-20" point of view. At times, the message was contradictory, pointing out the foibles of people who held on to losers too long, while later extolling the virtues of people who stuck to their guns on unpopular stocks and hit the jackpot. If anything, reading his words made me believe that much more in the virtues of Random Walk Theorists, and weak Efficient Market Theories.
4) While I can't say that it was poorly written, it certainly wasn't that well written either.
To sum up, a rather boring book that didn't teach and didn't entertain.
wrapped in mystery.......2007-05-14
Great book to uncover common mystery... Written with simple language and full of examples
Book Description
Praise for FOREX CONQUERED
"In this amazing book, John covers it all. From trading systems to money management to emotions, he explains easily how to pull money consistently from the most complicated financial market in the world. John packs more new, innovative information into this book than I have ever seen in a trading book before."
—Rob Booker, independent currency trader
"John Person is one of the few rare talents that are uniquely qualified to help traders understand the process of successful trading. With today's markets becoming increasingly challenging, John has cut right into the essentials and brought forward the much-needed tools of forex trading. This clear and well-organized publication is a major step forward in helping traders gain an edge. I would highly recommend Forex Conquered as a valuable handbook for both aspiring and experienced traders alike."
—Sandy Jadeja, Chief Market Analyst and EditorLondon Stock Exchange, London, England
"Forex Conquered is a bold title, but this book delivers the tools needed for successful forex trading. There is no fluff here, just the wisdom of a trading veteran that I have always respected-and followed."
—Michael Kahn, Editor, Quick Takes Pro market letter and Columnist, Barron's Online
"This is a wonderful, in-depth view into the explanation of technical analysis and prudent money management guidelines in the forex market."
—Blake Morrow, President, 4XMadeEasy
"Forex Conquered is a meaningful contribution to the growing number of books on forex trading. John Person provides a professional view of forex trading that readers will be able to use as a guide for strategies and tactics that work. The scope of the book covers more than forex and includes salient aspects of futures and option trading. It should be read and then re-read!"
—Abe Cofnas, President, Learn4x.com
Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
Customer Reviews:
Great Forex Trading Book.......2007-10-15
I loved this book, it was very inspiring and I think that
Whatever level of trading experience you have you
Would find it helpful.
Here are some of the subjects that I found particularly
Well covered:
* Trading Systems
* Strategies
* Tactics
* Risk Management & Reduction
I also liked the examples and the companion cd.
I would highly recommend it to anyone with an
Interest in Forex.
Gerald Mason
Nothing good here.......2007-09-22
I would agree with Ctrader that this book is not good at all. The CD is a joke as the so called calculators are available for FREE on the internet, deceiving as the "calculators" are webbased and FREE. Unfortunately, once you open the CD you cannot return the book. The 3 systems are worthless, MA and MA of Pivot Point crossovers. A joke. The Fibonacci part, well the author actually missapplies these lines, on the wrong leg, LOL, applied on the current leg instead of on the leg being retraced. A joke. You could learn more for free on the internet from people that actually know how to apply what this author is trying, but not succeeding, in explaining. It is a shame the Wiley would let this author write this book and to allow this nonsense to be published. Shameful way to steal people's money, since once you open the CD slab you cannot return the book.
Over priced book.......2007-09-18
The author only back tested one idea with two variations, and for this reason it deserves two stars. In the book, Pivot Point Analysis, Fibonacci methods and Elliott Wave Theory are all nonsense and that is why I believe the author did not back test the aforementioned. I believe there is more reliable methods for trading such as: pattern recognition; intermarket analysis; and to a certain extent few indicators for timing only.
Armed and Ready to Conquer!.......2007-09-15
Bought it...read it...enjoyed it. I have read numerous books in the last 3 years on topics such as stocks, options, trading systems and most recently currency trading, which is my prime area of interest. Many were written by authors who talk the talk. John Person talks the talk AND walks the walk. Translated: he writes about systems, triggers, indicators and trading philosophies that HAVE BEEN SUCCESSFUL for him, and he has the experience to back it up. Will they be successful for the reader? That depends on many variables, not the least of which is how well one learns and implements the material. You know what they say, you can lead a horse to water but you can't make him drink. While the author could have used a good proof reader and larger more visible charts, the material is relevant, insightful and interesting. And heck, you even get a CD with a few lessons on it to make things a little clearer. There are many ways to trade the markets. This book provides insight as to how one SUCCESSFUL trader has done it. You can criticize many things in life but one thing has always been true: you can't knock success. Thanks John, for sharing with us the weapons you carry into battle with the forex market. I, for one, am better armed because of it.
Be aware.......2007-09-10
in this book you have lots of fillings. like that : because any idea will work great if you have a trending market. so I do not like the charts that shows a good looking results while it does not work in the real live trading. it has three poor systems with no commision or slippage (the profit target for the winners is 40 pips while the neglegted commision is 30), sure it will look good on the backtested results but unfortunatly it is not realistic, it is deciving."traditional chart Patterns" is usless pages and candlestick patterns, pivot point calculation are free on the internet, introduction to the Curruncy market......I could not find one single thing or idea to say somthing positive about this book So
Be aware of any guy with ear to ear smile on his book cover. and do not beleive the five stars unless the reason is clear. review it first then make up your mind
Book Description
Written by Kathy Lien—chief strategist for the number one online currency broker in the world—Day Trading the Currency Market reveals a variety of technical and fundamental profit-making strategies for trading the currency market, and provides a detailed look at how this market actually works. It contains actionable information and strategies, which can help you enter this highly competitive arena with confidence and exit with profits.
Download Description
""This is an extraordinary book that is many levels above other books on currency trading. It's filled with practical tips deriving from Kathy's experiences as a trader at JPMorgan and as an analyst and educator to online traders. A must-read for novice and experienced traders alike, this book will save readers a lot of money in expensive trading lessons."" --Drew Niv, Chief Executive Officer, Forex Capital Markets LLC ""I thought this was one of the best books that I had read on FX. The book should be required reading not only for traders new to the foreign exchange markets, but also for seasoned professionals. I'll definitely be keeping it on my desk for reference. ""The book is very readable and very educational. In fact, I wish that Kathy's book had been around when I had first started out in FX. It would have saved me from a lot of heartache from reading duller books, and would have saved me a lot of time from having to learn things the 'hard way'. ""I look forward to reading other books from her in the future."" --Farooq Muzammal, Head of Foreign Exchange, Europe, Refco ""Kathy's book is an indispensible tool for Forex traders, whether you are a professional or novice. It not only lays the groundwork for an in-depth understanding of Forex trading, it also contains numerous fundamental and technical strategies . . . I suspect that many traders will be keeping Kathy's book within arm's reach for many years to come."" --Eddie Kwong, Executive V.P./Editor in Chief, Tradingmarkets.com ""There are aspects to trading currencies that are different from trading equities, options, or futures. In this book Kathy Lien gives a deep insight into all the mechanisms that take place in the currency markets. Any currency trader will gain more confidence in their trading after reading this book."" --Jayanthi Gopalakrishnan, Editor, Stocks & Commodities magazine ""Kathy has done a brilliant job with this book. She speaks directly to traders and gives them guidance to improve their performance as Forex traders. I took some notes and ideas from the book myself that are going to be very useful for my business."" --Francesc Riverola, CEO, ForexStreet SL Discover a variety of technical and fundamental profit-making strategies for trading the currency market with Kathy Lien, the Chief Currency Strategist at Forex Capital Markets LLC (FXCM). Lien describes everything from time-tested technical and fundamental strategies you can use to compete with bank traders to a host of more fundamentally-oriented strategies involving intermarket relationships, interest rate differentials, option volatility, news events, and central bank intervention.
Customer Reviews:
Superficial at best..........2007-08-08
I just finished reading this book and after reading more than a dozen of books on forex and day trading I must say the book is a waste of money. Most of the topics in the book are covered superficially and the few trading strategies presented are poorly documented and contain errors.
Not so useful!.......2007-07-15
In my search for good FX trading books, I found no good book yet, and this book is no exception. This book is poorly written, has no consistent flow, and it does not lead the reader anywhere. Just few areas I found somewhat interesting like correlation between pairs, and volatility as a function of time of the day, and that is why I gave it a rating of 2. Otherwise, 1 will be enough. Someday someone may write a good FX trading book that really respects the intelligence of the reader. Not all FX retail traders are losers!
Superb resource for all active forex traders - highly recommended!.......2007-06-04
Kathy Lien has written one of the most important "must have" books for active forex traders with "Day Trading the Currency Market".
Packed with practical insights and solid trading setups, she's written a superb book that's packed with useful trading how-tos, from one of the most respected forex authorities found.
Specifically, I found her correlation tables and volatility indices very valuable, as well as her step by step explanations of how to look for both fundamental as well as technical market-moving patterns. I'm recommending her book to all my Forex traders on my forexonfire dot com site, as excellent resources to own.
Additonally, she's provided superb explanations of how the mechanics of currency trading works, and the impact of various market opens, when and how to trade various technical chart patterns, and much more.
This book, along with Boris Schlossberg's excellent "Technical Analysis of the Currency Market", are the two best forex books on the market and are highly recommended.
Good trading,
Ken Calhoun
ForexOnFire
great starter must have.......2007-05-19
great book i used it always when i first entered forex, and still do. lots of knowledge and wisdow. not to mention it teachs you some stratagies.lots of books say they show you stratagies, but few deliver. this is one of them that does. this book was recommended to me as intermediate but i think it is a must have beginners guide, worth 4 of my beginners guide books.
Close to Ideal, Casi Perfecto.......2007-01-18
A lot a very important information for beginers and medium traders.
It is very complete from the fundamental view, has a couple a trading thechniques that I guess that works in real trading.
Overall great book!.More than I expected!
To be perfect She must write down more techniques to trade.
Is not nice the advertisement that she perform a long the book, due to the fact that the "Real & Good" information that she mention is not free in fxcm.
Finally read this book definitelly made me a better trader!!!.
Un monton de informacion muy importante para Traders principiantes y medios.
Es muy completo desde el punto de vista fundamental y tiene varias tecnicas de trading que al parecer funcionan en el trading real.
En general un gran libro,Mas de lo que esperaba!
Para ser perfecto ella tendria que haber escrito mas tecnicas de trading.
No es agradable la publicidad que le hace a FXCM a lo largo de todo el libro ya que las herramientas "Buenas y reales" no son gratis en FXCM.
Finalmente leer este libro me hizo un mejor trader!!!
Saludos
Muchas gracias Lien !
Book Description
This great "how to" book covers the various mechanics of natural gas trading, including the physical (cash) market for natural gas production, transportation, distribution, and consumption. The heart of the text is the definition and demonstration of financial trading tools and techniques. It closes with discussion of more complex structures of trading and the author's philosophy on how a risk management department should function within a natural gas trading company.
Customer Reviews:
Principles.......2007-05-29
The principles of gas trading laid out clearly and concisely. Perfect for my needs.
A Great Book to Learn Natural Gas Trading.......2006-08-04
Even if you do not have a solid understanding of derivatives, this book is really good explaining step by step how the different derivatives are used for hedging natural gas; regardless if you are the producer, trader, or end user. The author gives many examples of how each derivative works. I highly recommend this book if you are starting out as a junior trader, risk products trader, supply planner, etc.
educational sources for practical trading purposes.......2005-07-16
I have not seen any book that describes its domain with such generous detail and is geared for real life trading. The contents may not be enough for those who trade only financial energy instruments, but it is indeed a good course material for the market makers, and hedgers, namely end users and producers. I highly recommend this book to those who are involved in natural gas industry.
Excellent Resource for Natural Gas Traders.......1998-12-05
Was very pleased with the material contained in this book. Although I am a beginner in the natural gas trading field, I found Sturm's book both easy to understand yet challenging in its scope. A great deal of emphasis is placed upon various hedging techniques and many helpful diagrams are included to portray the trading flow. Overall a very unique and insightful book for beginners and for those with years of experience in trading natural gas.
Book Description
"
Beat the Odds in Forex Trading provides traders with tremendous value by disseminating the trading methods and philosophy of one of the most remarkable Forex success stories since Soros."
--Alexander De Khtyar, President, Forex International Investments, Inc.
Add certainty and systematization into Forex trading with this practical approach. Author and industry professional Igor Toshchakov shows how recurring market patterns--which can be recognized on a simple bar chart--can be successfully used to trade the Forex market. Written for traders at every level, this valuable resource discusses the challenges of developing a trading method, while revealing the Toshchakov's approach to the market--both from a philosophical and tactical point of view. You'll discover specific trading strategies based on recognizable market patterns, get detailed information on entry and exit points, profit targets, stop losses, risk evaluation, and much more.
Customer Reviews:
Sound systems.......2007-10-22
While I would agree with others comments about the somewhat ideosyncratic writing style this is a very worthwhile book for those thinking about an effective forex trading system. The book is worth reading right through a couple of times as it does contain a lot of sound advice on Forex trading as a whole. Please not thought that it is not (and does not claim to be) a complete beginners guide.
The most important factors in trading are psychological however the price-action centred, low risk strategies in this book are, I believe very suitable for the Forex market. If you are a complete trader (see books by Alexander Elder, Van Tharpe and Mark Douglas) then I believe that the Igrok method is a sound foundation for your trading system, certainly far more than having a multitude of moving averages and oscilators flying to and fro on a 15 minute chart!
Thoughtful analysis.......2007-09-24
This is a very worthwhile book that provides a clear and thoughtful investigation of the behavior of forex markets. There are no false notions that reading this book will automatically make you a millionaire. Instead there is an invitation to use these guidelines to do the work of developing your own system for trading. The author provides guidelines and templates that he uses in trading. More importantly, he provides the basis for a trader to construct his or her own system, based on an ongoing analysis of the basic structure of forex trading, and essential observations of price action. He doesn't downplay the extent to which forex price patterns include elements of unpredictability and randomness. However, he shows how one can learn from observation of what is occurring in the present situation as it unfolds to make trades with increased probabilities for success. This approach does not overemphasize technical analysis, but considers technical analysis as a way to gain confirmation of what is being observed. Thus, the reader is invited to build a system that increases probabilities for success while eschewing the false assumption that the future can be predicted from the past.
Not useful at all........2007-07-27
I tried the concept described in this book in my demo a/c (thank god) for almost 1 1/2 month,even though most of the setup described in this or any other book are chosen to curve fit the formula. The results were random, which would have been the same if I had thrown a dice. My advice is to trade by fundamental news and open a hedge position. Being a lonely trader without the knowledge of so called experts or a team of economic research analyst, for a person like me I open both buy and sell position whenever there is a major economic event like interest rate announcement, consumer index etc. I cover the losing position and ride the winning position. After reading many books, attending seminar this is the only thing working for me. By the way most of the TA indicator like MACD, RSI, various moving averages etc. are all lagging indicator. Since history does not predict future why depend on them.
Once again, where is the PROOF that these setups are even remotely profitable?.......2007-07-14
Another forex book with just a bunch of chart patterns that supposedly make money. As usual, no (Omega Trade Station) backtests. I even asked the author for the backtest results, his reply was something like this: "Well just try them [the patterns] and see if they work for you" ?!?!?!
Unfortunalely a lot of newcomers and newbies are clapping and praising this book, even though those people have no way of knowing if these patterns can pass a test of only 200 daytrades, let alone 1,000 historical daytrades!
Even more disturbing is the fact that the author shows you a pattern and the buy sell entry/exit, but then a few pages later, he shows you the same exact pattern and tells you that you can also do the reverse ?!?!?
In other words the pattern is supposed to make money no matter how you trade it?!?!
So Mr. Toshchakov, we are still waiting for your backtest results. Show us that these patterns make money (if any).
Incomprehensible and utterly worthless for actual trading.......2007-05-18
I assume most of the glowing reviews of Toshchakov's inscrutable mish-mash are shilling for the publisher. This book makes problematic systems based upon crude algorithms, simple break-outs, and even astrology look positively brilliant by comparison. Without a doubt, this is one of the most useless trading manuals ever devised and represents a total waste of the reader's money. The highly-touted, ostensibly KISS templates that constitute the system's heart are so complex, obscure, and hedged about by contingent factors as to be absolutely impossible to identify, much less utilize. Even the author's "commsense" advice on trading trendlines is facile garbage for anyone who has more than a few week's experience on the FOREX. I feel sorry for those who purchase this volume in the honest hope of learning some viable trading techniques: their intense disappointment -- and monetary loss -- is guaranteed.
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- Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day, Swing, and Position Traders
- Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day, Swing, and Position Traders
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