The best books for trading like a casino

Richard L. Weissman Author Of Trade Like a Casino
By Richard L. Weissman

The Books I Picked & Why

Market Wizards: Interviews with Top Traders

By Jack D. Schwager

Market Wizards: Interviews with Top Traders

Why this book?

When I was learning to develop positive expectancy trading models, the interviews in this book gave me hope that all those long hours of research would not be in vain, that successful speculative trading was possible. In particular, the interview with Larry Hite gave me a paradigm for understanding how to manage the risk that I still use today (over thirty years later).


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Reminiscences of a Stock Operator

By Edwin Lefèvre

Reminiscences of a Stock Operator

Why this book?

This interview with Jesse Livermore is both entertaining and instructional. Any mistake a trader could make, Livermore made that mistake twice. From his recounting of various trading campaigns, I learned key concepts in trader psychology as well as learning to avoid the pitfalls that ruined one of the Twentieth Century’s biggest speculators, namely, failure to manage risk.


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The Disciplined Trader: Developing Winning Attitudes

By Mark Douglas

The Disciplined Trader: Developing Winning Attitudes

Why this book?

Mark Douglas’ book focuses on practical tools and techniques to counter the gambling mentality that typifies speculative trading. He focuses on a more rational, math-based approach to participation in markets as a speculator. Although I was already a successful trader by the time I’d read Mark’s book, it reinforced that the tools and techniques I had developed to dampen emotionalism in the markets were sound.


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Option Volatility and Pricing: Advanced Trading Strategies and Techniques

By Sheldon Natenberg

Option Volatility and Pricing: Advanced Trading Strategies and Techniques

Why this book?

Traders often ask me for a book that will teach them the nuts and bolts (pricing models, volatility, the Greeks, spread strategies, etc.,) of options and I always recommend this book. When I was learning options, the Natenberg book hadn’t been written and although there were “good” books on the topic, Natenberg is truly the gold standard for options traders.


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Hedge Hogs: The Cowboy Traders Behind Wall Street's Largest Hedge Fund Disaster

By Barbara T. Dreyfuss

Hedge Hogs: The Cowboy Traders Behind Wall Street's Largest Hedge Fund Disaster

Why this book?

As opposed to another “teach me how to trade” book, Hedge Hogs is the entertaining cautionary tale of Brian Hunter and his failure to manage risk at Amaranth (one of the largest commodity trading hedge funds until its demise in 2006). The book also showcases the trader that was “generally” on the other side of Amaranth’s bullish bets in natural gas, John Arnold of Centaurus Capital. Although this book won’t help you develop the casino paradigm as a speculator, it teaches valuable lessons of modelling for liquidity risk as well as not allowing a single opinion (namely, that natural gas would go up in 2006) to bankrupt you.


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