The best books for trading like a casino

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

Who am I?

Richard L. Weissman is one of the world’s foremost authorities and thought leaders in the fields of derivatives, risk management and technical analysis. He is the author of two books: Mechanical Trading Systems: Pairing Trader Psychology with Technical Analysis (Wiley, 2004) and Trade Like a Casino: Find Your Edge, Manage Risk and Win Like the House (Wiley, 2011) which was a finalist for the 2012 Technical Analyst Book of the Year Award. Mr. Weissman has over thirty years experience as a derivatives trader and has provided training and consultation services to traders and risk managers at investment banks, hedge funds, energy, and agricultural companies for over twenty years. 


I wrote...

Trade Like a Casino

By Richard L. Weissman,

Book cover of Trade Like a Casino

What is my book about?

A detailed look at the common characteristics found in most successful traders While there are a variety of approaches to trading in the financial markets, profitable traders tend to share similar underlying characteristics. Most have a methodology that they believe will prove profitable over the long run and are willing to endure short-term setbacks. If you're looking to make the most of your time in today's markets, you need to understand what separates the best from the rest. And with Trade Like a Casino, you'll gain the knowledge needed to excel at this challenging endeavor.

The books I picked & why

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Market Wizards: Interviews with Top Traders

By Jack D. Schwager,

Book cover of 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).

Market Wizards: Interviews with Top Traders

By Jack D. Schwager,

Why should I read it?

3 authors picked Market Wizards as one of their favorite books, and they share why you should read it.

What is this book about?

The world's top trader's reveal the secrets of their phenomenal success! How do the world's most successful traders amass tens, hundreds of millions of dollars a year? Are they masters of an occult knowledge, lucky winners in a random market lottery, natural-born virtuosi Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In Market Wizards Schwager lets you…


Reminiscences of a Stock Operator

By Edwin Lefèvre,

Book cover of 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.

Reminiscences of a Stock Operator

By Edwin Lefèvre,

Why should I read it?

4 authors picked Reminiscences of a Stock Operator as one of their favorite books, and they share why you should read it.

What is this book about?

Reminiscences of a Stock Operator is a fictionalized story based on the trading career of Jesse Livermore. It follows his journey from the age of 15 when he made his first $1,000 to becoming a Wall Street legend.


The Disciplined Trader: Developing Winning Attitudes

By Mark Douglas,

Book cover of 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.

The Disciplined Trader: Developing Winning Attitudes

By Mark Douglas,

Why should I read it?

1 author picked The Disciplined Trader as one of their favorite books, and they share why you should read it.

What is this book about?

The classic book that introduced the investment industry to the concept of trading psychology.

With rare insight based on his firsthand commodity trading experience, author Mark Douglas demonstrates how the mental matters that allow us function effectively in society are often psychological barriers in trading. After examining how we develop losing attitudes, this book prepares you for a thorough "mental housecleaning" of deeply rooted thought processes. And then it shows the reader how to develop and apply attitudes and behaviors that transcend psychological obstacles and lead to success.

The Disciplined Trader helps you join the elite few who have learned…


Option Volatility and Pricing: Advanced Trading Strategies and Techniques

By Sheldon Natenberg,

Book cover of 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.

Option Volatility and Pricing: Advanced Trading Strategies and Techniques

By Sheldon Natenberg,

Why should I read it?

1 author picked Option Volatility and Pricing as one of their favorite books, and they share why you should read it.

What is this book about?

WHAT EVERY OPTION TRADER NEEDS TO KNOW. THE ONE BOOK EVERY TRADER SHOULD OWN.

The bestselling Option Volatility & Pricing has made Sheldon Natenberg a widely recognized authority in the option industry. At firms around the world, the text is often the first book that new professional traders aregiven to learn the trading strategies and risk management techniques required for success in option markets.

Now, in this revised, updated, and expanded second edition, this thirty-year trading professional presents the most comprehensive guide to advanced trading strategies and techniques now in print. Covering a wide range of topics as diverse and…


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

By Barbara T. Dreyfuss,

Book cover of 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.

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

By Barbara T. Dreyfuss,

Why should I read it?

1 author picked Hedge Hogs as one of their favorite books, and they share why you should read it.

What is this book about?

For readers of The Smartest Guys in the Room and When Genius Failed, the definitive take on Brian Hunter, John Arnold, Amaranth Advisors, and the largest hedge fund collapse in history

At its peak, hedge fund Amaranth Advisors LLC had more than $9 billion in assets. A few weeks later, it completely collapsed. The disaster was largely triggered by one man: thirty-two-year-old hotshot trader Brian Hunter. His high-risk bets on natural gas prices bankrupted his firm and destroyed his career, while John Arnold, his rival at competitor fund Centaurus, emerged as the highest-paid trader on Wall Street. Meticulously researched and…


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