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.
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 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…
I'm a sociologist at the University of Edinburgh, and for almost fifty years I’ve researched a large variety of topics, from the story of the guidance systems of nuclear missiles to the instantaneous auctions that, today, determine the ads you are shown online. But I keep returning to the topic of trading and the global financial system. The processes that lie behind this shape our lives in profound ways, but they are often both complicated and opaque. We need reliable guides for them, and the authors and books that I am recommending are among the very best guides!
Chicago’s famous ‘open-outcry’ trading pits were packed with hundreds of traders making deals with each other using eye contact and hand signals, or simply shouting out their bids and offers. Anthropologist Caitlin Zaloom did something quite extraordinary. She studied these pits ‘from the inside’ (as a trader’s clerk) and then went on to examine the electronic trading that was starting to replace them – herself becoming a trader. Her book represents anthropology at its most skilled and offers a fascinating glimpse of the lost world of face-to-face trading (nearly all of Chicago’s pits are now closed).
I researched Chicago’s pits myself in the years in which they still flourished, but not in the depth that Zaloom achieved. I’m in awe of her fabulous fieldwork.
In "Out of the Pits", Caitlin Zaloom shows how traders, brokers, and global financial markets have adapted to the digital age. Drawing on her firsthand experiences as a clerk and a trader, as well as her unusual access to key sites of global finance, she explains how changes at the world's leading financial exchanges have transformed economic cultures and the craft of speculation; how people and places are responding to the digital transition; how traders are remaking themselves to compete in the contemporary marketplace; and how brokers, business managers, and software designers are collaborating to build new markets. A penetrating…
Like a caricature, satire lets you see reality better by exaggerating it. When satire is done right, every element, from the overall plot to the characters to paragraph-level details, is there to cast an exposing light on some part of our real world. They are books that exist on many levels, expose hubris and essential misunderstandings, and generally speak truth to power. They should leave the reader reassessing core assumptions about how the world works. I’ve written a best-selling nonfiction book about machine learning in the past, and I probably could have taken that approach again, but AI and American politics are both ripe for satire.
I was blown away by the sheer scope and precision of the observation in this book. No part of New York life in the 1980s or the then-iconic finance industry is left unexposed. From the pretensions of the plutocrats to the dishonesty of the activists, this book mercilessly skewers it all.
It’s like being in a pleasantly dimly lit room when someone turns on a bright floodlight, and suddenly, you see all the ugliness and tawdriness of the people and things in it. Not for the weak of heart.
An exhilarating satire of Eighties excess that captures the effervescent spirit of New York, from one of the greatest writers of modern American prose
Sherman McCoy is a WASP, bond trader and self-appointed 'Master of the Universe'. He has a fashionable wife, a Park Avenue apartment and a Southern mistress. His spectacular fall begins the moment he is involved in a hit-and-run accident in the Bronx. Prosecutors, newspaper hacks, politicians and clergy close in on him, determined to bring him down.
Exuberant, scandalous and exceptionally discerning, The Bonfire of the Vanities was Tom Wolfe's first venture into fiction and cemented…
I’ve been drawn to thought-provoking novels from my early days as a reader, and especially later when my own work took shape. My books tend to deal with life’s big topics––love, loss, creativity, self-discovery, aging, forgiveness, what it means to be a good man, and the climate crisis––so I tend to gravitate to ambitious novels focused on how we humans might evolve in a healthy way. My characters do have flaws, many of them, but in the end, they are resilient and figure out a way to take a step forward. All of the books I mentioned are similar in scope and approach.
The Moviegoer was the first novel I read which had little plot and a great deal of meaning. Basically, it’s about one man’s search for meaning in a world which values shallowness and consumerism above all else. It’s as relevant today as it was when written and the prose is amazing!
Winner of the 1962 National Book Award and one of Time magazine’s 100 Best English-Language Novels, Walker Percy’s debut The Moviegoer is an American masterpiece and a classic of Southern literature. Insightful, romantic, and humorous, it is the story of a young man’s search for meaning amid a shallow consumerist landscape.
Binx Bolling, a young New Orleans stockbroker, fills his days with movies and casual sex. His life offers him nothing worth retaining; what he treasures are scenes from The Third Man or Stagecoach, not the personal experiences he knows other people hold dear. On the cusp of turning thirty,…
I have been trading for over 30 years now, and I was lucky to be one of the part-time “hobby” traders to be successful enough to trade full time. Along the way, I was a 3-time trophy winner in the world’s premier real time, real money futures trading contest. My passion is trading, both for my personal accounts and in assisting my students with their trading. While I always say “trading is the hardest way to make easy money” this field is my lifelong passion.
There are quite a few titles in the Market Wizards book collection, but my personal favorite is still the first of the series. In the book, Jack interviews different successful traders and investors. You’ll get to learn the basics of what they did (I personally know of one reader who started a successful hedge fund after reading one chapter of this book), but more importantly, you will be able to understand and explore the mindset of winning traders. Reading this book will help you mimic the behavior of some of the great traders of our time.
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…
Growing up in the automobile business (my great-grandfather sold horse carriages before cars were invented!), I’ve always been fascinated by salesmen and con artists, and the very thin line that often separates the two. What is a sales pitch, for example, and what is an outright lie? Where does the truth live anymore? Media? Politics? Business? None of the above? It has never been more important to learn the truth, and never has it been harder to find it. And it’s this very issue that is dividing the world. We think the other side has been conned. They think we’ve been conned. One thing’s for sure—someone’s getting conned. And that’s why I love con books!
Wolf of Wall Streetauthor Jordan Belfort and I shared more than a few things in common. First off, we were both using the telephone for illegal purposes: me to con executives and gatekeepers to reveal corporate secrets; Belfort to defraud mom-and-pop investors to the tune of $200 million or so. And we both spent time in Beverly Hills: me while playing a desk clerk in a couple of episodes ofMelrose Place; Belfort while living there after his pump-and-dump outfit Stratton Oakmont was shut down. Belfort’s Midas-gone-rogue story is chock full of sex, drugs, and sinking ships, and The Godfather of con stories.
NEW YORK TIMES BESTSELLER • Now a major motion picture directed by Martin Scorsese and starring Leonardo DiCaprio
By day he made thousands of dollars a minute. By night he spent it as fast as he could. From the binge that sank a 170-foot motor yacht and ran up a $700,000 hotel tab, to the wife and kids waiting at home and the fast-talking, hard-partying young stockbrokers who called him king, here, in Jordan Belfort’s own words, is the story of the ill-fated genius they called the Wolf of Wall Street. In the 1990s, Belfort became one of the most…
My first job after college was at The Wall Street Journal, working evenings as a copyreader. It was thrilling to enter a big-league newsroom, but torture to be confined to putting tiny headlines on even tinier stories. Then at age 23, after a whirlwind staff shuffle, I started writing the paper’s premier stock-market column, “Heard on the Street.” Daylight had arrived. For the next 11 years, I covered finance. I met billionaires and people en route to prison. It wasn’t always easy to tell them apart! My writing career has widened since then but sizing up markets – and the people who rule them – remains an endless fascination.
There have been newer books on Warren Buffett since this 1995 gem, but this one goes the deepest into the mechanisms that have brought Buffett a $124 billion fortune. Plus it’s the best on Buffett’s quirky personality. I’ve known Roger from our days at The Wall Street Journal together, and it was exciting seeing him research this project over a three-year span – even if Buffett never officially helped him. The finished book made me feel I “knew” Buffett as if he were a long-time neighbor.
Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists.
Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century—an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street,…
I'm a sociologist at the University of Edinburgh, and for almost fifty years I’ve researched a large variety of topics, from the story of the guidance systems of nuclear missiles to the instantaneous auctions that, today, determine the ads you are shown online. But I keep returning to the topic of trading and the global financial system. The processes that lie behind this shape our lives in profound ways, but they are often both complicated and opaque. We need reliable guides for them, and the authors and books that I am recommending are among the very best guides!
From the 1980s onwards, one of the best ways to get rich has been to land a job as an investment banker or other highly paid financial professional. You might have thought that this required an economics degree and advanced mathematics, but one of my students discovered that what a leading investment-management firm most liked about her was that she was a near-professional-level cellist! That’s an example of what the famous sociologist Pierre Bourdieu calls ‘cultural capital’: skills, tastes, and so on that are highly regarded (even if not directly relevant to the job at hand).
Karen Ho landed a job at an investment bank but seized on it as an opportunity to gain insights into what it took to become successful at the pinnacle of the global financial system. She has also researched in-depth the processes by which students at elite Ivy League universities such as Princeton and Harvard…
Financial collapses-whether of the junk bond market, the Internet bubble, or the highly leveraged housing market-are often explained as the inevitable result of market cycles: What goes up must come down. In Liquidated, Karen Ho punctures the aura of the abstract, all-powerful market to show how financial markets, and particularly booms and busts, are constructed. Through an in-depth investigation into the everyday experiences and ideologies of Wall Street investment bankers, Ho describes how a financially dominant but highly unstable market system is understood, justified, and produced through the restructuring of corporations and the larger economy.
I’ve been captivated by interesting people since I was a kid. Family
members always thought I asked too many questions of people, trying to
learn more about who they are. For that reason, when I started reading
fiction, I looked for characters with originality who opened new
horizons and who I wanted to hang out with. (That’s also why I host the
Novelist Spotlight podcast.) I agree 100 percent with novelist Larry
McMurtry, who said: “For me, the novel is character creation. Unless the
characters convince and live, the book’s got no chance.” The books I
placed on my list reflect this belief. I hope you dig them.
I’m a fan of authors who are brave enough to write with reckless abandon, and Tom Robbins, the author of this book, is one of the few. I laughed my way through this novel as it careened from the stock-market crash that starts the novel right through its conclusion.
A 300-pound psychic? A born-again monkey? African rituals? Tarot-card bombshells? A man who has learned how to say “vagina” in more than forty languages? This is a rocket ride and more about great and imaginative writing than a hard plot. Just my kind of stuff.
When the stock market crashes on the Thursday before Easter, you—an ambitious, although ineffectual and not entirely ethical young broker—are convinced that you’re facing the Weekend from Hell. Before the market reopens on Monday, you’re going to have to scramble and scheme to cover your butt, but there’s no way you can anticipate the baffling disappearance of a 300-pound psychic, the fall from grace of a born-again monkey, or the intrusion in your life of a tattooed stranger intent on blowing your mind and most of your fuses. Over these fateful three days, you will be forced to confront everything…
Having grown up in a family of crime-fiction readers, I published my first murder mystery in 2019 and have created two bestselling series. My 1920s-set “Lord Edgington Investigates…” books have been a big hit for me, and I’ve just published my third Christmas book overall. But that’s not the only reason I’m qualified to recommend Christmassy whodunits. I am obsessed with Christmas and, with a little help from my four-year-old daughter, spend far too much time decorating every December. Let’s just say that my Christmas Lego village is already out of control, and someone really needs to stop me from buying any more before it takes over our house.
Another unexpected amateur sleuth is the young stockbroker Malcolm Warren who is invited to a wealthy client’s house for the holiday when an apparent accident is followed by a definite murder. A twisting mystery, secrets galore for our sleuth to uncover, and any number of potential killers help create an atmospheric and pacy puzzle.
Published in 1934, this book is interesting for its complex interplay between the different classes and echelons within the grand house. There is a perfect array of characters from the uber-wealthy patriarch and his spoilt daughter to his patronised employees and servants. Perhaps best of all though, Warren is the kind of gutsy hero that was so common in films and books of the thirties, and he keeps the plot ticking along with plenty of wit and charm.
'There we were, all gathered together for a Christmas party, and plunged suddenly into gloom.'
It's Christmas at Hampstead's Beresford Lodge. A group of relatives and intimate friends gather to celebrate the festive season, but their party is rudely interrupted by a violent death. It isn't long before a second body is discovered. Can the murderer be one of those in the great house? The stockbroker sleuth Malcolm Warren investigates, in this brilliantly witty mystery.
'Kitchin's knowledge of the crevices of human nature lifts his crime fiction out of the category of puzzledom and into the realm of the detective…
