Must trash trading book

[samtron]

I am still trying to figure out how two successful traders (like thebramble and dp for example) can have such polarizing views over a book (In this case the Magee book). One (thebramble) thinks its trash and the other (dp) thinks its the best book he has ever read on trading.

I have an idea (which may be totally wrong) that it may be due to when in his trading career the trader first read the book

For example if a new trader (who has little understanding of the markets) was to read the Magee book he may well think, (because all the idea's presented are new to him) what a fantastic book I learned a heck of a lot. Where as if a seasoned trader with many years successful trading was to read the same book he may think (because all the ideas are not knew to him) what a load of trash that was.


DP/Thebramble would you mind divulging at what stage in your career you first read the Magee book.

 

[nine]

Tbill,

The rest of the article is quite interesting:

"The current No. 1 bestseller in Turkey, ahead of "Mein Kampf," is "Metal Storm," which depicts a U.S. invasion of the country. The Turkish hero avenges his homeland by destroying Washington with a nuclear device. "


Samtron,

Someone on another board was sympathising with me about dbs extreme resistance to other approaches to the markets and described it as in intolerance for others frames of reference and had interesting theories about cognitive dissonance. In his view this creates the situation where db loves this book because it supports his frame of reference where another person might dislike it for his own reasons. Maybe they dont find it insightful or they find it boring.

I know that I often reject offers of other traders to tell me about their successful systems because I don't want to mess with the elements of my mind and strategy that allow me to be successful.

Personally, I can't understand the Salty's extreme dislike for Mark Douglas's books .... but maybe I have a higher tolerance for bad and boring writing (with a useful message).

 

[TheBramble]

DP/Thebramble would you mind divulging at what stage in your career you first read the Magee book.

Yes. I read it almost three years ago...BEFORE I became consistently successful.

I browsed it again this evening just to see if I had missed anything and was being unfair. The chapter headings are alluring - but insubstantial in their actual delivery.

I have to stress once again samtron, this is just a personal view.

You may be on to something with the period within a trader's career when they read a book - but I'm not convinced. I've gone back to Ken Roberts manual (which I cut my teeth on) and has been soundly rubbished by few but I still feel fondly toward his methods - even though Wheat and Silver took my first ever trading pot...

I think the basis runs a lot deeper...good thread....

 

[barjon]

Yes. I read it almost three years ago...BEFORE I became consistently successful.

I..

took that long to sink in then

 

[TheBramble]

took that long to sink in then

No. I was successful BEFORE I read it. Just took that long to get over it....

 

[barjon]

 

[dbphoenix]

DP/Thebramble would you mind divulging at what stage in your career you first read the Magee book.

I first read it several years ago when it again became available. I'd read excerpts from it earlier provided by someone who'd obtained a copy of the original from a used-books store. And I wished at the time that someone had given it to me when I began (the mid-80s).

But, again, it doesn't matter to me whether this or that individual likes it or not or gets anything out of it or not, Kiwi notwithstanding. I was just explaining why I recommended it. If someone thinks it's a load anyway, that's okay by me. There are, after all, many people who, if their houses were on fire, would grab Farley's book first. And that's okay by me too. There are many more important things to concern oneself with than message board tempests.

 

[Trader333]

The current No. 1 bestseller in Turkey, ahead of "Mein Kampf," is "Metal Storm," which depicts a U.S. invasion of the country. The Turkish hero avenges his homeland by destroying Washington with a nuclear device. "

How utterly bizarre, Turkey is in NATO and has been for a long time which is primarily defended by the USA


Paul

 

[nine]

LOL Paul, The Germans and the French are in NATO too.

 

[TheBramble]

How utterly bizarre, Turkey is in NATO and has been for a long time which is primarily defended by the USA

I understand where you're coming from Paul and I know you, as I do, have contacts/background with the country. You must be aware that simply being in NATO doesn't make the population pro-NATO's leading country. There is significant antagonism toward Americana, America and Americans in Turkey and in my view, this is deepening if anything.

Not only is Turkey the geographical border between Europe and Asia, it also represents very much the cultural border too.

And by the same token 'we' (Brits) are 'in' Europe, but I'll wager a Pound to a Euro there isn't anything like 100% buy-in to 'being part of Europe' in this country.

To underline that, the upcoming Trafalgar Day celebrations in October (200 years) are being used by some local authorities as an opportunity to rename streets with French names etc. The surprising and interesting thing is that some are planning on very Pro-British celebrations of the event. I wouldn't suggest this shows any deepening rift between Britain and France, but it is an indication of the growing lack of patience with (a) Political Correctness and (b) what is seen as Euro-Centric control.

Personally, I'll be celebrating by marching up the Champs Elysees waving my flag of St. George, drinking proper English ale and eating Fish & Chips wrapped in newspaper. (Actually, that's what I did last weekend, but that's a different story).

Way off topic - sorry.

Anyway, what has Mein Kampf and Metal Storm got to do with Must Trash Trading Books anyway?

 

[jimmy1jag]

How utterly bizarre, Turkey is in NATO and has been for a long time which is primarily defended by the USA


Paul

You don't think this might have something to do with the common Middle Eastern perception of a certain George Dubbleyer do you?

I vaguely recollect a penchant in this area of the world for general rabble rousing, as well as flag and effigy burning.

(Now there's something you can do with trashed books too!)

 

[WinstonSmith]

Must trash trading book


Following on from Des44's post "must have trading book" this is for books that you would like to pass on to your worst enemy as a gift.
Heres my choice a book i read about 4yrs ago.

The way of the Warrior Trader-RD Mcall

Yes - absolutely terrible book and the author is a fraudster - google Richard McCall.