The Jack D. Schwager books are really good. "The Market Wizards", and "The New Market Wizards."
They are interviews with Americas top traders.
However, another good book is "Reminiscences of a Stock Operator."
That guy knew how to play... He collapsed the oat market in order to trick traders in Chicago into thinking a market corner was being attacked which caused them to sell corn hard which allowed him to cover his underwater corn short with little loss. This only worked because someone had these markets cornered and people thought another big player was trying to break the corner.
I am not really sure how much markets get cornered any more. Regulators have things tightened down pretty well with position limits and mandatory reporting. However, the hunt brothers managed a successful market corner in Soy using all their family members to get around the position limits. They got their silver corner blown up by the rules of the game being changed on them.
How markets really work is very very different from how people just getting into trading think they work.
They are interviews with Americas top traders.
However, another good book is "Reminiscences of a Stock Operator."
That guy knew how to play... He collapsed the oat market in order to trick traders in Chicago into thinking a market corner was being attacked which caused them to sell corn hard which allowed him to cover his underwater corn short with little loss. This only worked because someone had these markets cornered and people thought another big player was trying to break the corner.
I am not really sure how much markets get cornered any more. Regulators have things tightened down pretty well with position limits and mandatory reporting. However, the hunt brothers managed a successful market corner in Soy using all their family members to get around the position limits. They got their silver corner blown up by the rules of the game being changed on them.
How markets really work is very very different from how people just getting into trading think they work.
DislikedHi meanvel I have really enjoyed reading your last few posts. Can you recommend a good book with insights on how the trading is done at institutional level and how big players think of the market. {quote}Ignored
"Don't fear a bubble until it starts to burst."