Well, I actually remember reading this book few years back when a friend borrowed me. However, a buddy mentioned to me recently and I just could not recall what I read before, LOL. As a result of this, I decided to reread this book. Sometimes, a second read can deliver different perspectives. Furthermore, we tend to appreciate more on what the author wanted to present in the first place.
This time around, I thought I have a better understanding on this book. Well, like I said above; there is a biography part at the beginning of the book. The reason why the author was "forced" to venture into trading serves as a good reminder to us. How lucky we are compares to immigrant like this. Take myself as example; I was lucky enough to choose what I want to do. I love my job and I was so fortunate to be able to stay in this job for more than 10 years! Overall, the biography part was simply awesome. I like biography.. especially biography about a trader. That is also why I enjoyed so much with "Reminiscences of Stock Operator".
But.. Ah-ha, the "but" part, LOL...Apart from the beginning part about a trader's journey, the rest of the contents failed to attracts me once again. Well, I do not belong to the author's school of thought. As such, I have problem adjusting myself to enjoy what he wrote. End of the day, those are the things that I rejected for so many years. Hence, I find no reason to enjoy it now... Having said that, I must clarify that this is all due to my very personal acceptance on certain school of thoughts. I am not complaining about the writing skill and any pieces of information that was revealed by the author. Put my personal preferences aside, I thought this is a nice book to explore. After all, I can see how the author sharing his thoughts without hiding... But, since it is not my cup of tea, my personal rating for this book is not going to be high. Out of 10, I am going to give a rating of 6. The truth is: I ONLY enjoyed the beginning part (biographical stuff) of this book.
Listed below are some of my favorite quotes ... Thumbs up to the author for sharing this piece of valuable advice!
It's easy to relax when you watch someone else trade... I found my way: I detached myself from my emotions enough to not act under their influence... Does this all sounds crazy? Sure, it does, but trading is a crazy business. It requires an unusual state of mind, so that unusual tricks are justified.
Trading what I saw, not what I thought...
"If I can't make money using it, I can make money selling it."...Fortunately, I learned to trade without having to pay for something from someone that wasn't proven reliable. I paid the market for my education instead, and what a great teacher it was!
The most successful students are those who find their own slant on the approach they are being taught. They apply their personality to the system they study and produce their own version of the system. That's their edge and comfort zone.
Does TA work? The answer depends on what you expect TA to do for you? If you want TA to tell you what the future will bring, then no, it does not...TA has no predicting value.
TA doesn't offer predicting value... but, it provides structure and favorable odds.. TA works as long as you read them to your advantage and do not expect them to tell you what to do. They are your tools. Tools does not work by themselves.
Traders who expect TA to do their trading are similar to musicians who expect their pianos to play music.
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