易中天中华史：女皇武则天

这一本是这一轮中华史订阅最后的一本了。易老师的中华史肯定还有延续。但是，这一本过后，肯定又得等上好一段日子。因此，对于这本【女皇武则天】，还真的有点不舍。。。

【女皇武则天】终于回归纯历史书籍了。上一本【禅宗兴起】太闷了。一大堆宗教历史固然重要（没法子，隋唐的历史就是躲不开宗教开发），但个人实在对宗教太冷感了。这一本易老师回归中华史的历史。。。感觉太棒了！

有别于其它历史书籍，易老师把武则天写的太露骨了。除了一一揭破武则天滥杀无辜的事迹，女皇的性事也一一揭露。老样子，易老师的书肯定是历史古迹证据加上思维上的逻辑。结果整本【女皇武则天】既符合历史探讨的效果又不失“好读书，不求甚解”的界限。读者除了更了解所谓的再生弥勒佛，整个阅读过程肯定也轻松又有趣！

关于武则天和狄仁杰的“合作”，易老师的探讨简直堪称一绝！易老师根据历史证据点出了女皇因为狄大人的出现所产生的大转变。诚如易老师解剖般：“政治家的要旨是能够在霸道和温柔之间自由转换，该霸道时霸道，该温柔时温柔。武则天有这种能力，但没有狄仁杰，她开发不出来。” 这样的逻辑怎能不叫人心服口服呢？

10分满分，想找点瑕疵，还真的不容易。这本书我是非常的爱不释手。没得弹，只能给足满分。以下是书里的经典语录。。。与读者们共鸣之。。。

铁马可以得天下，却不可以治天下。开国之君必须是虎，收成是君则不妨是羊，甚至兔子。但是，羊不只吃草。如果当了皇帝，也吃人。皇权，事能让食草动物食肉的。

李治发现自己就像一只大尾肥羊，当了皇帝跟陷入狼群没有两样。之所以没被吃掉，是因为所有的狼都盯着这唯一的羊。狼们需要留着他这颗羊头，以便贩卖自己的狗肉。

高宗皇帝当然不敢相信。公主谋反，舅舅谋反，废太子谋反，现任太子也谋反，李唐皇室谋反的也太多了吧？

在武则天看来，刘仁轨的劝谏，可谓公忠体国，深明大义。裴炎则居心不良。虽然二人的劝谏是一样的。

武后是李唐的大当家，裴炎则是大管家。管家和当家的，当然能够合作。就连当家的要换太子或皇帝，也没问题。因为这不过是公司变更法人代表。但，代表可以变，权属不能改。大唐的家业是高祖武皇帝和太宗文皇帝的。管家不能把那产权证改成姓裴，当家的也不能将其改成姓武。

作为女人，武则天其实很可怜。她只能把李治当作可以操控的夫君，把薛怀义看作爱不释手的工具。何况，武后从来就没有什么“不爱江山爱美人”的浪漫情怀。她永远不会因为自己是女人，就不再是政治动物。再说，就算平等相爱又如何？带着薛怀义到夏威夷海滩去晒太阳吗？没这可能，也没这情趣。

十一年来，打破的是魔戒，放出的是心魔。这种恶原本被天地良心和伦理道德关进了牢笼，却被武则天释放了出来。请问，这是什么圣母神皇？这是什么弥勒出世？分明是老巫婆和女魔头！

释放了心魔的神皇却决定变成女皇，因为随着魔戒的解除，所有的障碍都被扫荡。剩下的事情，就是撕下那若隐若现半遮脸面的薄纱，以便正式换上皇帝的新衣。

政治家的要旨是能够在霸道和温柔之间自由转换，该霸道时霸道，该温柔时温柔。武则天有这种能力，但没有狄仁杰，她开发不出来。

游牧民族，混血王朝的排场，甚至鲜卑女子才有英姿阵仗。因此，只有大唐这样的时代才会演出武周那样的故事，产生武后那样的人物。别忘了，唐代上流社会的女人，可是化吐蕃妆，骑西域马，打菠萝球，甚至女扮男装的。她们的男人怕老婆也不足为奇。

易中天中华史：禅宗兴起

上一本【隋唐定局】太精彩了。这一本【禅宗兴起】肯定也不赖！

结果，可能期望太高，失望肯定也就伴随而来。。。这本【禅宗兴起】不是不好。易中天老师还是秉持一贯的幽默和逗趣手法，把一本中华历史写得传神阿堵！但，基于本人对宗教历史的熟悉，以及从来不太热忱于宗教的一切典故；因此，这本书我读的挺闷的，呵呵！

整本书主要围绕着基督教，伊斯兰教和禅宗的各种趋势变化。理论上，它的确是隋唐历史的一部分。毕竟，没这些宗教的曲折离奇转变，各地区域政权者可能就不必绞尽脑汁的拒绝，吸收，再拒绝，再吸收了。但是，谈起宗教，本人就是提不起劲。因此，这本书应该是易老师中华史系略中，最不吸引我的一本。

10分满分，基于个人对于宗教的冷感，我只能打个4分。再次声明，这本书不是不好，只不过，宗教的玄和迷离实在难于勾起我的兴趣。但是，如以上所说，就算题材怎么沉闷，易老师总是有办法把它描写的活龙活现。以下的语录就是最好的证明：

君士坦丁推崇基督教，看重的不是教义，而是它主张一神崇拜。这种单纯的性质正是大一统帝国需要的。这就正如汉帝国独尊儒术并非多么喜欢儒家，只不过儒家学说更适合成为统一帝国的统一思想。君士坦丁是古罗马的汉武帝。

就在希拉克略为帝国的存亡焦虑时，基督教各派别也一刻都没有停止他们的口水战。争论的原因很简单：基督是上帝之子，又是圣母玛利亚生的。那么，基督到底是人还是神？他的本性又是什么？神性？人性？基督真是让人为难。

难怪有人说：人类一思考，上帝就发笑。因此，聪明的做法是放去争论，虔诚信仰。

前面的皇帝灭佛，后面的篡位者就兴佛，比如杨隋。前面的王朝崇佛，后面的取代者就灭佛，比如李唐。佛道两教的此消彼长，也不是什么风水轮流转，而是强权在操纵。

佛教从鲜为人知的外来文化变成了风靡天下的中华时尚，这就让他们意识到，与华夏传统结合才是自强自立的不二法门，而代表着这传统的是儒家。儒学化的佛教就是禅宗。

文化就是变化，也就是文明化。所以，历史上屡屡出现征服者反过来被同化的案例：征服了汉民族的胡人被汉化，征服了阿拉伯帝国的蒙古人被伊斯兰化。

物以稀为贵，犹太教未能成为世界宗教在我们看来是个遗憾，他们却引以为傲。

如果伊斯兰抢先一步传入中国，会不会也像佛像那样中国化？不会的，因为跟儒学太像。太像就没有互补性，也没有必要重复。何况伊斯兰教的宽容也只是允许其他民族自行其是，并不等于放去自己的原则迁就和融入其他文明。因此，能够中国化的也只有佛教。

易中天中华史:隋唐定局

苦等了好久，易中天中华史终于有延续了。这回，易中天老师把它定义为“世界文明圈”。毕竟之前的“中华根”和“大帝国”恰恰少了“文明”这部分。而上一本【南朝，北朝】恰好也终结了“大帝国”的部分。所以，“世界文明圈”这主题取得真好！

老样子，易老师的书籍一拿起就很难放下。这本【隋唐定局】还是那么的让我爱不释手。有别于其它的历史书籍，易老师肯定了隋皇帝的贡献。根据易老师的说法：“难怪隋会跟秦一样短命了，因为他们都是探索者和排头兵。前浪是只能死在沙滩上，隋炀帝则不过是被送上祭坛的牺牲品，尽管他远非秦二世或陈叔宝可比。” 

再来，易老师在书里的开端很巧妙的总结了两千年中国历史：“两千年表现为两种趋势。大体来说，上半段是先进行制度创新（秦和隋），然后变成世界帝国（汉和唐）；下半段则是先进行制度改革（宋和明），走向糜烂之后再由少数民族政权（元和清）来输血和救场。上半段是上坡路，下半段是下坡路。鼎盛和辉煌是在唐宋。” 很棒，对吗？

最后一章的主题“命运与选择”堪称一绝！看看易老师怎么总结吧：“农业帝国原本就有扩张性，隋唐又是混血王朝，更兼夹中华文化之优势，以开放的姿态和兼容的心态面对现实。这就是他们创造世界性文明的三大原因。”

这本书太棒了！易老师秉持一贯的幽默诙谐手笔把整个隋唐历史描写的极生动又有趣。10分满分，没得弹，只能给足满分！下一本【禅宗兴起】肯定更精彩！

Technical Analysis Using Multiple Timeframes

Mike Bellafiore (author of One Good Trade & The Playbook) mentioned a lot on this book. As such, here I am with the book highly recommended by my favorite author.

At the end... it is not as good as expected. Well, this is a simple basic book about technical analysis. The so called "using multiple frame" was not really discussed. It is at most just small part of a general and basic technical analysis book for beginners. In due respect to the author's hard work, the contents in this book are easily available via wikipedia or investopedia. Ok, long story short, this book simply sounds too simple to me...

For a full rating of 10; personally, I am going to rate this book at 2/10. This book is well written. It may be a great reference for beginners. But, to advance traders, there is nothing new under the sun...

The PlayBook: An Inside Look at How to Think Like a Professional Trader

Mike Bellafiore impressed me a lot with his "One Good Trade". As such, I am very much looking forward to this book...

At the end... I love it so much...  This playbook deserved traders' attention regardless of the method and concept they practice. As previous book on "One Good Trade" was quite good; surprisingly, this book is better...

I enjoy reading this book despite the fact that it is a real thick book! This time around, the author brings us to more of the latest version of SMB Capital. The author had some issues with the death of his mother. At the same time, some top traders left the firm to join competitors. As such, the author needs to reinforce and by then, "the playbook" came into play in his firm. As what many said... pressure creates diamonds... the author showed us how to create diamonds out of it. Thumbs up!

While "One Good Trade" focused on trading as whole, this book digs deep into details set up as well as trade management. The author emphasizes trade review and I think it helps to shape up traders' mind even for non-intraday trader like me. End of the day, as the title mentioned, it is about "an inside look at how to think like a professional trader". Well, objective met!

The only flaw perhaps lies with the fact that this book is not suitable for beginner or novices. Advance traders (regardless of technical or fundamental traders) will understand the insight and substance being an intraday trader thanks to the hard work by the author. For advance traders, they will have no problem in understand every single part of the book. For beginners and novice, it is hard to digest especially when the author does not explain in details into each set up and review.

For a full rating of 10, I personally rate it at 10/10. As I mentioned above, this book is so much better compares to "One Good Trade". Overall, this is a book that was well written (easy to understand) and very entertaining.

Lastly, listed below are some nice quotes from the book:

Trading is a sport of survival, reinvention, and perseverance even for the succesful trader.

Flipping from indicator to indicator or from different time frame to different time frame as your solution to under-performance is a path to trading failure.

Most traders overvalue the importance of the trading day - their trading. The least important part of your trading day is your actual trading. The work you do after to improve and prepare for future trading opportunities is most important.

A passive-buy algorithm (algo) buys some at a whole bunch of different prices without aggressively paying the offer and stepping higher to fill an order.

Trading can be one step forward and then two steps backward. Then a few steps forward. There is never going to be a time when you are not going to run into a wall of progress impeded.

You are not as bad as you think when you feel you cannot make money. You are not as good as you think when you believe you will never have another losing day.

Do not concern yourself with how anyone else is doing. Ever. The bank takes your trading check. It is does not cash your trading partner's. This is a journey about your trading. Do not worry about anyone else, or anyone else's trades.

The experience of low satisfaction or low contentedness in life is associated with impulsive behavior that is an attempt to grab a reward. The remedy with this approach is to teach the trader specific ways to increase the experience of gratitude in their life to counteract the need for immediate gratification.

Most professional traders and poker players lose a majority of the time, but they allow their profitable trades and hands to outweigh the losers. They enjoy taking small losses and understand that it's just part of the game.

You should not come to the show before sorting out your psychological baggage. You cannot trade well with this mind baggage.

I changed my self image from a rookie soldier to a fisherman. To the fisherman, the ocean is a place he respects but also a huge resource he can use. Certainly he knows the ocean is dangerous. So he prepares each trip carefully. But he loves the ocean. He knows what to do when the fish come. From then on, trading became an interesting, challenging and fun game for me.

Trading is kind of like playing tennis and badminton. The player has to quickly move to a neutral (centered) positions after each strike.

Don't make the trade too complicated. It is either going to work or it is not.

If you are not taking on enough risk with your trading, then you are taking on too much risk.

The new field of positive psychology clearly shows the link between happiness and improved performance. Happiness comes first then followed by success. 

Successful traders have meaningful attachments or some other source of motivation and happiness outside of the financial markets. 

High frequency traders often have access to your stop orders because of their agreements with the exchanges. Sometimes it will be better to set an alert where you will exit and just manually close your position. We do this so that the HFTs do not just run our stops for profit and leave us flat a terrific risk/ reward opportunity.

You are always entering when the momentum is on your side. And a lot of people think that in trading you have to enter at the lowest entry to make the most amount of money, and that is not necessary true. It is very difficult to pick the bottom of a trade without getting stopped out. 

You have to stop missing the opportunities in your best setups. With the advance of technology, you have no excuse to miss your best trading opportunities. This is a performance game. Either your maximize your take from the setups that make the most sense to you or at best you under-perform and at worse are eliminated by Mother Market.  

舍得让你爱的人受苦

华语首席身心灵畅销作者张德芬时隔两年后的最新力作。。。怎能错过呢？这类书籍，我一向来不推崇。（不想中毒太深，呵呵）但是，三年前读过张老师的【活出全新的自己】和【遇见未知的自己】；影响其实挺深刻的。总觉得，这类书籍不需要常常阅读。但是，能够在充满酸甜苦辣的人生中，偶尔看一看，效果是不错的。

结果，比起上两本，这一本太好了。可能张老师的写作能力越来越强了。可能刚好这本书触动了许多我一直不敢去触碰的脆弱自我。也可能这本书来的刚刚好（最近有点迷失自己了，呵呵）。。。简单来说，这本书我读得很开心。读完过后，就像上了一班很棒的心灵课程。整个人瞬间轻松了许多。

以下的经典语录就足以证明张老师写的多用心：

担心爱人变心是最不划算的投资。有那时间，精力，不如花在自己身上-心灵成长。毕竟没人会喜欢受害者心态的弃妇。而健康，快乐，有智慧的人却到处受欢迎。

夫妻之间有冲突一定是双方都坚持自己的立场不肯改变，而且还想要对方先改，所以是无解的。

我们不能看爱人受苦，不是单纯因为爱他们，而是因为无法忍受自己内在的那种焦心，楸心的担忧和心疼。我们自己的脆弱，使得我们无法承受内在的情绪冲突。这时候，你可以带着内心对他们最大的爱意，接受自己内在情绪的起伏波动，在他们身边为他们加油打气（而不是亲自去帮他们扫除障碍，或是陪着他们一起愁烦），帮组他们靠自己的力量去度过难关。这样一来，你们两个人就一起成长了。

“期望”是说如果得不到，我就会失望，伤心，难过。而“希望”是说，我希望你能这样，但是如果你做不到，我也还是肯OK。如果我们只有希望，没有期望，日子会过得很好。

你为对方带来了什么？这些年来你有没有成长？还是拿婚姻的保障，感情的基础作为老本？

如果我们不能跟内在的不舒服相处的话，我们会不断的想去改变外在的人，事，物，那这样你就无法找回自己内在的力量，甚至还会失去自己内在的力量。真正的内在力量，就是你拥有力量去把各种“应该”“不应该”的要求全部收回来，然后跟内在不舒服的感受和平共处。

我们可以振振有词的批评别人，但是别忘了，他的特质，习惯，态度，做事方式，如果惹毛了你的话，很抱歉，你身上一定有和这些一样的特质在呼应着。

如果你要求事情在特定的时间以特定的方式呈现，而对最糟糕的结果有抗拒和恐惧的话，你就没有真正的放下。

小孩自小如果没有自治权，将来如果有机会获得自治权，叛逆起来可是不得了。只可惜他们是人到中年以后才开始叛逆，这个时候，他们的父母可能早就过世了，他们的叛逆对象可能就是他们的事业或是配偶。

一个没有学会说“不”的孩子从小就不断受到父母的“侵犯”，没有为自己划定界限的能力。所以，很自然的，长大以后，他们在外面的世界也不懂得为自己划定界限，不会说“不”，而不断的遭受别人“侵犯”。

很多时候，我们教育孩子其实不是为了他们，而是为了我们自己。我的孩子如果没有教养，我回丢人。如果我的孩子学习很差，我也会没面子。这是为了满足自己的某种期望和需求。但孩子的学习成绩难道比他的快乐还重要吗？

我们去骂，责怪别人，要比自己承担情绪的责任容易的多。可是，如果你真心想要成长，就必须对自己狠一点。用一段时间来练习把情绪的责任都揽在自己身上。

想要拾回童心，我们就要先找回自己内在的小孩，修复他的创伤，学会自己疼爱他，而不是等待那个永远不会出现的完美父母来圆满他的人生（很多时候，我们都误以为亲密伴侣就是我们等待了一生的完美父母，可惜，最后希望还是落空）。

你一定要拿出最大的包容和耐心，接纳自己一切的不完美。

真正的快乐来自于自发性的，没有预设结果的行动。

面对痛苦，经历痛苦才是最好的修行，没有一劳永逸的离苦方法。只有透过受苦，我们打受苦“预防针”，加强自己受苦的能力，下次痛苦再来的时候，我们才有能力承受，并愿意和它共处，不再逃避。

当炮弹朝你飞来的时候，如果你转身就跑，你会被炸到；如果飞速的朝着炮弹的来处奔去，你会发现炮弹从你的头顶掠过，远远的落在了后方。


10分满分，我会毫不犹豫给足满分。如以上我所说，这类书籍偶然看一下，效果肯定非常好。这一轮，恰巧心灵上挺需要这本书的。因此，对的时间，阅读对的书籍，效果肯定是最好的。最后，个人非常推荐这本书。它不是一般的心灵建设书籍。它打开的不只是我们的周边世界，更打开了那个永远看不到的自己。赞，赞，赞！

期货兵法

订阅上一本《华尔街幽灵》时，为了更完善的利用折扣券，于是选了这本《期货兵法》。近年来，不得不承认中国这类书籍开始引起了我的注意。总觉得中国投机界神速的进步不得不让我这类小投机者也开始着迷于他们的一切。好吧，试一试这本书籍，希望是我要的那杯茶！

结果。。。好坏参半。。。这本书大致上可以细分为两大部分。前半部，这本书主要探讨着期货各种法则和兵法。排兵布阵的确恰到好处。如果这本书出现在每个期货市场刚刚开始时，那这本书绝对堪称期货秘笈。当然，在当今成熟的期货市场中（高频正在兴风作浪的搞乱一切程序），这些兵法虽然管用，但肯定效率大大折扣。

因此，作者在这个修订版又增添了我所谓的后半部。这后半部主要又细分为“再读期货兵法篇-四年后的再思考”和“杂谈篇”。（最后一章“对话篇”我就不多谈。因为此“对话篇”整个网上都有）对于我来说，“再读期货兵法篇-四年后的再思考”才是本书在现今高频期货市场中所需要的一切兵法。这一部分很老实的探讨了四年前的兵法。期货玩家肯定会对这一部分产生共鸣。至于“杂谈篇”，本人就不敢恭维。感觉上就是有点牛头不对马嘴似的。简单来说，“杂谈篇”跟所谓的“兵法”真的离题了。。。

满分10分，个人给予7分。整体上，这本书真的不错。作者肯定是根据期货市场轰轰烈烈的博弈中而拟写出这本书籍。单单这一点就值得读者捧场。只不过，后面的“杂谈篇”就真的是多此一举。感觉上，真的破坏了一本好书。

以下是个人非常赞同的一些兵法。里头有四年前的兵法，更包括四年后的“领悟”。赞！

“抄底”的人根本没有意识到这是小概率事件，自己是以极大的风险来博取极小的成功概率。

震荡和趋势可以量化定义吗?趋势里面有震荡，震荡里面亦有趋势。

“价格发现”，“套取保值”在期货市场都扮演着某种角色。但都不是市场本质功能。市场本质功能是“财富分配”。

资金三维增值模型：线性增长模型（例如20万维风险基准配置资金。如果盈利了5万，则可承受资金的风险为25万）最终取得最高回报，最大资金使用率和最低风险。

震荡和趋势是区分不清楚的，主观判断什么是震荡，什么是趋势有很大的不确定性。

期货行情变化快，如果没有事先持仓，很容易错过。

市场出现巨大方向行情的是后，并不能简单止损，而是通过迁仓，对冲，补仓的形式来处理。

多年来，无论手上的单子仓位多重，我还是养成了晚上不看外盘的习惯。生活，不是只有交易。

当我们讨论头寸管理的时候，应该有一个前提：首先系统应该是一个正向盈利的系统。

当短线交易者自己参与交易的前越来越多的时候，他的资金进出会和其他有限资金的互动和博弈中造成当下价格的变动，也就是说他自己变成了当下不合理价格的制造者，也就成了其他短线交易者的利润来源。因此，短线交易者的资金量大到一定程度后，就无法实现全复利增长了。

不管是做人，做事，做期货，腹中满了，就填不进东西了；腹中长空，才能持续的填东西进去。发现空了，就想办法去填，满了再空，再填满，满了又空，在填满。。。由此可以实现自我的持续强大。

如果说“稳定”盈利是一个骗局，那么“稳健”盈利则是一种可能。一年能盈利多少是确定不来的。但是一年最多允许亏损多少在亏损之前是定的下来的。让亏损多少自己说了算，让盈利多少市场说了算。

对每一个交易者来说，应该每一天都回到起点。最好是每下一笔单子，每平一笔单子之后，都回到起点。

一个比较好的系统，适当的赚钱，不影响市场的正常运作，市场Shiite允许它存在的。而如果这个系统疯狂的赚钱，市场便容不下它，会让它失效。

华尔街幽灵

这本书很奇怪。我到处游览就是找不到英文版。老实说，真的不太愿意阅读翻译版。总觉得台湾繁体版还行。中国简体版有时真的不敢恭维。但，基于完全搜索不到的情形下，只好将就一下。

结果。。。非常好。这本书翻译的太好了。可能文字上不太有特别词语，所以感觉上翻译者翻译的恰到好处。如果不是先入为主，很容易误以为这本书就是翻译者所拟写的。简单来说，就是没有翻译的感觉。

再来，这本书太令我惊喜了。一本简单易读的书；但含义和深度却是超棒的。好奇怪，身边的书友怎么就没人介绍呢？单单从书上摘下的语录（以下）就足以证明这本书有多棒！

我们操作的这种市场的残酷性，要求交易员生活状态的平衡。有些交易者从来没有计划好当坏日子到来时怎么办，但坏日子是的确存在的。

如果你等待市场来告诉你这笔交易是错误的，你总是要付出更高的代价。你的止损位置未必是你可以执行平仓的位置。

如果交易没有被验证是正确的，就要尽早平仓。等待一笔交易被证明是错的，会产生更大的价格波动，因为在那个时候，每一个人都已经获得了相同的市场信息。

当日交易者的目标是快速获利，所以一个好的加码计划操作起来会很苦难。最好的当日交易方法是一次性建立所有的仓位，然后用规则进行平仓。

仓位的增加应该是渐进的，即根据预期的价格变化逐渐加仓，直到满仓。

如果你一次性就满仓，那你的交易方式实际上是一个当日交易员的方式。

对我来说，真正让我赚到钱的还是规则二。不过，规则二在长线交易中能发挥效用，在短线交易中是看不到效果的。

如果你真的希望自己拥有以交易谋生或赚外快的能力，你就应该在你的盈利仓位上加筹码。否则的话，你最多只能保本。

交易是失败者的游戏。你必须学会如何去输。那些每次只输很少一点钱的大输家，却最终都能在交易中生存下去。

那些每次都损失大笔资金的小交易员很快就会出局。有时，他们连靠边站着学习的机会都没有。失败让他们彻底失去信心。世界上最悲哀的的事情莫过于失去梦想。但，比失去梦想更悲哀的是不知道自己的对手是谁。

有许多次，我看到一只基金在市场中拼命下买单，目的却是为了可以在市场中大笔卖出。如果你哪一天看到我同时在大笔竞买和竞卖，那我一定是头脑糊涂了。

当仓位没有按预期的那样变化的时候，这个策略就是错误的。并不是你的止损点被触及才算是错误的。

任何时候都不要相信别人告诉你的他自己有长线仓位这样的话。他们怎会知道自己的仓位是长线？根本不会有人知道，只有市场才能时时刻刻提醒你，你的仓位是什么性质。

别问我我的想法，我的想法不重要。我只能把最高的成败率告诉你。至于市场告诉了你什么，只取决于你自己的思考。

大多数的交易员在做交易失一大笔钱之后，就不敢进行下一笔交易了。脱离市场的轨迹是不对的。每次交易不要与市场的节奏差的太远。这样的话你就容易随时回到正确的路线上来。

规则一可以使我们在交易中停留足够的时间，而规则二则使你在最短的时间内取得回报。

当日交易者有优点，但是不多，因为它存在许多局限。在当日交易中，你更容易损失，而不是获利，因为时间有限制，所以只有那些在响铃之前行动的人才能成功。

当日交易员必须保证操作的没一点都很精确，这是另一个不足之处。你让自己建仓时受到严格约束，但准确的预计价格又几乎是不可能的。所以，最好是预测一个价格区间，而不是预测执行时的一个具体的价格。

如果我不使用某个指标，我当然不会在乎它。但是，别人使用它，我就必须知道这些指标。我需要知道其他交易员是怎么想的。

我从不建立与我的信号相反的仓位，但是这并不意味着我不会建立与同行们的图标或是指针相反的仓位。我的标准是把别人的信号纳入考虑的范围之内，尽管对我来说它不是一个直接的信号指标。

今日交易日最后一小时十五分钟已经连接上明天的图标了。我们称其为次日的支撑位和阻力位。我们延续这个图标，直到明天收盘前的一小时十五分钟，这样我们就完成了一个完整交易日的图表。

作为趋势跟随者，你要有及早先行一步的意识。如果你只是随大流，而不是在阻力点和支撑点前行动，那么你将损失惨重。

如果市场开盘时高开，收市时价位也比昨天高，但是比开市低，这就是我所说的市场突变。与此类似，开盘低开，而收盘价比开盘要高，也是同样的。好好研究开盘和收盘的价格，但是不用考虑收盘时是高还是低，只需要考虑开盘就可以了。市场突变让你可以赚到大钱。这是因为高手们不仅总是在绝大多数人之前清仓，而且在其他交易员开始止损清仓的时候，就已经转到反向了。

大多数的情况下，开盘价都不会让人兴奋。从开盘和昨收盘的差价中，我们时常可以预见收盘时的方向。

高开就预示着继续跟进是比较明智的选择。同时，在开盘时如果出现了跳空缺口，你要谨慎对待。市场将会出现多空激烈对峙的情形，因为总是有许多交易员要套现。充分利用这一点，在这种情况下，这些套现会对你有利。

最好是在交易系统之外有一个交易计划。这主要是因为有时你的系统可能导致一段时期内进行的交易不成功，此时你需要过滤掉那些失败的交易，用我的规则来保护自己的利益。

生存法则也叫资金管理。你只有进行长线交易才有可能成功。注意长线交易和长期交易不同。长线交易可以让你有机会在现在或是将来都处于有利的走势中，但如果你的目标只是为了在今天一天之内成功交易，那你还不如去买彩票。

如果你自己来设计你的交易系统，对比一下长期资料和近六个月的资料，如果两者有冲突，你就必须修正它。如果你无法修正，就要同时使用两套资料，发现二者冲突时就舍弃你观察的品种。

更多情况下，你的不同指针之间会存在相互冲突，这时你最好舍弃观察目标，因为当你所有的指针都趋同时，将会发现大行情。建议不要同时给自己设计太多的指针，你拥有的指针越多，路越宽，交易就越难做。你有可能因此而持有仓位时间过长，因为你建仓的时间太迟了。

系统可能接二连三给你讯号，但这意味着每一个讯号出现时都要加码吗？我比较喜欢三次加码。

只有在任何时间，任何品种上都适用的交易方法才是长期盈利的方法。

这本书我读的很慢，因为里头有太多值得细细咀嚼的细腻部分。这本书开拓了我许多视野。。。很多谜团也随着阅读过程而解开了。满分10分，我会毫不犹疑的给足满分。这本书太棒了！！！

李健熙与三星帝国

三年前读过【三星内幕】后，一直很想寻找一本更像样的三星自传。【三星内幕】故事事迹很丰富，但是编排堪称一塌糊涂。希望这一本能颠覆【三星内幕】的凌乱。。。

整体上，这一本比【三星内幕】好多了。第一，排序非常好，井井有条，一点都不凌乱。第二，故事本身就精彩。在作者的神笔之下，读者很容易投入故事情节里。第三，作者不只细说故事，而且很适当的收集了很多资料来支持每一个事迹。第四，作者很客观的在适当的时候给予自己的意见。这一点在家族争产和继承人的问题上，作者给出了很多客观的见解。对于熟悉三星帝国的读者来说，客观的意见更能让读者读得丝丝入扣。

作者在最后还总结了三星未来所面对的挑战和不确定性。很多资料或许在媒体上都能读到。但是，作者很用心的分析了一切的可能性。在这方面，三星第三代接班人所可能面对的窘境都在作者的神笔下一览无余。所谓的，创业难守业更难应该就是这个道理吧。

10分满分，我个人给予满分。这本书终于满足了我对李氏家族和庞大三星帝国的好奇心。赞！

期货大作手风云录

这是一本很特别的书。作者秉着致敬《股票大作手回忆录》而写下的一本书。遗憾的是，作者和利佛莫尔有着同样的结局，最总都是以同样的方式结束生命。因此，这本书很值得探讨。。。

老实说，前半段还是挺不错的。后半段本人就不太敢恭维。总觉得作者很对号入座的去解剖利佛莫尔的一切。感觉上，主观占了上风。基本上，和我理解的利佛莫尔相差挺远的。。。

再来，作者某方面挺自相矛盾的。第一，所谓的短期或中长期交易好像模糊不清。第二，基本分析和技术分析一直重叠着作者的思绪。老实说，个人不太认同这方面的混乱。最糟糕的是，书名本来是往期货这方面进展的。最后，却冒出了股票炒作的故事。好听点的说法是，作者或许是个称职的投机者。因此，拟写书籍本不应该是他的强项。但是，这本书的结尾真的堪称败笔。简单来说，就是牛头不对马嘴。

整体上，这本书还算是本有趣的自传。姑且不去验证故事的真实性，但至少故事的生动性是有的。满分10分，个人给予5分。如果和《股票大作手回忆录》相比，这本书是逊色了很多。但，还是可以看一看的。。。

私募春秋：全国顶级期货投资机构运作思路

很期待的一本书籍。。。中国投资理财书籍能有这样的书，反映出中国这几年的步伐真的慢不下来。而且，重点是，里头被专访的很多都是好几年前的高手。经过岁月的洗礼，这班所谓的金融期货大腕竟然还存在，就足以证明这本书的价值了。

先列出各个大腕们的语录吧：

于海飞：

如果哪位选手能持续几年都取得盈利，那么排名第几并不那么重要了，持续盈利带来的复利就非常可观了。

如果有了利润，势头良好，成功的关键就是有没有能力迅速将筹码放大两倍。

林波：

指标分析型易于量化，我们用的多。图表分析型不易于量化，我们用的少。

付爱民：

复利的利润很大，实际上不需要赌一把就能赚到很多钱，做稳资金很赚大钱并不矛盾。

我做了十年短线，应该是有盘感的，能闻到钱的味道。

永远轻仓，肯定赚不了大钱，永远重仓，肯定会爆仓。所以要选择合适的时候，选择自己有把握的机会，适度重仓。

吕峰：

价格不可能始终按趋势的方式移动。从时间角度，震荡市占比时间是比较长的。但震荡发展到一定程度时会物极必反，就是它往往会演变成一个趋势。

基本面分析不是毫无用处。只是讯息太过庞杂，从我们的交易地位和角度来讲很难掌握到完全的供求讯息，而且很多的供求讯息分析从我们的学术水平来讲也不能够完全吸收消化，会产生误读。

我比较反感的是技术分析结合基本分析的提法。基本分析会敢于逆势建仓，因为他的分析有前瞻性。而技术分析是绝对反对逆势交易的，主张是顺势而为。

预测的主观性和随意性实在太大了，可操作性程度太低。而对策是根据市场已经发生的情况而产生应对办法。它是可观的，涨有涨的对策，跌有跌的对策，亏有亏的方案，盈有盈的预案。

如果“趋势”是一种进攻，那“组合”就是防御。趋势是主动型的，组合是防御型的，因为我们也充分认识到系统的不完善。

交易的执行是一件很重要的事。我们要经历很大的震荡市，震荡市时间久的话，负面情绪会上升，会影响交易的执行。

宁可少量，但每个讯号都一定要做。

我要充分执行，要加强执行度，就把仓位降下来。

你既然是量化，你的逻辑是基于系统化量化，就不应该修改参数。一旦修改参数，那就是一个新的系统。

王黎：

量化对风险上比较容易控制，很多交易的方式都是可以重复的，而主观交易很难说它是运气好还是真的水平好。

我们很少谈及一个量化模型的回报率，而只谈稳定性。因为回报率是由投资人的风险偏好决定的，并通过金融杠杆的使用达到目的。

我们在贝莱德的模型没有一个能够获得很高的回报。一般都是10%-20%之间，然而优点是可以支持很大的容量。

业绩比拼主要体现在三方面：稳定性，回报率，容量。目前我感觉国内很多时候大家谈论最多的是回报率，其次不少人会谈稳定性，谈得最少的是容量。

很少有策略能够在过去10年都奏效，所以我们一般尽量把它们分散化，采用不同的策略，配置不同的品种，并且过一段时间就进行调整。这些调整也可能有主观因素。

我们在贝莱德也做过很多统计套利交易，但是问题就是容量上不去。很多人经常拿文艺复兴的西蒙斯和股神巴菲特进行比较。其实，这是非常不科学的比较，因为统计套利的容量有限，文艺复兴能够管理的资产在100-200亿美元之间。这和巴菲特管理的资产规模是没法比的。

高频交易每年都能获得1000%以上的回报。同样，他们的问题也是容量小，虽然盈利曲线非常漂亮，回报率也非常高，但是他们管理的资产规模有限。

言程序：

如果是对的仓位为何不一开始就加倍下注？有许多人越买成本越高，越买仓位越重。行情一旦反转就会损失惨重，所以我们不建议加码。这是扩大杠杆，扩大风险的行为。

最好的加码我们称之为“自然加码法”，如果能做2手，我们建议第2 手单不做加码单，而地2手改作不同的策略。当第2手不同的策略也同时做多时，则自然就会产生加码的效果。

徐西会：

小机会的时候动用大资金去做，大机会的时候，动用小资金去做。小机会出现的时候，行情波动小，资金安全，大机会出现的时候，行情波动大，资金不安全，风险反而大。还有一点，在大机会面前，人人都会贪婪，贪婪的时候交易最危险。

海证投资：

期货交易说到底，还是概率和盈亏比的问题。行情判断的准确率，权威机构都做过统计，准确率高的也就只有百分之六十几，主要还是看胜算和盈亏比的合理把握。

肖辉：

“套利”产品是指没有任何单边头寸裸露的交易，“趋势套利”产品是指在产品中包含两类策略：趋势和套利。这两种产品有一些区别，具体表现是：“套利”产品的收益在12%-15%，回撤在2%以内；“趋势套利”产品的收益在20%-30%，回撤在6%-8%。

Michael Patak:

作为一个期货交易员他每天都必须充满热情，因为只有这样他才能忍受这个行业永不停息的上下浮沉。

孟德稳：

交易本质上是盈亏比和正确率之间的游戏，如果交易模型是高盈亏比低正确率，就需要容小错，博大利；如果交易模型是低盈亏比高正确率，就需要容中错，博中利以及更高的胜率；总之没有错误就没有正确，但不要大错；没有亏损就没有利润，但不要大亏。

我们也对策略进行新陈代谢，但周期度较长。一些核心的策略基本框架是不会改变的，因为好的策略只需要改变一下参数就能适应市场。我们也做策略储备，因为随着市场的成熟以及投资者结构的变化，收益率下降是个长期趋势。

李咏泽：

“金融投机”契合了人类个人英雄主义的情结。这个职业可以不依靠任何人，任何环境，单凭一个人的力量完成财富的创造。这是地球人梦寐以求的生存环境和奋斗过程，所以容易被形容成最快乐，最自由的职业。然而，金融市场的无常变化，不可预测及不确定性又使得投机者总是在似乎看到成功的阳光时被从新打入无边的黑暗之中。“迷茫”的是难以找到成功的正途。说它“危险”一则是杠杆性，二则是因为这是个独立可以完成的工作，所以没有外来的约束，只有靠投机者自身的自律来控制风险。但人类天然的性格弱点决定了自律是极其困难的。

虽然慢慢拖死和暴死的结果都一样死，但慢慢拖着的过程中有时间让你学习，积累，提高。如果有悟性，在这个原本是通往死亡终点的过程中你有可能突然悟到了交易的真谛，那你就成功了；而暴死的投机者就不会有这么幸运。

太短期的交易很累人，而且资金规模稍微大，就很难做短线交易；趋势交易应该是最能赚大钱又不累人的一种方法，但现在的市场和以前有所不同，影响价格走势的因素太多，交易者的整体交易能力和以前相比有所提高。

早年的时候，我当然也会去和别人讨论关于交易方面的问题，那是因为自己还是半桶水。但是，现在我不会了。因为我明白了这样的讨论对自己的交易是无益的。期货人的投资观点，交易方向以及操作的品种都会随着市场的变化随时发送变化，上午他和你这么说，也许下午他就不是这样做了。

我更注重回撤率。理由很简单，期货市场赚多少钱不是由我们自己说了算。无论你有多么厉害的交易系统或者说交易水平有多高，可市场就是不出现符合你的系统的市场走势，你还不是干瞪眼？赚钱的多少还是需要一点运气的。但亏钱却是交易者自己可以提前设定的。

“止损”就好比汽车方向盘的气囊。气囊一旦打开，说明车撞了，人虽然没死，但车子却毁了。交易也是一样的道理，不能因为有止损的这个工具，就动不动使用它。否则你的车子（账户）一定是伤痕累累，最后甚至没钱修了。在交易过程中，止损是亏得更少的手段，却不是赚的更多的手段。

要想不经常止损，就必须少做交易。

李志康：

往往越普遍，越简单的东西，恰恰持久力更强。这种简单只是事物本身，不简单的地方是你运用这种事物的能力。

某种经典的东西往往都是非常脆弱的。要么是流动性非常缺乏，很多年出现不了。要么可能是理想化的，它一定会演变。

一开始做加法，然后做减法，最终剩下的非常简单。

赵绍文：

感觉有把握的行情，一般都是先试仓，等试仓单有了利润之后，再逐步加仓。

当你的短线和趋势都做得很好的时候，就非常麻烦。往往会弄得短线和趋势都做不好。做趋势的时候会受到短线的影响。在做短线的时候又会受到趋势的影响。

挺喜欢这本书的编排。作者很用心的把不同类型的交易者归类为各自的领域和专才。因此，这本书读起来很容易入神。整个感觉超棒的。再来，作者的访问很有深度。探讨的覆盖率超高的。简单来说，该问得，作者完全都不放过。最后，中国期货单单从数据方面来看，很明显还很嫩。但，交易者的水准还真的不是盖的。最后的最后，希望被访问者不是一般虚伪的交易者。而且，中国这类比赛（期货比赛）的可信度值得怀疑。因此，希望书里被访问者不是为了个别意义而误导读者。

10分满，基于个人对书里的有些想法还是挺有异议的；因此，个人给予8分。这本书籍整体上是本诚意之作。作者的用心很值得读者捧场。重点是，读者必须去验证所有的可能性，别盲目的信到底就行了。要知道，真正愿意分享的交易者不多；更多的是为了追求个人宣传效果。。。

Inside the Black Box: The Simple Truth About Quantitative Trading

After some relaxing reading, time to get serious again. As such, I choose one of the topics that remain as a myth to most traders. Well, hopefully this book can provide more insightful stuff to me...

Well, despite the facts that this book was published many years ago; it still serves as a bible or at least a starting point for those who seek to understand quantitative trading more. Having said that, this book is not the know-how or technical stuff about algorithm. This book is conceptual rather than technical. However, for those with basic quantitative trading knowledge, this book is good enough in thought-provoking and I benefited a lot via this book.

The quotes below good enough to support my point:

If a quant is good at forecasting volatility or dispersion, there are far more interesting and productive ways to utilize these forecasts (for example, in the option markets) than there are in a risk model that governs leverage. A more theoretically approach seeks to increase leverage when the strategy had better odds of winning and to decrease risk when the strategy has worse odds. The trick, of course is to know when the odds are on one's side.

Statistical risk models are subject to being "fooled" by the data into finding risk factor that will not persist for any useful amount of time into the future. It is also possible for a statistical risk model to find spurious exposures, which are just coincidences and not indicative of any real risk in the marketplace. This is a delicate problem for the researcher. 

Risk management is frequently misunderstood to be an exercise designed to reduce risk. It is really about the selection and sizing of exposures to maximize returns for a given level of risk. After all, reducing risk almost always comes at the cost of reducing return. So, risk management activities must focus on eliminating or reducing exposures to unnecessary risks but also on taking risks that are expected to offer attractive payoffs.  

Too much emphasis on the opportunity can lead to ruin by ignoring risk. Too much emphasis on risk can lead to under-performance by ignoring the opportunity. Too much emphasis on transactions costs can leas to paralysis because this will tend to cause the trader to hold positions indefinitely instead of taking the cost of refreshing the portfolio. 

The instability of correlations among financial instruments is more or less a fact of the world. It is not the fault of optimizers, nor of correlation as a statistic, that this happens to be the case in the financial industry. 

Near-neighboring sets of parameters should result in fairly similar results, and if they don't researcher should be a bit suspicious about them, because such results may indicate overfitting. 

Models that are parsimonious utilize as few assumptions and as much simplicity as possible in attempting to explain the future. As such, models with large numbers of parameters or trading signals are generally to be viewed with skepticism, especially given the risks of overfitting.

We find that the statement that quants underestimates risk is likely to be true, but we also find this to be due more to human nature and the circumstances are rare events than to something specific in quant trading.

Longer horizon quant strategies tend to go though longer and streakier performance cycles. They can outperform or under-perform for several quarters on end, and it can take several years to evaluate whether there is really a problem with the manager. Some longer term strategies also demonstrated conclusively that they are subject to crowding risk. Short-term strategies, by contrast, tend to be very consistent performers, but they cannot handle much capital. They are therefore very desirable but also not always practical. Furthermore, when one find a good short-term trader, it is not clear that the trader will remain small. Many traders are tempted to grow their assets.   

For a rating of 10, I am going to rate this book at 9. Despite the excellent part, this book is a bit out dated with current algorithm environment. Algorithm evolved a lot these days and the evolve part would not stop in the future. As such, I am very much looking forward for the new version of this book. (Better still if the author decided to write a new book about quantitative trading) Overall, this is an excellent book and I highly recommend traders to explore it. 

王健林：万达广场的背后

近年来，越来越不向往阅读中国企业家的事迹。理由是，中国企业家总是给人感觉“上马快，落马更快”的局面。当年的黄光裕和蒙牛就彻底的伤了我的心。所有的轰轰烈烈最后都倒在道德的指标上。但是，王健林的事迹不得忽略。毕竟，敢跟马云豪赌的（一年后又放弃赌约）还真的没几个。而且，王总有一点特吸引我。王总和本人都是超级足球迷！！！

结果是。。。还好。。。但，就不是很有惊喜！这类书籍开始吸引不到我。或许是年龄的增长；很多这类书籍，很难在次激励我。或许我也在江湖熬久了。。。基本上好多苦难也都经历过（还在经历中）。到最后，无论是那个企业家，来来去去都离不开“反思，反省”，再“反思”，再“反省”的轮回。而且，当中的酸甜苦辣已经是一个肯定的过程。所谓，食得咸鱼抵得渴大概也就是这类书籍所要呈现的吧。

再来，王总的行业一直都是我不太向往的。因此，这也加重了我对这本书不那么热忱的缘故。还好，书里有一大堆关于王总的足球历程。因此，读着，读着，还不至于那么沉闷。

满分10分，基于此书并没有太大的惊喜，本人给予4分。近年来，这类书籍的确不太吸引我。购买此书主要还是想补充一下对王总的认识。补充是补充到了。是时候回归一些新知识了。。。

解读量化投资

上一本关于量化投资的书籍太令我失望了。于是，忽然兴起阅读这一本书的念头。想看看，经过这么多年，这本书还能起到什么作用呢？

结果。。。这本书好多了。作者用尽一切方法把所有关于量化投资该说的，不该说的全部都一网打尽。最有趣的是，每一章的开头，作者很创意的用了四川妹的小故事来做个开端。四川妹最终的故事还是美满的。哈哈，有趣！！！

关于量化投资，作者是一一揭破。关于西蒙斯的量化投资，尽管市面上每个投机者都在绞尽脑汁的寻找它的蛛丝马迹，但作者提供了尽可能的一切资讯。同一时间，作者不只讨论西蒙斯。作者还把相关性的人物和事迹一并讨论。最绝的是，最后一章还特意讨论了谁会是下一个西蒙斯。这么有深度的书籍，试问读者怎能错过呢？

10分满分，个人给足10分。距离上一次阅读这本书籍，应该至少都是五六年前的事了。想不到，隔了那么多年，这本书还是带给了我意外的惊喜。只能这么说。。。好的书籍的确值得一看再看。赞！！！

The Physics of Wall Street: A Brief History of Predicting the Unpredictable

This book was recommended by a buddy recently. Few years back, I read about "Quant Investment: How did James Simons Beat the Market By Using Maths?". Those days, I tried everywhere to get an English version of similar books. I failed and it ended up remains as my only references to the great James Simons. Coincidentally, I was in the Futures Trading Competition and the champion (who beat me off, LOL) is actually the one who buys into James Simons' idea. So, the whole thing remains a myth to me until today. Well, hopefully this book can open up all my doubts and brings me to another world of speculation...

Ended up... this book disappointed me so much. I did not get what I want from this book. Well, I admit that I did not flip through in the first place since it was a recommendation by a buddy. But, I do expect it is more related to the finance and investment side since the title itself consist the wording of "Wall Street". At the end, it is just one of those histories and summaries that we can get from a lot of other books. The author just rearranges it as according to the chronology. Of course, the author does so with considerable style. But, to me... it is just some historical materials that I am so familiar with...

For a full rating of 10, I am going to rate this book at 2. The fact that this book does not meet my expectations contributed to the low rating. For those who are keen to explore on the history of predicting models, this book may still be a good choice. To me, I am too familiar with the said histories and I do not have the intention to dig further into it. It is just not my cup of tea... 

One Good Trade: Inside the Highly Competitive World of Proprietary Trading

I read this before... In my last review, I mentioned that repetition in reading this book is an absolute no-no. Well, life changes...now, I am with one excellent guy (sort of proprietary trader) who keeps on mentioning this book. As such, I decided to revisit this book.

As a result... surprisingly, I ended up love this book. I am not sure whether it was pure influences by my buddy. But, I found a lot of gem this round. Those days, a good trade never appeared in my mind as I prefer to quantify everything with statistical figures (that is where I started and where I am now...). Now, I realized that when the frequency of trading increased, the importance of a good trade follows with another good trade is so much crucial. One thing I have to admit... the born of algorithm tends to change a lot of things. As long as our main concepts are still there, I do not find any reason to reject extra elements...

The only flaw perhaps lies with the fact that this is definitely not a book for beginner. An intermediate trader at least will find this book much easier to digest. In fact, an advance trader would pick up at least one or more great stuff in this book. I personally pick up few good points to add on to my current strategy. But, to fully apply the so called "good trade", I need to adjust my whole belief... Unfortunately, I am not preparing to shift gear yet, LOL...

For a full rating of 10, I am going to changed my mind this round and rate it at 7. After finished this round, I do find myself picking up a lot of stuff that could further enhance my career. However, I am still very doubt on predictive elements presented all over this book. After all, I still with my strong belief that human beings just cannot predict. Hence, I decided to deduct 3 point from the full rating of 10. As a conclusion... thank god that I did not gave away this book. This book will definitely become my reread book in the future. 

黄金荣-人在租借

上一本【杜月笙-人在租界】我看的实在过瘾。这一本【黄金荣-人在租借】又如何呢？老实说，我读了一半之后就迫不及待的上网查阅，希望找到类似【张啸林-人在租借】的书籍。但是，怎么翻遍整个中国图书网，就是没有【张啸林-人在租界】这本书。作者也太不应该了。要写，也应该把上海三大亨都写完吧。怎么漏了其中之一呢？难道张啸林的卖国真的让作者退避三舍吗？不对呀。历史本不应该刻意的去分辨好坏。历史无论是赞或贬都应该让后人起到反思的作用。作者也太敏感了吧。。。

说回这本【黄金荣-人在租借】，整体上，这本比起【杜月笙-人在租界】还真的有过之而无不及！作者一贯的很专注的把主人翁每个细节交代的井然有序。跟上一本一样，这本书还是很成功的把我带入人在租界的奇景中。每一个细节不偏不倚。一切都是以自传为标准。

如果上一本值10分，这一本肯定也值满分。好期待【张啸林-人在租界】的出现。。。

杜月笙-人在租界

杜月笙的书籍我年轻时读了不少。一年前的TVB“枭雄”再次唤醒了我对于这位上海传奇人物的想念。我年轻时真的很崇拜杜老大。当年，除了杜月笙，黄金荣，张啸林还是我的反面教材。好吧，一次过买了张艳玲【杜月笙】和【黄金荣】的书籍。先从正面教育开始吧。。。

结果，这本书最特别之处在于杜月笙原来不完全只是正面教育。作者很客观的把杜月笙正面和反面的一面全部呈现给读者。看了之后，或许我对杜月笙的仰慕减少了。但是，我肯定更加了解人在租借的事迹。

第二点特别之处。。。杜月笙书籍很多歌颂杜月笙哲学的一面。这本书恰恰反其道而行的只是专注在杜月笙一生的事迹。结果是，我看得过瘾。而且，更多时候，我读的入神。感觉上很像在大上海深入其境的与大亨们周旋。所以，以自传的角度来说，这本书是非常称职的。

好久没阅读一本自传阅读的那么入神。因此，10分满分，个人给足10分。这本书真的让我爱不释手。希望下一本【黄金荣-人在租借】能够起到同样的效果。期待。。。

Soros: The Life, Ideas, and Impact of the World's Most Influential Investor

Soros... one of my all-time idols...

This book is so well written. Readers or fans of the world's most influential investor would find it hard to resist this book. However, for those who want to find tips and trading secrets from the mighty Soros, this book failed completely, LOL. Unfortunately, I belong to both sides. I am a big fan of George Soros. Hence, this book is like a gem to me. At the same time, I hope this book could at least inspire some fresh trading ideas to me. Obviously, I get nothing out of it.

At the same time, this book supposed to be a boring and dull book. Ironically, it is the opposite. The author demonstrates his excellent writing skill in ways that non-financial readers can easily understand every single part of this book. Overall, if tips and trading secrets is not your concern, this book qualified as one of those entertaining storytelling books. It is an excellent biography, so to speak.

For a full rating of 10, I am going to rate this book 7/10. Like I mentioned above, I enjoy reading this book. But, I just cannot find any excellent quotes to inspire me towards a better trading world. George Soros... at the end remains a myth to me...

The Buy Side: A Wall Street Trader's Tale of Spectacular Excess

By coincidence, I flipped through few pages of this book in bookstore. It caught my attention immediately and I think this could be one of those books that deserved my time to read it on.

End up... yes, it is! This book is in fact more like a novel stuff. As such, readers would not feel boring as the bright side as well as dirty side of Wall Street was fully reveal in this book. Not only that... In fact, readers will be fascinated by the excitement, entertainment, profanity, drug use and explicit sexual contents. Call it a crazy world? I guess it is the intention from the author...

The only flaw is the author did not reveal as much as I expected on the maneuvering and manipulation of Wall Street trading. In fact, the author focus more on his personal story (which qualified itself as an awesome memoir) and the so called "buy side" is just a small part of the book.

Overall, this is an excellent book to me. The moment I started it, I just cannot put it down. There is one excerpt from the book, which I think the best quote to conclude this book: "Real success on Wall Street is measured not in bonus or salary but in photographs on desks of children wearing soccer uniforms and caps and gowns. Success on Wall Street is measured the same way it's measured by a factory worker, a math teacher, or an engineer with four children in Maine." For a full rating of 10, I am going to rate this book at 9. I enjoy reading this book. It serves as a good reminder on the dirty side of any capitalism market. 

我相信‧失敗

陈文茜，一个每个礼拜都让我和她准时有约的高智商分子（文茜的世界周报）。而且，书中名单上的大咖士还真的让人难以抗拒。随手拈来，就有周杰伦，蔡康永，阿信，刘若英，罗大佑，潘石屹等等。再来，“失败”这主题太吸引我了。成功学我兴趣不大（鸦片学也），失败学我倒是非常感兴趣的。重点是，作者还要我们相信失败！因此，这本书怎能错过呢？

如果说看陈文茜的“文茜世界周报”是种享受，阅读这本书理论上应该有过之而无不及的感觉吧。结果。。。感觉糟透了！第一，基于陈文茜本人的知识太广；很多时候，主持人好像有种喧宾夺主的感觉。来宾的光芒很容易被陈文茜的滔滔不绝给掩盖掉了。其实，看陈文茜的节目也是如此。往往，她个人主持的节目（在没有来宾的状态下）是非常棒的。一有第三者，陈文茜很容易忘了把空间留给嘉宾们。

第二，“失败”的主题真的很不搭。嘉宾“失败”的例子不多（基本上，简直是少之又少）。有的是很多“文学”上的讨论。难怪，书本上注明上架建议是“文学”，而不是我想象中的“励志”。

这类书籍很难让我留下深刻影响。或许，在电视机旁观赏，感觉会好一点。但，综合以上两点，我不得不承认：期望越高，真的是失望越高！10分满分，个人给予3分。这仅有的3分主要还是以下仅有的经典语录。结论是，这本书真的不是我想象中的那样。。。太失望了！

蔡康永：

我觉得人生起伏应该把它当成必然的节奏。悲伤跟开心，我都觉得是很多余的情绪。

“随遇”是一定的。人生就是随着我们的机遇往前走。“而安” 的安，应该把它当成是一个主动的动词。你碰到什么机遇，就要把它搞定。不要倒过来想因为无可奈何，我只好接受命运的安排。

如果你需要一个专业，应该了解在你的专业范围内，会有很多别的世界的人跑进来，他们最后都会是厉害的人，因为他们带了这个领域里大家都不懂的事。如果你有志于某个领域，千万不要只满足于这个领域的专业知识。

蒋勋：

即使到现在，我睡过好多了不起的卧房跟床，还是最怀念夏天那颗榕树的床。什么都有了以后，要回到没有的状况是很难的。

潘石屹：

如果没有创造力，你不就和机器人一样了吗？而且你做事情效率还没有机器人高。

胡雪岩传：红顶商人沉浮记

胡雪岩的书籍我读了不少。但，据说，这一本挺靠谱。书的开端也证实了这一点：所谓父亲让胡雪岩继承家业的事情，完全就是一个杜撰，就是为了给胡雪岩塑造一个“金身”，而编造的一个荒唐传说。。。而且，这么小本（仅有大约一百页）的书籍，怎么能难倒我呢？读一读，无妨！

结果。。。麻雀虽小，但还真的是五脏俱全。这本“小书”很巧妙的利用仅有的白多页清清楚楚的交代了胡雪岩的起伏人生。阅读这本书只花了我一个下午茶时间。但，很好的让我重温和再次提醒自己从商不从政，从政不从商的原理。如果读者对于胡雪岩事迹很熟悉，这本小书的确起到了“重温”的作用。

10分满分，我给予10分。这本书我读的轻松。这本书我读的津津有味。浪费一个下午茶时间来提醒和反省自己。。。值！！！

The Study Guide for the New Trading for a Living

To be honest, "The New Trading For A Living" is not really my cup of tea. I flip through and found that I just cannot live with those charting stuff. However, I know there are certain parts that could help me. As such, I decide to jump straight to this study guide in order to save some time for other books.

End up... this so called "study guide" is still not my cup of tea. I tried hard to answer all the questions. However, the questions either too "theoretical" or too predictive to me. Maybe it helps some trader. But, surely not the trader of my type. As such... for a full rating of 10, I am going to rate it at 0/10... 

The Choose Yourself Guide To Wealth

I hardly touch this sort of books. But, a friend of mine recommended this as he said it was better than "The Narrow Road" and "How to get Rich"... wow... must read then...

Ironically, this book is so much better compares to "Trade Like a Hedge Fund". If I rated "Trade Like a Hedge Fund" at zero, this book deserved 8/10. In another words, the author is actually good at writing books. (A speculate author with random results? Hmm...) However, his idea on hedge fund stuff simply reflects his own weaknesses. After all, he admitted that he somehow failed in his hedge fund stuff, be it the operations of hedge fund or his book on hedge fund...

Ok, back to this book... This book inspired me in many ways. The quotes listed below are very much aligning with my thinking:

Engage with nobody who is bad to you. When you get in the mud with a pig, the pigs get happy and you get dirty.

Complaining is draining. When you are anxious, nervous or scared, try to stop yourself and do two things:
1. Repeat to yourself, "I notice I am felling anxious." This distances you from the feeling.
2. Think of at least one new thing you are grateful for.

Increase in salary only offers marginal to zero increase in "happiness" above a certain level. This is because of a basic fact: people spent what they make. So, back you go to the corporate casino for one more try at the salary roulette wheel. I have never once seen anyone save the increase they received in their salary.

When your idea muscle is developed along with the other legs of the Daily Practice - physical, emotional, mental, and spiritual - you'll have a better idea when you should shut things down. 

Everybody is a poor predictor of outcomes - from the weatherman, to the stock analyst. But, we can all be good at preparation.

Nobody is going to buy from someone they hate. The buyer has to like you and want to be your friend. People pay for friendship.

The best way to make friends and customers for life is to direct them to a better service or product than yours. Be the source of valuable information rather than the source of your "product of the day".

A bad customer spreads like a disease inside you, your employees, your other customers, your competitors, your future customers, your family, etc.

It seems natural to say "yup" or "right" or "uh-huh" or whatever. But, here are the facts based on studies: people perceive you as stupid when you do this. Just keep quiet when someone is talking.

Everyone around you needs to ultimately become better than you. That's how you lead. The light is in front of you and you take them to the light and then go back.

We do things to hide the pain. Soon, everything in our lives we might think give us pleasure (because we are now avoiding all the pain) is actually just a buffer against pain and change. When you get rid of the buffers against pain and change, life becomes more insecure, but you become free.

Buddha himself realized this about public speaking. He said, "Don't believe me on anything. Try this out for yourself." Hence, always be vulnerable in public speaking. Nobody wants to hear from Invulnerable Man or Ms. Perfect. They want to hear where you are scared and vulnerable and feeling insecure, because we all are. 

If you can't walk away from a negotiation, then you aren't negotiating. You are just working out the terms of your slavery.

A way to replenish energy is to live a gentle live. As gently as possible, so your energy grows and is used where it is needed. 

Connecting people who can benefit each other is the most useful skill you can have on the entrepreneurial ladder of skills. 

You can't get good at something if you are working twenty hours a day. If you just do one thing, the benefits quickly decline and you also ignore the pleasure of becoming well-rounded.

I've asked many others what were they thinking at the rock bottom and the answer almost always was something like "what else could I do with my life? I had to keep going!"

Find your niche, then find a small or a nonexistent market where you can enter and dominate 80% of the market, as if you were a monopoly.

Find a business that satisfies the three D's: Death, Divorce, Debt.

Most people don't realize that owning a home has all the attributes of the worst investment possible: it's highly illiquid, there's a high leverage, it includes most of your net worth, and it provides you with an average of only 0.2 % over the past year. And this doesn't count all your maintenance cost. I rather rent, and invest the extra money in myself and my own ideas. 

So many legitimate funds that might have been better places for investor money... couldn't survive because the illegitimate funds crowded them out of the space. 

A path to unhappiness is thinking the future can be predicted and controlled.

Perhaps, the only chapter that really turned me off was "How to get an MBA from Eminem". This chapter again shows that the author is a good writer where his creativity excels in a way. However, I read this chapter as sort of bullshitting (LOL). By listening to a song, you can get a MBA? Come on... Apart from that, this book is a nice book to explore. I spent quite a lot of time reading this book. My conclusion is... well worth the time and money spent!!!

Market Sense and Nonsense: How the Markets Really Work (and How They Don't)

Jack D. Schwager... wow, my all-time favourite author behind Michael Covel... This book ate up a lot of my time. The moment I started it, I just cannot put down. However, the ending was actually very disappointing (LOL). To sum it up, I think I was misled by the topic of this book, haha...

The title of this book made me genuinely curious. As I flipped through the few chapters, I am attracted by the tons of investment misconceptions. Some good examples are listed below:

People are risk averse when it comes to gain, but are risk takers when it comes to avoiding a loss. It explains why traders tend to let their losses run and cut their profits short.  

Bankrupt stocks continue to trade at some level meaningfully above zero for quite some time before finally fading into oblivion. Why? Because even though the likelihood of the stock eventually going to zero is virtually 100%, people will rationalize: "I bought it at $30 and it is down to $1. I have already lost $29, and the worst case is only a $30 loss. I might as well take a chance." People are risk takers when it comes to trying to avoid a total loss, a fact that explains a lot of market behavior. 

In a chess tournament, all the players know the same rules and have access to the same chess books and records of past games by world champion, yet only a small minority excel. There is no reason to assume that all players will use the same information with equal effectiveness. Why should the market, which in sense represent an even more complex game than chess (there are more variables, and the rules are always changing) be any different?

Some market participants, however, are not seeking to maximize profits, but are operating on different agendas. We consider two such classes of market participants: hedgers and government. 

Although it is open possible to identify when the market is in a euphoric or panic state, it is the difficulty in assessing how far bubbles and panics will carry that makes it so hard to beat the market. One can be absolutely correct in assessing a fair value for market, but lose heavily by taking a position too early. 

The best prospective years for realizing above average equity returns are those that follow low-return periods. Years following high-return periods, which are the times most people are inclined to invest, tend to do slightly worse than average on balance.

The reason why risk assessments based on the past track record so often prove to be fatally flawed is that they are based only on visible risk - that is losses and volatility evident in the track record - and do not account for hidden risks - that is, sporadic event-based risks that failed to be manifested during the track record period. 

Good performance is not necessarily a positive attribute. Sometimes superior past performance may reflect the willingness to take on greater risk rather than manager skill.

It should be noted that because of their much more greater high frequency of trading, hedge funds account for a much larger portion of each market's trading activities. Big fish can do very well in a small pond, but if there are too many of them, they will starve. So, the advice that investors should include hedge fund allocations in their portfolios will remain valid, as long as this advice does not become too popular.

Investors always seem to ask hedge funds the question: How much leverage do you use? This question is flawed on two fundamental grounds. First, the question is meaningless, given that it ignores units of measurement: the underlying investment (that is, what is being leveraged). Second, it implicitly assumes that there is a direct connection between leverage and risk. Not only is this assumption false, but it is even possible - in fact, entirely common - for a higher-leveraged investment to have low risk.

A maximum leverage constraint applied uniformly to all prospective investments regardless of portfolio content is analogous to a traffic law that applies a 40 miles per hour speed limit to all roads, in all conditions. 

Increasing leverage can increase risk if leverage is used to increase net exposure to the market. If, however, leverage is used for hedging to reduce the portfolio's next exposure, then it actually reduce risk.

Although leverage can be dangerous, the knee-jerk reaction many investors have to leverage can lead to nonsensical investment biases. Investors need to focus on risk, not leverage.

There is a common belief that hedge fund managers will object to managed accounts because they will be concerned about the confidentiality of their positions. This perception is based on faulty logic. How many hedge fund managers don't have a prime broker? Presumably zero.

A portfolio with a small number of uncorrelated holdings is effectively more diversified than a portfolio with a large number of significantly correlated assets.

With such a long list of great examples, this book must be super good to me? The answer is no. As I mentioned above, I was misled by the topic of this book. I thought it is a pure rational versus irrational stuff in regards to financial markets. Ended up, I think the author mainly focus on investing in hedge funds. This is the main thing that disappointed me at the end. After finished the book, I have a weird feeling that the author is pushing hard for hedge fund in general and fund of funds in particular.

Overall, this is still a nice book to explore. At least, the 55 investments misconceptions will get readers to think (think hard) and there are definitely certain values behind it. As such, for a full rating of 10, I am going to rate it at 8. Frankly, I prefer Jack D. Schwager's other books... 

Trading Beyond the Matrix: The Red Pill for Traders and Investors

After reading three "boring" books, time is just right to get back to my favorite stuff. So, here I am with this book after digesting an impressive interview between the author and Michael Covel.

The preface at the beginning of this book really spur my interest on this book. The author was inspired by the movie of "The Matrix". As a result, we got this so called "red pills" for traders and investors instead of "blue pills" as seen in the said movie. I love the said movie so much, although I admit that I am still very confused over the amazing contents. But, those days, the "red pills" did inspired me...

Ended up, this book caught me in different mix feeling throughout the journey of digesting it. First of all... the famous SQN as mentioned umpteen times in the book puzzled me more rather than strengthen my belief that a simple statistic like SQN actually works in real life. In my humble opinion, SQN alone is too predictive. A statistical stuff alone are just a guide and there is no way to prove a system workable unless it can performs regardless of the products, regional and any circumstances. The contradict part of it are the author's belief that we need to adjust different set of mechanical trading system for different markets or products. So, the predictive element is actually strengthen in a way that we need to "predict" the robustness of a system and we need to "predict" whether such system workable in a particular market. To me, I rather believe that products will change every single moments. Hence, the more a system adapts to different circumstances (regardless of products and regional issue), the more robustness it should be. If that is the case, is there a need to prepare different systems for different products?

Secondly, the author mentioned that: "The biggest mistake people make is to try to design one system to fit all markets." Well, I am not too sure about this. I would prefer to filter out the products while maintaining "one" system for the remaining products that I choose. As mentioned above, the more a system able to react to any circumstances, the more robustness it can be. Of course, we may not be able to apply "one" system to all products in general as the results may vary significantly. However, we have the choice to choose which products (with high profitable returns) to trade and which products to trade off. Again, it is all about "prediction" if we try to choose particular system for particular products. The contradict part arise when the author himself admit that: "If prediction has nothing to do with trading well, what do we try to achieve when we open a positions? It seems to be prediction." Sounds contradict, right?

Apart from the above two points, I actually like this book so much. The chapter on "My Inner Guidance" was surprisingly good even though I never believe in god. The author's relationship with Mitzi especially caught my mind as now I believe we really becomes who we are thanks to our grown up process. This brings up to a very excellent opinion from author at the earlier part of the book: "Every part is established with a positive intention, quite often to protect you from something, but you tend to forget about each part once it is established, as well as its intention. Consequently, a fear part designed to protect you from fear actually ends up bringing up fear all the time and producing fear in your life. One of the things you need to do to resolve the conflict is to go back to the part's original intention and give it positive things to do." As far as I am concern, god does not exist, But, the belief of positive thinking and raising our consciousness are so important to human beings like you and me.

Overall, this is an excellent book for traders. In general, all psychology stuff presented will surely help traders overcome lots of hurdles and tough moments in the cruel world of trading. The best part... the author provided cases of studies with successful traders sharing their journey with the readers throughout the whole book. Moreover, a UK friend of mine mentioned that the only way to get Van Tharp's psychology stuff is to attend his expensive courses. Now, it is all here in this tiny book (To me, any book less than 300 pages are consider not thick).

As a conclusion, I highly recommend this book even though there are certain points that does not sounds appealing to me as mentioned above. For a full rating of 10, I am going to rate this book at 8. This book further enhance my belief towards a better trader as well as a better and happy person.

Lastly, listed below are three excellent quotes that I think will be useful for my future references:

Entry by itself is relatively unimportant. Entry with your initial stop-loss is very important in setting up what 1R means.

Anything is possible. But, trying to be right is a sure path to disaster because of the psychological issues involved, and trying to predict is a path to disaster because, in my opinion, no one can really do it.

How do you think you'd perform as a trader if you were feeling "guilt", "shame", "fear", "grief", "anger" or any of the other lower emotions? It should be clear that you wouldn't do that well. You need to be at a minimum level of "acceptance" to expect to have much chance of successfully trading the markets. 

把嘲笑当激励

最近不太想动脑筋。。。因此，还是选择了一本轻松小品。戴晨志的书我读过不少。这一本倒是漏掉了。好吧，再来轻松一下吧！

结果，轻松是轻松；但是，还是一无所获。糟糕，激励中毒太深了。我尽然连读三本激励书籍，却一点感觉也没有。看来，我真的需要更深的毒品（激励书籍）。前辈当年说的真对。激励书籍真的不能读太多。有一天，你真的会中毒太深，而找不到更高级的毒品！！！

基于个人原因，我没办法给这本书太高的评价。10分满分，勉强给个1分。阅读的乐趣是有，但启发性太少了。老实说，这篇书评写的很辛苦。写了五年部落格，还是第一次出现这种状况。是时候换一换书籍了。激励书籍，请暂时离我远一点。我需要戒毒了，呵呵！

佐賀阿嬤給我的人生禮物

上回【佐贺阿嬷笑着活下去】让我挺失望的。但是，还是有点不甘心。佐贺阿嬷的故事难道真的不再让我共鸣吗？于是，我又找了多一本佐贺阿嬷书籍。希望这回能找回一点共鸣度。

结果。。。感觉是好了一点。但是，共鸣还是有限。看来，这类书籍不再是我的那杯茶。或许，换另一个角度来说，这一切不是坏事。至少，证明我成长了。我比较懂得面对无常的人生。因此，这类书籍可以抛到云霄之外了。

共鸣虽然不高，但这一本很明显好过上一本。第一，内容比较丰富。第二，幽默层度也提高了一些些。结果，虽然不太启发我，但我读的蛮有趣的。

10分满分，这本书对于“成长了”的我还是值得4分的。虽然不会再碰佐贺阿嬷的书籍，至少这一系列书籍在我人生中肯定起过作用。。。

佐賀阿嬤 笑著活下去！

上两本书籍折腾了我的情绪，烧坏了我许多的脑细胞。。。是时候读一读小品式的作品。多年前就读过【佐贺的超级阿嬷】，但我不知道这系列书籍还有延续。好吧，这个时候就轻松一下吧！

当年阅读【佐贺的超级阿嬷】挺感动，挺共鸣的。这回，除了轻松阅读；老实说，没什么启发。是这类故事已经不再激励我了（毒瘾太深了，需要更强的激励书籍），还是人生太多的酸甜苦辣导致一切都麻木了？或许，两个都是。。。结果，我很轻松的把这本书读完。但，印象真的不深刻。

还好。最后的终章关于橡皮筋飞机和纸飞机的一幕至少触动了我许多儿时的回忆。我小时候也是活在“纸飞机”的时代。但，我的童年基本上还是快乐的。诚如作者的总结般，阿嬷的诚恳态度从来不让贫穷成为作者童年的破坏者。这一点，父母和我家里的兄弟姐妹也做到了。

10分满分，没办法给予这本书太高的评价。轻松小品式，但也太轻松了吧！好吧，反正褒贬不一，就给予3分吧！

Trading Psychology 2.0: From Best Practices to Best Processes

After mentality pressure by reading the previous book, this book by my idol Brett N. Steenbarger came at the right time. Yup, I need some psychology stuff, LOL.

This book is really special. It is not only a book purely about trading. The author quoted lots of daily real life examples instead of focus only on trading matters. After all, psychology applies to all sorts of matters in life. Trading is only part of our part time job... bearing the same weight as being a father, a son, a teacher and whatever roles we play throughout our entire life. Leading our life remains our main job...

On top of this, the problems highlighted throughout the book are so real that I truly believe he wrote what he did in real life with traders. Amazingly, few of my puzzles resolved by reading this book. In fact, those puzzles had disturbed my mind all the time before this.

On the four topics discussed, I think the author did so well by highlighted the necessary psychology process to be not only a good trader, but a healthy trader too. I personally benefited a lot especially on "building on strength". From there, I finally realized that I lost a bit of passionate that I build on since day one. In fact, those passionate are so important to build myself towards a better trader, as well as a better person. Right now, I regain what I lost thanks to this book!

However, I am not 100% agreed with the author in all topics. For instance, I do not quite align with this thinking: "When market becomes crowded and price becomes choppy, the style may become shorter-term and opportunistic. When positioning has cleared out and new development are on the horizon, the trading may become longer term and more thematic." This statement alone is too "predictive" to reactive trader like me. After so many years, I still think I am not smart enough to predict any possible outcome. As such, I always distance myself from making projections. To me, dumb player like me are better when react to situation.

Secondly, the author actually suggests to social more within traders: "We can think of networking as a group based solution focused intervention. Imagine a group of talented traders, each sharing best practices." I did this since day one. Ended up, those who wanted to share are not the real experts. Those who willing to share are looking to dig other peoples' stuff instead of sharing. So, to use networking as a group based solution is not really my cup of tea. Perhaps, I had not met the right person...I think the author agreed with my view to certain extends: "When you experience a degree of success in markets, suddenly you find yourself with people wanting to be your friends. They are painfully one sided - all taking, not giving. This is particularly problematic if you're active in social media. Without filters, it's easy to become swamped with unfruitful and unfulfilling correspondence... We can proactively create our environments to maximize experiences of well-being... If you aspire to be all that you can be, you cannot be all things to all people and engage equally in all things. Find the people and activities that inspire you and bring out the best in you and filter the rest."

Overall, this is still one of the best books behind "The Psychology of Trading". Although I may not agree 100%, but I still rate highly this book. As such, I have no hesitation to rate this book at 10/10. This is another excellent book by the author and I will definitely reread this book again in the future. Last but not least, there are plenty of great quotes from this book as below (which I think every trader needs to read it again and again):

When we are focused on the problems and overwhelmed by them, we typically fail to appreciate the fact that there are numerous occasions in which the problems don't play out. It's what we are doing when problems don't occur that can point the way out.

Successful market participants rarely excel in both slow and fast thinking, but they almost excel in one or the other. In a purely cognitive sense, they play to their strengths.

There is something to be learned from every trade outcome - good or bad. No trade is a complete loss if it can be a learning experiences. An additional benefit to the embracing of loss: It turns trade review into a habit, and that in turn makes adaption a continuous routine. Flexibility had become our routine.

Discipline is great for doing more of what works. When the status quo no longer works, however, adaptability becomes the new discipline.

Indeed, by emphasizing a victim mindset - bad things happen to me - such thinking systematically dis-empowers a trader. If you are the victim of bad luck, bad markets, and bad trading, how can you become the author of your own turnaround story? One of the habit patterns most important to cultivate as a trader is the ability to lose in a way that gives you energy, rather than robs you of initiative.

At times, I've also had traders voice their thinking into recorder and then listen to themselves rant. As a listener, the traders can see that what they are saying is not helpful, which helps halt the process. It is not enough, however, to halt the negative thinking. We need positive habit patterns that shift negative thinking into constructive actions.

Perfectionism drains energy. It does not inspire performance; it turns inspired performance into something "not good enough". The idea of small wins means that your focus should not be on perfection., but an improvement.

The traders I've known who have sustained long-term success have always been driven by something beyond immediate excitement and profitability. Very often, those drivers have reflected core strengths and interests that provide energy, even when markets are not paying out.

Successful trading has to fit into your life, not the reverse. We don't have to have all of our needs met through our trading, but we cannot allow our trading to frustrate our most fundamental needs and strengths.

I've often joked that many talented traders are "worriers" and "warriors"; they take risk, but keep themselves clear of overconfidence biases by continually preparing for adverse outcomes. Negative emotional experience can be very useful in managing trading risks.

Happiness is a habit, not a random emotional event befalling us. Pay particular attention to the activities before, after. and during your trading day that energize your performance. We are least likely to fall into bad habits and behave impulsively if we are operating at a high level of energy and well-being.

It is not enough to master stress; we must sustain life passion if we're to energize our trading. Had our work been problem-focused - analyzing past conflicts, tracking his self-defeating behaviors and thoughts - we would have never re-insulated his house. He had to rediscover his happiness before he could rediscover his trading.

While most of us are not mired in depression and burnout, we also do not experience passionate interest and love for life on a regular basis. Most of daily experience is spent in routine, which is efficient in the short run but de-energizing in the long run. We bring our energy leaks to the trade station, falling short in our trading.

When we derive energy, affection, happiness and satisfaction from activities outside the markets, we don't have to overtrade markets to manufacture good feelings. Many times, the answer to our market problems is cultivating the positives from our nontrading lives.

Our connections to others are powerful buffer to trading stress.

Gratitude leads us to become better at retrieving positive information, because it naturally turns our attention to positive aspects of life.

It is often when we feel best about our trading that we fall prey to overconfidence biases, confirmation biases, and illusions of control. Without mindfulness, we are just likely to be swayed by positive emotions as negative ones.

The result of incubation is a kind of "aha!" experience. Perhaps because we have been open minded mode during the incubation period, creative insight feels as though it comes to us; we do not make it happen.

Experience does not necessarily lead to expertise; we don't necessary trade better if we trade more. The successful one spend more time generating trading ideas than in actual trading.

Creativity is not a talent that one is either born or without. Rather, creativity occurs at the intersection of focused immersion in field; deep experience and expertise in that field; and the cognitive flexibility to perceive one's field from different perspectives. Creativity follows passion.

Traders at prop firms and hedge funds can handle losing money reasonably well when others around them are also struggling with performance. If they are losing money while others are minting coin, however, the situation becomes intolerable. 

Many trading problems - and emotional problems related to trading - are a function of one person needing to do too many things to run a trading business well. 

A common mistake trades make is to respond to difficulties in markets by working harder, spending more time on trading, and hoping that sheer effort will arrest their drawdowns. If, however, we double down on activities that are not providing us with positives, we can quickly become overwhelmed. That means we work smarter, not harder. 

We can't win the game if we can't stay in the game.

Market uncertainty is like weather in that there will always be people speculating. Unless there is a drastic occurrence you have to be optimistic and know that rainy days are followed by sunshine. Always. 

You have to have confidence in the few, essential components of your success to lean on those exclusively. Too often, when we seek the crutches of things to add to our strategies, it's because we lack confidence in those strategies.

The flush times will be followed by lean times and the lean times can become prosperous once more. That can't happen, however, if you don't save the money from the flush times to finance the times of relearning and adaption. Too often, once-successful traders become former traders because they can't finance their new learning curves.