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21
4.5 out of 5 stars
Trader Vic--Methods of a Wall Street Master
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on May 3, 2015
I am fairly new to trading concepts and been reading a few books. This one, although published in 1999, is has fundamental value about Dow theory, how the market works and the psychology of trading in all markets and is valuable today and today's markets.
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on January 6, 2015
Good stuff so far.
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on May 6, 2014
This book was a good read. Its not the smoothest read if its your first book on investing, but its worth slugging it through. The book covers strategy and the mental/emotional aspect of trading. This book covers a lot of bases. You get a short economic and monetary lesson, which is key to know if your trading in season. Read this book with a pen and underline all the insightful ideas. My copy is full of notes and underlines. Not a get rich quick book, its a get better at trading book.
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on November 26, 2003
Victor Sperandeo says that if there were a Hall of Fame for trading he wouldn't be in it but he sees himself as a career pro who consistently performs at an elite level year after year. In fact consistent performance is his central theme, which he says requires not only a successful approach to trading but to life itself. He delves into this in the second part of the book that is dedicated to the psychological approach. Sperandeo says that he trained a group of traders but only a few were successful, and in searching for why he discovered the most important cause was false pride associated with the 'idealised self'. I found this interesting in that paying a ton of money to be taught by any of the world's so called greatest traders isn't any guarantee of success!
His reasons for writing the book it seems is frustration with the image the world has of traders in which the unsung career pro goes unnoticed. Whatever his reasons are it is a privilege to gain an insight into the mind and methodology of a New Market Wizard.
His methods are a mixture of fundamental and technical analysis. He uses economics as a forecasting tool and says that cycle analysis actually just gets in the way. If you can understand the fundamentals of economics you can interpret government intervention in the market and profit from it.University taught economics is useless for this. All booms and busts are a result of credit expansion in an effort to lower interest rates, whereas Keynesian economics attempts to use interventionalist policy to smooth out the peaks and troughs but in fact is the predominant cause. Surplus production, savings and innovation create wealth as much for the individual as the economy on the whole. Wealth is actually consumed by government created prosperity via deficit spending. You can't get something for nothing. By understanding these cycles, you can speculate profitably.
Technical tools can then be used for timing entry. He demonstrates how trendlines can be drawn objectively to determine a change in trend using his 123 and 2B rules. A unique approach in this book is an approach to measuring risk by calculating market life expectancy profiles which he says has been instrumental to his success along with his business philosophy of protecting capital, consistent profitability and the pursuit of superior gains.
This book is as much a confession of the soul as a guide on trading methods, which I've found most of the best trading books are.
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3 of 3 people found the following review helpful
on April 15, 2003
I'm sure people will not find this review "helpful" , which is typical of the masses. They hear what they want to hear, then blank out everything else because it is threatening information. Shrug.
I am well aware of all the solid reviews on this book, so I keep thinking I've missed something in my reading. I gave the book 2 stars for content, 3 because it was [cost effective]. It is definitely well written by someone who has quite a track record in trading. The one chapter on Dow Theory, 2B, trendlines and trend reversals was the only one worth mentioning. The rest of the book is lengthy filler material. Some good, some bad, mostly "average".
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on February 27, 2003
Over the last two years I have read over 20 books focusing upon trading. This ranks only second to lefevre's Reminiscences of a stock Operator.
In this book Vic details the critical factors / techniques necessary for successful trading. He focuses upon key areas which I believe summarise the key tenets underlying successful trading. It was almost as if this book was tailor made for me given the emphasis upon psychology and the necessary mindset to win. His comments so often ring true. He clarified a number of issues in my own mind and extended my thinking in critical areas.
Not to be missed
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on November 1, 2002
I am an equities trader and I have read over 20,000 pages about investing in the stock market, fundamental and technical analysis, and many related topics. The ideas presented in Trader Vic's book are extremely practical and relevant and I've not seen many of the ideas expressed in it anywhere else. His ideas about weighing the odds of the future course of the markets based on historical, statistical measurements of time and how far the markets have moved are truly useful. The background he gives about economics made sense and are useful as well. I'd rate it in the top 5 books I've ever read about the markets.
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on July 24, 2002
I like this book because Trader Vic really lets you into his head. He gives you a bird's eye view of the trading world, some of his strategies, trials and tribulations, and market commentary based on his years of experience. This guy is of the same caliber as the guys, for instance, on TradingMarkets.com. Trader Vic really knows his stuff; this is a must-have book in any trader's library.
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1 of 1 people found the following review helpful
on July 16, 2002
...gives you a "street" perspective on trading. There's some useful information in this book, but also a lot of useless information such as Sperandeo's economic theories (which are just plain nuts). If you plan on trading it's a good book to read just for the value of seeing how Sperandeo approaches it.
I've read most books on trading and this one is neither exceptional nor terrible. Take from it what you will and apply it to your own knowledge.
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on June 11, 2002
This sums it all up. Vic presents a thoughtful methodology for capital preservation. Violate his rules at your own risk.
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