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The whole point of the book is to provide you with the tools required to behave inhumanely. It is a training regimen to correctly perform the most uncomfortable tasks that are necessary to succeed. Things like: Mathematicians, professors, market participants all have there own thought around this but yet we are all still faced with one decision : I work so hard and so long hours to understand what is going on in the markets. I study the charts to understand the decisions made by the players. But when all is said and done, once the bell rings, , I turn my brain off, , I think I turn it off, and I feel my way. I just look at the market and let it talk to me. Some days, like today, I don't accept what I am hearing because I have a one sided argument, so my gains are limited. To have a one sided ear is not always bad. Yesterday all I heard was " the ship is sinking...go short"... What 99% of traders do not realise is that they are looking for answers in the wrong places. Knowledge of technicals, fundamentals, indicators, ratios, patterns and trend lines… well, everyone knows about them – and everyone loses, except the 1%. That is the problem with technical analysis. It is very easy to learn, but it should not be touted as the path to untold riches in the financial markets. The gurus appear on adverts suggesting that all you need to make money from the market is to learn technical analysis.
Yes...and sometimes he will carry his bias too far and bets hit hard...but what is amazing and one of the reasons I love following him..is the way he will change his whole bias in a moment's notice.. a mindset regroup you might say.My journey as a trader started when I came across a book called Liar’s Poker . I was home from school with flu and my dad brought me some books from the library. Liar’s Poker was one of them. In Liar’s Poker, Lewis describes life as a bond trader during the excesses of the 1980s. In his own words it was meant to serve as a warning to future generations about the gluttony of the finance industry, as well as a warning to young people wanting to work in the financial industry.
I think there is a need to flesh out some facts to remove this holier than thou cryptic style of discussion that impedes our trading and hinders our progress. How can we understand the concept of something clearly when every thing is written like a ceremony to a masonic lodge.
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Sounds familiar? Of course it does. The market has not singled you out, this is a coping mechanism to rationalize the pain of being wrong and paying for it. I wrote this book to describe how I transformed myself into the trader I am today, and how I was able to bridge the gap between what I knew I was capable of, and what I actually achieved. INTRODUCTION It teaches how to train your brain to respond inhumanely to the survival impulses that plague the normal way of approaching (or not approaching) a trade. It’s going to require a hell of a lot of effort, and trial and error on the reader’s part. But you don’t have to trust me when I say it pays off. I’d say trust the author. What am I doing, enabling me to have the success in trading that I have, which the others are not doing? Hougaard's emphasis on embracing losses and fear as integral components of trading is both enlightening and empowering. Instead of the usual focus on winning, he teaches suggests navigating the markets by learning from losses and maintaining discipline in the face of fear.
Tom is also a fantastic teacher, literally unable to be boring. If you ever come across the opportunity to attend one of Tom’s talks, go for it. For what it’s worth, you have my word you wouldn’t regret it. After completing my university degrees, I started working for JPMorgan Chase. It wasn’t a trading job, but it was close enough. Then in 2000 I became a home trader for a year and a half. It only lasted 18 months because I ran out of money. I was invited by one of the biggest brokers in the world to give a talk about the life of a home trader. They filmed the event, which lasted a few hours. I gave the speech a provocative title:
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I started that job in the summer of 2001. My first customer-facing experience was when the CEO brought me to Royal Ascot – a significant event in the social calendar of the rich and famous. It is a horse racing event, mixed with champagne, funny-looking hats and big cigars.
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