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Trader Vic--Methods of a Wall Street Master (英語) ペーパーバック – 1993/8/12
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Trader Vic -- Methods of a Wall Street Master Investment strategies from the man Barron's calls "The Ultimate Wall Street Pro" "Victor Sperandeo is gifted with one of the finest minds I know. No wonder he's compiled such an amazing record of success as a money manager. Every investor can benefit from the wisdom he offers in his new book. Don't miss it!" --Paul Tudor Jones Tudor Investment Corporation "Here's a simple review in three steps: 1. Buy this book! 2. Read this book! 3. See step 2. For those who can't take a hint, Victor Sperandeo with T. Sullivan Brown has written a gem, a book of value for everyone in the markets, whether egghead, novice or seasoned speculator." --John Sweeney Technical Analysis of Stocks and Commodities "Get Trader Vic-Methods of a Wall Street Master by Victor Sperandeo, read it over and over and you'll never have a losing year again." --Yale Hirsch Smart Money "I have followed Victor Sperandeo's advice for ten years, and the results have been outstanding. This book is a must for any serious investor." --James J. Hayes, Vice President, Investments Prudential Securities Inc. "This book covers all the important aspects of making money and integrates them into a unifying philosophy that includes economics, Federal Reserve policy, trading methods, risk, psychology, and more. It's a philosophy everyone should understand." --T. Boone Pickens, General Partner Mesa Limited Partnership "This book gave me a wealth of new insights into trading. Whether you're a short-term trader or a long-term investor, you will improve your performance by following Sperandeo's precepts." --Louis I. Margolis Managing Director, Salomon Brothers, Inc.
VICTOR SPERANDEO has been a professional trader and money manager for 24 years. He currently manages and advises institutional and large individual portfolios for Rand Management Corporation. He has been profiled in Barron's and The Wall Street Journal and appears frequently on CNBC and other television networks, and is in demand as a lecturer.
Part I is all about building your trading knowledge from the ground up. Part II is about the commitment, change and emotional discipline required to transform trading knowledge into total success. That term includes both financial and emotional satisfaction with your life.
In a sense Sperandeo is a philosopher. He defines every noun of consequence so that there is no question what he means, no room for misinterpretation.
Other reviewers have nicely summarized the key components and value of the trading and economics chapters. What I find most fascinating and useful is the second part of the book that focuses on trader psychology.
Another market master, also interviewed by Jack Schwager in his book The New Market Wizards, says that your real trading system is the feelings you are unwilling to feel. Author Victor Sperandeo makes this point from a different angle by focusing on a person's "false pride," a state of mind that drives the trader to continually reach for an unattainable ideal of what they "should be" rather than who they are. This invariably leads to inconsistency and losses.
Sperandeo calls this phenomenon "the tyranny of the 'shoulds'." The author's presentation of this critical aspect of trading is especially valuable because he clearly describes methods that any trader can use to explore, assess and begin to rectify such issues that can impede trading performance.
This excerpt summarizes the author's advice about trading in a few words. "Making mistakes is an unavoidable part of trading. It is the unwillingness to admit mistakes, born of false pride, that stops most traders from succeeding. It is their underlying psychology that undermines their ability to execute according to the rules." ... "When you make a mistake, you can grow by analyzing the mistake and changing your behavior according to what you learn. This process leads to constant improvement of your skills and to a positive estimate of yourself. Practiced consistently, it will lead to self-esteem, not to mention more, and more consistent, profits from trading." (p.256)
The author compresses a lifetime of wisdom about traders and trading into a very well written and logically organized set of chapters. The organization makes it easy to return to the book any time to refresh on a specific topic whether that be technical methods of trade entry and exit and risk control, or his guidance on self-improvement. He includes a good list of books, several not well known, to take the reader farther into the journey of methodology, economics and the Fed, or psychology.
This is a 5-star book in my opinion that belongs in every trader's library.
This aspect is far from insufferable however. Take it as entertaining autobiography from a very successful trader. Brace yourself also for now somewhat dated, perhaps, education on Dow Theory, as well as truly impassioned views on US fiscal policy and government intervention. Another champion of Ayn Rand it seems.
As for PRACTICAL value for the average trader, yes it has that too, albeit as somewhat secondary. What is there however leans heavily on the side of common sense and making cents. This is more than you can say for many works dedicated ONLY to trading. Sperandeo, for example, draws attention to Wyckoff Springs in his self-coined "2B" pattern.
And like all well meaning guides to the craft, he dollops up pop-psychology wisdom, but with his own colorful Trader Vic slant. Definitely an okay read from a face that seems to have earned it's happy beam. 3 Stars and Sail On!