Wall street legend trader sporndy wrote 31 chapters of the entire process from gamblers to market masters. At the end of the first round, it became clear that 90 per cent of the people who lost money were not ingenious, but simply did not understand trends, financial management and emotional discipline。
Why would sporundi write this book
Victor sporandi, a recognized professional speculator on wall street, started from a gambling table in the early years and later managed hundreds of millions of dollars of money through a rigorous system that he himself had devised. He wrote the road in chapter 1, "from gamblers to market masters", to break down speculators from luck to systems into replicable steps, without lecturing in genre, only in methods and discipline, and to be clear about psychological repairs after mistakes。
Since its publication, the book has been repeatedly cited by the diaspora and institutional traders, and has been placed on lists such as the annual business book, "the ten great professional books" and "100 impact books". Many people are addicted to it for the first time, because sporandi is never at the top, and he talks about how ordinary people survive in real markets, lose money and eventually earn money, with data and real cases supporting each step。
The top 12 chapters will help you build the base for analysis
From chapter 2, "the crocodile principles", the core is the need to focus on thinking, so don't rush down the list. The chapter 4 dold theory teaches you to find order in chaos, chapter 5 provides an operational definition of trends and chapter 7 is devoted to identifying changes in trends and seizing opportunities for wealth creation. Chapter 8 reminds you that failure often comes from information that is not written at all in the analysis。
Chapters 9 and 10 bring economics into technical analysis, in terms of the world's true way of operating and the cycle of booming recession, and in terms of "who takes the barrel and who takes the pin" the macro is very white. Chapter 11 deals with the measurement of risk and the management of funds, and chapter 12 is entitled "at least 50 ways to make you lose." first, we learn to make money, and then we synthesize the whole volume。
Emotional discipline works better than any indicator
Chapter 13 of the next volume presents spock syndrome, which deals with rational and emotional fights with each other, and nobody listens to anybody. Chapter 14 sets the tone for success, chapter 15 says "change is the only way to hold" and chapter 16 is devoted to overcoming false self-esteem. Many people don't make mistakes, they don't pay. Chapter 17 further deals with the pursuit of personal freedom and the extraction of transactions from anxiety and obsession。
Chapter 31, "the character and personality of the trader," ends up in the book, by putting the first 30 chapters together: you are the character, the rhythm, the way you trade. Sporandi has repeatedly stressed that success in finding a grail indicator is not a matter of making emotional discipline a habit of returning each transaction to rationality and consistency and not being carried around。
What's he doing with the basics and the technicals
Chapters 18 to 23 of the next volume are purely fundamental, starting with the basic principles of sound investment philosophy, and moving on to monetary, credit and economic cycles, the impact of politics on the economic cycle, and the outlook for historical trends in the dollar during the 1990s. Chapter 20 is very specific about how macro variables can be transmitted step by step to the stock market, where zipping instead of chanting is particularly useful for people who do medium- and long-line jobs。
Chapters 24 to 28 take back the technical analysis, focusing on the degree of volatility and the relationship between trading opportunities and gnp growth. Chapters 26 provide a technical basis for risk-return analysis, and chapters 27 and 28 put principles into practice: how to read disks, how to set slots, how to cut losses, how to counter market reversals, how to break down the steps, and how to do so。
The future and the day-to-day elimination are the next-grade weapons
Chapter 29 defines options as a "triple-digit instrument of trade" that is suitable for traders who have eaten the basis of the first 28 chapters and want to magnify the proceeds. Sporandy tells you very carefully about the leverage characteristics of options, the profit-loss ratio, and the choice of the maturity date. The core is not to blindly reset you, but to teach you to use options for risk management and to lock the maximum loss to control。
Chapter 30 deals with the professional method of elimination of the day, emphasizing the rhythm of daily access and strict discipline, and the habit of "buy and forget and die" with the family is entirely two worlds. These two chapters are short but very informative, and if you are stuck in the framework of the previous 28 chapters, this is a crucial step across the past and deserves to be read over and over three times。
Which chapter did you get the most? Crocodile principles, 50 methods of loss, or spock syndrome? Talk in the comment area, if you think it's useful, it's just a compliment to a friend who's still trading on the feeling。
