The Master Trader include chapters and details on technical analysis, the failure of technical analysis efforts, the business of wall street, trading indicators, anecdotal data, and price gaps.
Introduction:
The Master Trader is not a book about making money in your spare time, nor does it contain formulas that will allow you to retire early or double your money over the next two weeks. There are no guaranteed recipes for success or easy roads to riches.
Warren Buffett once said about life, or maybe it was the market, that the key was to make a large snowball and find a steep hill. For investors today, both professionals and individuals, the reality is not only that the hill is getting steeper but that it is increasingly uphill.
This book details many of these issues. It should make you aware of some of the issues every investor faces (including professionals who are sadly unaware of many of them as well). Among our recommendations is education, including reading both current and historical articles and writings. The Money Game by Adam Smith, the 1967 bestseller, must be at the top of your reading list.
If money is a game, then like all games there are winners and losers. Hopefully, you will emerge a winner by understanding the reality of today’s markets and being aware of the landmines and pitfalls. It is not necessarily a guide to making money but should illustrate what you must do and consider to avoid losing money.
It is also intended for the sophisticated or professional investor. Sadly, one of the characteristics of money managers today is their disregard for the market itself. No longer are ticker tapes a critical input, trading feedback is nonexistent, and history is seldom incorporated or interrogated.
Contents:
- technical analysis: Fuhgeddaboudit
- the Failure of technical efforts
- technicals: the Last Word
- Wall Street: Games people play
- Money Flows: The Ultimate Indicator
- Anecdotal Data
- Always Cut the Cards
- DOW: 19,792?
- That’s Easy for You to Say!
- Playing the Game
- Have It Your Way
- The Market: Yesterday, Today, and Tomorrow?
- Get Ready, Get Set . . .
- Market Cycles and Rotation
- The Economy and the Federal Reserve Board
- Picking Stocks
- The Trading Day
- “Mind the Gap”
- You Must Remember This
- Wall Street Week and Other Adventures