Traders of the New Era Expanded: Interviews with a Select Group of Day and Swing Traders Who are Still Beating the Markets in the Era of High Frequency Trading and Flash Crashes By Fernando Oliveira
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Traders of the New Era Expanded: Interviews with a Select Group of Day and Swing Traders Who are Still Beating the Markets in the Era of High Frequency Trading and Flash Crashes
Most traders fail. This has been especially true after the rise of High Frequency Trading and electronic markets, but what are the main characteristics of the traders that do succeed? That and other answers are provided by Fernando Oliveira in this book with in-depth interviews with traders and market experts. If you are tired of outdated day and swing trading literature that is available in bookstores and are looking for something more in touch with the current market structure then this book will please you with a wealth of up to date advice, tips, strategies and techniques.
Author’s Introduction:
I hope that throughout this book you were able to improve your trading results by learning from the experience and wisdom of other traders. Trading has gotten more difficult in recent years due to the rise of HFTs, but good traders will always adapt and improve. In this book there is a lot of knowledge, advice, and tips on how to adapt to these changing conditions and be successful. I encourage the reader to re-read the chapters from time to time.
Writing this book was a hard task for me, mainly due to lack of time, but somehow I was able to pull it off. When I started the interviews back in August of 2012, I’d just decided to start to day trade actively. I had no idea what was going to happen, but I knew I had no choice because I had bills to pay and really didn’t want to get a “real” job. The uncertainty of what kind of result I would get, combined with the need to pay lousy bills, made me work really hard to learn from the best guys I could find. The result of this journey is this book.
Society frequently looks down on this profession and links it to gambling (sometimes rightly so), but the truth is that being trader, having the freedom of working when you want, taking vacations at any time you want, and having your results depend entirely on you is one of the best feelings a person can have. You feel like you have destiny in your hands and are free to enjoy your life. If you’re willing to work hard and be disciplined, trading is and always will be one of the best jobs on earth.
Contents:
- The Fundamentals of High Frequency Trading
- Gregg Siabicca: The Home Run Swing Trader
- Adam Whiting: The Futures Scalper
- Jim Cash: The Futures and Options Veteran
- Flemming Kozok: The Big Bet Sniper
- Dennis Dick: The Base Hit Trader
- Jeffrey Goldman: Market Maker Turned Prop Firm Trader and Manager
- Eric Scott Hunsader: The Market Structure Expert
- Mitch Semon: The Veteran Stock Operator
- Wayne Kulcheski: The Trend Fighter
- Anonymous: The Former Winner
- Anonymous: The Secrecy of the Bot Destroyer
- atticus: The Options Expert
- The Trader ToolBox
- The Core Principles of Good Short-Term Trading
Traders of the New Era Expanded: Interviews with a Select Group of Day and Swing Traders Who are Still Beating the Markets in the Era of High Frequency Trading and Flash Crashes By Fernando Oliveira
| Author(s) | |
|---|---|
| Format | |
| Pages | 363 |
| Publication Year | 2016 |
22 reviews for Traders of the New Era Expanded: Interviews with a Select Group of Day and Swing Traders Who are Still Beating the Markets in the Era of High Frequency Trading and Flash Crashes By Fernando Oliveira
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Gerald Dean (verified owner) –
A good book about how a bunch of traders are doing their job with today conditions of market: HFT, narrow spreads, volatility, spoofing, etc. A valuable reading for knowing how to fight and win in trading.
Turner Webb (verified owner) –
It’s very rare to find good trading books that get information from legitimate traders. Not just the general nonsense about how to chart forex and make a million in 2 months. These are genuine traders and i have actually worked with one of them.
Just a shame it’s nearly entirely focused on stock trading. In Europe most prop firms are exclusively futures trading so was hoping for more futures trader interviews. Hope the author does one. Still a good book
Lorenzo Galvan (verified owner) –
I love this book. If you want real life examples of real trades from real traders, this is the book for you. I hope the author writes another.
Julianna Mendoza (verified owner) –
A good book about how a bunch of traders are doing their job with today conditions of market: HFT, narrow spreads, volatility, spoofing, etc. A valuable reading for knowing how to fight and win in trading.
Dominic Moyer (verified owner) –
Just great.
Riley Soto (verified owner) –
Great book. Great insights
Miriam Burch (verified owner) –
Up todate trading book Thank You!
Blaine Briggs (verified owner) –
for anyone interested in day trading, this is a must read before entering in the battle, i recommend it to anyone interested in trading
Zola Macias (verified owner) –
It makes a good reading but nothing more than that
Magnolia O’brien (verified owner) –
I don’t understand how anyone could give this book a negative review. I put it right up there with “Market Wizards”. If you are an aspiring trader I urge you to buy this book.
Clarissa Strickland (verified owner) –
Bottom line is if you’re a trader and can pick up just one useful nugget from this book then it’s well worth the money spent. Yes there are typos but who cares? This isn’t a text book on trading and there is some good info in here.
Keegan Rose (verified owner) –
This is a book about successful traders who are thriving in spite of high-frequency trading. The author uncovers the many ways the HFTs game the system and how to defend yourself against them. To qualify for an interview in this book, the author performed a global search for the best day-traders. The results are a book that is critical to surviving in today’s HFT world.
Koa Garner (verified owner) –
For aspire trader, this book is very good yo helping you get the true traders mindset..
But if you search for holygrail, for sure it’s not bout it..
Westin Fry (verified owner) –
Although I had never heard of the author or the publishing company, I decided to give this book a try because of the positive reviews and the hope that it would be similar to the book Technically Speaking. In Technically Speaking, very prominent thought leaders in technical analysis were interviewed. In Traders of the New Era, the author interviews people he’s met in discussion forums that claim to have made substantial sums of money in very short time periods. The author started trading in 2012. The interviews themselves are from 2012 and 2013. In other words, the author started writing this book with less than a year of experience in the market. This lack of experience colors the questions he asks the traders interviewed. Overall, there are several issues with this book, both in the information that is conveyed and how the information is conveyed.
To begin with, several pages are literally copied and pasted from the internet. Not a sentence. Not a paragraph. Pages. As far as I can tell the author didn’t write the original material (meaning that material that is copied and pasted from the internet), unless the author writes for, for example, the NASDAQ website. The author doesn’t hide the fact that it’s merely copied, so it’s not plagiarism, but the pasted material is available for free. Why I am paying for the book? This is lazy writing.
The upside to the pasted material is that it’s typically the only time where there is coherence and proper grammar etc. The book is riddled with typos. Additionally, when the author writes, he tends to make up his own vocabulary. For example, at one point, the author refers to the fulfillment of a limit order as “your order got done.” The traders being interviewed are not much better. At one point the author asks a trader whether he uses a very simple statistical tool. The trader explains that he doesn’t get into complicated quant stuff. Personally, when I think of quants, I don’t think of basic statistics.
The interviews themselves are mostly time wasters, as a result of the authors questioning style and his focus on the trivial. Instead of zeroing in on what matters, the author is distracted by the promise of huge returns within a very short time period. For example, in the very first interview, the author is interviewing a trader that allegedly made $800k in a single day. Throughout the questioning, the trader talks about his methodology in very generic and overly broad terms. At one point he says he likes to detect market manipulation and then capitalize on it. This, of course, doesn’t tell us what the manipulation is, how he detects it, or how he capitalizes on it. Instead of asking follow up questions to zero on in this specific, the author instead asks the trader about the difficulty in executing an $800k trade, then the author volunteers to the trader that he traded in the same stocks, then shifts to asking the trader about how it feels to make $800k in a single day. In other words, instead of asking the trader about anything material to making money, the author is blinded by the prospect of this trader allegedly making this much money so quickly. Once you realize that the trader has been trading since 1997, and a substantial chunk of his trading profit comes from this single trade in 2013, you begin to realize that, more than likely, the trader got lucky on a trade (if in fact it’s true to begin with) as opposed to having any method to consistently make this sum of money (Considering also that the trader talks in broad generalizations, instead of specifics.).
The information conveyed between the interviews is either repetitive or contradictory. For example, mostly each trader mentions that it’s important to cut your losses short. But, some traders recommend momentum trading. Others note that in the era of HFTs momentum trading no longer works. Some traders say avoid trading during a specific time of the day, others swear by it. You get the feeling that they don’t really have it figured out. One consistent theme is that the information conveyed is typically in the form of a broad generalization.
This is what sets a book like Technically Speaking apart from Traders of the New Era: in Technically Speaking the experts interviewed gave specific details. You learned a substantial amount from reading (and re-reading). The same cannot be said for Traders of The New Era.
Ariella Gonzalez (verified owner) –
This book is a very easy read as it is in Q & A format. It is not for the beginning trader, but rather for the trader that has some experience and wants to know what is working (and not working) in the new era of trading. The author interviews 12 traders that all have years of experience and have seen the markets evolve to where they are now.
If you read Market Wizards you will really enjoy this book. Where Market Wizards deals with large fund managers, Traders Of The New Era deals with independant day traders that are still having success in these changing markets.
Brynlee Daugherty (verified owner) –
Thanks,…I have a much better understanding of the problem now.
Bailey Gould (verified owner) –
I’ve opened brokerage accounts but am still just reading lots of books and paper trading for now, as I just don’t feel ready to plunge in with real money. Having read over twenty-five books in the past couple of months, I firmly grasp the technical aspects and theory behind trading stocks, options and futures. Fernando’s book has provided me with unique insight into the markets that only actual successful traders can provide. This book is very easy to read and provides a fascinating look into the mindset of a group of diverse traders. I recommend this book to anyone contemplating trading the markets in today’s HFT-influenced arena. Although there are many typos in this book, they do not reduce the readability or detract from the message whatsoever. Of all of the books I have read recently, this book is my favorite!
Jacqueline Leach (verified owner) –
Might as well have interviewed just one trader – they all seemed to be doing the same thing. Section on self-esteem, disclpline etc. was the most useful. The endless typos were incredibly annoying. How hard is it to employ a proof reader? how hard is it to, at least, use spellcheck?
Moshe Guerrero (verified owner) –
This book is definitely a must-read for anyone considering getting into day trading. At first glance, it would be reasonable to assume that day traders have gone the way of the dinosaurs thanks to HFT. Oliveira shows that this isn’t true, but gives a good idea for the areas where HFTs rule the roost, and areas where skilled human traders can still thrive. It also becomes apparent a few chapters in what the habits are of good traders are, and the patterns in which experience shape skills.
I wouldn’t recommend this book to absolute beginners — it takes some familiarity with terminology and the mechanics of how markets operate and how trades are done. But if you’re beyond the basics and are just starting to wade into trading with real money, or you’ve stagnated since your big scores in 2008 (another recurring theme), I couldn’t recommend it more.
Margot Webb (verified owner) –
One of the very few books dealing with daytrading over the last few years, this book is probably best appreciated by those with some prior experience in daytrading.
No, you will not get exact recipes for execution; who, with an edge, would just hand that out in public? But reading between the lines so to speak, will give the astute, and and especially the experienced trader insights as to what is working for those interviewed.
One negative reviewer has whined that the advice proffered seems contradictory. This is simply a lack of trading experience showing. Of course there will be differing and contradictory methods. On the floor, we had all sorts of approaches, and consistently successful people trading against one another. Success depends upon what you have found to work for you.
Buy this if you’ve been a trader, have experience, or if just beginning, are smart enough to realize that no successful trader will simply hand you their method.
Ethan Burton (verified owner) –
I am the trader in question. There are some inconsistencies in the chapter that are the result of my failure to proofread and edit the chapter. Fernando had asked, but I was out of the country at the time. The interview was done by phone and would have benefitted from a written Q&A. Beck.
Alia Weiss (verified owner) –
This is the practical, down-to-earth version of the popular finance book “Market Wizards” by Jack Schwager, in which real-life, “next-door” common traders that accumulated a lot of profit and experience, are interviewed by Fernando Oliveira, a former professional poker player turned into a profitable daytrader. He questions them on their personal trading policies and golden rules, and most importantly how they have adapted to the new high-frequency algorithmic trading market dominated by machines. He also has a whole chapter on tools, techniques and best brokerages to use in order to avoid tricks that trading robots exploit on natural human weaknesses and lack of advanced tools to place efficient orders. All of the interviewed traders have different styles that you can later dive deeper into by buying specific books on those subjects. Its not for beginners that do not know the trading “lingo” very well, yet its essential to absorb the knowledge of this book in order to avoid being taken advantage of by machines. It is a good book for retail at-home traders who want to advance in their education of how markets work, and learn to get a feel of the “market pulse” by understanding what “smart money” does and free-ride by jumping into their trail.