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Friday, August 5, 2011

Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude

Douglas, president of the seminar firm Trading Behavior Dynamics, focuses on the psychology of successful traders. Instead of offering specific strategies, he advises readers, "The first step on the road...is to understand and completely accept the psychological realities of trading." It may be too abstract for some, but given trading's risks, this book could assist experienced investors willing to engage in self-reflection.

Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the "probabilities" of market movement that governs all market speculation.

Mark Douglas is also author of "The Disciplined Trader-Developing Winning Attitudes" published in 1990 and considered an industry classic ~ and one of the first books to introduce the investment industry to the concept of trading psychology. Mark began coaching traders in 1982, and has continued to develop seminar and training programs on trading psychology for the investment industry, as well as individual traders. He has been a frequent speaker at seminars across the world, as well as in the U.S., teaching traders how to become consistently successful. He is currently working on his third book, and can be reached through his website markdouglas.com

Wednesday, August 3, 2011

The Checklist Manifesto: How to Get Things Right

That humblest of quality-control devices, the checklist, is the key to taming a high-tech economy, argues this stimulating manifesto. Harvard Medical School prof and New Yorker scribe Gawande (Complications) notes that the high-pressure complexities of modern professional occupations overwhelm even their best-trained practitioners; he argues that a disciplined adherence to essential procedures—by ticking them off a list—can prevent potentially fatal mistakes and corner cutting. He examines checklists in aviation, construction, and investing, but focuses on medicine, where checklists mandating simple measures like hand washing have dramatically reduced hospital-caused infections and other complications. Gawande gets slightly intoxicated over checklists, celebrating their most banal manifestations as promethean breakthroughs (First there was the recipe, the most basic checklist of all, he intones in a restaurant kitchen). He's at his best delivering his usual rich, insightful reportage on medical practice, where checklists have the subversive effect of puncturing the cult of physician infallibility and fostering communication and teamwork. (After writing a checklist for his specialty, surgery, he is chagrined when it catches his own disastrous lapses.) Gawande gives a vivid, punchy exposition of an intriguing idea: that by-the-book routine trumps individual prowess.

The Happiness Project: Or, Why I Spent a Year Trying to Sing in the Morning, Clean My Closets, Fight Right, Read Aristotle, and Generally Have More Fu

Rubin is not an unhappy woman: she has a loving husband, two great kids and a writing career in New York City. Still, she could-and, arguably, should-be happier. Thus, her methodical (and bizarre) happiness project: spend one year achieving careful, measurable goals in different areas of life (marriage, work, parenting, self-fulfillment) and build on them cumulatively, using concrete steps (such as, in January, going to bed earlier, exercising better, getting organized, and "acting more energetic"). By December, she's striving bemusedly to keep increasing happiness in every aspect of her life. The outcome is good, not perfect (in accordance with one of her "Secrets of Adulthood": "Don't let the perfect be the enemy of the good"), but Rubin's funny, perceptive account is both inspirational and forgiving, and sprinkled with just enough wise tips, concrete advice and timely research (including all those other recent books on happiness) to qualify as self-help. Defying self-help expectations, however, Rubin writes with keen senses of self and narrative, balancing the personal and the universal with a light touch. Rubin's project makes curiously compulsive reading, which is enough to make any reader happy.

The Mastery of Love: A Practical Guide to the Art of Relationship: A Toltec Wisdom Book

In a refreshingly honest investigation of the true nature of love, don Miguel Ruiz brings to light the commonly held fallacies and misplaced expectations about love that permeate most relationships. In the tradition of Carlos Castaneda, he uses inspirational stories to impart the wisdom of three fundamental Toltec masteries (Awareness, Transformation, and Love). The themes explored include the Toltec wisdom of the heart, the track of love, and the war of control.

Truth & Beauty: A Friendship

This memoir of Patchett's friendship with Autobiography of a Face author Lucy Grealy shares many insights into the nature of devotion. One of the best instances of this concerns a fable of ants and grasshoppers. When winter came, the hard-working ant took the fun-loving grasshopper in, each understanding their roles were immutable. It was a symbiotic relationship. Like the grasshopper, Grealy, who died of cancer at age 39 in 2002, was an untethered creature, who liked nothing more than to dance, drink and fling herself into Patchett's arms like a kitten. Patchett (The Patron Saint of Liars; Bel Canto) tells this story chronologically, in bursts of dialogue, memory and snippets of Grealy's letters, moving from the unfolding of their deep connection in graduate school and into the more turbulent waters beyond. Patchett describes her attempts to be a writer, while Grealy endured a continuous round of operations as a result of her cancer. Later, when adulthood brought success, but also heartbreak and drug addiction, the duo continued to be intertwined, even though their link sometimes seemed to fray. This gorgeously written chronicle unfolds as an example of how friendships can contain more passion and affection than any in the romantic realm. And although Patchett unflinchingly describes the difficulties she and Grealy faced in the years after grad school, she never loses the feeling she had the first time Grealy sprang into her arms: "[She] came through the door and it was there, huge and permanent and first."

Founders at Work: Stories of Startups' Early Days

Founders at Work: Stories of Startups’ Early Days is a collection of interviews with founders of famous technology companies about what happened in the very earliest days. These people are celebrities now. What was it like when they were just a couple friends with an idea? Founders like Steve Wozniak (Apple), Caterina Fake (Flickr), Mitch Kapor (Lotus), Max Levchin (PayPal), and Sabeer Bhatia (Hotmail) tell you in their own words about their surprising and often very funny discoveries as they learned how to build a company.

Where did they get the ideas that made them rich? How did they convince investors to back them? What went wrong, and how did they recover?

Nearly all technical people have thought of one day starting or working for a startup. For them, this book is the closest you can come to being a fly on the wall at a successful startup, to learn how it's done.

But ultimately these interviews are required reading for anyone who wants to understand business, because startups are business reduced to its essence. The reason their founders become rich is that startups do what businessesdo—create value—more intensively than almost any other part of the economy. How? What are the secrets that make successful startups so insanely productive? Read this book, and let the founders themselves tell you.

For would–be entrepreneurs, innovation managers or just anyone fascinated by the special chemistry and drive that created some of the best technology companies in the world, this book offers both wisdom and engaging insights—straight from the source.

— Chris Anderson, editor–in–chief of Wired Magazine, and author of The Long Tail

Where Good Ideas Come From: The Natural History of Innovation

Johnson--writer, Web guru, and bestselling author of Everything Bad Is Good for You--delivers a sweeping look at innovation spanning nearly the whole of human history. What sparks our great ideas? Johnson breaks down the cultural, biological, and environmental fuel into seven broad "patterns," each packed with diverse, at times almost disjointed anecdotes that Johnson synthesizes into a recipe for success. A section on "slow hunches" captivates, taking readers from the FBI's work on 9/11 to Google's development of Google News. A section on error takes us through a litany of accidental innovations, including the one that eventually led to the invention of the computer. "Being right keeps you in place," Johnson reminds us. "eing wrong forces us to explore." It's eye-opening stuff--although it does require an investment from the reader. But as fans of the author's previous work know, an investment in Johnson pays off, and those who stick with the author as he meanders through an occasional intellectual digression will come away enlightened and entertained, and with something perhaps even more useful--how to recognize the conditions that could spark their own creativity and innovation. Another mind-opening work from the author of Mind Wide Open.

Reminiscences of a Stock Operator (Wiley Investment Classics)

stock investing is a relatively recent phenomenon and the inventory of true classics is somewhat slim. When asked, people in the know will always list books by Benjamin Graham, Burton G. Malkiel's A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher. You'll know you're getting really good advice if they also mention Reminiscences of a Stock Operator by Edwin Lefèvre.

Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the century. Livermore, who was banned from these shady operations because of his winning ways, soon moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the nature of the market itself. For example:

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon."

If you've ever spent weekends and nights puzzling over whether to buy, sell, or hold a position in whatever investment--be it stock, bonds, or pork bellies, you'll be glad that you read this book.Reminiscences of a Stock Operator is full of lessons that are as relevant today as they were in 1923 when the book was first published. Highly recommended. --Harry C. Edwards --This text refers to an out of print or unavailable edition of this title

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Tuesday, August 2, 2011

Virus of the Mind: The New Science of the Meme

In Virus of the Mind, Richard Brodie carefully builds on the work of scientists Richard Dawkins, Douglas Hofstadter, Daniel Dennett, and others who have become fascinated with memes and their potential impact on our lives. But Richard goes beyond science and dives into the meat of the issue: is the emergence of this new science going to have an impact on our lives like the emergence of atomic physics did in the Cold War? He would say the impact will be at least as great. While atomic bombs affect everybody’s life, viruses of the mind touch lives in a more personal and more pernicious way.

Virus of the Mind is the first popular book devoted to the science of memetics, a controversial new field that transcends psychology, biology, anthropology, and cognitive science. Memetics is the science of memes, the invisible but very real DNA of human society.


Viruses of the mind are not a future worry: they are here with us now and are evolving to become better and better at their job of infecting us. The recent explosion of mass media and the information superhighway has made the earth a prime breeding ground for viruses of the mind.Mind viruses have already infected governments, educational systems, and inner cities, leading to some of the most pervasive and troublesome problems of society today: youth gangs, the welfare cycle, the deterioration of the public schools, and ever-growing government bureaucracy.

Will there be a mental plague? Will only some of us survive with our free will intact? Richard Brodie weaves together science, ethics, and current events as he raises these and other very disturbing questions about memes.

Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon

The New York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders

In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.

Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.

Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.

Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read.

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Market Wizards: Interviews with Top Traders

Interviewing such personalities as Michael Marcus - who turned a $30,000 account into $80 million - and Tom Baldwin - a former meat-packing plant manager who now trades up to $2 billion worth of T-bond futures a day -, Jack D. Schwager gets these top traders and others to disclose their various trading approaches and personal rules and secrets for their success. Jack D. Schwager is the author of "The New Market Wizards".
Jack D. Schwager is currently the Managing Member of Market Wizards Funds, L.L.C., in Vineyard Haven, MA. His prior experience includes 22 years as the director of futures research for some of Wall Street's leading firms. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics with particular focus on the characteristics of great traders, technical analysis, and trading system evaluation. He holds a B.A. in Economics from Brooklyn College and an M.A. in Economics from Brown University.
Schwager is the author of the best-selling Market Wizards (1989), and the equally popular The New Market Wizards (1992). His other books include Getting Started in Technical Analysis (1999) and a three-volume series, Schwager on Futures, consisting of the following titles: Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading: Myths and Truths (1996).