(Part 2) Best finance books according to redditors
We found 1,867 Reddit comments discussing the best finance books. We ranked the 586 resulting products by number of redditors who mentioned them. Here are the products ranked 21-40. You can also go back to the previous section.
Sounds like people keep confusing this. They are trading commodities, not stocks. That is the NYMEX, not the NYSE. Pretty sure I know at least one person in that crowd, though I met him years after this was recorded. Guy has at least an 8 or 9-figure net worth from what I know. He and his team stopped trading in the pit in the mid-2000s and moved 100% to online execution.
The lore of the trading pits is really fascinating to me. It was one of the best ways for someone from a working class background to get filthy rich. Back in those days, arguably trading didn't require a lot of book smarts. You just needed a loud enough voice, a shitload of adrenaline (and coke) to yell, "SOLD!" before anyone else.
If you're interested in learning more about the big swinging dicks who ruled that era, you can read this famous book.
A Beginner's Guide to Investing: How to Grow Your Money the Smart and Easy Way https://www.amazon.com/dp/B005Y4JS0A/ref=cm_sw_r_cp_apa_DKYbAbADEP42Q
This little book was a great read that covered almost all the basics and doesn't make any assumptions about what you already know. It's like taking an introductory course.
"The Intelligent Investor" will probably come up, but it's a substantially more advanced book and it's very dense. It's worth reading, but it could be overwhelming without a primer first.
There is no one book. What you are looking for is perspectives.
My suggestion, first up: Start with The Goal: A Process of Ongoing Improvement
It is a great book for people who are currently employed, and are struggling to understand why business owners think the way they think. Also, it introduces some basic lean thinking concepts (Theory of Constraints) that are very useful regardless of whether you are trying to be an entrepreneur or not. If you plan to hire people, this should be required reading for all of them. Remember, the book was written in the last century, some culture shock is expected.
Next: I would highly recommend reading The Lean Startup. It's a bit dated now, and newer refinements are available, but every other book kind of builds upon this book.
Now you should be able to relate to whether your business idea is sound or not. Next you want to understand, how other people became successful, for this, you need to read Nir Eyal's Hooked. The book is an eye opener for how various online businesses keep making us coming back for more.
Now you are close to building your product, but maybe you need to understand if you are onto something worth selling or not? The Lean Startup will tell you to do a Smokescreen MVP or a Concierge MVP. An even better approach is defined in Sprint. This approach allows you to test business assumptions in a highly structured manner.
After all of this, hopefully, you will someday reach a stage, where you will need to go and pitch your idea to investors. Get Backed teaches you to put together a presentation for investors, and how to handle the presentation.
At the end of all of this, you might be feeling very optimistic about life and stuff, but to keep yourself grounded, read up on Ben Horowitz's The Hard Thing About Hard Things. It is one of the most humbling books you could ever read, and once in a lifetime kind of a book that is as profound as the Chicken Soup books.
Alright, let's talk about Nassim Nicholas Taleb. If you're not familiar, he's the famously belligerent author of Fooled by Randomness, The Black Swan, and Antifragile, among other works. I don't think Taleb's views can be fully comprehended in a single day, so I strongly advise going out and reading all his books.
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Edit: What I really want to know here is: of those of you who are familiar with Taleb's technical approach to decision theory and how he applies this to the real world, is his decision theory 1) Basically correct, 2) Frequently correct but mis-applied sometimes, or 3) basically incorrect?
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On the one hand, I suspect that if he knew about the rationalist community, he would loudly despise it and everything it stands for. If he doesn't already know about it, that is: I remember seeing him badmouth someone who mentioned the word "rationalist" in Facebook comments. He has said in one of his books that Ray Kurzweil is the opposite of him in every way. He denounces the advice in the book "Nudge" by Thaler and Sunstein (which I admittedly have not read - is this a book that rationalists like?) as hopelessly naive. He considers himself Christian, is extremely anti-GMO, voted third-party in the election but doesn't seem to mind Trump all that much, and generally sends lots of signals that people in the rationalist community would instinctively find disturbing.
On the other hand...
Taleb the Arch-rationalist?
Despite the above summary, if you actually look closer, he looks more rationalist than most self-described rationalists. He considers erudition a virtue, and apparently used to read for 30 hours a week in college (he timed himself). I remember him saying off-hand (in The Black Swan, I think) that a slight change in his schedule allowed him to read an extra hundred books a year. When he decided that probability and statistics were good things to learn, he went out and read every math textbook he could find on the subject. Then he was a wall street trader for a couple of decades, and now runs a risk management institute based on his experiences.
He considers himself a defender of science, and calls people out for non-rigorous statistical thinking, such as thinking linearly in highly nonlinear problem spaces, or mis-applying analytical techniques meant for thin-tailed distributions on fat-tailed distributions. (Example of when thinking "linearly" doesn't apply: the minority rule). He loves the work of Daniel Kahneman, and acknowledges human cognitive biases. Examples of cognitive biases he fights are the "narrative fallacy" (thinking a pattern exists when there is only random noise) and the "ludic fallacy" (ignoring the messiness of the real world in favor of nice, neat, plausible-sounding, and wrong, theoretical knowledge).
He defends religion, tradition, and folk wisdom on the basis of statistical validity and asymmetric payoffs. An example of his type of reasoning: if old traditions had any strongly negative effects, these effects would almost certainly have been discovered by now, and the tradition would have been weeded out. Therefore, any old traditions that survive until today must have, at worst, small, bounded negative effects, but possibly very large positive effects. Thus, adhering to them is valid in a decision-theoretic sense, because they are not likely to hurt you on average but are more amenable to large positive black swans. Alternatively, in modern medical studies and in "naive scientistic thinking", erroneous conclusions are often not known to have bounded negative effects, and so adhering to them exposes you to large negative black swans. (I think this is what he means when he casually uses one of his favorite technical words, "ergodicity," as if its meaning were obvious).
Example: "My grandma says that if you go out in the cold, you'll catch a cold." Naive scientist: "Ridiculous! Colds are caused by viruses, not actual cold weather. Don't listen to that old wive's tale." Reality: It turns out that cold weather suppresses the immune system and makes you more likely to get sick. Lesson: just because you can't point to a chain of causation, doesn't mean you should dismiss the advice!
Another example: Scientists: "Fat is bad for you! Cut it out of your diet!" Naive fad-follower: "Ok!" Food companies: "Let's replace all the fat with sugar!" Scientists: "JK, sugar is far worse for you than fat." Fad-follower: "Well damn it, if I had just stuck with my traditional cultural diet that people have been eating for thousands of years, nothing all that bad would have happened." Lesson: you can probably ignore dietary advice unless it has stood the test of time for more than a century. More general lesson: applying a change uniformly across a complex system results in a single point of failure.
For the same sorts of reasons, Taleb defends religious traditions and is a practicing Christian, even though he seems to view the existence of God as an irrelevant question. He simply believes in belief as an opaque but valid strategy that has survived the test of time. Example 1. Example 2. Relevant quote from example 2:
> Some unrigorous journalists who make a living attacking religion typically discuss "rationality" without getting what rationality means in its the decision-theoretic sense (the only definition that can be consistent). I can show that it is rational to "believe" in the supernatural if it leads to an increase in payoff. Rationality is NOT belief, it only correlates to belief, sometimes very weakly (in the tails).
His anti-GMO stance makes a lot of people immediately discredit him, but far from just being pseudoscientific BS, he makes what is probably the strongest possible anti-GMO argument. He only argues against GMOs formed by advanced techniques like plasmid insertion, and not against lesser techniques like selective breeding (a lot of his detractors don't realize he makes this distinction). The argument is that these advanced techniques, combined with the mass replication and planting of such crops, amounts to applying an uncertain treatment uniformly across a population, and thus results in a catastrophic single point of failure. The fact that nothing bad has happened with GMOs in the past is not good statistical evidence, according to Taleb, that nothing bad will happen in the future. There being no good evidence against current GMOs is secondary to the "precautionary principle," that we should not do things in black swan territory that could result in global catastrophes if we are wrong (like making general AI!). I was always fine with GMOs, but this argument really gave me pause. I'm not sure what to think anymore - perhaps continue using GMOs, but make more of an effort to diversify the types of modifications made? The problem is that the GMO issue is like the identity politics of the scientific community - attempt to even entertain a possible objection and you are immediately shamed as an idiot by a facebook meme. I would like to see if anyone has a statistically rigorous reply to taleb's argument that accounts for black swans and model error.
Taleb also strongly advocates that people should put their "skin in the game." In rationalist-speak, he means that you should bet on your beliefs, and be willing to take a hit if you are wrong.
To summarize Taleb's life philosophy in a few bullet-points:
Most or all of these things are explicit rationalist virtues.
Summary
Despite having a lot of unpopular opinions, Nassim Taleb is not someone to be dismissed, due to his incredibly high standards for erudition, statistical expertise, and ethical behavior. What I would like is for the rationalist community to spend some serious time considering what Taleb has to say, and either integrating his techniques into their practices or giving a technical explanation of why they are wrong.
Also, I would love to see Eliezer Yudkowsky's take on all this. I'll link him here (/u/EliezerYudkowsky), but could someone who knows him maybe leave him a facebook message also? I happen to think that this conversation is extremely important if the rationalist community is to accurately represent and understand the world. Taleb has been mentioned occasionally on LessWrong, but I have never seen his philosophy systematically addressed.
Taleb's Youtube Channel
Taleb's Medium.com Blog
His essay on "Intellectuals-yet-idiots"
His personal site, now with a great summarizing graphic
TL;DR: Te recomiendo que busques una operadora de fondos: son financieras de nicho dedicadas al manejo e inversión de dinero; no ofrecen los mismos lujos de un banco y por lo tanto tampoco pagas tanto por sus servicios. Si quieres una lista de qué opciones hay en el mercado, échale un ojo a la página de la [CNBV] (http://www.cnbv.gob.mx/SECTORES-SUPERVISADOS/SOCIEDADES-DE-INVERSION/Paginas/Padr%C3%B3n-de-Entidades-Supervisadas.aspx)
Si es la primera vez que inviertes, una opción puede ser Old Mutual; se caracterizan por ser muy buenos asesores y cuentan con portafolios muy diversos. Lo malo es que muchos productos incluyen un seguro de vida, y te piden como mínimo $ 75,000.
En términos de rendimientos, visitaría a GBM o a IXE, aunque con ellos es necesario que conozcas algunos términos básicos de inversión, y te pedirán mínimos de inversión más altos. (IXE ha bajado su calidad de servicio desde que lo compró Banorte, thou).
Una última alternativa sería CetesDirecto. Con ellos puedes manejar tu cuenta de inversión en CETES, y no pagas intermediarios. Lo malo es que los rendimientos no serán tan brillantes, aunque son instrumentos algo seguros.
¿Ya conoces tu perfil de inversionista?
Si ese dinerito es para tu cantón, podrías oscilar entre uno medio conservador (para que siempre ganes, procurando ganarle un poco a la inflación) o uno diversificado de 80-70% conservador y lo demás especulativo (puedes perder, pero si lo vas a retirar en 5 años, tienes tiempo para recuperarte). Irte a lo más agresivo no sería lo mejor, a menos que estés bien asesorado.
Si apenas vas empezando a entrarle a las inversiones, lee el libro A Beginner's Guide to Investing de IvyBytes, disponible en [Kindle] (http://www.amazon.com/Beginners-Guide-Investing-Money-Smart-ebook/dp/B005Y4JS0A/ref=sr_1_1?s=digital-text&ie=UTF8&qid=1449530880&sr=1-1&keywords=a+beginner%27s+guide+to+investing). El libro es un mega-comercial de sus servicios, pero explican muy bien los términos básicos de deuda, renta, perfil, etc.
Hay más alternativas en el mercado, pero por lo que leo, apenas estás dando tus primeros pasos en esto. Antes de aventarte tú solo, prueba con las opciones de arriba.
Con quien decidas irte, pregúntale en qué invierten, mínimos de inversión, plazos, penalizaciones, rendimientos, qué tan fácil es que te devuelvan tu dinero, cuántos años llevan operando, si tienen otras unidades de negocio. No le creas a quien te prometa ganancias: cuando inviertes, aunque sea mínimo, siempre hay riesgo. Pero si vas bien asesorado y eres constante, es lo mejor que puedes hacer.
This is better than buying and praying but be wary of many factors when designing a trading system.
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Be careful. What you have discovered is valuable, but if it were that easy, everyone would be doing it. It doesn't mean it can't be done, but identifying a buy/sell signals is only 5% of your trading system.
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If you are interested in developing these types of systems as a career, consider reading Quantitative Trading: How to Build Your Own Algorithmic Trading Business by Ernest P. Chan. It's an excellent starting point for building trading systems.
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https://www.amazon.com/Quantitative-Trading-Build-Algorithmic-Business/dp/0470284889
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I have made all of these mistakes and more over the past 10 years as a professional investor. I love this stuff, so I'm happy to answer any questions you guys have about your systems. Maybe I can help save you a little pain and suffering!
> Can you recommend any books on coding quant strategies?
http://www.quantstart.com/articles/quantitative-finance-reading-list
Favorites I've read so far:
Also
Edit: Be prepared to spend about 3 months just randomly browsing Investopedia to crack through all the jargon :)
Also, these guys have some pretty rockin' videos on on everything finance, from "WTF is an ETF?" to "WTF is a European Call Option?" to "How do I manage my pension?", especially useful if you're in the UK. The videos helped me a lot when I was getting started at my current job.
https://www.youtube.com/user/MoneyWeekVideos/videos
You should apply to more than just HRT and Citadel. For quant, trader, and researcher roles you'll need to practice a different kind of interview. Some places are done with hiring, but some are still going (Old Mission Capital reached out to me this week). If your Amazon offer is expiring, I'd take it. One in hand is worth two in the bush and these interview processes can take a long time.
This book will get you started.
I found Bogle's Little Book of Common Sense Investing very helpful.
I can't give any advice for SEA. I don't know how much you've looked into it already, but some assorted resources people seem to like:
Max Dama - On Automated Trading
Jane Street - Probability and Markets
Cliff Asness - A Brief and Biased Survey of Quantitative Investing
Heard On the Street
A practical Guid to Quant Finacne interviews
A summary of quantative trading
[Mark Joshi - On Becoming a quant] (http://www.markjoshi.com/downloads/advice.pdf)
How's your programming and statistics? Those are probably the two things you can improve the most on your own to give you the best chance with interviews.
Thanks for sharing man.
I would adopt a strict money management system. An example could be the 2% & 6% rules referenced in the Trading for a Living Book. Is it boring? Yep. But it keeps you in the game so you can learn. If you blow out an account you are much less likely to keep trading and learning.
I don't know where this came from but there is a saying: There are old traders and there are bold traders. There are no old and bold traders.
what specifically are you interested in?
https://www.quantnet.com/threads/quantnet-best-selling-books-of-2012.12190/
https://www.quantnet.com/threads/master-reading-list-for-quants-mfe-financial-engineering-students.535/
http://www.nuclearphynance.com/Show%20Forum.aspx?ForumIDKey=8
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http://www.cs.sunysb.edu/~skiena/691/
http://developers.opengamma.com/quantitative-research
http://www.thalesians.com/finance/index.php/Reading_List
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http://www.amazon.com/Primer-Mathematics-Financial-Engineering-Second/dp/0979757622/
commonly heard: "Just read Hull OFOD" http://www.amazon.com/Options-Futures-Derivatives-DerivaGem-Package/dp/0132777428/
http://www.amazon.com/Stochastic-Calculus-Finance-Binomial-Textbooks/dp/0387249680/
There was an interesting take on this in The Black Swan, where the author gives you an alternative reality situation, where an FBI agent acts on the indications of a plot to fly jets into skyscrapers and successfully advocates for reinforced cockpit doors in all planes and increased screening of carry-on baggage. In this alternative reality, 9/11 did not happen. Is this guy a hero? No, he's the pain in the ass who wasted millions of airline money and inconvenienced millions of passengers by forcing them to get to the airport earlier. But the fact is that 9/11, like any terrorist attack was a Black Swan: a highly improbable event with three principal characteristics:
It is impossible for us to know exactly how effective our security forces have been at thwarting any attacks, because it is counter-productive for them to reveal sources and methods. Which makes it awfully convenient for the Government to drive through increased police powers.
What I don't understand is why ASIO needs immunity from killing in self-defence, or why we need further laws to lock people up for advocating terrorism, when existing laws seem to be adequate.
Are you looking for a broad overview, something more technical, or specifically machine learning algorithms?
I'm reading Advances in Financial Machine Learning at the moment. It's pretty relevant for quants and trading, and has code snippets in Python. Was going to recommend it to you guys.
Anything written by Ernest Chan is excellent, and he also has a blog. Here's one of his books:
https://www.amazon.com/Algorithmic-Trading-Winning-Strategies-Rationale/dp/1118460146
I'd choose the absolute momentum strategy from Dual Momentum Investing.
All you have to do is once a month take the S&P 12 month return and subtract the risk free rate. If the result is positive go 100% in a S&P ETF and if the result is negative switch to 100% bonds. This simple strategy limits how much you lose in market crashes and thus should beat the S&P over longer time periods.
If I were you, These are some steps I would take to increase my odds of getting a VC job assuming you are new the field and don't have $$ you can afford to easily lose.
A- No experience, little to no money
1- Read at least 5 books about the industry
2- Listen to podcasts and watch YouTube videos with VC interviews and teachings
3- Networks with VC
4- Land a job
5- Make money
6- Become a professional VC
Books to read
1- #Breaking Into VC - Bradley Miller
https://www.amazon.com/BreakIntoVC-Investor-Entrepreneur-Professional-Guidebook/dp/1544934343
2Done Deals
3-Essentials of Venture Capital
4- Venture Deals
5- The Business of Venture Capital
Podcasts and radio to listen to
1- Angellist radio
2 - 20 Minutes VC with Harry Stebbings
http://www.thetwentyminutevc.com/
3- Bloomberg radio
4- Investors archives series on YouTube
https://www.youtube.com/channel/UCVJalJNQWimC2zWrIHR_bSQ
Networking with VC
You can go on VC firms websites, find some VC partners you admire and email or call them to pick their brain.
You could also attend VC meetings or pitc competitions if you have access to.
These first steps will increase your chance of getting a job or at least an internship leading to a job.
In terms of making money, this is a personal decision up to you. VC firms themselves are funded by Limited Partners such as pension funds or school endowments. So they are pretty much investing other people money in most cases.
All these steps apply if you want to be a professional VC in a traditional sense, a job like one would imagine an investor banker on Wall Street or a doctor working in a hospital.
B- If you have the knowledge and the money likeChris Sacca
Depending on your income, you can start right away and become a VC. If you have money, you can invest in any business venture you want and start practicing your craft. You wouldn't necessarily need to join a firm. You can even start your own firm if you're loaded.
In either case you need to have a deal flow (investment opportunities) and be able to do due diligence. VC is a calculated investment not a lottery.
You would also need a great understanding of the ecosystem of business venture including the relationship between VCs, entrepreneurs and the business opportunities/markets.
Go ahead and become a VC, you do need to get permission from anybody. If you're hungry enough figure it out and GO FOR IT.
This is getting on a bit, but still probably the best book you'll find:
The Global Expatriate's Guide to Investing - Andrew Hallam
For what you put into the account, I'd suggest Smarter Investing by Tim Hale.
I can recommend some reading for you to help you out.
How To Day Trade For A Living by Andrew Aziz☆☆☆☆☆
Trading For A Living by Alexander Elder
Day Trading 5-in-1 Bible by Samuel Rees
I found a passage in
Advances in Financial Machine LearningAdvances in Financial OLS With Constructed Regressors that kind of explained this:>"Discretionary portfolio managers (PMs) make investment decisions that do not follow a particular theory or rationale. They consume raw news and analyses, but mostly rely on their judgment or intuition. They may rationalize those decisions based on some story, but there is always a story for every decision. ... If you have ever attended a meeting of discretionary PMs, you probably noticed how long and aimless they can be. Each attendee seems obsessed about one particular piece of anecdotal information, and giant argumentative leaps are made without fact-based, empirical choices."
The financial press seems dedicated to providing these one off anecdotes so that PMs can justify their continued employment. I kind of want to try making a Markov twitter bot that tries to give daily reasons for market up/down turns.
Personally, I find that there's usually a theme for each week. I just sort of passively absorb enough Bloomberg and WSJ headlines until I figure out sometime on Tuesday what everyone is panicking about. Markets seem to have pretty short foresight, so the press usually seems really shocked about something that could be predicted from the data months ago (e.g. interest rate hikes, China tariffs being a large factor in recent pullbacks, even though we've known about this path since at least July).
I don't have an answer for your question, but I really like the WSJ Daily Shot, since its all graphs and data with some commentary, so it seems more reliable.
I can easily think of an algo that is right 99% of the time and still loses money.
Since your payoff is not binary, you still have to deal with expected returns in the end
Try reading https://www.amazon.com/Advances-Financial-Machine-Learning-Marcos/dp/1119482089/
I suggest that you read Millionaire Expat. (Andrew Hallam, 2018)
It is the expat version of the Millionaire Teacher book that is on the Personal Finance Canada reading list.
+1
Another resource I found as a good introduction to index funds and investing in general was Burton Malkiel's The Elements of Investing: https://www.amazon.ca/Elements-Investing-Lessons-Every-Investor/dp/1118484878
Probably just start with a book on the subject to introduce you to concepts / terminology. Find a provider for data, preferably one that has backtesting support as well. Find a strategy, test, paper trade it, launch it live.
This will take a considerable amount of time.
https://www.amazon.com/Algorithmic-Trading-Winning-Strategies-Rationale/dp/1118460146
I'm so tired of posting this comment.
OP, you should read all of the Flash Boys rebuttals that came out afterwards.
A Much-Needed HFT Primer for 'Flash Boys' Author Michael Lewis
A Fervent Defense of Front-running HFTs
Mark Cuban's HFT Idiocy
Michael Lewis’ Repeat Omission: No Crimes Were Committed
Michael Lewis: shilling for the buyside
Amazon Review of Flash Boys
Flash Boys - Misleading information
Or the book written directly in response: Flash Boys: Not So Fast
Omar, the first thing you need is a little bit of Python. Personally I'm a fan of Code Academy.
If you're looking to understand a little more about common types of trading algorithms, check out this blog post. We've been drafting it a while, and you inspired us to publish it!
I'm also a huge fan of Ernie Chan's book which really explains a lot about the "business" of algorithmic trading.
You can't prove God doesn't exist. Just studying how a cell reproduces makes you think, could there be something or someone behind all this. Where did all this begin and how did it start? We have no way of knowing. So then the question is do you declare God doesn't exist and is a figment. Or entertain the possibility that your knowledge and experience are truly limited and we are weak beings.
Pride in oneself and knowledge is a very dangerous thing.
edit: This is a good book to read on the impact of the highly improbable
wow so much circlejerk over quant ITT. remember, OP is already getting the interviews
OP there are very good guides out there, analogous to the "elements of programming interviews" for DS&A interviews
https://www.amazon.com/Practical-Guide-Quantitative-Finance-Interviews/dp/1438236662 will get you very far. learn more about the topics covered as you go, rather than look at a vast sea of random math stuff and get stressed out. also theres a good chance some of these questions will be asked verbatim
ive heard good things about the Joshi book too. also first chapter of Heard on the Streets. the later chapters delve into really specific finance stuff, so it depends on what role you're going for if you need to know that stuff (vs a general math test, where they will train you on finance later)
Book 1: https://www.amazon.com/Japanese-Candlestick-Charting-Techniques-Second/dp/0735201811
Book 2: https://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661
Read through every page, twice. Then start putting things into practice. Once you think you're comfortable in your strategy, write down your plan of attack and strategy/rules for trading. Seriously, write it down in MS Word, print it out in huge font, and pin on the wall next to your trading computer.
YouTubers...eh, there are only a few that I like although I'm sure there are more out there I just haven't found. This guy explains things pretty well and knows how to actually use indicators, unless like most of the shills on Yt. https://www.youtube.com/channel/UC9yk_6ks1g1ipJJsxtLKLcA He doesn't show trades but the basic underlying concepts are all you need. The rest is up to you on how to employ those techniques into your owns strategy.
Only other thing you need is patience, which is where I believe most traders fail. You need to have patience to wait for those ideal trading setups to materialize. Sometimes this can days or even weeks before you find one, when you're first starting out. Then you get in impatient and trade off some half-ass setup that doesn't quite mark all the check boxes for your ideal 'buy signal' and then you get burned.
Watching someone else make trades hasn't ever taught me anything, because every single trader is different. Different lifestyle, time available for trading, risk tolerance, and 10+ other factors means what works for them is probably NOT going to work for you/me.
I was in your position a couple weeks ago in terms of not knowing much, and here are some of the resources I found useful to learning the basics:
At this point you should have basically learned a whole new language. This is as far as I have gotten. Like /u/osskjc said, A Random Walk Down Wallstreet comes highly recommended, I just haven't gotten to it yet in my own reading. Hopefully this helps and at least gives a starting point.
Good luck!
Algorithmic Trading: Winning Strategies and Their Rationale by Ernie Chan
Trading and Exchanges: Market Microstructure for Practitioners by Larry Harris
Algorithmic Trading and DMA: An introduction to direct access trading strategies by Barry Johnson
Just another tip for you.
You really need to pick an institution that will work with Expats. Don't make any quick decisions as of right now. Having read Andrew's book, i set up a Schwab account because they are Expat friendly. I opened an account and let it sit dormant for about 2-3 months, then I rolled my IRA and Roth IRA from Bank of America over to them.
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It was about 15,000 in total, and somewhere between doing that and trying to link my bank account, they needed to verify where you live. Don't lie, just tell them you work abroad a majority of the year, but you have a US address. This will trigger an account change, they will need to change you over to an International account.
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Why do you want to do this, well if you already have an account with money in it, they will convert it for you, and they will waive the investment threshold. I have a colleague who tried to set up the international account and is stuck saving. If you have over 25,000 or whatever the threshold is, then no worries, just be up front. I wanted to invest immediately but didn't want do dump 25k in immediately.
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This process was not fun nor easy, but i'm not set up with my account, and with the International account we are not allowed to have checking accounts, despite being Americans. If you have 25k, don't waste time just open the international account and away you go.
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I'm currently based in the UK, but this is the book you want: https://www.amazon.co.uk/Millionaire-Expat-Wealth-Living-Overseas/dp/1119411890 You should be able to read a little bit here and see the chapter titles. This may not give you the full picture, but this really provided me with a lot of clarity, and taught me how to do all my own calculations. That's what I found most valuable.
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There are 2 versions of the book, the first release, then an update to the book, just get the new version as he cuts out some stuff that you don't really need, and also adds some new content. The writing style makes it easy to follow and the best thing about it is he pulls in stories from expats, and shows you there are many different ways for expats to save for the future/retirement.
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I don't know Andrew, i'm just really happy with this book, and reached out to Mark at planvision to get some guidance. Honestly if you read the book, you may not need to consult anyone, but Mark charges 100 USD for a year, and I talk to him on the small things where I need it. https://planvisionmn.com/
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Don't take my word, use this as a reference and data point, do whats best for you, and more importantly good luck!
If you only ever get 1 book, you can read this in a couple days, and it helps you get started with Vanguard.
https://www.amazon.com/Elements-Investing-Lessons-Every-Investor/dp/1118484878
Once you have a decent amount of money invested, this book will ensure you don't fuck it all up. A much longer read but full of good information on how to take the emotions out of investing, which are basically going to be your biggest foe.
https://www.amazon.com/Intelligent-Investor-Definitive-Investing-Essentials/dp/0060555661
Based on what you are looking for I would highly suggest you read Dual Momemtum which you can buy used for $30:
https://www.amazon.com/Dual-Momentum-Investing-Innovative-Strategy/dp/0071849440
Essentially the author lays out a plan where you can use very low cost vanguard funds and spending just a few minutes per month reduce your downside risk from 40-50% drawn-downs to about half that while also slightly beating the market in most years. He has done all of the proper testing across different time periods, different countries, etc. and it has worked great for the past 75+ years. Best $30 I have spent.
What you should also look for is the fees they charge. They typically charge a fee on your monthly balance + the investment products they put your money carries a management and performance fee.
My advice - spend a few bucks and buy this book
https://www.amazon.com/Global-Expatriates-Guide-Investing-Millionaire/dp/1119020980
This will help you make the right choice about your money.
Two best resources to get up to speed:
Long story short, America hates when it's citizens have the gall to leave it's borders and live elsewhere and tries to punish us by not letting us plan for our future.
Best thing to do is open a trading account, probably at InteractiveBrokers since they're one of the only places that will deal with American expats, and invest in things like US-based ETFs.
EDIT: Quick addendum, since I see others suggesting a lot of ostensibly good resources around reddit and the internet at large.
While there are MANY great places to get educated in ways to save and invest, almost all of that information goes out the window when you become an expat. It is a frustrating and sad fact that, especially as US citizens, we have shockingly few options to invest long-term without incurring huge fees/penalties.
By all means, read up, but MAKE SURE that what you're reading is specifically tailored for the expat situation. Otherwise, you may as well just go to the pachinko parlor and try your luck there.
Your answer is just total and complete bs: https://www.amazon.com/Advances-Financial-Machine-Learning-Marcos/dp/1119482089
He gets fooled a lot. Flash Boys was a monumental hack job, full of mistakes and misinformation. Read "Flash Boys, not so Fast" for the real deal.
​
https://www.amazon.com/Flash-Boys-Insiders-Perspective-High-Frequency-ebook/dp/B00P0QI2M2
Calling Flash Boys "literature" seems like a stretch, it's polemic written by a journalist with barely and understanding of what HFT actually do. See https://www.amazon.com/Flash-Boys-Insiders-Perspective-High-Frequency-ebook/dp/B00P0QI2M2 for a citation-rich counterpart from someone with actual experience in the industry.
I suggest The New Trading for a Living, I liked it a lot
https://www.amazon.com/dp/1118443926/ref=cm_sw_r_cp_api_i_13NMDbPE1HGDS
I am a physics PhD student who prepared for a quant transition and got an offer relatively soon after applying.
How much time do you have, where are you going to look, and from which university are your degrees? This book is an easy read, a bit American-centric. There are also books with preparation problems, I liked 1 2 3.
Play on your strengths - if you don't like programming just get a basic idea of how C++ work, and learn a lot of stochastic calculus if that's what you like. Eventually you should identify 1 or 2 areas which you like most and become strong in those. It's better to be so-so in some of the areas of the books above but beyond their level in 1-2 areas than being quite good at all of them but excel in none. Don't completely neglect any topic though - if you have no idea what a call option or a pointer are, you'll be in trouble. Don't neglect brainteasers.
Certain interesting areas are surprisingly ignored by those books, for example econometrics and machine learning. Good luck!
Venture Deals is a great reference.
There is no shortage of discussion on various blogs, Fred Wilson and Mark Suster are two of the best.
For actually drafting up terms...get a lawyer. Preferably one that deals with companies at your stage and investments on a regular basis.
Valuations are market driven, it's the price that you and the investor can agree upon. Convertible notes and SAFEs do not avoid this, read this outstanding post as to why. Active investors are setting your price based on their other options.
I see that Intelligent Investor by Graham has already been posted but that's certainly a good one. However it can be a bit dry for most readers and if you would prefer something a bit fresher I would read Deep Value by Toby Carlisle. He discusses and critiques Graham's teachings along with the strategies of other notable value investors such as Buffet, Icahn, Greenblatt and many others all in a more modern tone. It's been the bible for my own value investing strategies.
Other books to look into are:
Start here.
Advances in Financial Machine Learning https://www.amazon.com/dp/1119482089/ref=cm_sw_r_other_apa_i_AKx2DbFGRNJE8
I find it unlikely you'll understand the math but maybe you will. It an insightful book
http://www.investopedia.com/terms/d/deathcross.asp
http://www.amazon.com/Japanese-Candlestick-Charting-Techniques-Second/dp/0735201811
http://www.google.com/products/catalog?q=when+genius+failed&oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&um=1&ie=UTF-8&cid=16867877512571349828&ei=ESMuTLqOBcHflgf9rInhCg&sa=X&oi=product_catalog_result&ct=result&resnum=3&ved=0CCwQ8wIwAg#
http://www.fooledbyrandomness.com/
HFT people say the book is inaccurate. See: https://www.amazon.com/dp/B00P0QI2M2/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
(The Amazon description of that book is enough to give you a sense of people's objections, and then you can Google around for more if you're interested.)
It actually does use indicators, and those indicators predict trends.
Mathematical models: I have only studied indicators. In the beginning of my project, I tried to create my own indicators using parametric equations, but it wasn't working. I couldn't get the algorithms to produce results better than random backtests. So I moved from that into real indicators.
Books:
The Ultimate Day Trader
It was the most helpful when I was getting started and learning about indicators. It taught me how trading was done, and it introduced the typical algorithmic trading like MACD crossovers, bullish convergence/divergence. It may be too much for beginners. As a warning, reviewers on Amazon don't think highly of the book.
I had to learn a lot on my own through trial and error and the occasional google search, so I The Ultimate Day Trader is the only book that I fully read.
Building Winning Algorithmic Trading Systems
Gives a lot of good information in getting good backtest results, and the steps an algorithm should have to pass in order to be traded with.
Algorithmic trading: Winning strategies and their rationale.
Currently reading this, and it starts off basic, like most books. It talks about look-ahead biases and that sort of stuff. It also talks about the different backtesting software and programming languages. I'm only on page 40/200, and it looks like it gets more complex.
I also have a few books on options, but those don't have to do with algorithmic trading.
They're not really "backtesting resources" but Ernie Chan's books all use matlab code examples, and he has all of the full example code on his website (viewable with a password obtained from the book)
You know what I'm going to do? I'm going to help you out.
Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist, by Feld and Mendelson
Term Sheets & Valuations - A Line by Line Look at the Intricacies of Term Sheets & Valuations
And of course, The Art of the Deal for when you want something more high-level. Hope this helps!
Startups are much more complex than real-estate deals, so you aren't going to find as concise of a book as the Art of the Deal, Zero to One as recommended in another comment is a great one though.
For the ethos of startups I would recommend: Hackers and Painters by Paul Graham
https://www.amazon.com/Hackers-Painters-Big-Ideas-Computer/dp/1449389554
For the nitty gritty of deal making with VCs (I still haven't made it all the way through this one, as it gets very in depth for someone who isn't quite at the point of looking for funding) this seems to be the go-to:
https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitalist/dp/1119259754
My school had a book from Ernest Chan in the library. I recommend something like it https://www.amazon.com/Algorithmic-Trading-Winning-Strategies-Rationale/dp/1118460146
Ben Horowitz actually just published a book too - The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers
The book is full of stories about all the stuff that went wrong and lessons learned while he built his companies.
edit: Misspelled Horowitz
"Y'all"? Ha you remind me of my friend from da South.
Anyway, getting fixated on a specific journal will not be effective, especially when you are not familiar with the fundamentals. I suggest reading some introductory texts (Hull, Baxter). Then maybe you can move on to Wilmott magazine (school library might have it). Then perhaps you will know enough to search for relevant papers on http://www.ssrn.com/en/.
Hope that helps.
That's fine, then. My main concern was that you might be putting your money on the line!
I am not sure that an automated momentum system can't work. In fact, many CTAs (commodity trading advisors... a kind of hedge fund) made consistent returns in 2000-2009 by following pretty simple momentum strategies - generally moving averages or moving average crossovers on a 100-300 day window. Note that the timescale is much longer than yours, and also note that most of those CTAs have been in drawdown since about 2010 (ie they've lost money or just about broken even for the last four years).
But I am pretty certain that an intraday trading system based on trashy, discredited technical analysis isn't going to yield consistent profits, especially when applied by someone who is trading for the first time.
One way to tell if a trader knows what they are doing is to listen to their language - if they talk about technical indicators, fibonacci retracement, elliott waves, entry and exit points, MACD etc then they are a quack. If they talk about regression, signal processing, traing and test sets, regularization, bias/variance etc then there's a chance that they know what they're talking about.
There is fifty years of history building mathematical tools for analysing random processes, making time series forecasts, building regression models, and analysing models out of sample, all of which is generally ignored by the quacks who rely on spurious "indicators" and "entry/exit points". A good place to start is this book -
http://www-bcf.usc.edu/~gareth/ISL/
and this is a good book for when you've progressed beyond the intermediate level
http://statweb.stanford.edu/~tibs/ElemStatLearn/
There are two books by Ernest Chan about quantitative trading that frankly don't tell you anything that will be immediately applicable to creating a strategy (there's no secret sauce) but they do give you a good high level overview of what building a quantitative trading system is all about
http://www.amazon.co.uk/Quantitative-Trading-Build-Algorithmic-Business/dp/0470284889/ref=sr_1_2?ie=UTF8&qid=1406963471&sr=8-2&keywords=ernest+chan
http://www.amazon.co.uk/Algorithmic-Trading-Winning-Strategies-Rationale/dp/1118460146/ref=sr_1_1?ie=UTF8&qid=1406963471&sr=8-1&keywords=ernest+chan
Hope that's helpful.
I'm not an entrepreneur, but I plan on reading:
I enjoy reading anything Charlie Munger has written (or said). If you don't know, he is Warren Buffett's business partner, and one of the things he promotes tirelessly is reading and understanding mental models from other domains. So in reading Munger, you tend to get some second-hand insights into different mental models.
Munger has also spent his life trying to understand human rationality and irrationality in order to make himself a more rational investor. He has some significant things to say about that that are very insightful.
Someone recently posted a 350 page compendium of Munger's writings and speeches. I'm sure you can find it easily by Googling.
You might also read stuff by Daniel Kahneman and Amos Tversky. They spent their careers essentially studying rational and irrational behaviors, and behavioral economics owes a huge debt to them. Michael Lewis just wrote a book about them and their collaboration called The Undoing Project. Having never read a less-than-fascinating book by Michael Lewis, I'll stick my neck out and say it's probably worth reading.
Finally, if you can stand his style and unmitigated pomposity, Nassim Nicholas Taleb has written a few interesting things. The two books I found most interesting (and rewarding) were Fooled By Randomness: The Hidden Role of Chance in Life and in the Markets and The Black Swan: The Impact of the Highly Improbable.
Advances in Financial Machine Learning by Marcos Lopez de Prado: https://www.amazon.com/Advances-Financial-Machine-Learning-Marcos/dp/1119482089/
Just look at the right side of r/weedstocks forum... if you scroll down enough you will see these :
GUIDES AND MARKET RESOURCES
You can start there.
Plus you can search content on this sub for new investors. A lot of people are nice enough and try to help new investors. Only bit of advice I can give you is do not FOMO (Fear of missing out). Always do your own DD (Due diligence) before investing. Take peoples advice with a grain of salt.
General TA: https://www.youtube.com/watch?v=rlZRtQkfK04&list=PLyG201CX9K8Xwp2fsarUncC4jUlR-prad&index=3
Futures: https://www.youtube.com/user/PATsTrading
Books: https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447
https://www.amazon.com/New-Trading-Living-Psychology-Discipline/dp/1118443926/
I am reading this book
So making sure I don't go tits up
Current position BA Puts $320 June 28 & SPY Puts for late June as well
Trading for a Living by Alexander Elder has been awesome so far.
Link: https://www.amazon.com/New-Trading-Living-Psychology-Discipline/dp/1118443926/ref=sr_1_3?keywords=trading+for+a+living&qid=1558507971&s=gateway&sr=8-3
Get yourself a copy of this
Everything is very simply laid out and easily explained. I follow this now and feel really comfortable with it.
Regarding tax, no, not taxable if you’re a non resident. You would be liable for tax if you returned home then sold your investments for a profit. But sell beforehand then you’re fine.
The book which had the biggest influence on me and changed my view on Investing was from John Bogle, Father of index funds.
This is the one and only one book on index investing you require ;-).
Little book of common sense investing.
Its the number one best seller in mutual fund investing over amazon.
He has written many other books too which you can slowly digest one by one.
One of the best new books on the subject is Deep Value http://www.amazon.com/Deep-Value-Investors-Contrarians-Corporations/dp/1118747968/ref=sr_1_1?ie=UTF8&qid=1412616436&sr=8-1&keywords=Deep+value it's an updated take on Graham's approach to value investing and quantitatively evaluates different variations based upon their back-tested results over long periods of time. Expensive book but worth every penny IMHO.
I would advise against doing it on your own. If you want to work for a financial firm, then a good place to start is the quantitative analyst interview, eg:
https://www.amazon.com/Practical-Guide-Quantitative-Finance-Interviews/dp/1438236662
I would also recommend having a degree in a mathy STEM major, like physics, aerospace engineering, electrical engineering, financial engineering, or maybe math (with an emphasis on stochastic processes).
I do eminis occasionally and commodity futures. Books I've/am reading
https://www.amazon.com/Dual-Momentum-Investing-Innovative-Strategy/dp/0071849440/ref=pd_sim_14_2?_encoding=UTF8&pd_rd_i=0071849440&pd_rd_r=SDH1TYFVW1Z3XBZKA33F&pd_rd_w=ZRMkA&pd_rd_wg=gCrIn&psc=1&refRID=SDH1TYFVW1Z3XBZKA33F
https://www.amazon.com/Following-Trend-Diversified-Managed-Futures/dp/1118410858/ref=sr_1_5?ie=UTF8&qid=1491303110&sr=8-5&keywords=trend+following
https://www.amazon.com/Trend-Following-Managed-Futures-Trading/dp/1118890973/ref=sr_1_6?ie=UTF8&qid=1491303110&sr=8-6&keywords=trend+following
https://www.amazon.com/Stocks-Move-Beating-Momentum-Strategies/dp/1511466146/ref=sr_1_8?ie=UTF8&qid=1491303110&sr=8-8&keywords=trend+following
https://www.amazon.com/Managed-Futures-Institutional-Investors-Construction/dp/1576603741/ref=sr_1_3?ie=UTF8&qid=1491303298&sr=8-3&keywords=managed+futures
What kind of hedging are you looking to do? You say that you understand single commodity hedging, but does that mean you're familiar with trading oil or spark spreads or something?
For a general overview of options, forwards, futures, and swaps, I would refer you to this book that I used this semester in my MBA class. It covers not only the math and fundamentals behind these derivatives, but also, common strategies for purchasing and applying them.
For an overview of commodities trading, you'll need to read and understand this book: The Commodity Trading Manual - Chicago Board of Trade. It's required reading for any new traders.
Hope one of these helps.
Honestly this book is made specifically for people like me and you doing retail business first time. When I was half way I was already doing P&L, Balance sheet etc.
Here is the link to the book
https://www.amazon.com/dp/1402211864/ref=cm_sw_r_em_awd_C48IwbSD00AV2
(Sorry for the formatting, I'm on mobile)
https://www.amazon.com/Practical-Guide-Quantitative-Finance-Interviews/dp/1438236662&ved=2ahUKEwiIxLiFsYzaAhXJJMAKHfobAc4QFjAKegQICBAB&usg=AOvVaw2FMeyGzdYd7u1o_Ho9qJIf
This book is probably overkill for most of the questions you'll get asked (it's targeted more towards quantitative analyst interviews which generally require a much more in depth knowledge of calculus, linear algebra, algorithms etc.) but the brainteaser and probability chapters will definitely be useful.
Also as others mentioned practice quick mental math, with 2/3 digit numbers and decimals. Rankyourbrain.com isn't bad for this (someone mentioned tradertest.org is down).
In my experience interviewing for these places, many of them put a lot of focus on game theory problems. A game will presented to you and you decide whether you want to play and what the best strategy is. Another common question is to market making games where youre asked to estimate some quantity (e.g number of windows in NYC) and then play a market making game with the interviewer, whereby you set bid/ask prices on this quantity and he buys/sells and you adjust your prices accordingly. After a few trades he'll ask you what your position is, what value of the quantity would make you break even etc. They also often ask for confidence intervals of your estimates. It's key that you clarify your thought process for the estimate and make reasonable assumptions.
Finally, due to the nature of the job you will likely be but under an unreasonable amount of time pressure for some questions, just to see how you handle it. They key is not getting flustered if you get a question or two wrong in this situation. Just keep a clear head and take each question as it comes. Good luck!
EDIT: https://www.youtube.com/watch?v=WEDIj9JBTC8 questo è l' abc... 43min, spiegato da uno che ne sa
https://www.youtube.com/watch?v=PHe0bXAIuk0 30min
http://www.amazon.com/Dual-Momentum-Investing-Innovative-Strategy/dp/0071849440 questo è un capolavoro... ma forse è un po' più per intermedi, comunque discute un po' di tutti gli strumenti finanziari, se non ne mastichi avrai un po' di difficoltà all' inizio, forse..
http://www.amazon.com/Little-Book-Still-Beats-Market/dp/0470624159/ref=sr_1_1?s=books&ie=UTF8&qid=1448967495&sr=1-1&keywords=little+book+beats+market
questo forse dovresti leggerlo per primo, è un libro piuttosto controverso, alla fine è fatto per vendere e per vendere una formula al suo interno, ma di base ti insegna il "modo di pensare" corretto quando si parla di investimenti e allocazione del denaro. probabilmente quello che insegna di più in minor tempo, quindi la scelta primaria...
se vuoi qualcosa di avanzato, questo è veramente top: http://www.wallstreetoasis.com/forums/on-the-job-with-simple-as%E2%80%A6-my-research-process
mi raccomando di guardare pure i video, ma è un sacco di roba da guardare...
https://www.amazon.com/New-Trading-Living-Psychology-Discipline/dp/1118443926
The Beginner’s Guide to Investing is what you’re looking for. No previous knowledge required. It’s an extremely easy to read book on how to invest and the different types of investing so you can make an informed decision without feeling overwhelmed.
The best part? It’s only 100 pages and costs $3 (for the Kindle/ebook version).
I remember that. Brad had such a deep and grounded voice in the audiobook. Was surprised to hear him talk in that segment and sound like a normal guy lol.
I remember when the book came out. There seemed to be a huge PR blitz against the book. Even on Reddit, people were bashing it with boarderline incomprehensible arguments. I remember looking at all the accounts and all of them were newly created or created after the release of the book.
I don't remember where I saw those posts but there were pretty much along the same lines of the arguments made in this book, which is what I assume another PR paid hit piece.
https://www.amazon.com/Flash-Boys-Insiders-Perspective-High-Frequency-ebook/dp/B00P0QI2M2/ref=sr_1_2?ie=UTF8&qid=1526700173&sr=8-2&keywords=flash+boys
I recommend a book by Brad Feld,
https://www.amazon.com/gp/aw/d/1119259754/ref=dp_ob_neva_mobile
It would also be wise to read the SAFE primer. As a founder of a semi-successful seed stage startup, I wouldn't use a convertible debt note to raise money.
https://www.ycombinator.com/docs/SAFE_Primer.rtf
Plug: https://www.fastcompany.com/3068575/will-ride-hail-be-free-by-2021-the-startup-ad-platform-vugo-says-yes
Don't be offended by the question, but can you trace your current situation back to your own past decisions, even as far back as high school?
This can be a hard thing to do, and people tend to get very angry at the mere thought, that they themselves have been their own worst enemy. It's much easier for the brain to accept that the 'system' rigged and corrupt and putting in any extra effort is pointless. The brain, for all it does, is a lazy piece of shit.
Think of it this way. Being a top earner takes the same amount of effort as a person with an eating disorder eating healthy all the time, and go to the gym every single day and do a tough workout. That is the level of diligence you need to put into your job to get recognized now adays, and you have to always be looking for better opportunities.
The point is though, as long as people keep blaming the system, other people, or the bad luck they got dealt in life as the problem, they'll never fix the problem. It's very hard to do and people literally go to therapy for this stuff.
I wish you good luck. My advice for today, call a friend or family member you haven't spoken to for a while and shoot the breeze. Make a habit of doing it once a week.
3 cheap books that changed my life:
https://www.amazon.com/Dont-Send-Resume-Other-Contrarian/dp/0786865962
https://www.amazon.com/Elements-Investing-Lessons-Every-Investor/dp/1118484878
Warning: Tony Schwartz. I don't like him personally but his idea of gradual constant improvement and how to pace yourself transformed how I work.
https://www.amazon.com/Way-Were-Working-Isnt-Performance/dp/1451610262
> Corporate profits have risen from approximately $1.4T to $1.6T from the beginning of last year. That is hardly stagnant. Moreover, the longterm trend has seen a massive increase with a near doubling in the past ten years from approximately $1T.
In first quarter 2015, profits were at an all time high, 1.7T, so stop saying they are now. After that, they dropped steadily down to 1.4T by 1st Qtr 2016, and haven't really rebounded back to where they were, granted 4th quarter 2016 has broken the losing streak, but before that they were what industry analysts call stagnant. At the end of the day we're still down 100+ billion from 2015.
I understand what your going through, hell my wife and I went through the same thing around the same age. We took a big risk, and it paid off, it was pretty much just luck and being in the right place and the right time, but we put ourselves in that place and when opportunity knocked we were ready.
You've let someone convince you that the only way your going to make it is via tax policy changes, aka waiting for the government. You've let someone give you a defeatist attitude, and kinda sound like you think society owes you something because you did a few things right. That isn't how life works.
Stop with the sob stories. Make a plan to double your salary within the next year and make it happen.
Try these, they helped me a lot. Using the resume book I got interviews with every company I sent a resume to.
https://www.amazon.com/Dont-Send-Resume-Other-Contrarian/dp/0786865962
https://www.amazon.com/Who-Moved-My-Cheese-Amazing/dp/0399144463
https://www.amazon.com/Elements-Investing-Lessons-Every-Investor/dp/1118484878
I highly recommend this book, simplifies accounting really well.
https://www.amazon.com/Accounting-Game-Basic-Fresh-Lemonade/dp/1402211864
Not 100% certain for either of them. Here are a couple of links:
Elements of Investing
Millennial Money
For trading & quant background reading try:
Algorithmic Trading: Winning Strategies and T... http://www.amazon.com/dp/1118460146/ref=cm_sw_r_tw_dp_w795tb18DWJYM via @amazon
Volatility Trading, + CD-ROM by Euan Sinclair http://www.amazon.com/dp/0470181990/ref=cm_sw_r_tw_dp_z895tb04AE5BJ via @amazon
Nuclear phynance http://www.nuclearphynance.com
Stocktwits www.stocktwits.com
You start here.
This is the most succinct, most comprehensive, clearest book on the subject I've found to date.
My suggestion is that you start with this episode:
https://tim.blog/2019/01/17/peter-mallouk/
And read this book:
https://www.amazon.de/Little-Book-Common-Sense-Investing-ebook/dp/B075Z6HSCJ
https://www.amazon.com/Little-Book-Common-Sense-Investing-ebook/dp/B075Z6HSCJ
I was looking through the beginner guide on the sidebar and the primary ones resources are amazon referral links.
this is the first link, a beginner's guide to investing http://amzn.to/1tYCeEw
Here's where the link goes https://www.amazon.com/gp/product/B005Y4JS0A/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B005Y4JS0A&linkCode=as2&tag=194753847ws-20&linkId=EARINNG77PWDYL3A
ref=as_li_qf_sp_asin_il_tl is a referral meaning someone's making money off these links basically.
Which is shady considering the links are there to provide noobs like me w info, but it's actually just a link to buy a book.... So I'm left wondering why "refer to the sidebar" is any good if it's just telling me to buy a book...
If the purpose is to provide information, then you could remove the referral link! Here's a referral-less link to the same book! https://www.amazon.com/gp/product/B005Y4JS0A/
https://www.amazon.com/Beginners-Guide-Investing-Money-Smart-ebook/dp/B005Y4JS0A
My background: I'm a business attorney working in part with small businesses and also an entrepreneur in my own right for a marketing services company separate from my practice of law.
I often see people pursuing startups going after the flashy book titles that are on the less technical side.
While this can be fine, I'd really recommend doing as much research as you can stomach into the nitty gritty, often un-fun things that people don't care for. As a lawyer, plenty of this is fun for me, but I appreciate that it's hard to hold one's attention on legal issues or accounting.
For example, I always hear people say good things about that Lemonade Stand accounting book: https://www.amazon.com/Accounting-Game-Basic-Fresh-Lemonade/dp/1402211864. You may not need to do the accounting yourself when you start a business, but you probably will, and even if you don't, it's better to have some sort of handle on it to oversee whoever's doing it.
So learn the basics of accounting and try to put them in to practice in your personal life. Plot out your personal budget, if you don't already. Practice with tracking and sorting your expenses. You can even do this with the free accounting apps out there like Wave. Fundamentally, business accounting isn't all that different than personal, so read the basics then practice!
I wish I could think of some valuable books that explain some basics of the legal side of small business formation and operation, but I guess since I do it myself I don't really know of any offhand, go figure.
I'm also a big advocate for branding. This isn't just logo design, it's a ton of stuff, and not always the obvious stuff. Branding is especially important for a newcomer, because you don't have the history...so you might as well try and brand like you're established! My go to here is: https://www.amazon.com/Designing-Brand-Identity-Essential-Branding/dp/1118099206
In addition to all the great advice here, I'd recommend you read The Elements of Investing. It's short, easy to read, and has lot of really great advice applicable to passive index fund investing that you need to know before starting. PM me if you'd like a sample (ahem) of the book.
https://www.amazon.com/Practical-Guide-Quantitative-Finance-Interviews/dp/1438236662/ref=asc_df_1438236662/?tag=hyprod-20&linkCode=df0&hvadid=312111907622&hvpos=1o1&hvnetw=g&hvrand=7266696573178771293&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=9007217&hvtargid=pla-450706251833&psc=1
Gold standard. Otherwise just browse online and bone up on your fundamentals.
For retirement accounts in particular, I would highly recommend The Elements of Investing by Malkiel and Ellis.
Link: https://www.amazon.com/Elements-Investing-Lessons-Every-Investor/dp/1118484878?ie=UTF8&ref_=asap_bc
It covers the optimal strategy for how everyday people should invest for retirement: a diversified portfolio of low-cost, broad index funds. It also gives a list recommended funds from various institutions (Vanguard, Fidelity, etc.). If you frequent this subreddit, then the majority of it will sound very familiar. But it's a good introduction for the uninitiated.
Robot as in no feeling? Hardly. My point was simply who won a speculative bet is irrelevant to the citizenry. Sorry about the cheap shot aimed at Chavez economic policy. If anything my comment was my own emotional reaction to politics based on slogan not substantive issues. IMO shorting the pound was far from substantive.
The impact of the economic shifts of both globalization and software devastates low skill workers. Just as farmers were radically displaced in "leave" areas a century ago, weavers (just an example I'm familiar with due to a past job) and other low skill jobs are disappearing now (or gone). Global productivity gains amplified by software creates similar social upheaval as the industrial revolution. Within democracies we must address these shifts. Arguing about policies to address these macro trends are critical to strengthen outcomes for citizens.
Whether or not those macro shifts were on voter’s minds or not; the impact is highest in the areas that voted to leave. This shift must be addressed in government policy. Security too but I don’t know anything about securing countries or blocks of countries.
Speculators on the pound are merely a side show. Gamblers who win or lose aren't super interesting. Does a retired person winning or losing a million quid at the Aspers-Stratford casino matter? Good copy maybe. Same with speculators on the referendum. Soros was supposedly long on the pound. Does that make him dumb or altruistic? Supposedly Crispin Odey was short. Is he evil, bad or smart? If they didn't speculate would it have changed the outcome for the london banker who would lose their job given a full Brexit? This is a side show. Money moved from Soros to Odey. Who cares.
As a side matter in the who cares department, all the folks who bet against the pound for other reasons now get credit for predicting Brexit:
Finally, from a govt. policy perspective, hedge funds shorting the pound should not be conflated with weaknesses in rated collateralized-dept-obligations (CDOs). That’s a different “hedge funds are evil” argument. I’m down with regulatory shifts across rating agencies and CDOs. Rated CDOs obviously didn’t manage risk as advertised. Well-designed regulatory regimes that help prevent misinformation improve market efficiency and benefit citizens IMHO.
Seems like an interesting book. From the Amazon listing , it looks like it goes deeper than "buy quality companies at discount prices". I have a few books I'm working through, but this is on my shortlist for my next one.
The following are a few of what I consider the best books for learning charts/technical analysis:
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications
Japanese Candlestick Charting Techniques, Second Edition
Trading for a Living: Psychology, Trading Tactics, Money Management
https://www.amazon.com/dp/1119259754/ref=cm_sw_r_cp_apa_WliWAbA4JHZVQ
>The good traders GameKyuubi was wrong about only one thing: There aren't any good traders.
If you haven't seen a good trader yet, does that mean they do not exist?
Nobody had ever seen a black swan. For thousands of years, that meant that they didn't exist. Until someone saw one, of course.
You are running into a fundamental problem of inductive logic, and it's preventing you from seeing trading rationally. If you want to read more on how this matters to traders, I'd suggest The black swan by Nassim Taleb
>There are lots of us who believe we are good traders. But we aren't. Of course, some of the loudest voices on Reddit regularly remind us about how well they time the market. Except when they don't time the market well.
Here is the first misconception about trading. The best traders have never timed the markets. They utilize arbitrage opportunities, which exist in countless forms across every asset class, and rarely have anything to do with market timing.
I highly recommend reading The Quants if you're interested in learning how successful traders operate, as well as their history. It's not only extremely informative, but highly entertaining
>A paper published last October by the Haas School of Business at UC Berkeley entitled "Do Day Traders Rationally Learn About Their Ability?" used nearly 15 years of stock market day trading data to conclude that all day traders are irrational, the vast majority of day traders lose money, and even when day traders are successful, they "irrationally attribute success disproportionately to their ability rather than luck."
Now this I agree with. The vast majority of traders are terrible at trading, and when they do win, it's because they are lucky, not because they are smart. One of the fundamental books on Wallstreet for understanding this is What I learned losing a million dollars
The entire story is about an extremely successful trader who lost everything on one bet, mainly because his entire life before that had been a string of extremely lucky coincidences, and he never realized it.
>Of course, their success was due to their unique trading ability and not the fact that the entire market rose like a rocket.
Keep in mind, the best traders are always benchmarked against an asset or index. This is called beta weighing. If you make less money trading then you would have from just holding the bench marked asset, you have effectively lost money from trading.
>Warren Buffett, the most successful investor of modern times, has often said that he only invests in what he knows. His preferred holding period: forever. With that model, his company, Berkshire Hathaway, has averaged a 19 percent annual return since 1965 which means it has risen more than 1 million percent.
There are a lot of reasons for Warren Buffet's success, but it's worth pointing out that it's a lot more complex than just picking a security and holding it forever. If you want to learn about value investing, and the fundemental analysis behind it, check out Security Analysis
It's written by Ben Graham, the guy who taught Warren Buffet everything he knows. Arguably the most important concept in the text is called [investing with a margin of safety](https://en.wikipedia.org/wiki/Margin_of_safety_(financial)
Bitcoin definitely has intrinsic value. The problem is, nobody knows what that intrinsic value is worth. Since there is no currently known method of valuing a decentralized network (although progress is being made) Warren Buffet wouldn't touch bitcoin with a 10 foot pole, and if you want to invest in value, the way he has, you shouldn't either.
>Trading is no solution for intelligent people. What we need are new ways to use cryptocurrency.
Ouch man, that's harsh. I'm interested in why you correlate hodling with intelligence. IMO, there are dumb people hodling, and dumb people trading. Most of the time, it's those who form an opinion based on a single source, or worse yet a single quote, who are dumb. It's those that think in absolutes, and without a healthy degree of skepticism.
According to Ben Graham, it's not the speculators or the investors that are dumb. It's the people that can't tell the difference between the two.
EDIT: Sorry, typed this up real quick at work. Spelling and grammar mistakes everywhere.
Look fuckstick, it’s all about increasing your “edge.” An edge between 60%-75% is more than sufficient but you still have to execute. Price direction is easy, execution is difficult. Every successful trader finds his edge in his own unique way. No two are alike. You have to find it. Like an entitled little brat you’re asking for that edge up front. 95% of people who try trading fail because they have precisely the same attitude as you. You are dumb money who deserve to be taught a lesson. Here are traders who knew how to find an edge. Now please stop wasting my time.
https://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW
And that there is a lot of spoofing, half filled orders and similar by bots going on on the real market. Then you have the more physical real world things that the broke you use might be down, there was a circuit breaker for the price that was executed and your algo gets triggered the wrong way
I could recommend this book that talks about algo trading from a general viewpoint https://www.amazon.com/Quantitative-Trading-Build-Algorithmic-Business/dp/0470284889
Check out the book The Accounting Game (non-affiliate link). It's really simple, keeps your interest, and has good practice worksheets. I was someone who hated accounting/finance in college. After reading that book I had a new appreciation for it and a much better understanding of business as a whole.
Also, check out this video on youtube. It's a top hedgefund investor who explains accounting/finance in basic terms in under an hour.
Yes I use Saxobank.
No they don't tell you what to buy and sell. In fact as a "retail" customer you acknowledge a disclaimer advising that you understand the risks and know you could lose money.
Actually you don't need a broker to advise you. There is plenty of good advice online and in print.
I'd recommend reading this book.
https://www.amazon.com/Global-Expatriates-Guide-Investing-Millionaire/dp/1119020980
Read this book, you can flip to and quickly read the part about finding a good, honest, advisor. You can use it even if you're not an expat.
https://www.amazon.com/Global-Expatriates-Guide-Investing-Millionaire/dp/1119020980/ref=sr_1_1?ie=UTF8&qid=1486907907&sr=8-1&keywords=global+expatriates+guide+to+investing
I recommend this book if you're taking intro accounting and are struggling to grasp the basic concepts: https://www.amazon.com/Accounting-Game-Basic-Fresh-Lemonade/dp/1402211864
The Kindle version is cheap if you're in a hurry.
There is a really great book that talks about how British expats get screwed with pension scams and advice on what to do instead. The book is Millionaire Expat by Andrew Hallam.
Note that an update is coming in December.
https://www.amazon.ca/Millionaire-Expat-Second-Wealth-Overseas/dp/1119411890/ref=sr_1_2?ie=UTF8&qid=1496721218&sr=8-2&keywords=millionaire+expat
Here is a link: The Elements of Investing: Easy Lessons for Every Investor https://www.amazon.com/dp/1118484878/ref=cm_sw_r_cp_api_i_0GM2BbRHZGEC0
And I suggest the 2nd (or maybe they just refer to it as “updated” like on the cover) because it’s updated to reflect increased trends in e-trading and reduction in managed portfolios like managed mutual funds.
Quickbooks is just a tool. You will be better served learning basic accounting principles, and for that I recommend this excellent book:
[The Accounting Game: Basic Accounting Fresh from the Lemonade Stand] (https://www.amazon.com/dp/1402211864/)
The book of Japanese candlesticks I read was specific but no to that extent more like how to give context to all the candles and their meanings. By any chance the book you read is this? the one I read on Japanese candlesticks is this one if by any chance you're interested.
These probably came up on your search but I would absolutely recommend Reminiscences of a Stock Operator and Market Wizards.
These are completely on trading rather than algotrading as this is the process we are trying to automate and need to understand. The coding is important but in our context it's only a tool that we trade with.
I have not personally done any research, but a lot has been done. A quick google search showed the following:
Additionally, there is this book, in which Tobias Carlisle (of Greenbackd fame) provides a great overview of activist investing: https://www.amazon.com/Deep-Value-Investors-Contrarians-Corporations/dp/1118747968
Hello,
This might be a good place to start:
https://www.amazon.com/Global-Expatriates-Guide-Investing-Millionaire/dp/1119020980
It was written by a Canadian teacher who taught internationally for several years. The book has a number of different sections pertaining to different nationalities.
Hope that helps!
Get a basic background in logic and statistics and their respective fallacies. This will give you the knowledge and tools you need to think critically of 99% of what you find in news media and websites. A good introduction to logic is Harry Gensler's Introduction to Logic textbook. A good guide to statistical fallacies and how to spot them is [The Black Swan by Nassim Taleb] (http://www.amazon.com/Black-Swan-Impact-Highly-Improbable-ebook/dp/B00139XTG4/ref=sr_1_1?s=books&ie=UTF8&qid=1421288487&sr=1-1&keywords=the+black+swan+taleb).
I am in the same boat. US Citizen living in Germany, married almost 2 years to a German citizen and looking into my financial options.
I've seen this book for sale that I'll eventually look into, but currently I don't know anything about the author or credibility of the book.
https://www.amazon.com/Japanese-Candlestick-Charting-Techniques-Second/dp/0735201811/ref=sr_1_1?crid=2FRDVYP0IQWFU&keywords=japanese+candlestick+charting+techniques&qid=1571106068&sprefix=japanese+candlestick%2Caps%2C145&sr=8-1
For firms like akuna, you do not need finance domain knowledge. Very good prep book with tons of example questions is https://www.amazon.com/Practical-Guide-Quantitative-Finance-Interviews/dp/1438236662/ref=sr_1_2?ie=UTF8&qid=1514852482&sr=8-2&keywords=quant+finance. Will match the types of questions you may get very well.
http://www.amazon.com/Dual-Momentum-Investing-Innovative-Strategy/dp/0071849440/ref=sr_1_1?s=books&ie=UTF8&qid=1450372321&sr=1-1&keywords=dual+momentum
For traders, Mandelbrot's The Misbehavior of Markets for a dose of humility.
Taleb's Black Swan talks about an investing strategy that seems relevant to crypto: keep mostly low-risk liquid assets and invest small amounts in things that can pay off big.
For developers, this is a weird one but my all-time favorite is Zen and the Art of Motorcycle Maintenance.
Super simple to get into trading... even simpler to lose money.
Read this first and then come back.
https://smile.amazon.com/gp/product/1593376863/ref=oh_aui_detailpage_o04_s01?ie=UTF8&psc=1
and this
https://smile.amazon.com/Japanese-Candlestick-Charting-Techniques-Second/dp/0735201811/ref=sr_1_2?ie=UTF8&qid=1480904769&sr=8-2&keywords=japanese+candle
and this
https://smile.amazon.com/Encyclopedia-Chart-Patterns-Thomas-Bulkowski/dp/0471668265/ref=pd_sim_14_3?_encoding=UTF8&psc=1&refRID=Q09ZCA3A1D43P4KFSKB8
This should give you a few weeks of reading.
You can be a stock market genius https://www.amazon.com/You-Can-Stock-Market-Genius/dp/0684840073
Deep Value https://www.amazon.com/Deep-Value-Investors-Contrarians-Corporations/dp/1118747968/ref=sr_1_1?s=books&ie=UTF8&qid=1482441120&sr=1-1&keywords=deep+value
Complete beginner about to study Mathematical Finance in college.
Should I purchase Options, Futures and Other Derivates (Hull) first, or the Concepts and Practice of Mathematical Finance (Mark Joshi)?
> We examine explanations for why "active" value investing may not provide the promised payoffs.
Quite the contrast to the recent literature which says activist investing does tend to pay off well.
Lot's of resources on the net. Just google it up.
I can suggest
I am not the person who can guide you though. I am a person who has read everything and learned nothing.
Ben Horowitz's book "The Hard Thing About Hard Things" addresses lots of these problems and is definitely a great book to read when you are in a leadership position. His comment on firing people is make them understand why they underperformed and refer it to the expectations. Lead the conversation in a way so that they would actually fire themselves. And absolutely do it in a one-on-one meeting. In your case I would build on empathy and discuss everything with him and depart on good terms so he would of course also bring back the company equipment since it's not his (hopefully managed in your contract).
Para monitoramento, ok. Problema é o pessoal fazer backtest (achando que tem uma metodologia correta) e fazer trade.
Existe um livro chamado Advances in Financial Machine Learning que fala sobre os pitfalls desse tipo de modelo/algoritmo.
https://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW/ref=nodl_
Green Book
I was hoping you'd know! I say we start with the very basics, we can model our course off of what would normally be covered in a financial accounting I class. 2 books were recommended to me.
The first is Financial Statements which gives a nice overview of the 4 financial statements including a brief description of what each line means.
The second was The Accounting Game
I personally learn better from a systematic approach like what is used in "Financial Statements" but I suspect a better approach for reddit would be something like "The Accounting Game." I anticipate that most of our students would be entrepreneurs or other users of accounting information rather than hopeful accountants. In that vein we could go through the process of starting a small business and show how the basic transactions would be recorded. Including how to set up spreadsheets as was ops original request.
What are your thoughts, would you be interested in taking the lead on something like this?
Sound interesting sold me on the books.
Links for the lazy.
The New Market Wizards:
http://www.amazon.com/The-New-Market-Wizards-Conversations/dp/0887306675
Market Wizards:
http://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW/ref=sr_1_1?ie=UTF8&qid=1420318438&sr=8-1&keywords=market+wizards
"Venture Deals" by Brad Feld. https://www.amazon.com/gp/aw/d/1119259754/
Congrats & thanks for doing this.
Did you read the hard thing about hard things ? What was the hardest decision you had to make?
The Elements of Investing was the first book recommended to me by a friend, and it taught me ridiculous amounts in about 150 pages. You could tear through this in a day and learn volumes full.
http://smile.amazon.com/gp/product/1118484878/ref=oh_aui_detailpage_o07_s00?ie=UTF8&psc=1
I'm planning on reading this: https://www.amazon.com/Advances-Financial-Machine-Learning-Marcos/dp/1119482089
but the things you describe are much easier to define using normal programming.
Margin of Safety by Seth Klarman. The market has spoken and it's the best.
More seriously, I'd go with Security Analysis by Benjamin Graham and David Dodd. It's a little more dense compared to Intelligent Investor, but definitely digestible with an undergrad understanding of econ.
*Oh, and the Hull text is the derivatives bible.
Antonacci's Dual Momentum
There's also the idea of the CAPM (literally a linear regression on your returns to a benchmark), the efficient market hypothesis (aka a bunch of wrong bullshit that states nobody can beat the market), and a whole bunch of other finance-talk that doesn't really make a huge difference in terms of trying to forecast up or down.
Several people on this sub have recommended this book: The Global Expatriate's Guide to Investing: From Millionaire Teacher to Millionaire Expat.
I have read it and found it to be slightly too basic but I work in finance so it may be of more use to others.
Flash Boys: Not So Fast: An Insider's Perspective on High-Frequency Trading
-- Peter Kovac
> http://www.amazon.com/Flash-Boys-Insiders-Perspective-High-Frequency-ebook/dp/B00P0QI2M2/
http://www.amazon.com/Dual-Momentum-Investing-Innovative-Strategy/dp/0071849440
There's the book. http://www.amazon.com/Dual-Momentum-Investing-Innovative-Strategy/dp/0071849440
I have researched the concept extensively, and recently wrote a paper on it, although I don't know how to post it here. It offers my thoughts on the likelihood of continuing to achieve 13-17% CAGR with drawdowns of 20% and less.
What I love about the system, is that it is so simple you CAN'T use it at GS, a mutual fund, or anywhere else. No one would ever pay you to do something as simple as this system. In a nutshell, you are 100% long an index fund if the trailing 12 month returns are positive, else wise you are in bonds or cash. Doing something that simple has been backtested 40 years with incredible results, and continued making those returns in live audited accounts since 2011 (and since I began using it).