(Part 3) Top products from r/thewallstreet

https://www.amazon.com/Tojiro-DP-Gyutou-8-2-21cm/dp/B000UAPQGS

I have this and it is fantastic. Great value compared to MAC/Global and nicer looking than victronix. It is pretty large though if you were considering a 6" instead.

https://www.amazon.com/The-Complete-Tales-of-Winnie-The-Pooh/dp/0525457232

You will never find more wisdom than from pooh

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Piglet: “How do you spell ‘love’?”
Pooh: “You don’t spell it…you feel it.” —Winnie-the-Pooh

“Some people care too much. I think it’s called love.” —Winnie-the-Pooh

“Love is taking a few steps backward, maybe even more…to give way to the happiness of the person you love.” —Winnie-the-Pooh

“If there ever comes a day when we can’t be together, keep me in your heart, I’ll stay there forever."

“I think we dream so we don’t have to be apart for so long. If we’re in each other’s dreams, we can be together all the time.” —Winnie-the-Pooh

> Risk management isn't an add-on to your strategy, it's an integral part of it!

This is a crucial way of thinking. It took me a couple expensive lessons to learn it.
I want to show any new traders how essential it is, and maybe save them the same mistakes. Here's what helped me grasp it.

Imagine a series of totally reasonable trades:

• BUY SNAP Sept 30C @ $3.00
  
  
• SELL SNAP Sept 30C @ $4.75 (+58% +1.75/contract)
  
  
• BUY SNAP Sept 35C @ $1.50
  
  
• SELL SNAP Sept 35C @ $0.50 (-67% -1.00/contract)
  
  
• BUY SNAP Sept 30C @ $3.00
  
  
• SELL SNAP Sept 30C @ $5.00 (+67% +2.00/contract)
  
  
  Without any information about risk/cash management, there's no way of knowing how well the trader did.
  So, we shall imagine three traders using different cash management strategies to see how each one fares.
  
  The first, Mr. Gambler, will risk his entire capital on each trade. He begins at $30,000, he purchases 100 calls and closes the position to a new balance of $47,500. His next trade of 316 contracts brought him down to $15,900. After the final trade of 53 calls, his balance sits at $26,500.
  
  The second, Mr. Consistent, will risk 15% of his capital on each trade. He begins at $30,000, he purchases 15 calls and closes the position to a new balance of $32,625. His next trade of 32 contracts brought him down to $29,425. After the final trade of 14 calls, his balance sits at $32,225.
  
  The third, Mr. Safe, will risk exactly $4,500 on each trade. He begins at $30,000, he purchases 15 calls and closes the position to a new balance of $32,625. His next trade of 30 contracts brought him down to $29,625. After the final trade of 15 calls, his balance sits at $32,625.
  
  Of course, this anecdote is not my own. It's a very watered down version of an example written by Alexander Gluskin in this book.
  
  I really like this example because it shows a scenario where a trader's forecasting was good, but without any risk management it's not possible to stay profitable. I think a lot of traders focus too much on making sure their entries and exits are perfect, but not enough time on protecting themselves.

I would love to pick your brain, I am researching land purchases to secure long term resource security for my family. I added you as a friend so I can find you :).

Is this the Steven Solomon book you are talking about? https://www.amazon.ca/gp/aw/d/0060548312/ref=tmm_pap_title_0?ie=UTF8&qid=1520702762&sr=8-1

This book was what got me interested in options and futures. It's cheap, less than 100 pages, and covers the bare basics. It's also super easy to follow and understand if you only read at a 5th grade level like I do. With pictures too!

If you have the money I’ve heard of people having great results from stem cell injections. Also like FDLife said, hanging is great for your shoulders and I’ve personally gotten good results from this for shoulder pain. The book “Shoulder Pain? The Solution & Prevention” by John M. Kirsch, MD is worth checking out.

This is what I consider the Fixed Income Bible. It's literally written so anyone from professionals to newcomers can understand. I've also seen professionals use it as reference guide.

After reading that, move to this one. FI is all about rates and understanding rate derivs is an important aspect for trading them. This book'll show you how IRS are priced, swaptions, etc. Good one too and high recommend.

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If you're looking for more esoteric material, that's only published by the big banks like JPM, DB, BofAML, etc.. Hard to find it on Amazon.

My TA professor in college made us buy his book. It's pretty good

You may be able to find a PDF file online, but I'd buy the book to support the guy. He was a cool professor.

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.

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.

Black swan.

I've got a book for you my friend: https://www.amazon.com/Black-Swan-Improbable-Robustness-Fragility/dp/081297381X

You'll like it

Fabozzi or Tuckman are essentially the Natenberg of Fixed Income. Jha is well regarded too. Of course economic theory is thrown in this also, which can lead you down many roads depending upon the school of thought.

A simi autobiography on Jim Simons will be out 5th of November, titled “The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution”, by Gregory Zuckerman. Available for pre-order here

Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports https://www.amazon.com/dp/1601630239/ref=cm_sw_r_cp_api_i_94pVDbHDTYDAW

Steidlmayer on Markets: Trading with Market Profile, 2nd Edition

https://www.amazon.com/Financial-Calculus-Introduction-Derivative-Pricing/dp/0521552893

Get yourself this.