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There are a couple of books I’m going to mention in this blog post containing forex information I think are a priceless addition to any traders bookshelf.
Namely they are:
Jack D Schwager’s The New Market Wizards
George Soros’ Soros on Soros
To become the best, why not learn from the best?
Here is how Soros describes his trading style:
“I work with a hypothesis. I form a thesis about the anticipated sequence of events and then I compare the actual course of events with my thesis. That gives me a criterion by which I can evaluate my hypothesis”
He goes on to say…
“…my decisions are really made using a combination of theory and instinct. If you like, you may call it intuition”
A question is posed by the interviewer: “You have talked about the “joy of going against the herd.” What signs do you look for to determine whether it is time to buck the trend?”
Soros advocates the idea that “the trend is your friend” but also describes himself as a contrarian.
“trend followers only get hurt at inflection points….I am a member of a herd and I am on the lookout for inflection points”
He says that only when errors are being corrected on the hypothetical assumption that the market is wrong (and correction is needed) should you go against the trend.
I teach how to get ahead of the curve in this way regarding intraday and other trading both on this blog if you read all posts and watch the videos and in my coaching program. The information is priceless to me and I share it at an affordable price to the retail investor who gets to work with me one on one. To join my “club” go to http://www.fasttrackforex.com/special
Soros points out that: “most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded”
In terms of forex psychology, Soros talks of being detached from himself and the market because he describes himself as a “thinking participant” To quote, he says “I have a very abstract mind and I actually enjoy looking at things, including myself, from the outside.”
Go to your local business bookstore or to www.amazon.com right now today and order this book. The ISBN number is 0-471-1197-6. Nuff said.
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