Fooled by chance. (Nassim Nicholas Taleb)
Most stock traders are chasing the creation of complex trading systems, although according to the author of the book, the success of stock trading in most cases depends on chance.
The author of the book, Nassim Nicholas Taleb, is a famous financier who was not only able to make a successful career and earn a fortune, but also became a writer who imparts knowledge to novice traders.
The very unusual opinion about stock trading on the basis of which this book was written is interesting; its main advantage is its accessibility for the general reader.
From the brief description of the chapters it becomes clear what this book is about.
1. Chapter 1 - Reasoning on why the richest is not always the smartest, using the example of two traders with different levels of earnings.
2. Chapter 2 - Construction of alternative lines of development of events and why a simple approach to solving a problem is not always correct.
3. Chapter 3 - Mathematical modeling in relation to stock trading. Estimation of forecast probability in the long and short term.
5. Chapter 5 - How an accident can destroy the results of painstaking work in just one day, not being prepared for this event can ruin even the most successful trader.
6. Chapter 6 - Rare events and assessment of the impact on world markets.
7. Chapter 7 - Is it possible to achieve success simply by increasing the number of attempts, the visible tip of the iceberg.
8. Chapter 8 - Why is it so important to be satisfied with your condition and not be upset that someone earns more.
9. Chapter 9 - Why an accident does not always look like an accident, how important are the results that were simply not paid attention to.
10. Chapter 10 - Why success comes to the less worthy.
11. Chapter 11 - News, their impact and highlighting the most important events.
12. Chapter 12 - Signs of players and how they shape the behavior of a trader.
In general, the book is quite unique; it can be called more of a textbook on psychological training than a book about stock trading.
Download Fooled by chance. (Nassim Nicholas Taleb)