Fooled by Randomness (Nassim Nicholas Taleb)
Most stock market traders strive to create complex trading systems, although, according to the book's author, success in stock trading in most cases depends on chance.
The author, Nassim Nicholas Taleb, is a renowned financier who not only built a successful career and amassed a fortune, but also became a writer who shares his knowledge with beginning traders.
The book's unusual perspective on stock trading is intriguing, and its main advantage is its accessibility for the general reader.
A brief description of the chapters makes it clear what this book is about.
Chapter 1 - Discussions on why the richest are not always the smartest, using the example of two traders with different income levels.
Chapter 2 - Constructing alternative scenarios and why a simple approach to solving a problem isn't always the right one.
Chapter 3 - Mathematical modeling applied to stock trading. Assessing the probability of a forecast in the long and short term.
5. Chapter 5 - How chance can destroy the results of painstaking work in just one day, not being prepared for this event can ruin even the luckiest trader.
6. Chapter 6 - Rare events and their impact on global 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 it is so important to be happy with your situation and not get upset because someone else earns more.
9. Chapter 9 - Why randomness doesn't always look like randomness, how important are the results that were simply overlooked.
10. Chapter 10 - Why success comes to the least worthy.
11. Chapter 11 - News, its impact and highlighting the most important events.
12. Chapter 12 - Player Signs and How They Shape Trader Behavior.
Overall, the book is quite unique; it could be called more of a textbook on psychological training than a book on stock trading.
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