WILEY Trader Vic II: Principles of Professional Speculation

Highly recommended and would buy again

Ignore the fools. The only reason some may critique the book is that they don't understand Victor is a high revenue generating Options trader providing you a short cut to Macro principles you need to know as a trader... the most overlooked area of Trading. This is where Soros lives, this is where those who run Hedge funds live in their Global Macro thinking. Its relevant, it makes money and its a introduction manual into the other side away from Technical s. The naysayers who think not are kidding themselves and aren't profitable traders. This is the book you need before ANY TECHNICAL BOOK, but AFTER one or two of the Psychology books.. IN THAT ORDER Psychology /Macro economics /Technical s. Newbies start with Technical s and get stuck there. MASSIVE ERROR.

ok

The options section pays for the entire book. I read through the section every time I put on a questionable trade, so I can see if I've done something wrong. But options aren't the only thing he gives you in the book.What I really admire about Trader Vic is that he is willing to state his disagreement with something and then admit it's possible validity. He gives charts that work for him after telling the story about an indecisive chartist he hired, who could never give him a sure answer. He gives some fundementals to look for. His offering is a wide variety that aims to help amateur and intermediate traders expand their world view on the markets and for me it made me realize what I was doing.I have to go back to the options. I almost exclusively trade options. I've tried my hands at futures, I like them, I like Futures options, and I like stocks, I doubled my first 2,000 dollars, trading just stocks during the first part of the rally in 09, but options have not only been my bread and butter, they've not only reduced my stress while trading, they are the one instrument that goes with my personality. In trading, that's all that matters, anyone that tells you differently is a fool. Any system can make anyone money, as long as that system goes with the person. His four rules for option trading are golden.1. Keep Trades small: 2 to 3 percent of your risk capital. (I started out with five, going as high as fifteen due to my limited capital and now trade about 3 to 10%, usually 5% again).2. Trade only when the odds are in your favor. (Honestly, options is strictly a game of odds and percentages, it's how I taught my friends to trade them. With the two encyclopedias by Thomas Bulkowski on Chart Patterns and Candlestick Patterns, you can really game your percentages even better.)3. Trade only when the potential payout is at least 5 to 1. (Honestly great advice, it gives you a wide girth for being completely wrong, I personally cut my losses at 30 to 50% depending on how much I've invested in the option)4. Never buy just because the price is low; never sell just because the price is high. (This is not to be confused with don't buy low valued options. Some of my top trades have come from such arbitrage opportunities).I am truly impressed with this work, and believe it can add another level to any traders trading.

I agree with the 5 star reviews (and definitely not with the 1 star review). In this book Mr Sperandeo provides some fairly simple short term trading techniques (eg 123, 2B you can find some details on the net) that work and if used with good money management, will provide profits over the long term. I know of one London based trading seminar business that charges around £3k for a two day course just to learn what is basically in this book. So I recommend you read this book before you shell out for that course.