There are countless trading books out there. Some are useful, but a disturbingly large number of them are outdated, deceptive, or just plain wrong. Some of them claim to teach you how to make money trading, uncovering the hidden techniques and secret information to get rich in the markets. But if they really had profitable trades to teach, wouldn't they keep it to themselves? Others are memoirs that recount scandals and other sensationalized tales of bad behavior. While sometimes very entertaining, they really don't provide anything that readers can use in their own lives. The Laws of Trading is neither. It's different. It's about making decisions.
Human beings, it turns out, are largely terrible decision-makers. We underestimate small probabilities while overestimating large ones. We place great faith in our own skills and knowledge, even when there is no basis for it. It's human nature, we all do it. Academics have known this for decades, but academic knowledge doesn't necessarily help us in our daily lives: we need practical ideas for becoming better decision-makers. The Laws of Trading will help you:
- Understand, remember, and readily access useful concepts to apply in any situation
- Learn how to identify, develop, and leverage the special edge that sets you apart
- Take advantage of the AI moment that impacts anyone who buys and sells on a daily basis in the global economy
- Explore interesting and complex decision-making situations with bonus digital tools including Excel spreadsheets and various fully-worked examples
This book addresses the common flaws and biases in our decision-making processes and shows us how to think like a trader. The author has lived, breathed, and dreamt trading for much of his adult life, building a successful and profitable career in the process. Through the instructional lens of trading, you will enhance and strengthen your decision-making skills—skills that carry over into all aspects of your life.
Trading is taking over entire industries, from advertising to catching a ride. You need concrete, accurate, and actionable knowledge to thrive in this world. Every decision is a trade. The Laws of Trading provides a valuable set of mental tools that will help you think about the trades you should make—and the trades you should avoid.