Review
If one adds Gerald Ashley's innovative thinking to his track record as a successful trader and his wealth of experience in international banking, this book makes compulsive reading. --David Buik, BGC Partners
It's rare to find a good book on trading biases and behavior but Gerald Ashley has written a first-rate book on the subject and the latest edition has been updated marvelously... The last thing I wanted to do this summer was read another finance book but that's precisely what I did when I got Mr. Ashley's book in the mail. I could not put it down--instead of pondering about useless models and 'trading' secrets he dutifully set out to demythologize finance, writing a highly instructive and engaging work full of colorful historical personalities, market anecdotes, and useful lessons that will definitely make you a better trader... Mr. Ashley provides a fresh assessment of the core principles that have ruled finance for decades and plucks the most useful elements to shows us what really drives the market in booms and busts... If you want to mature as a trader this is the book for you. --Max Zeledon, Seeking Alpha
Product Description
When we deal in the financial markets, are we investing, speculating or gambling? Does it really matter what we call it? As this book shows, the world of finance is not an easily defined game. Simple labels, such as gambling and speculation, won't help us grasp the underlying forces that drive the markets. It's far more important to understand the behaviour and biases of the players - their actions and motivations are the vital components that drive everything; bubbles, crashes, huge fortunes, reckless borrowing and complex instruments and strategies, all flow from this simple fact. And the markets are not just an external object, to be studied dispassionately under a microscope. How we act within our inner self, and apply our own set of risk and reward values to the seeming chaos of the market, is absolutely crucial. Clearly whatever games that are going on in the market are also going on inside our heads. In this fully updated and revised edition, Gerald Ashley gets to the heart of the financial markets. He draws on a wealth of revealing and instructive market insights, stories and anecdotes, challenges all the tired cliches about speculation, and slaughters many of the outdated sacred cows of finance. The book ranges across all the major asset classes, looks at past masters of the art, examines modern thinking on finance and risk, and assesses the value of experts, economists, chartists, market gurus and analysts. Simple examples are used to explain how the basic tools of finance fit together and how to profit in this often complex and unforgiving landscape. http://www.youtube.com/watch?v=C6HracKTyEQ