The Education of a Speculator by Victor Niederhoffer
This book is a hilarious pack of lies mixed up with some truth. Unfortunately, the truth part is mostly when he tells you that he's going to lie to you, or when he gives information that's readily verifiable by external sources. So, if you feel you have a good pair of intellectual hip-waders, feel free to give this book a try.
The best part is when he lays down all the financial advice you'll ever need with respect to the market:
Take account of ecology. Where does the other side live? What does he eat? Does he
respond best to slow or fast lures? Always consider the rhythms. Try to
synchronize your activities with how fast or slow the currents are moving.
Everything is hooked together. To get good results, pay attention to language,
science, economics, literature, religion, and art. Remember Hamlet, "A man may fish
with the worm that hath eat of a king and eat of the fish that hath fed of the worm."
If you must know how good you are, enter a contest or tournament, but remember
that completely different techniques are appropriate here from those that win
in the normal day-to-day fray. The winner of a contest has nothing to lose
and therefore takes much more risk than would be appropriate for you or I even
to consider in the usual course of events.
Above all, be a contrarian. Once you hit a winner you're very unlikely to find
a winner in the same place. The best fish swim deep and all fish are not caught
with the same flies.
Everything is affected by the weather. When the moon is full the easiest pickings
are often nearest at hand. The wind is your friend but often the direction of
the wind changes the play and the response of the prey.
The weakest prey are the easiest to catch. When you see red on the battlefield,
prepare to reel in the biggest winners.
Stay calm. Keep your emotions in check. A loud voice can upset your
concentration and give away your position. The time for exhilaration is after
you've bagged the winner and you've gone home to reflect on what you did right
Adopt a scientific approach. Keep records of what's working and what's not. Once
you analyze the record you will be able to see what changes have the best
likelihood of success. Especially if you're doing badly, change something. Try
another tack -- change your bait. But be humble enough to know that there are
many others better than you at the game and try to learn from these legends.
Many of the greats offer seminars for "reasonable" fees and are happy to share
their wisdom with you.
The cycles are always changing. Winning techniques for the morning are completely
different from those at noon or the close.
By the way, those are all recommendations from a Fly Fishing magazine.