Trader Vic: Methods of a Wall Street Master
by Victor Sperandeo
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Book Summary Information
Author: Victor SperandeoContributor: T. Sullivan Brown
Edition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 1993-08-12
ISBN: 0471304972
Number of pages: 304
Publisher: Wiley
Book Reviews of Trader Vic: Methods of a Wall Street Master
Book Review: How a master trader trades
Summary: 5 Stars
This book is written by a real market master. It is by a professional who made high double digits returns every year for over a decade, making high 6 figures in profits each year. So you do not have to worry about him telling you theories or trying to advertise his newsletter or sell web site services through out the book. He was retired when this book was written and he has shared with his readers what he had learned from the markets.
the majority of this book will be familiar to you if you have studied other legendary traders. "...you have to trade by rules and principles that take precedence over your feelings or wishes." "...cut your losses short." "..when you are wrong, close your position! Don't rationalize, hope, pray, or anything else, just get out..."
The author based his business philosophy on three principles: preservation of capital, consistent profitability, and the pursuit of superior returns. This is the Holy Grail of successful trading. The author uses Dow theory as his main method of trading. He states: "If you know what the trend is, and if you know when it is most likely to change, then you really have all the knowledge you need to make money in the markets." I have found that to be true in my 10 years of active trading. That is the only principle that makes money long term in any market. "Following the trend is the way to make money in the financial markets." Victor Sperandeo liked to call the major tops and bottoms and take the trend reversal trade when new highs failed or new lows stopped being penetrated. He believed that "Gambling is taking a blind risk. Speculation is taking a risk when odds are in your favor."
His rules:
1. Trade with a plan and stick to it.
2. Trade with the trend. The trend is your friend!
3. Use stop loss orders whenever practical.
4. When in doubt, get out!
5. Be patient. never over trade.
6. Let your profits run; cut your losses short.
7. Never let a profit run into a loss.
8. Buy weakness and sell strength. Be just as willing to sell as you are to buy.
9. Be an investor in the early stages of bull markets. Be a speculator in the latter stages of bull markets and in bear markets.
10. Never average a loss-don't add to a losing position.
11. Never buy just because the price is low. Never sell just because the price is high.
12. Trade only liquid markets.
13. Never initiate a position in a fast market.
14. Tips are for waiters. Trade with the trend not your friend.
15. Always analyze your mistakes.
16. Beware of "takeunders". (Bad mergers)
17. Never trade if your success depends on a good execution.
18. Always keep your own records of trades.
19. Know and follow the rules!
"The purpose of rules is to make executions as objective and consistent as humanly possible."
To trade well you have to:
1. Establish goals.
2. Acquire knowledge of the markets.
3. Define rules of trading that work.
4. Execute in strict adherence to the rules.
This book is packed full of trading techniques, methods, risk management, discipline, trading psychology, economics, and much more. Even though it was written many years before the internet age the contents of the book are timeless. It will make you money, and it is among the top ten of the hundred+ trading books I have read.
Summary of Trader Vic: Methods of a Wall Street Master
Trader Vic -- Methods of a Wall Street Master Investment strategies from the man Barron's calls "The Ultimate Wall Street Pro" "Victor Sperandeo is gifted with one of the finest minds I know. No wonder he's compiled such an amazing record of success as a money manager. Every investor can benefit from the wisdom he offers in his new book. Don't miss it!" --Paul Tudor Jones Tudor Investment Corporation "Here's a simple review in three steps: 1. Buy this book! 2. Read this book! 3. See step 2. For those who can't take a hint, Victor Sperandeo with T. Sullivan Brown has written a gem, a book of value for everyone in the markets, whether egghead, novice or seasoned speculator." --John Sweeney Technical Analysis of Stocks and Commodities "Get Trader Vic-Methods of a Wall Street Master by Victor Sperandeo, read it over and over and you'll never have a losing year again." --Yale Hirsch Smart Money "I have followed Victor Sperandeo's advice for ten years, and the results have been outstanding. This book is a must for any serious investor." --James J. Hayes, Vice President, Investments Prudential Securities Inc. "This book covers all the important aspects of making money and integrates them into a unifying philosophy that includes economics, Federal Reserve policy, trading methods, risk, psychology, and more. It's a philosophy everyone should understand." --T. Boone Pickens, General Partner Mesa Limited Partnership "This book gave me a wealth of new insights into trading. Whether you're a short-term trader or a long-term investor, you will improve your performance by following Sperandeo's precepts." --Louis I. Margolis Managing Director, Salomon Brothers, Inc.Investing Books
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