Financial Speculation
'Financial Speculation' is based on experience of the markets rather than theory or assumptions.
Many of the author's views and many of the techniques he suggests may be unpopular in the wider community of trading educators and writers, but I believe that Gerald Ashley has a closer understanding of how markets and traders really operate than do most 'gurus'.
Ashley investigates how traders think and act. He believes that understanding how we think is vital to success. He also discusses how markets work and challenges techniques such as charting and technical analysis because their assumptions do not fit with his view.
Among the topics discussed are volatility, yield curves, time and risk. Simple diagrams are used to help illustrate the author's points.
While the author offers some ideas on improving techniques, this work is not a 'How to...' book. While I do not agree with all of them, the author's conclusions are clearly those of someone who has worked at the sharp end of the business.
'Financial Speculation' is refreshingly honest. It would be a good read for any trader, or any person who is thinking about getting into trading.
