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Trader Vic: Methods of a Wall Street Master Paperback – August 12, 1993

4.5 out of 5 stars 61 customer reviews

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Editorial Reviews

From Library Journal

By definition, investors' horizons are long-term (years) and traders' are short-term. This book is aimed at the latter, obviously limiting the scope of its applicability. Noted investment manager Sperandeo explains how he traces stocks and commodities using trends, Dow Theory, Fed-watching, stop-losses, charts, and the panoply of technical analysis combined with his own wrinkles. His chief antagonists are program traders (who move billions likewise in the short-term) and the whims of the market. In the second half, Sperandeo explores the psychology of trading and the use and importance of emotional discipline. He also stresses personal success, not just financial, and presents a solid condensed explanation of real economics, scathingly destroying the wishful-thinking economics of academics and politicians. First half fascinating + second half instructive = a buy for business collections.
- Alex Wenner, Indiana Univ. Libs., Bloomington
Copyright 1991 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From the Back Cover

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.

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Product Details

  • Paperback: 304 pages
  • Publisher: Wiley; 1 edition (August 12, 1993)
  • Language: English
  • ISBN-10: 0471304972
  • ISBN-13: 978-0471304975
  • Product Dimensions: 6.1 x 0.9 x 9 inches
  • Shipping Weight: 12.8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (61 customer reviews)
  • Amazon Best Sellers Rank: #244,125 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By A Customer on June 6, 2000
Format: Paperback
How could this book ever be outdated? So he gives some examples of markets in the mid-90's, and talks about trading S&P futures back when they were 500 bucks a point and moved much less than they do now. SO WHAT. To get hung up on that is to blindly miss the big picture. It's like criticizing Shakespeare for being outdated.
What Sperandeo says about trading, discipline and risk management is a must read for all traders who hope to make it (and not just end up giving their money to professionals like Vic and me).
I have read more than 50 books on trading and this is in my top 5.
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Format: Paperback
I had read many trading books. However, this helped lay the practical groundwork for my trading to this very day. In fact, I had been a regular loser for my lukewarm knowledge (worse than ignorance) of TA, trend, trading psychology etc. This book helps aspiring traders to better understand knowledge of trading science through layman terms. The author had delivered what headings of some chapters promised, such as Business Philosophy for Consistent Success, Finding Order in Market Chaos, A true understanding of Trends, The Merits and Hazards of TA and so on. I strongly recommend the passage devoted to double bottom/top (2B) which warned traders of the need to have a time perspective of using individual TA tools. In a word, a must read!
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Format: Hardcover
This book has tons of practical advice. I have referred to it countless times when analyzing market conditions. My stock portfolio was entirely in cash two weeks prior to the massive selloff on October 27, 1997. The information in this book is directly responsible(the 2B criterion in particular). If I had even more experience with the author's methods, I probably would have been in cash in August when the correction began or possibly even initiated short positons. This book in conjunction with other informative volumes such as William O'neil's "How to Make Money in Stocks" and Nicolas Darvas' " How I Made Two Million in the Stock Market" provide incredible insights into the mechanics of Wall Street. Sperandeo's followup to this book, "Trader Vic-II" is also excellent. Read books by investors with PROVEN track records and you will greatly increase your odds of success in the markets. Thank you very much Mr. Sperandeo.
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Format: Paperback
I am an equities trader and I have read over 20,000 pages about investing in the stock market, fundamental and technical analysis, and many related topics. The ideas presented in Trader Vic's book are extremely practical and relevant and I've not seen many of the ideas expressed in it anywhere else. His ideas about weighing the odds of the future course of the markets based on historical, statistical measurements of time and how far the markets have moved are truly useful. The background he gives about economics made sense and are useful as well. I'd rate it in the top 5 books I've ever read about the markets.
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Format: Paperback
Victor Sperandeo says that if there were a Hall of Fame for trading he wouldn't be in it but he sees himself as a career pro who consistently performs at an elite level year after year. In fact consistent performance is his central theme, which he says requires not only a successful approach to trading but to life itself. He delves into this in the second part of the book that is dedicated to the psychological approach. Sperandeo says that he trained a group of traders but only a few were successful, and in searching for why he discovered the most important cause was false pride associated with the `idealised self'. I found this interesting in that paying a ton of money to be taught by any of the world's so called greatest traders isn't any guarantee of success!
His reasons for writing the book it seems is frustration with the image the world has of traders in which the unsung career pro goes unnoticed. Whatever his reasons are it is a privilege to gain an insight into the mind and methodology of a New Market Wizard.
His methods are a mixture of fundamental and technical analysis. He uses economics as a forecasting tool and says that cycle analysis actually just gets in the way. If you can understand the fundamentals of economics you can interpret government intervention in the market and profit from it.University taught economics is useless for this. All booms and busts are a result of credit expansion in an effort to lower interest rates, whereas Keynesian economics attempts to use interventionalist policy to smooth out the peaks and troughs but in fact is the predominant cause. Surplus production, savings and innovation create wealth as much for the individual as the economy on the whole. Wealth is actually consumed by government created prosperity via deficit spending.
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Format: Paperback Verified Purchase
This is two books in one. Together they are a generous gift to aspiring traders. Methods of a Wall Street Master is a distillation of the author's market wisdom and deep research into what makes some trader's succeed while others, seemingly just as qualified, fail.

Part I is all about building your trading knowledge from the ground up. Part II is about the commitment, change and emotional discipline required to transform trading knowledge into total success. That term includes both financial and emotional satisfaction with your life.

In a sense Sperandeo is a philosopher. He defines every noun of consequence so that there is no question what he means, no room for misinterpretation.

Other reviewers have nicely summarized the key components and value of the trading and economics chapters. What I find most fascinating and useful is the second part of the book that focuses on trader psychology.

Another market master, also interviewed by Jack Schwager in his book The New Market Wizards, says that your real trading system is the feelings you are unwilling to feel. Author Victor Sperandeo makes this point from a different angle by focusing on a person's "false pride," a state of mind that drives the trader to continually reach for an unattainable ideal of what they "should be" rather than who they are. This invariably leads to inconsistency and losses.

Sperandeo calls this phenomenon "the tyranny of the 'shoulds'." The author's presentation of this critical aspect of trading is especially valuable because he clearly describes methods that any trader can use to explore, assess and begin to rectify such issues that can impede trading performance.

This excerpt summarizes the author's advice about trading in a few words.
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