3 of 5 people found the following review helpful
A Masterful Book. Simply Extraordinary!,
This review is from: The Winning Investment Habits of Warren Buffett & George Soros (Paperback)
This is something I rarely do, but I am compelled to write a review for this marvelous investing book. I have been trading and stock buying for about a year now, under the very careful tutelage of a great friend who has worked on Wall Street for 15 years, very successfully too.
All of my trades are real inside information. I trade options too, but at the end of all the time and effort, I have barely covered my transaction costs. Of course, I have made mistakes, and made my own choices as well, but looking back as I combed through the many many trades I did this year whilst filing my meagre tax return, it dawned on me that over 60% of the ideas I had were good, and would have been winners, but I suffered from a couple of fundamental flaws, which plague most people who delve into the markets.
I didn't feel as though I deserved to make money. Maybe it seemed too easy. Maybe I was taught to have great respect for the market... to treat it like a seven-headed serpent. And I did. I took very small, careful positions, and sold very soon after I had made a small profit. Conservative. Safe. No risk. Cut losses immediately.
Most of my small winnings were given back with ill-thought out options trades, just trading through boredom, or taking a stab at something that looked likely to happen.
However, without saying too much more, I can honestly say that over the last year, there were about 3 trades I did that were absolutely 100%, couldn't fail, homeruns. They were obvious winners. But again, I got in small, "saved my powder" and took a profit early.
This book, which is how Warrren and George Soros trade and invest, has turned my entire world upside down, and for the first time since I started trading, I actually feel as though I can make some SERIOUS money in the markets.
This book is a goldmine, filled with strategies that go against all the conventional wisdom, and what's so amazing, is that after you read this, you almost feel sorry for those poor little investors that spend their life trading with little amounts, across a wide range of stocks.
.... "I only have about one great idea a year, and I won't do anything until I find that idea. That's when I act. It has to meet every one of my criteria, and if it does, I buy as much as I possibly can." --Warren Buffett.
Best of luck,