Goops think so: whatever they cannot get is trifle
I. A. Krylov
In our life we often face paradox – knowledgeable and erudite people, who, however, have not learnt to produce anything but an aesthetic sophistry. Far less frequently we hear about their absolute antipodes – upcountry “nuggets”, who choose their own way to success, relying on their inner feelings and extraordinary inborn analytical abilities. And the wisdom of teachers and books becomes a good working instrument in the hands of an expert. This happens because today people have forgotten how to read thoughtfully. And, probably, it is high time to publish a reminder on how to work with printed information. The “Market Leader” has discussed the issue of effectiveness of bookish wisdom in the context of Forex market with a well-known analyst of TeleTrade Group Aleksandr Yegorov.
What is the Secret of Stable Demand for Books about Forex?
“As you know, any of us mostly learns from our own mistakes, although the well-known worldly wisdom appeals to the opposite: learning from somebody else’s mistakes. The truth lies somewhere in-between. If to speak about trading, one can hardly gain professional mastership without personal experience of making real deals. On the other hand, “do not enter the river without knowing its wade”. In order to perform thoughtful trading transactions one is to have certain theoretical knowledge on structure and principles of financial markets, methods of analyzing and predicting the price range of financial assets, psychology of market crowd, and one’s place in the crowd,” explains the expert.
“Media, printed and electronic, is full of different information about trading. From my personal communication with various representatives of investment industry I may conclude that international currency market Forex is becoming more and more popular among private traders and investors. And there appear more and more information and studying materials that focus on features of this financial market. In my opinion, books occupy a special place in the currency speculation teaching system. The arguments to this are the following: a book is a more universal carrier that does not depend on “power supply”, it is more handy to work with, especially when the material is filled with various diagrams; one may put marks on the margins, etc. In this reference, a printed carrier imposes higher responsibility to the author on the quality of material presented. What is written, stays written.
These days many large-scale operators of Forex market initiate and sponsor publication of books by their workers who have wide experience in currency trading and in teaching general and specialized courses on fundamental and technical analysis, trading psychology, and development of own trading systems.
I have happened to get acquainted and communicate with several authors of famous and popular books, who cooperate with large-scale dealing centers in Russia. Several years ago I had a pleasant impression from communicating with Dave Landry, author of a famous bestseller “Swing Trading”. The reverse of his business card has three images: an arrow upward, an arrow downward, and an arrow sideward. The meaning of this symbol is very simple – after many years of searching Dave has made a conclusion for himself, if a trend is upward – one should buy, if downward – sell, and sideward – one should wait. Genius is simple. Many of us have to pass our own way of searching and mistakes in order to develop personal view on the market and find the place among those who get income. Books of famous experts may serve as a landmark for personal conclusions no matter what your professional level is.
I am very pleased that my colleagues in TeleTrade company include such interesting and bright personalities as Irina Caverina, author of the book “Forex is Simple. Self-teaching guide”, and Peter Pushkarev, who has written a four hundred-page work “Art to Be Quiet. Mechanisms of Adoption of Trade Decisions in the Forex Market”. Anyone, who happens to get hold of these books, will find answers to more or less all questions concerning the international currency market. TeleTrade Group pays particular attention to providing high-quality and topical information to its current and potential clients, for success of the company is, first of all, success of its clients,” concluded Aleksandr Yegorov.
Peter Pushkarev: Even Authors of Books Should Study at All Times
There is no better topic and basis for writing a bestseller than personal experience. It is stories from life that become classic, as they are not only realistic, but life itself, which makes a meticulous reader give his strict verdict: I believe. In order for a trader, who uses a trading strategy and information from a book, to be “trusted” by the market and acted for his benefit, the author is to be a part of this market, and also a successful one.
Beginners are sometimes amazed at how many real “business sharks”, who are over 60, still manage to shock and shake the world’s financial system in the times when markets are growing and changing vigorously. They are extremely difficult to follow. For example, in one of his interviews Peter Pushkarev said about conditions, which he and thousands of his colleagues had to work in when currency and other world’ markets were originating several decades ago. At that time trading was effected with the help of a phone, traders could hear every word from the conversation, texts were printed in English, and there was a line of people who wanted to get them. What is more, the sum of first investment to enter interbank was 15 thousand dollars. However, the author of the book has not only continued his business when new technologies appeared, but also managed to be highly competitive in the sphere of currency trade.
What is the secret of such “long-livers” in the aggressive sphere of traders and investors? Canadian expert of the “Market Leader” Evgeny Olkhovski gives his response to the question:
– One is to be as flexible as the market, being able to learn something new on a daily basis and correlate it with the invaluable previous experience. “Senior citizens” will easily concede one hundred points to the progressive youth exclusively owing to the fact that they know how to read books. Thoughtfully, and then applying it into practice.
Therefore, opinion of Peter Pushkarev does not contradict to the abovementioned statement, but supports it. The author of the theory on the benefit of submission in the work of a trader supposes that modern books are filled with much “husk”, plain “rubbish”. Real “pearls” are a rare occurrence. For this reason a reader is merely obliged to know how to distinguish truth from absurd. Peter Pushkarev has also said that his first teacher was an exchange guru, citizen of Hong Kong Stanley Cheng, who has worked on the world’s markets for a long time. It was the presence of such strong “generator of economic wisdom”, applied into practice, that has motivated the author to write a book.
As for beginners, Pushkarev advises them to accumulate the experience of using trading strategies for a lasting period of time in order to understand whether they work or not. When a trader finds not less than 20 similar situations, he can then make a certain conclusion, taking into consideration all relevant consequences and criteria. в и критериев. The author of the book on submission also advises… to trust one’s emotions that arise at certain market processes. In other words, one should rely on intuition developed in the sphere.
