It's been a while since we were all enthusiastically encouraged to dabble in amateur trading.
If all that summer holiday reading hasn’t tired out wannabe millionaires by September, the so-called Naked Trader’s latest offering – “Trade Like a Shark” – will likely be doing the rounds on commuter trains and among the City’s grad scheme applicants.
Robbie Burns, the Naked Trader in question, is the former Sunday Times columnist who most memorably doubled the money in his pension fund while writing for the newspaper.
Burns’ latest psychology-focused book promises to teach readers “tried-and-tested methods” for overcoming the ways the human mind can play havoc on your trading game, will show you “how to be a shark” and how to “gobble up money from the ‘fish’ who are full of fear, greed and other emotions”.
Burns claims it’s his experience, not psychology-based background, that will shine in this book. But isn’t that exactly the point?
That anyone wanting to be a trader will likely have to try and fail on their own terms, rather than reading a book?
If any self-help book, and that’s what this one is with an economics theme, was really worth its fare, gone would be the need for the financial training courses, the market sentiment, etc.
Those wanting sound advice from day traders could always follow Norway’s example. By unionising they yesterday won the right to an extra hour in bed, as the country scrapped plans to release data at 7am and opted for 8am instead.
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