Reading The Markets‘ Brenda Jubin has penned a “jaded book reviewers” take on Jody Samuels’ new book The Trader’s Pendulum: The 10 Habits of Highly Successful Traders (Hoboken, NJ: John Wiley & Sons, 2015).
A couple of things are going on here to explain Jubin’s concerns. Samuels’ book expands on a highly cited Stocks & Commodities article about trader development. Wiley’s acquisition follows other successful books on trader development by SMB Capital’s Mike Bellafiore and other authors. Samuels’ coaching emphasis on factors like goals, business planning, personality awareness, and measuring performance for new retail traders also mirrors entrepreneurship advice by authors like Eric Ries and Guy Kawasaki.
In other words: cultivate deliberate practice (K. Anders Ericsson).
I’m thankful Samuels’ book is available on the Wiley Online database. I do wonder though: as an ex-institutional trader what specific advice would Samuels give new and emerging traders on dealing effectively with today’s electronic execution services: algorithmic trading, dark pools, and high-frequency trade firms?