The Day Trader
This book is primarily the account of an Italian American, Lewis Borsellino, whose determination enabled him to become one of the biggest traders in the S&P 500 futures pit. The main focus of the author is explaining what made him stand out from other less successful traders drawing primarily on his early family life and the characteristics that were etched into him by these experiences.
What makes this book stand out from other similar ones is the brutal honesty Borsellino uses when describing his life in the pits. The way he describes his actions is still relevant to screen trading today, since the variable of human emotion has not changed. He talks at length of the courage and belligerence it takes to be a great trader and how he would bully the weaker traders (both mentally and physically) into submission. The most important point, and one to which he often returns, is the importance of self belief. It enabled him to act without hesitation, and is no doubt a trait common to all successful traders.
Anyone who has read a number of trading books knows that a book alone cannot tell you how to make money - it can only impart knowledge on fundamental and technical aspects of the market, or address psychological issues. I believe this book to be beneficial on two levels; first it is highly inspirational, and reminds the reader of the many opportunities trading can bring; more importantly it is an opportunity to have a great trader describe what he believes gave him his ‘edge', and consequently stimulates introspection on where your edge lies.
Futex Academy give this book an OVERWEIGHT recommendation
Tags: edge, fundamental, futures pit, S&P 500, self-belief, technical
