Ebook Speculation As a Fine Art and Thoughts on Life
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Speculation As a Fine Art and Thoughts on Life
Ebook Speculation As a Fine Art and Thoughts on Life
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Product details
Paperback: 52 pages
Publisher: Snowball Publishing (June 10, 2010)
Language: English
ISBN-10: 1607962659
ISBN-13: 978-1607962656
Product Dimensions:
6 x 0.1 x 9 inches
Shipping Weight: 3.2 ounces (View shipping rates and policies)
Average Customer Review:
3.3 out of 5 stars
22 customer reviews
Amazon Best Sellers Rank:
#400,912 in Books (See Top 100 in Books)
If the medium is the message then this pamphlet packs a wallop. Traders have profited from the wisdom of Dickson G. Watts for over 132 years since this small volume was published in 1880.The book is divided into two parts. Part 1 addresses "Speculation as a Fine Art" and part 2 consists of four chapters under the heading "Thoughts on Life". The former is divided into three short chapters: "What is Speculation," "Laws Absolute" and "Rules Conditional." The latter is a set of memorable short sayings and quotes subdivided into "Life," "Business", "Society" and "Language."Watts starts by examining the morality of speculation and its relationship to gambling. The difference: "speculation presupposes intellectual effort; gambling, blind chance." He then describes his purpose to identify the essential elements or rules of speculation which must be adapted to an individual's personality. Finally he looks at the qualities that define a successful speculator such as self-reliance, judgment and prudence (risk-aversion).His "Laws Absolute" or trading rules are only four in number. His most famous rule, quoted in Edwin Lefevre's "Reminiscences of a Stock Operator," is when worried about a big position you have on "sell down to the sleeping point." The next section titled "Rules Conditional" contains six additional guidelines to be modified by "circumstances, individuality and temperament." Although at first glance Watt's approach may seem an oversimplification not relevant in today's complex world, by way of comparison one of the top traders of our time, Ed Seykota, has distilled his key trading rules into only six "essentials" in wallet-card format (available via his website). Considering that even in the 21st century a few rules if followed may protect the trader from ruin while leaving his upside open, we may not want to dismiss Dickson G. Watts as somehow out of touch with modern trading.The second section "Thoughts on Life" contains many quotable and some humorous sayings. For example, "Fools try to prove that they are right. Wise men try to find when they are wrong." That reminds me of a statement by Paul Tudor Jones, "Every day I assume every position I have is wrong."Watts was a founding member and later President of the New York Cotton Exchange, the first organized commodity exchange in the USA. Whether he originated the ideas found in Speculation as a Fine Art or merely compiled them from experience is not known and does not matter. His insights into trader psychology and his comments about the risk of ruin suggest that he truly understood the trading arts from personal experience as a floor trader and later as President overseeing the exchange.As a general principle I like to read original source material whenever possible to compliment and give depth to modern books on any subject. Truly, "Speculation as a Fine Art" is an original source of trading wisdom that is as relevant today as in 1880 when published.
I you invest in anything this book is well worth the read. For years I have kept of journal of quotes I thought were invaluable to investing. I'd refer back to them form time to time. Mr. Watts has written his own thoughts down and published them and they are insightful. I read somewhere that this was one of Jesse Livermore's favorite books. I bought it and read it and refer back to it.
"There is no royal road to success in speculation....Those who make for themselves or others an infallible plan delude themselves and others." The best book on speculation you can read. The above passage is as true today as it was in 1880 when Watts wrote it.There is some great information in this book. The end result is that a trader has to find what works for him. This way he will keep the most important trait in trading, his head. Staying calm when others panic, keeping a cool head under all conditions, is the most important trait a trader can have. The guidelines spelt out in this book help a trader develop into a trader that can keep his/her cool.This book was quoted several times in "Reminicences of a Stock Operator" for a reason. Livermore greatly admired Watts as a trader, and so should we. A great book, a real classic.
I had to add this book to my library due to it being mentioned by the cloaked "Jesse Livermore" in reminiscences of a stock operator. I am a successful trader and read all things related to Jesse Livermore. This book only consisted of 43 pages and a nice card board cover. It contains seven pages of stock trading advice, yes 7, that is it. The remaining pages have some proverbs about life, which if you are mature in years you will probably find light reading. One of the proverbs is "If speculation keeps you up at night, sell down to the sleeping point". which is excellent common sense advice. The stock trading tips are:1. Never over trade2. Never reverse a position and go the other way.3. Run Quickly or not at all.4. Reduce your position when doubtful.5. It is better to average up than down in a position (I completely agree)6. Do not ignore public opinion.7. Sell in weak markets.8. Always factor in chance in your trading.This is probably one of the first books ever written on speculating so it may have been why it was mentioned, their were no others. I would say skip this one and buy any of these to really learn in detail about speculating:"How I made $2,000,000 in the stock market" Darvas"How to trade in stocks" Livermore"How to make money in stocks" O'Neal
Yeah, like others have said, a little shallow but for advice - great stuff in general. It just didn't grab me to rate it higher.
Good highlights on the illusions of all our human activities-particularly:Business,speculation,gambling and how we take and manage our lives.This is good start for one thinking starting a business or how to deal with wealth or riches or poverty or interactions
To The Point
The book is good, but this edition is not worth the money. Just find the original text online and print it.
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