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/biz/ sticky

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Thread replies: 34
Thread images: 8

Hey /biz/,

In want of a sticky, perhaps a few anons with notable credentials or accomplishments could provide their essential book/documentary recommendations for the rest of the board to benefit from.

Moreover, it would be helpful if we could collate common pitfalls/misconceptions and recommend more stable alternatives.

If we can accomplish something like a skeleton of a sticky, then perhaps some mods can further refine your recommendations and get a work-in-progress sticky started.

Like the CS Mathematics thread on 8ch, this can be accomplished if just one knowledgeable anon comes along and gives some solid advice.
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Subjects discussed here besides meme stock exchange shit are too varied.
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>>984686
>common pitfalls/misconceptions
belief: you can make it.
truth: you probably won't.
alternative: settle down.
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>>984687
The idea is to get a few knowledgeable people involved that can give advice in their own areas of interests.

If one or two people show up with high quality posts, we at least have a meme-infographic to post regularly. for noobs This will hopefully lead to a few focused threads that can involve people with the same pursuits. Look at /g/ with its several generals; the board may be full of shitposting, but within the generals you will often find a few people that are actually working on projects and giving advice to others.

This board is in its nascent stages and there is quite a lot of areas that we can start building foundations for right now without dismissing it as requiring too much effort.
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>>984708

You make a point.
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>>984686
http://blog.mint.com/investing/how-to-invest-100-1000-or-10000-0114/

Most of this text could help with the reaccuring "I have $XXXX, how into investment" threads.
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I approve and I'll write up some stuff on algo trading tonight.
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>>984686
Please make a sticky. I'm too fucking dumb to understand what you guys are talking about most of the time but I genuinely want to learn. I know i'm not the only person who thinks this
Also it'll probably stop people from shitposting so much.
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>>984686
Ok ill do it
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If anyone is interesting in attempting algorithmic trading, then an algo. trader who frequents /biz/ recommended these books to read:

Quantitative Trading
by Earnest P. Chan

WARNING: Physics Envy May Be Hazardous To Your Wealth!
by Andrew Lo and Mark Mueller

Evaluation and Optimization of Trading Strategies
by Robert Pardo

He stated that you won't find any winning strategies in these books, but they do provide you with some of the tools and mindsets that quantitative traders possess.

The pic is a snip I saved of the guy talking about the coding aspect of back-testing trading strategies.

For anyone that wants to dive even further into the subject of quantitative analysis/algortihmic trading, then here is a recommended book list from a quant: https://www.quantstart.com/articles/Quantitative-Finance-Reading-List

At the moment, I'm reading Robert Pardo's book along with, "Inside the Black box: The SImple Truth About Quantitative Trading" by Rishi K. Narang.

I just want to point out that I do not want to become a quant at all; I just want to understand more of the role they play in the markets in-depth. <- Narang's book is doing the trick for this.
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When people ask me to teach them how to play poker and be good at it, I tell them, more often than not, that they shouldn't even mess with the game. Someone like me will come around and take them for all their worth, and they still won't learn what the lesson is.

I can teach you how to trade, but I can't guarantee you'll be profitable. Some people just don't understand how matching your AA combos with 86o combos UTG to polarize your range will increase the value you can extract with your AA combos. Some people won't have the balls to utilize their fold equity when they are facing a preflop 3bet ftb. Others won't be able to deduce betting patterns and tells.
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>>985781
I cringed
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>>985781
Bad analogy. There have been plenty of amateur poker players that have done well in the World Series and some have even taken rings. I don't even remember his name but I was watching an amateur the other day in WPT final table and was asked what his strategy was by the commentator. His response? "Not sure. I just play on intuition. I don't even know how to calculate pot odds haha".
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>>985781
You sound like an asshole. Any skill is learnable. I'd love to play poker with you. I take overconfident dicks like you to the cleaners every weekend.
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>>985815
>tournaments
>such huge fields nowadays that you literally have to luckbox your way to the final table
>or have a stable to dump to you

>>985816

>getting called an overconfident asshole from a guy who's an overconfident asshole

Any skill is "learnable" but applying said skill is something else.

“One may know how to conquer without being able to do it. ”

― Sun Tzu, The Art of War

Just give your money to those who have a proven track record. You'll save yourself money in the long run.
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>>984686
I'm not into trading, so one of the most common threads I find myself when visiting /biz/ are the ones on how to be frugal and avoid wasting money. If you can weed out the genuinely good advice it might be worth including
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>>985826
>implying that you can get lucky day in and day out for 10 days straight
>not knowing that Phil Helmuth, Doyle Brunson, Johnnie Chan and Phil Ivey hold almost 50 bracelets between them
>calling tournaments "just luck"
Do you even play poker, bro?
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>>985839
I don't understand why someone on /biz/ would want to learn more about poker as a ways to make money. Why don't you just learn how to apply technical analysis to Forex? It's the same shit.
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>>985839
>helmuth winning events in the 90s, before poker was popular and the fields were much easier to beat
>doyle brunson, played during the smallest fields in the early days of poker
>johnnie chan, another 90s poker player
>ivey, can't even play 500nl without getting #rekt nowadays by nit regs

You do know that there are stables to dump to specific players?

>>985851
>apply tech analysis to forex

Most people don't even understand what tech analysis really is. If you're targeting more than a .5% gain for a single day, you're way over your head. Shit, even .25% might be a stretch for a fucking week. Though, I'm sure you have the entire historical data to be able to find out likely volatility on any given day.

>not even know who the participants are in the markets, why they are moving their cash, and to where
>not understanding that the "forex" really is just a way for corporations to be able to due business in foreign economies and also to be able to hedge, which shouldn't make you money, rather it controls your risk
>most likely getting ripped off by your retail forex broker who most likely is committing fraud in one way or another
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>>985862
Yeah, either way you're 90% likely to lose your ass.
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>>985851
Poker is enough of a skill game to be profitable but you need to at least understand basic probabilities (even if you only know it on an intuitive level). I know plenty of people who dont know math for shit but understand that the odds of catching a queen on the river to make thier straight are pretty low. The good thing about poker is you only need to be able to win consistently 51% of the time in order to make money doing it. It takes a while to get to this level and your win rate will change according to the level you are playing at. I just play for fun but have turned $15 into $15k over 4 months online just playing in my off time. I don't really consider poker to be a gamble because I have a proven ROI over a 10 year span which is more than long enough to rule out variance.
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>>985862
Again, do you even play poker, bro? How do you explain how Duhamel, Merson, Cada, etc. all have multiple bracelets? These are not "90s players" so you can't use that bullshit excuse. Again do you really think someone can get that lucky day on and day out for hours on end 10 days straight without seriously knowing how to play?
>b-but they cheat! they use stables to feed to them!
Cooooome on, man. You sound like all those other retards that think the reason they lose all the time is because the whole table is stacked against them personally. You are so arrogant that you think the only way you can be losing is because I'm cheating. Show me one shred of evidence that WSOP winners won due to cheating. Pro tip: you can't.
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>>985886
Cada has two bracelets, one for a 6max game. Out of 264 players. the 2015 WSOP ME had 6500 entries. Mercier only has three bracelets, which two were pretty small fields. Duhamels latest bracelet was a field of SIXTY FOUR players.

People run bad for years, so it's natural that people can run good for years.

Collusion is a part of the game. I've been employed as a horse before. I've employed horses.

Also, look up Coleman. Lots of rumors and speculation he had a stable for his win.
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>>985769

Algo Guy here. Thanks, anon. You saved me the trouble.
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>>985899
Speculation, rumors and anecdotal evidence. Also, why the hell would stables dump to players if they are "just luckboxes" as you seem to imply? That makes literally no sense. Name me one WPT or WSOP winner that isn't a solid player with other earnings in cash games or smaller tournaments? These are all players that win consistently. You can win a small tournament and be just incredibly lucky but with WSOP the larger field actually makes it impossible for a bad player to win since the odds become astronomically stacked against their favor the longer they play. You are confusing the word "amateur" with "unskilled". There are plenty of amateurs that cash and even win large tournaments without knowing anything but basic poker fundamentals but still be skilled in the game.
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>business and finance
>poker
>mfw
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>>985931
He was actually implicit in cheating on pokerstars. He took part in playing on VPN's in America to play on Stars accounts of people who were selling action time in Europe.

You either literally have to luckbox the tournament, or have stables. You can be good and still luckbox the tournament, but regardless, it literally requires winning multiple flips to get to first. You literally have to be lucky over and over to win. Good players just happen to position themselves to take advantage of these flips.

Name one player? Phil Ivey. He's a fucking cheater. A literal card marker. He even employed markers and watchers. He's a fucking horrible cash game player by far. Gus Hansen is probably the only person worse than Ivey.
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>>985951
You lost me, bro. Phil Ivey is considered by most pros to be the best cash game player in the world. I think I am going to take thier opinion over some random tripfag on a Middle East camel racing board. Have a good one.
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>>985954
Do you know how many casinos are suing/have sued Ivey? For marking cards?
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>>984708
Ok, but why would somebody who's actually making money share the secrets of their trade unless the barrier to entry was too high to worry about a horde of faggots from /biz/ destroying their livelihood, thus making the guide practically useless?
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>>984855
Great, thanks for helping out. Add as much as you can to whatever you write out. I'm a Mathematics major that has very good programming skills and I've been interested in this recently.

>>985769
Thanks. I'll get around to all of these soon.
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>>984686

"Never Cold Call Again"

less than 200 pages. Really simple and easy guide to selling/marketing any product or business. Recently written so it is relevant to today's styles.
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>>985962
>secrets of their trade

There's right and wrong ways of doing things; everything further is optimization done on behalf of the individual. What we need is a general introduction, whether it is a list of books or some anecdotal examples. Not all of us want to make millions.

If their was a 'secret' we'd all know about it. There is, however, a definite right way to get started. One can do quite well provided they have put in some time studying and thinking. It doesn't mean we will all be millionaires. It's just a fun hobby for many, especially for mathematically minded people that are mostly just doing this to put theory to practise and to have some more money sitting in the bank.

Think of this sticky as a potential way to give new people an introduction to what it is all about and what it is that can be accomplished at differing levels of risk.

This isn't top secret stuff you know.

>>985930
I hope you will expand on that other anons post. If you could share your experience, it would be motivating and reassuring to others who feel this to be impenetrable.

I am soon to graduate directly into a job at a big company with a high starting salary. My means are very few and I couldn't care less for money; however, I am planning to put a great deal of time and effort into figuring all of this out over the next few months and then to get started with the savings I have at that stage; I would like to reach a stage where I can generate a liveable income to not work officially for about three to five years. I'm extremely bright and put in all day work days so I don't think this is unrealistic at all. I am only looking for a way to get to grips with it all as fast as possible without squandering my time on pop-nonsense about trading.
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Just checking in. Totally not bumping or anything like that.
Thread posts: 34
Thread images: 8


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