This is the thread about books related for stocks, forex, financial
market and economics. Please make a post about books with possible cover
image, short description and official link to buy (amazon for example).
Posts with links to unofficial resellers will be deleted
Averager is intended for averaging your deals that has had a drawdown or had gone against the trend.
An example of operation of the averager in an Exeprt Advisor in the MetaTrader 5 terminal: Exp - TickSniper. The system is identical to the averaging system created for MetaTrader 4. A demo version of the averager for MetaTrader 5: Averager DEMO.Note: this is not an automated trading system (the EA doesn't work in the strategy tester). It monitors your deals and averages them in case o
Does not support hedging orders on a single symbol on MT5
MultiMTCopier MT5Source - new and improved multi-terminal positions copier for your real / demo account, works faster, requires less, flexible in managing and upgrading, new information support. This expert is designed for terminal MetaTrader5 from which the position will be copied.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user attention Buttons for re
The Heiken Ashi indicator drawn using a tick chart. It draws synthetic candlesticks that contain a definite number of ticks.
option prices - price option. It can be Bid, Ask or (Ask+Bid)/2. the number of ticks to identify Bar - number of ticks that form candlesticks. price levels count - number of displayed price levels (no levels are displayed if set to 0 or a lower value). calculated bar - number of bars on the chart.Buffer indexes: 0 - OPEN, 1 - HIGH, 2 - LOW, 3 - CLOSE.
DeltaVolumeDistribution indicator can be considered as the fusion of the DeltaVolume and TradeSizeDistribution indicators.
This indicator, inspired by the MarketDelta-family charts, computes the net difference between trades occurring at bid and at ask, while trades occurring between bid and ask quotes are not computed. The indicator plots the resulting DeltaVolume as a unique distribution plot.
With the DeltaVolumeDistribution indicator you will actually be able to see the order flow entering
MACD All MAs-14 is a MACD indicator that allows choosing usual parameters of the standard MACD (constructed from EMA) as well as the type of the moving average to be applied: up to 14 different types.
You can select 9 standard MAs available in MetaTrader 5 - SMA, EMA, SMMA, LWMA, DEMA, TEMA, Frama, VIDYA, AMA, TRIX, and 4 non-standard - LRMA, HMA, JMA, AFIRMA.
Method MA - select the type of moving average to be displayed in the current graph. Period slow MA - the number
COSMOS4U Volume indicator facilitates your trade decisions. It gives confirmation of the running movement and market trends. It highlights current and past accumulation and distribution volumes, comparing them to moving average volume and the highest volume. In addition, it identifies and marks nuances as well as convergence and divergence patterns of bears and bulls in order to provide the market trend and price ranges.
The supported features are as follows:
Fast Volume Moving Average Slow
Auto Trade Copier is designed to copy trades between multi MetaTrader 5 accounts/terminals with 100% accuracy.
With this tool, you can act as either a provider (source) or a receiver (destination). All trading actions will be copied from the provider to the receiver with no delay.
Note: Demo version for testing can be downloaded at: https://www.mql5.com/en/market/product/5006.
Followings are highlight features:
Switch between Provider or Receiver role within one tool.One provider can copy tr
The script is intended for automatic placing of Buy Stop pending orders, Stop Losses and Take Profits on the user specified levels.
Avoiding unwanted entering a long position in case of false hitting the level as a result of widening of the spread by a dealing center. Avoiding unwanted triggering of a Stop Loss in case a quote pierces a significant level (fractal) without further confirmation with the close price. Setting a necessary virtual order and entering the market in
The fractal analysis of the markets is used in the indicator operation algorithm. According to the fractals theory, after the breakthrough of the fractal level confirmed by the closing price located below or above the fractal, the trend wave in the direction of the breakthrough starts to develop. Until the fractal has been passed in the opposite direction, the trend is considered to be acting even if the price is flat or moves backwards. If a bullish fractal has been previously broken through on
Fast Copy MT5 allows to copy trades between different MetaTrader 5 (netting)(hedge) and MetaTrader 4 accounts in any direction and amount, quickly and easily (without loading the system).
Any type of copying is available
MT5 —> MT5 MT5 —> MT4 MT4 —> MT5 MT4 —> MT4
* For any interaction with the MT4, it is necessary to additionally install Fast Copy MT4
One tool for sending and receiving transactions: [master] > [slave] operation mode can be selected in
Exp COPYLOT CLIENT for MT5 is a copier for the МetaТrader 5 platform. It copies forex trades from any accounts. Including those from terminals МТ5 and МТ4.
Install the Expert Advisor in the terminal where you want to copy trades. Specify any text label name as pathRead, for example, "COPY". This should match the master terminal (to bind the two terminals). To copy trades, you need to install the free Master copier in the terminal from where you want to copy the trades: COPYLOT
Does not support hedging orders on a single symbol on MT5
MultiMTCopier MT5Receiver - new and improved multi-terminal positions copier for your real/demo account, works faster, requires less, flexible in managing and upgrading, new information support. This Expert Advisor is designed for the MetaTrader 5 terminal, trades will be copied into this terminal.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user attention
The script allows users to easily close positions if their profit/loss reaches or exceeds a value specified in pips.
Please set slippage value first. Sometimes some positions do not close due to high volatility of the market. Please set larger slippage or restart the script.
MetaCOT 2 is a set of indicators and specialized utilities for the analysis of the U.S. Commodity Futures Trading Commission reports. Thanks to the reports issued by the Commission, it is possible to analyze the size and direction of the positions of the major market participants, which brings the long-term price prediction accuracy to a new higher-quality level, inaccessible to most traders.
These indicators, related to the fundamental analysis, can also be used as an effective long-term filte
Market Profile defines a number of day types that can help the trader to determine market behaviour. A key feature is the Value Area, representing the range of price action where 70% of trading took place. Understanding the Value Area can give traders valuable insight into market direction and establish the higher odds trade. It is an excellent addition to any system you may be using.
Blahtech Limited presents their Market Profile indicator for the MetaTrader community. Inspired by Jim Dalton’s
Trade Copier Pro is a powerful tool to copy trade remotely between multiple accounts at different locations over internet. This is an ideal solution for signal provider, who want to share his trade with the others globally on his own rules. One provider can copy trades to multiple receivers and one receiver can get trade from multiple providers as well. The provider can even set the subscription expiry for each receiver, so that receiver will not be able to receive the signal after that
The script is intended for automatic placing of Sell Stop pending orders, Stop Losses and Take Profits on the user specified levels. This script is not that useful as "Virtual pending buy stop", since short positions are opened as Bid price crosses the levels. Thus spread widening is not dangerous. Nevertheless, you need to have this script to prevent unwanted hitting of the Stop Loss levels.
Automation of the process of placing the Sell Stop pending orders, Stop Losses and T
The Expert Advisor implements the classic "triangular arbitrage", which is successfully used by hedge funds.
"Triangular" arbitrage refers to a class of neutral-market strategies, in which the profit or loss of open positions does not depend on the direction of the market movement as a whole.
In order to take profit, the EA exploits a weak spot of market makers - it utilizes the difficulty of balancing cross rates of all currency pairs.
The advantages of the strategy are the following:
Virtual TrailingStop is an Expert Advisor that manages trailing stop without sending its information to the broker server.
EnableVirtualTrailingStop: enable or disable whole function VirtualTrailingStop: the pip use for determine how far the Virtual Trailing Stop will placed calculated from current price StartFromBreakEven: true/false. If true, Virtual Trailing Stop will placed after breakeven BreakEvenPoint: point profit from order open price where the Virtual T
The indicator determines the inside bar and marks its High/Low. It is plotted based on the closed candles (does not redraw). The identified inside bar can be displayed on the smaller periods. You may set a higher period (to search for the inside bar) and analyze on a smaller one. Also you can see the levels for Mother bar.
Period to find Inside Bar — the period to search for the inside bar. If a specific period is set, the search will be performed in that period. Al
A script for opening a grid of orders
If you need to quickly open several pending orders (Buy Limit, Sell Limit, Buy Stop, Sell Stop) on a certain distance from the current price, this script will do all the routine for you! Allow AutoTrading before running the script.
Run the script on a chart.
Language of messages displayed (EN, RU, DE, FR, ES) - language of the output messages (English, Russian, German, French, Spanish). Price for open - open price. If set to
Ichimoku Kinko Hyo is a purpose-built trend trading charting system that has been successfully used in nearly every tradable market. It is unique in many ways, but its primary strength is its use of multiple data points to give the trader a deeper, more comprehensive view into price action. This deeper view, and the fact that Ichimoku is a very visual system, enables the trader to quickly discern and filter "at a glance" the low-probability trading setups from those of higher proba
CandleTimer is an indicator that can be usable for scalper and short-term traders. It shows the following useful information:
Remaining and past time of a candle on the current chart or other timeframe Alarm setting for play sound at the start of the current candle Show SL/TP line defining whether the indicator has a Sell or Buy order or both Show a spread value Show Ask and Bid lines in different colors in high and low spread Compatible with a money management EA (you can buy it separat
Easy Order is an Expert Advisor allowing you to enter any type of trade with one click based on your RISK preferences.
You can choose to enter a trade and automatically calculate your lot size based on how much of your account you want to risk. Risk is calculated based on your Stop Loss placement. You can use a fixed lot size if you don't want to use risk based calculation of lot size. Your previous setting of risk based or fixed lot size remains saved for your next use of this Expert Advi
We present you an effective software solution for arbitrage between brokers.
The Arbitrage on the market became widespread due to decentralization. There are many liquidity providers, whose quotes differ for various reasons. By tracking the dynamics of changes in the quotes of different brokers, it is possible to determine the delayed and leading brokers, thereby predicting the future prices of the delayed broker for a short time. Knowing these prices and using efficient built-in software filte
The indicator displays economic news on the currency chart (the appropriate data must be downloaded from the Internet - please see the download instructions on the screenshots provided). The list of currencies (countries) is customizable. By default it shows all currencies. The main parameters come with a built-in description. In addition, there are parameters for advanced users. News items are divided into 3 categories by degree of importance. There is a great flexibility in display parameter s
Safe Automatic is a safe MetaТrader 5 trading robot working autonomously on a VPS server. The good results are achieved on EURUSD.
The EA applies modified versions of a trend-following strategy, half-pyramiding, scalping, Elliott Wave method and speculating trading with a deposit protection. The EA switches the strategies automatically. The program also takes the news calendar into account: the robot does not enter the market in a 10-minute interval before and after a news rel
The most profitable trend traders are the ones who know how to recognize not only the market trend, but also the trading opportunities that arise once a trend has been established. The Pz Trend Trading indicator has been designed to profit has much as possible from trends taking place in the maket.
Established trends offer dozens of trading opportunities, but most trend trading indicators neglect them completely, and leave the trader completely uninformed about what the market is doing during a
Auto Trade Driver is an automatic powerful tool (run as Expert Advisor) that helps you to manage risk and control orders and maximize your profit in multi-protect/trailing-stop rules.
This tool is very useful for both scalpers and trend followers. It not only calculates the trade risk exactly, but also protects and maximizes your profits in real-time.
With this tool, the only thing you have to do is to enter trade by your own strategy, then it will auto-drive your position with exit strategy y
The script creates account summary report in a separate window.
The report can be created for all deals and on deals for selected financial instruments.
It is possible to specify a time interval of calculation and save report to htm-file.
The script creates account summary report in a separate window.
The report can be created for all deals and for deals of the selected financial instruments.
It is possible to specify a time interval of calculation and save report to htm-file.
Forum on trading, automated trading systems and testing trading strategies
Something Interesting to Read July 2014
newdigital, 2014.07.23 16:13
Technical Analysis of Stock Trends
2011 Reprint of 1958 Fourth Edition. Full facsimile of the original
edition, not reproduced with Optical Recognition Software. In 1948
Robert D. Edwards and John Magee published "Technical Analysis of Stock
Trends" which is widely considered to be one of the seminal works of the
discipline. It is exclusively concerned with trend analysis and chart
patterns and remains in use to the present. As is obvious, early
technical analysis was almost exclusively the analysis of charts,
because the processing power of computers was not available for
statistical analysis. "Technical analysis" is a financial term used to
denote a security analysis discipline for forecasting the direction of
prices through the study of past market data, primarily price and
volume. Behavioral economics and quantitative analysis incorporate
technical analysis, which being an aspect of active management stands in
contradiction to much of modern portfolio theory.
newdigital, 2014.07.21 09:49
GDP: A Brief but Affectionate Historyby
Why did the size of the U.S. economy increase
by 3 percent on one day in mid-2013--or Ghana's balloon by 60 percent
overnight in 2010? Why did the U.K. financial industry show its fastest
expansion ever at the end of 2008--just as the world's financial system
went into meltdown? And why was Greece's chief statistician charged with
treason in 2013 for apparently doing nothing more than trying to
accurately report the size of his country's economy? The answers to all
these questions lie in the way we define and measure national economies
around the world: Gross Domestic Product. This entertaining and
informative book tells the story of GDP, making sense of a statistic
that appears constantly in the news, business, and politics, and that
seems to rule our lives--but that hardly anyone actually understands.
Coyle traces the history of this artificial, abstract, complex, but
exceedingly important statistic from its eighteenth- and
nineteenth-century precursors through its invention in the 1940s and its
postwar golden age, and then through the Great Crash up to today. The
reader learns why this standard measure of the size of a country's
economy was invented, how it has changed over the decades, and what its
strengths and weaknesses are. The book explains why even small changes
in GDP can decide elections, influence major political decisions, and
determine whether countries can keep borrowing or be thrown into
recession. The book ends by making the case that GDP was a good measure
for the twentieth century but is increasingly inappropriate for a
twenty-first-century economy driven by innovation, services, and
Point and Figure charts are one of the great secrets of the Technical
Analysis world. Highly sophisticated and with a thoroughbred pedigree,
they can, however, be overlooked by traders today.
Jeremy du Plessis -
one of the foremost Point and Figure experts in the world - returns with
a fully updated second edition of this definitive guide in an effort to
redress this imbalance. This second edition, with an extensive revision
to the text and introduction of brand new techniques, demystifies the
world of Point and Figure charting. It includes a detailed explanation
of the history and development of the technique from its invention to
the modern day, and covers the makeup of the chart patterns, why they
are created, and how to interpret them. Throughout, readers are
encouraged to understand Point and Figure charts from first principles,
rather than just remember the names of a series of patterns. It is the
first major work for 50 years to discuss in depth the original 1-box
reversal method of Point and Figure charting and contrast it with the
more popular 3-box reversal method.
Further, the explanation of how to
use Point and Figure charts to project targets and calculate risk-reward
ratios is the most comprehensive ever seen. Also featured in the second
All this is illustrated with numerous colour
charts and observations from years of trading experience. According to
du Plessis, Point and Figure charts are the 'voice of the market'. This
book helps you listen to, and understand, that voice. Part of the Market
Technicians Association (MTA) Required Reading list.
A Three Dimensional Approach To Forex Trading : Anna Coulling
If you aspire to becoming a full time forex trader, then this is the
book for you. Even if your dream is perhaps more modest, and you simply
want to have a second income trading the forex markets, then again, this
book is for you. It has been written with one clear objective in mind.
To explain how and why currencies move in the way that they do, using
the combined power of relational, technical and fundamental analysis.
Combine this with a three dimensional approach to trading itself, using
multiple time frames and multiple chart analysis, and the world of
foreign exchange will become crystal clear. Many aspiring traders,
simply do not realize that the forex market sits at the heart of the
financial world, which, when you think about it logically, is really
common sense. After all, this is the biggest money market in the world,
and if the financial markets are about one thing, they are about money.
Making it, protecting it, or increasing the return. It’s no surprise
therefore, that the forex market connects all the others. It is the
central axis of the financial world, around which all the others spin.
In the book, you will discover how changes in market sentiment in the
primary markets of commodities, stocks, bonds and equities, are then
reflected in the currency markets. This is something which often
surprises novice traders. After all, why look at a stock index, or the
price of gold, or a bond market? The answer is very simple. It is in
these markets where you will find all the clues and signals, which then
reveal money flow. After all, the financial markets are all about risk.
In other words, higher returns for higher risk, or lower returns for
lower risk. It really is that simple. And yet, how many forex traders
ever consider associated markets. The answer is very few. You will be
one of those enlightened traders who truly understands money flow and
risk, and your confidence as a trader will grow exponentially as a
result. And in case you were wondering, this is NOT another book
explaining forex trading strategies. In fact there are none at all,
surprising given the book's length. If this is what you are looking
for, please DO NOT buy this book. It has been written for two specific
audiences. The first is the novice forex trader, for whom this is a new
market. The second is the forex trader who has attempted to trade in
foreign exchange, but failed, and has been left confused by the apparent
random and chaotic behavior of this volatile market. Reading this book
will provide you with a deep understanding of how and why the markets
move in the way they do. Whilst the forex market is a complex mix, it
is not complicated, once you understand the people, their motives and
the currencies themselves. Each chapter builds on the last in a logical
sequence, and every topic is explained in a simple and clear way. Even
those markets such as bonds, which few traders ever understand, are
explained very simply. Every topic is illustrated with clearly annotated
charts, to help and guide you as you learn. Equally important is the
concept of change. Indeed you may have other books on your bookshelf
written many years ago and explaining how the forex market works. Well,
as you will discover, the rule book has been torn up. No longer is this a
simple market of trending currency pairs. This all changed in the
financial tsunami which engulfed the world in 2007/2008, and with it the
forex world changed too! If this is news to you, then yet another
reason to buy the book. Long gone are the days when currency pairs
meandered their way higher and lower in long term trends, driven by
interest rate differentials. To take advantage, you need to understand
the forces which now drive the markets. A Three Dimensional Approach To
Forex Trading will empower you with knowledge. Knowledge and confidence
go hand in hand. Confidence breeds success, and success breeds money,
which will then flow from reading the book - Anna
New Trading Dimensions: How to Profit from Chaos in Stocks, Bonds, and Commodities : Bill Williams
As today's market environment continues to change dramatically, more and
more traders are discovering that traditional forecasting methods-pure
technical analysis and fundamental analysis-just do not work. Sending
out contradictory messages, these opposing schools of thought leave
investors baffled about the future direction of the market, and
consequently, at a loss as to how to tailor their trading systems. As a
result, many practitioners have now turned to a new forecasting
"cocktail" that combines traditional charting methodologies with chaos
theory and human psychology. In this groundbreaking book, Bill Williams,
a seasoned trader at the forefront of this dynamic new approach,
explains exactly what it is, how it works in current stock and commodity
markets, and how to use it to your advantage.Based on human
nature rather than the vagaries of the market, the new trading dimension
works on the premise that we trade not the market, but our own belief
system. By assessing what your personal biases are, you can determine
how they influence your ultimate success-or failure-and then adjust your
trading strategies accordingly.Written by an expert in the
field who has been featured in Futures, Worth, Success, and other
prominent publications, New Trading Dimensions takes the latest in
scientific knowledge about human behavior and applies it directly to the
fields of stock and commodity investing and trading. With
straightforward guidelines, it shows you how to adopt the right attitude
toward the behavior of the market and use the right tools (ATTITOOLS)
for profitable trading. Packed with practice exercises, specific
applications to different types of investments, and a detailed review of
important market signals, here's where you'll learn how to:* Discover what the market wants and align your own beliefs with the direction of the market* Apply chaos theory to trading and investing* Use Williams' "Market Alligator" for analyzing and profiting from the markets*
Employ a multidimensional trading program that includes such tools and
techniques as fractals, oscillators, AC signals, psychological zones,
and balance lines* Exit trades in a timely fashion to reap high returnsDrawing
on the author's more than forty years of experience as both a
successful trader and seasoned trainer, this invaluable guide offers a
breakthrough method that has proven its ability to turn investors into
Something Interesting to Read April 2014
newdigital, 2014.04.14 20:48
Theory Of Stochastic Processes : With Applications to Financial Mathematics and Risk Theory
This book is a collection of exercises covering all the main topics in
the modern theory of stochastic processes and its applications,
including finance, actuarial mathematics, queuing theory, and risk
The aim of this book is to provide the reader with the theoretical and
practical material necessary for deeper understanding of the main topics
in the theory of stochastic processes and its related fields.
The book is divided into chapters according to the various topics. Each
chapter contains problems, hints, solutions, as well as a self-contained
theoretical part which gives all the necessary material for solving the
problems. References to the literature are also given.
The exercises have various levels of complexity and vary from simple
ones, useful for students studying basic notions and technique, to very
advanced ones that reveal some important theoretical facts and
This book is one of the largest collections of problems in the theory of
stochastic processes and its applications. The problems in this book
can be useful for undergraduate and graduate students, as well as for
specialists in the theory of stochastic processes.
High Probability Trading : Take The Steps To Become A Successful Trader
Before he became a successful trader, Marcel Link spent years wading
from one system to the next, using trial and error to figure out what
worked, what didn't, and why. In High Probability Trading, Link
reveals the steps he took to become a consistent, patient, and winning
trader--by learning what to watch for, what to watch out for, and what
to do to make each trade a high probability trade.
"Why do a
select few traders repeatedly make money while the masses lose? What do
bad traders do that good traders avoid, and what do winning traders do
that is different? Throughout this book I will detail how successful
traders behave differently and consistently make money by making high
probability trades and avoiding common pitfalls..."--From the preface
6 months of beginning their careers full of promise and hope, most
traders are literally out of money and out of trading. High Probability Trading reduces
the likelihood that you will have to pay this "traders' tuition," by
detailing a market-proven program for weathering those first few months
and becoming a profitable trader from the beginning.
uniquely blunt look at the realities of trading with examples, charts,
and case studies detailing actual hits and misses of both short- and
long-term traders, this straightforward guidebook discusses:
The best traders enter the markets only when the odds are in their favor. High Probability Trading shows
you how to know the difference between low and high probability
situations, and only trade the latter. It goes far beyond simply
pointing out the weaknesses and blind spots that hinder most traders to
explaining how those defects can be understood, overcome, and turned to
each trader's advantage.
While it is a cliché, it is also true that there are no bad traders, only bad trades. Let High Probability Trading show
you how to weed the bad trades from your trading day by helping you see
them before they occur. Packed with charts, trading tips, and questions
traders should be asking themselves, plus real examples of traders in
every market situation, this powerful book will first give you the
knowledge and tools you need to tame the markets and then show you how
to meld them seamlessly into a customized trading program--one that will
help you join the ranks of elite traders and increase your probability
of success on every trade.
Bubble Value at Risk: Extremistan and Procyclicality : Max C.Y.Yong
This is a story of the illusion of risk measurement. Financial risk
management is in a state of confusion. The 2008 credit crisis has
wreaked havoc on the Basel pillars of supervision by highlighting all
the cracks in the current regulatory framework that had allowed the
credit crisis to fester, and ultimately leading to the greatest crisis
since the Great Depression. Policy responses were swift--UK's Financial
Services Authority (FSA) published the Turner Review which calls for a
revamp of many aspects of banking regulation, the Bank of International
Settlements (BIS) speedily passed a Revision to its Basel II, while the
Obama administration calls for a reregulation of the financial industry
reversing the Greenspan legacy of deregulation. The value-at-risk risk
measure, VaR, a central ideology for risk management, was found to be
wholly inadequate during the crisis. Critically, this "riskometer" is
used as the basis for regulatory capital--the safety buffer money set
aside by banks to protect against financial calamities. The foundation
of risk measurement is now questionable.The first half of this
book develops the VaR riskometer with emphasis on its
traditionally-known weaknesses, and talks about current advances in risk
research. The underlying theme throughout the book is that VaR is a
faulty device during turbulent times and by its mathematical
sophistication misled risk controllers into an illusion of safety. The
author traces the fundamental flaw of VaR to its statistical
assumptions--of normality, i.i.d. and stationarity--the "gang of three".
These primitive assumptions are very pervasive in the frequentist
statistics philosophy where probability is viewed as an objective notion
and can be measured by sampling. A different school of thought, the
Bayesians, argues for subjective probability and has developed an entire
mathematical framework to incorporate the observer's opinion into the
measurement (but this is a subject matter for another publication). We
argue that the frequentist's strict mathematical sense often acts as a
blinder that restricts the way we view and model the real world. In
particular, two "newly" uncovered market phenomena-- extremistan and
procyclicality--cannot be engaged using the frequentist mindset. There
were already a few other well-known "market anomalies" that tripped the
VaR riskometer during the 2008 crisis. All these will be detailed later.In Part IV of the book, the author proposes a new risk metric called bubble VaR (buVaR)
which does not invoke any of the said assumptions. BuVaR is not really a
precise measurement of risk; in fact it presumes that extreme loss
events are unknowable (extremistan) and moves on to the more pressing
problem--how do we build an effective buffer for regulatory capital that
is countercyclical, and that safeguards against extreme events. This
book is an appeal (as is this preface) to the reader to consider a new
paradigm of viewing risk--that one need not measure risk (with
precision) to protect against it. By being obsessively focused on
measuring risk, the risk controller may be fooled by the many pitfalls
of statistics and randomness. This could lead to a false sense of
security and control over events which are highly unpredictable. It is
ultimately a call for good judgment and pragmatism. This book is
intended to reach out to the top management of banks (CEOs and CROs), to
regulators, to policy makers and to risk practitioners--not all of whom
may be as quantitatively inclined as the specialized risk professional.
But they are the very influencers of the coming financial reregulation
drama. We are living in epic times and ideas help shape the world for
the better (or for worst). It is hoped that the ideas in this book can
open up new and constructive research into countercyclical measures of
The Practical Guide To Wall Street : Equities & Derivatives
provides the first comprehensive explanation of all aspects of the
functioning of the equities division, with information, details and
insights previously only available to those who already worked on a
trading floor. The availability of this material in a format accessible
to non-professionals fundamentally changes the level of industry
knowledge employers in the financial services industry can expect of new
Money And Power : How Goldman Sachs Came To Rule The World
From the bestselling, prize-winning author of THE LAST TYCOONS and HOUSE
OF CARDS, a revelatory history of Goldman Sachs, the most dominant,
feared, and controversial investment bank in the world
For much of its storied 142-year history, Goldman Sachs has projected an
image of being better than its competitors--smarter, more collegial,
more ethical, and far more profitable. The firm--buttressed by the most
aggressive and sophisticated p.r. machine in the financial
industry--often boasts of "The Goldman Way," a business model predicated
on hiring the most talented people, indoctrinating them in a corporate
culture where partners stifle their egos for the greater good, and
honoring the "14 Principles," the first of which is "Our clients'
interests always come first."
But there is another way of viewing Goldman--a secretive money-making
machine that has straddled the line between conflict-of-interest and
legitimate deal-making for decades; a firm that has exerted undue
influence over government since the early part of the 20th century; a
company composed of "cyborgs" who are kept in line by an internal
"reputational risk department" staffed by former CIA operatives and
private investigators; a workplace rife with brutal power struggles; a
Wall Street titan whose clever bet against the mortgage market in
2007--a bet not revealed to its clients--may have made the financial
ruin of the Great Recession worse.
As William D. Cohan shows in his riveting chronicle of Goldman's rise to
the summit of world capitalism, the firm has shown a remarkable
ability to weather financial crises, congressional, federal and SEC
investigations, and numerous lawsuits, all with its reputation and its
enormous profits intact. By reading thousands of pages of government
documents, court cases, SEC filings, Freedom of Information Act papers
and other sources, and conducting over 100 interviews, including
interviews with clients, competitors, regulators, current and former
Goldman employees (including the six living men who have run Goldman),
Cohan has constructed a vivid narrative that looks behind the veil of
secrecy to reveal how Goldman has become so profitable, and so powerful.
Part of the answer is the firm's assiduous cultivation of people in
power--dating back to 1913, when Henry Goldman advised the government on
how the new Federal Reserve, designed to oversee Wall Street, should
be constituted. Sidney Weinberg, who ran the firm for four decades,
advised presidents from Roosevelt to Kennedy and was nicknamed "The
Politician" for his behind-the-scenes friendships with government
officials. Goldman executives ran fundraising efforts for Nixon, Reagan,
Clinton and George W. Bush. The firm showered lucrative consulting or
speaking fees on figures like Henry Kissinger and Lawrence Summers.
Famously, and fatefully, two Goldman leaders-- Robert Rubin and Henry
Paulson--became Secretaries of the Treasury, where their actions both
before and during the financial crisis of 2008 became the stuff of
controversy and conspiracy theories.
Another major strand in the firm's DNA is its eagerness to deal on both
sides of a transaction, eliding questions of conflict of interest by
the mere assertion of their innate honesty and nobility, a refrain
repeated many times in its history, most notoriously by current Goldman
CEO Lloyd Blankfein's jesting assertion that he was doing "God's
As Michiko Kakutani's New York Times review of HOUSE OF CARDS said,
"Cohan writes with an insider's knowledge of the workings of Wall
Street, a reporter's investigative instincts and a natural storyteller's
narrative command." In MONEY & POWER, Cohan has marshaled all
these gifts in a powerful and definitive account of an institution
whose public claims of virtue look very much like ruthlessness when
exposed to the light of day.