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| Category: Business:Personal Finance and Investing | |
| About the Book | |
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Free Excerpt From The Book (requires Adobe Reader) Casino Wall Street: A Trader's Seven-Year Education in Delusion and Deception recounts the author's experience of trading the markets for seven years, and of losing a small fortune in the process before finally giving up. Aside from the dismal odds of success for the average "outsider" trader/investor, the author explains the reasons why the financial markets in general, and Wall Street in particular, are nothing more than giant slot machines, and like any casino are the very worst places in which to trust your money. The reader will learn that the word “trust” has no meaning and doesn't exist in the vocabulary within the Wall Street culture and it's practices. This book ends with a discussion of alternative investments that are very profitable and far better and safer than anything one could hope for struggling to extract and keep profit from the Wall Street insiders.An overview is presented of what the financial markets are, how they work, and it covers some important reasons why it is so difficult for the vast majority of participants to extract net profit when actively trading them. The enticement, and the dangers of trading the so-called “derivatives” - options and futures contracts - are also discussed. Factors that influence how and why the markets behave the way they do are discussed in some detail, and nefarious, ethically-questionable methods that the well-capitalized “insider” individuals and brokerage firms employ to impose unfair advantage over the “trading masses” are exposed in ways not seen in other books on this subject. Brokers are discussed, and their questionable methods of always making money regardless of whether the customer makes or loses money are covered. The reader is taught to detect the scammers in the industry, and covers the methods they use to lure people to their worthless “amazing systems” for making stock market riches overnight. The author makes a compelling case, and explains in frank and brutal detail the many reasons why it is practically impossible for well over 90% of aspiring traders to succeed in the brutal business of day and swing trading, and even long term investing in the financial markets. He relates his own experience to illustrate and drive home the toxic psychology and mental torment that is routinely evoked by the exercise in futility associated with the work of trying to make and keep profits trading stocks and their derivatives. In the latter chapters the author lays out alternatives to the financial markets that are moderately to very profitable and light years safer, acknowledges the worst kind of loss that is a consequence of feeding the Wall Street monster (it is not financial), and ends with a plan for an American future without Wall Street that all of us can and should carry out to successfully rid ourselves of the monster. Read this book first, before you are lured into the trap of trying to extract income from the well-capitalized ethically-challenged insiders at Casino Wall Street!
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| About the Author | |
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Mario Cohen holds B.S. and M.S. degrees from Oregon State University, has been a software developer, real estate investor, and freelance writer, and he traded stocks and their derivatives for seven years. He enjoys outdoor recreation (being an avowed fresh water snorkeling nut), and currently lives in Vancouver Washington. |
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