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Gallacher – Winner Take All

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Description

Book Description

The futures industry is unique, entertaining and, for far too many people, ultimately heartbreaking. What other industry possesses such an entertaining cast of soothsayers, self-proclaimed experts and charlatans? Where else do people become fabulously wealthy simply by acting on their own convictions? And where else does the possibility of failure loom so large and so constant? No other book captures the essence of the futures industry better than Winner Take All. With a penetrating intelligence and a sharp wit, Bill Gallacher dissects many of the industry’s leading lights, exposing the frauds, deflating the pompous and poking fun at the seers who believe they can predict the future. Along the way, he demonstrates why most traders lose and, most importantly, what it takes to win. Winner Take All is a book for all traders. For those who believe in easy-money trading systems, it is a sobering antidote. For those who think the markets can’t be beaten, it is a work of great inspiration. And for those who are trading profitably, it is an affirmation of the trading success principles. Winner Take All is a wise and profound book. But it is also perhaps the wittiest book on trading ever written. Read Mr. Gallacher on Fibonacci numbers: “Surely the medieval mathematician would be astounded at his impact on the twentieth-century commodity man. His mathematical series was constructed from observations on the incestuous copulation patterns of rabbits. Let’s see, you start with a male and a female, then you take the first female offspring and you…well, better not get into it”. Mr. Gallacher, a successful private trader, questions all conventional wisdom. He exposes the false premises that underliemuch of technical analysis, and he demonstrates why mechanical trading approaches – while sometimes producing marginal profits – can never provide truly superior results. Although out-of-favor in today’s computer age, Mr. Gallacher shows why fundamental analysis, if con

From the Back Cover

Trading futures is an infinitely challenging and constantly perilous business. No other book describes what futures trading is all about better than Winner Take All. With wit and intelligence, William Gallacher debunks the conventional wisdom about futures trading and shows what it takes to win. A classic in investment literature, Winner Take All is a book for every trader. “Witty and painfully true, Winner Take All is delightful reading. Bill clearly understands the motivations and methods of all the major market players. This is fresh thinking that both newcomers and old hands can gain from.” Jeff L. MacKenzie, Vice President, Director of Research, R. J. O’Brien & Associates Inc. “Intelligent, funny, and brutally homes-offers a clear psychological mirror in which to recognize-and hopefully reform-your trading flaws.” Alexander Elder, Director Financial Trading Seminars. “A wonderfully witty book. It’s one of our all-time favorites.” Charles LeBeau & David Lucsa, Authors of Computer Analysis of the Futures Market. “The best how-to-book I’ve come across. His advice may not let the novice get rich quick, but at least it should keep him from getting poor quick.” Financial Times of Canada.

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