Book Review: The Tranquil Mind of the Successful Day Trader
Traders Magazine, May 1999
It was the great philosopher and economist F.A. Hayek who argued that one of capitalism's virtues was that it is much more than a system of profit and loss. Capitalism, or what Hayek called a system of several property, was a discovery process, a method through which we use trial and error to learn about the world. Only through a process of trial and error could human beings master most skills, because failures provide essential data.
I don't know if Howard Abell, the chief operating officer of Innergame Partners, a proprietary trading arm of Rand Financial Services, has ever read Hayek, but his new book details a discovery process, a process of trial and error (with an emphasis on the error part) as an essential part of succeeding at day trading.
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