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By Malcolm Stacey | Monday 6 August 2018
Hello, share raisers. Ever since The Zulu Principle, share books have been very popular. But is there still a use for them today? Surely you can read all you want on the net for free? You may not get it all in one place, as you can with most books, but you can build up great knowledge in a piecemeal fashion. However, thrilling tomes on how to make dosh still have an important place.
Just one great strategy gleaned from the many in a book could save you thousands. And the good ones are timeless. I first read The Zulu Principle, by Mark Slater's illustrious dad Jim in the last century. I couldn't understand most of it then, but when I often return to it, it all makes wonderful sense.
I've just discovered that my last book on shares has been reviewed on a website dedicated to financial books. One review is very good, the other bad. Now, I would contend that Share Attack is a useful book as it has 80 different stratagems.
But the bad reviewer seems to believe there was no overall plan, that the book was all over the place and that it promoted my ego. The good review said it was the best share book the reviewer had ever read.
Now one reason why I know that Share Attack is probably a worthy addition to the canon is that I was lucky enough to have Craig Pearce, a brilliant editor at Harriman House. He made drastic changes and called for real-life examples. I went along with this 100%. And yet my bad review called for a more complete, more rigid approach.
This is a system that many share traders follow. They have a fixed trading strategy and they stick to it. My own method is not to have a method. Instead I try all the tricks, even if some of those ploys contradict each other. For example, one policy is to ride winners and dump losers. Another is to top-slice your successes. A contradiction. So you choose the one which best suits the company and the circumstances.
If you have a rigid approach you can always follow one policy, but not both. Another is to be a contrarian: do what other traders are not doing. Or you might follow 'the trend is your friend'. Another contradiction.
So there's a choice. Buy a book which gives you a firm, coherent plan. Or try every trick out there. I prefer the second option because Shareland, as we all discover eventually, is not a logical, coherent place.
Just like the Punter's Return. God bless.
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