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Monday, October 20, 2014

Five Points That I Learnt From “How I Made $2 Million In The Stock Market” by Nicolas Darvas

This book by Nicolas Darvas is the story of how he made money in stock market through trials and errors. It is a book where Darvas talks about his initial stages when he entered the stock market, and how he learnt from his mistakes to perfect this system of making money.

I read this book. It was really nice! Actually, it is written from the stock market perspective for stock market profits. But I felt that some of the points that Darvas learnt in life is mostly common to anything we do. Here are the rules that Darvas put down for himself:

  1. I should not follow advisory services. They are not infallible, either in Canada or Wall Street.
  1. I should not listen to rumours, no matter how well-founded they may appear.
  1. I must accept facts and read just myself accordingly- my pride and ego would have to be subdued.
  1. Everything that I have to do needs a great amount of self-discipline.
  1. It was a period of disaster- caused by egotism, leading to vanity leading to over-confidence, which in turn led to disaster.

All these are true not only for stock market. Anything you do, you cannot depend on what other people say. Anything you do, you can’t fall for rumours. Anything you do, you need to have self-discipline. So, these rules apply for anything we do.

Even though I did not read to know about stock market, I enjoyed reading the book because it was like a story- a story that was very interesting to read.

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