To hope that you could read "a few good tips" on how to do better trading, and then make billions like him, would be a poor use of time. If anybody is motivated to make really big trades, and learn the edge needed to make mega profits, the bigger picture of the man is needed. Every trader has areas they excel at, and George Soros, was no exception. Like a surfer, he needed a very big wave to show his conviction and really impress. Others could be impressive with smaller waves in more regular numbers, but that is not what he did best. George Soros, was always about the mega trade. He was ultimately an "elephant hunter" in the financial markets. It was never about a preferred type of trade, but more of a window of timing matched with size that really set George Soros, apart of many others of his hedge fund trading generation. To get a full flavor of what it takes to be a trader of his class and stature, I would read all 3 sections of the book. This will help give a much wider perspective of the man, and therefore the person you need to be, to repeat his level of success.
Another rare factor about the trading style preferences of George Soros was actually, his lack of style. Unlike many hedge fund traders who had a usual or signature trade or strategy, George Soros, never had a single one to call his own. It reminds me of a quote by Bruce Lee, "be like water, if water is in a cup, you are the cup" that kind of thing. Part of the strength that George Soros had in regard to strategy was a lack of one that was a clear pattern. Size and conviction appeal was the only true pattern that he would often follow. Equities, FX, Credit or Fixed Income never really attracted him "per se" It was the size potential of any single trade, not the actual type or strategy.
The Top 3 Takeaways from this book that impact any reader are:
1) There is no single position or trade worth getting married to. If it goes negative, just cut it and move on. Just put the position back on, if the price moves again in your favor.
2) The is no best kind of trade, asset class or strategy. There are many ways to make money in markets, and it is best to be as familiar with as many as you can. Focus on the size of a trade's potential, not the type.
3) You need to have a clear vision about life and your purpose in it, before you can trade successfully. Wanting a lot of money is not a good enough start. You must think more deeply about an ultimate purpose.
It is worth reading all of the main 3 sections, not just the financial one to fully understand what makes George Soros tick inside. Whatever your politics, he at least had a clear reason written down in advance, before he took action. Many others can argue about his liberal views and ideas. It is best to balance them with why he even formed them in the first place. Life is a zero sum game for some. As a child, he was shielded from Nazi crimes by being raised publicly as a non-Jewish person in a secret adoption. It kept him alive. Despite having to witness terrible atrocities against other Jews as a youth, he had to contain himself. As an adult later in life, he could finally let out any anger he saw when seeing any similar actions taking place politically. All of that mental baggage certainly makes you think, what does it take to make such a man? If that 360 view works for you, then this book is Highly Recommended!
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