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The Second Leg Down

Reading List, Advanced. Hedging after the market has already fallen. Read it before module 6.

Juri von Randow's avatar
Juri von Randow
Oct 31, 2026
∙ Paid
Cartoon: on a staircase landing the mentor points down the next flight of stairs holding a red book while a student holds the handrail, titled Krishnan, Second Leg Down.

Most hedging books tell you to buy insurance while it is cheap. This one starts after the first drop, when it is not. Krishnan runs through what still protects a portfolio when volatility is already high: which spreads, which expiries, which markets. It is the book for the week everyone else is panicking.

Who it is for: The Second Leg Down by Hari P. Krishnan, 2017. Level Advanced, For the week after the market has already fallen.. Time to read About 7 hours, Eight chapters, written as a story with charts.. Math: Statistics, Back-tests and charts, no derivations. The easiest advanced book here.. Best for Hedging late, You hold positions into a sell-off and want to know what still works..

👉 Buy the Hardcover │ Back to the Reading List │ The Elite Trader Program

Below the line, for Pro and Elite Trader members: the chapters we use, the five ideas I took from it, the chapters to skip, and the module it prepares. Elite Traders read the book, then work that module with me one-on-one, on their own positions.

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