you should be mindful that asking for recommendations on a retail trading forum is a bit like going to a jail to learn how to be a model citizen.
16 year old new to trading
- Thread starter Rsoxs19
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you should be mindful that asking for recommendations on a retail trading forum is a bit like going to a jail to learn how to be a model citizen.
An interesting (and perhaps slightly pessimistic) perspective?
If one exercises a little judgment, I think it's probably considerably preferable (ideally in conjunction with other approaches) to the alternative of not asking for recommendations in a trading forum. (And this isn't entirely a retail trading forum.)
I certainly found it beneficial, many years ago.
Or a lawyer.
I learned from wrong ways. So wrong is right. I mean to know what works and what doesn't work for us as an unique trader is important. This varies from trader to trader based on his strength and weakness.
There are innumerable ways to trade from highly effective ways to ineffective ways. Earning 2% per month is easy and losing it is more easy. Anything above 10% may have some immunity towards hyper speculative nature of trading.
Comparing stock trading with other conventional business is stupidity for sure. Trading is high voltage business and swallow all narrow thoughts.
Time and again genius people in various fields prove that we are stupids to think that we are always right. Yet we talk about what is right and what is wrong non stop.
Very funny.
There are innumerable ways to trade from highly effective ways to ineffective ways. Earning 2% per month is easy and losing it is more easy. Anything above 10% may have some immunity towards hyper speculative nature of trading.
Comparing stock trading with other conventional business is stupidity for sure. Trading is high voltage business and swallow all narrow thoughts.
Time and again genius people in various fields prove that we are stupids to think that we are always right. Yet we talk about what is right and what is wrong non stop.
Very funny.
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pessimistic or objective? We know the overwhelming majority of traders who frequent trading forums are losing traders so it doesn't make any logical sense to get advice on how to be a profitable trader at a trading forum.
If you wanted to learn how to make money in the gaming industry do you think it would be wise to go on gambling forums and find 'winning' strategies. If you want to make money in real estate would you frequent part time landlord forums or would there be better places to learn.
All I can say is people make some strange decisions in life and you can profit that.
It seems to me that if the overwhelming majority of traders who frequent trading forums are losing traders, then it doesn't make any logical sense to get advice on how to be a profitable trader only from the overwhelming majority of traders who frequent trading forums, not necessarily from everyone there.
Besides which, there's arguably a significant difference between getting beginners' book recommendations from members and taking their advice on how to be a profitable trader.
Apart from those two points, I agree with you.
But there's no harm in asking, and it's a natural enough question, and as I mentioned, I certainly found it helpful, myself.
That's cool but I completely disagree. Far better to contact an actual trading firm/institution and try and get some work experience. People will help you if you are not a douche. Trading books are awful I have only ever come across a couple that have been worthwhile. Trading & Exchanges (Harris) and anything by Sinclair or Cottle on Options.
The OP, whom we're advising here (or at least "whom I was advising" in responding as I did to his request for book recommendations) is 16 years old and at high school and new to trading. (Did you notice the thread title?).
I was 14, myself, when I started reading trading books. I've read probably 80 or 90 now, of which a small handful were very good and very helpful to me (as I know they've been to others, too), so those were the few I recommended.
You're completely entitled to your opinion, of course, but it doesn't match my own experience, and I've now been making a full-time living from trading for long enough not to feel like apologising for recommending the books that helped me so much, and to feel quite entitled to defend why I'm doing so, too. I do agree fully with your observation that there are many awful trading books around (and probably "most of them"), but those aren't the ones I recommended.
Wouldn't there be a chicken-egg effect because you need experience to get a trading job and to get experience you need a trading job? This said, it's a paradox - I was looking for a junior recently and found that there are a lot of people who want that job, yet nobody I've spoken to would actually be able to do the job.
I'd imagine there are some good books on financial statement and company analysis if one wants to go into the LS side of the game. Otherwise, everything out there is either total garbage or, at the very least, very dated.
Tony Montana sums it up in this clip...