Quote from konviction:
Agree. This was my first, and still is my fav book on trading. Even though the original is old, many of the material is still relevant today. There have been updated versions.
I would have to agree that much of the stuff out there is 99% sh-t, like Ironfist said. These books are filled with nothing but general statements that don't help anyone, and they love to show charts filled with indicators of where you should have bought or sold, but when sitting in front of a live screen, I bet these douche's wouldn't know what to do.
OH!, you're ma crossover system didn't work?....darn..looked soooo easy in the book!! :eek:
A 3rd grader could write a book on technical analysis. Seriously.
Books are handy in the sense that they tell you what to be cautious about, and the author might share valuable lessons they learned, but it only goes so far.
With most of the information, the trader will either:
A - not understand fully
B - Think it doesn't apply to him/her
C - Forget the information
D - All the above
then spend the next 3 to 5 yrs learning it the hard way.
You have a very intersting and conventional orientation.
Think about all the books you used to learn to drive a car or ride a bike.
It may be possible that you read books to learn how to make money. If you change your viewpoint, you may stop reading books for a while.
Learning the markets takes a few weeks. the consequence is that you know you know what and why the market is doing what it does at all times.
Hypothesize that you do not now know all the time what is going on in the markets. Test yourself on this matter. the test is the presence of fear, anxiety or anger when you look at the market or have a trade on.
Check scientifically, with an EMwave PC monitor. Incoherent scores are common among those who think and trade as you say you do.
Fear, anxiety and anger comes from looking at something and having no perception. Perception is the sum of sensing and your long term memory's inference on what is being seen.
where does the long term memory inference come from? from your mind obviously.
filling a person's mind with the proper inference and having it available is the 3 to 5 year problem you are biginning to experience and post about not having as yet. that is not going to change for you.
If you examine how long it takes to gain inference as opposed to how long it takes to lose trading capital, the latter takes less time than the former.
What is losing one's captial calledfrom a learning perspective? It is called learning repeated failure. most people learn repeated failure and are called upon to quit because they have no capital to trade. You are probably noticing this phenomena frequently, if you read ET.
Building the mind's long term memory inference is the learning trader's opportunity. It is done with purposeful drills over a few weeks.
Drill number one is posting a fully annotated P, V chart every day. It takes a minumum of inference to annotate what is going on in the market. Three levels of fractals is the minumum annotation requirement.
If you know what is going on at any time, you can then analyze it. If you can analyze it you can decide what to be doing each moment. If you can decide moment by moment what to do, then you can take behavioral action to make money all day long.
So skip getting your mind differentiated to have full inference for every moment. Wait 3 to 5 years and join those who quit. Or do like traderzones, quit early.
