Best book for a novice trader to learn daytrading?

[Xela]

I still stand by my initial premise, trading gets progressively easier as the time frame rises.

I hear you there.

I suspect it depends a little on what people find "easier"/"more suitable"?

I don't think anyone can seriously question the proposition that TA-based "signals" get more reliable as the time-frame rises (though of course their frequency also dimishes: it depends to what extent one wants a trade-off between win-rates and trading frequency: my own perspective tends to be that it's better to take an average of 10 ticks four times a day than an average of 20 ticks once a day, or something like that, anyway).

I must admit my wife does pretty well with a system that includes a 3 tick chart on the ES. Super fast is not me.

Nor me ... I'm slightly surprised to hear the instrument selection, there: I would have thought she might prefer NQ to ES, for a 3-tick chart ... but obviously not (shows what I know about it!).

 

[Beyondbreakeventrading]

Her dad is 81, he was pro trader when he was young, an expert witness in commodities trading, and is a genius quant. He's pretty much married to that time frame and that instrument. Who am I to criticize? That's what they like so that's what they do. If I were to go down to those levels, I'd trade the most liquid options I could find and trade them deep in the money. That way, if I had a brain fart or the market had a black swan event as it does from time to time, all I'd lose is the value of the contract, not my house.

 

[lovethetrade]

I hear you there.

I suspect it depends a little on what people find "easier"/"more suitable"?

I don't think anyone can seriously question the proposition that TA-based "signals" get more reliable as the time-frame rises (though of course their frequency also dimishes: it depends to what extent one wants a trade-off between win-rates and trading frequency: my own perspective tends to be that it's better to take an average of 10 ticks four times a day than an average of 20 ticks once a day, or something like that, anyway).





Nor me ... I'm slightly surprised to hear the instrument selection, there: I would have thought she might prefer NQ to ES, for a 3-tick chart ... but obviously not (shows what I know about it!).

Wow, 10 ticks 4 times a day, that's a lot for the average trader.

 

[Xela]

Wow, 10 ticks 4 times a day, that's a lot for the average trader.

Probably ... only an "example figure" to try to explain the concept that what matters is expectancy and overall results, rather than just win-rate. People get hung up on win-rate and reliability, but that's only half the story, you know?