BINGO
Best trading books/resources?
- Thread starter proftradingjourney
- Start date
Depends upon the overall context.
For example, lets pretend the OP (thread starter) has 500k in his trading account and he's real money trading with only 1 contract in Oil futures in a university trading room surrounded by experience/successful Oil futures traders.
In comparison, someone at home with 3.0k in his account trading real money with only 1 contract in Oil futures...not a single experience trader helping him. He'll be at more risk via his 3.0k trading account in comparison to the trader in a trading room at the university with a 500k trading account.
My point, the OP (thread starter) is at a university that may or may not have a trading room and if not...he can transfer to one that has such to increase his probability of success assuming there's fellow sucessful traders/professor/TA (teaching assistant) at the university trading room.
Simply, the OP is in a different context than the typical retail trader eventhough your reply is to kmiklas and not to the OP.
Reality, if the OP transfer to a university with a trading room...traders are not allowed to use the university trading room for real money trading experience.
Yet, I was looking at details of one of the link I posted earlier...
http://universityfinancelab.com/finance-lab-stats/ (scroll down to the bottom at the link to the section called "student manage funds")
I was shocked to discover some of those universities allows experience successful traders in the MBA program manage millions of dollars in trading accounts set aside by the university after I called one on that list.
One in particular has the largest account of all the universities...50 million dollars in the market being traded for the university. I do not know if they started on demo or a small trading account before being allowed to move up to the big league.
Of all the ones documented...there's > 300 million dollars under student management although I dont know if its investments or trading.
wrbtrader
As the quote goes 'only lose money you can afford to lose'
Last edited:
%%
And he did not mean perfect=100% all the time-no such thing.Perfect also means mature; B111 hinted about that.
Like target shooting, ''dry firing'' helps some. But live game with live ammo is much, much different. Hit rate on gamebirds which can fly about 75 mph is about 20% , on average . Trading is harder than that, mostly.
It is most certainly risky, but get used to it... investing is loaded with endless risk! Sooner or later you have to grow a pair and put some real money down. I believe that sooner is better: get in and pay your dues asap. Just don't make big bets; start small; 100 shares of stocks less than $5.
Livingston said it like this:
"I have heard of people who amuse themselves conducting imaginary operations in the stock market to prove with imaginary dollars how right they were. Sometimes these ghost gamblers make millions. It is very easy to be a plunger that way. It is like the old story of the man who was going to fight a duel the next day. His second asked him, "Are you a good shot?" "Well, said the duelist, "I can snap the stem of a wine glass at 20 paces," and he looked modest. "That's all very well," said the unimpressed second, "But can you snap the stem of a wineglass while the wineglass is pointing a loaded pistol straight at your heart?" [Reminiscenses of a Stock Operator, III]
Last edited:
Need stats and CS. Sinclair’s books.
%%
That's one of the better ways;
LOL, maybe why so few do.Any market pattern can show up in the stock market. Apple sellers flood the market with red apples, any color apples, usually late SEPT,[ good harvest time.......]good time to buy, usually, if one likes good apples+ i do
Most of us should have started with one stock share+ a plan. But as they say in Chicago, ''the smarter you are , the longer it takes.'' I read in a trading mag, Oakton Community College has some help; i got some ideas from them , but never attended.
Most like red apples; me too, but i also enjoy green Granny Smith, what they call '' a good keeper.'' Many apples rot quick unless you cool them................................................
..........If you are looking for consistent profits trading options, you got to find a strategy that fits your goal. Try it on paper for a while then trade it in a real account with money you can afford to lose. From an amateur perspective, I find the broken wing butterfly strategy that is placed as a credit on BOTH the put and call side as a very attractive set up. The holy grail will be what to do if the underlying is approaching one of your short ends. If you can consistently master what to do to profitably adjust the threatened side, you win every time. May be this will be a subject for a good thread.
Last edited:
I've read over 100 books on trading. My #1 recommendation is this $18 book (with a funny title): 12 Habitudes of Highly Successful Traders. Ms. Roosevelt, the author, is a traders coach.
I agree! And her Overcoming 7 Deadly Sins of Trading, too.