Book or recommendation for beginners

dbphoenix said:
When beginners ask me where to get started, I refer them here, the first step of which follows:
The first step is to decide what kind of trader you want to be.
  • What do you want to accomplish with your trading? Is it recreational? Supplementary income? A part-time job? Do you want to make a living at it? Even the greenest of the green knows whether or not he wants to make a living at it, trade only part time, trade for recreation, trade for the action, trade to have something to talk about with other traders (for whatever reason), trade only long enough to earn money to do or buy X.
  • Do you have any idea what sort of trading is most comfortable? Long or intermediate-term trading? Short-term trading? Day-trading? Trend-trading? Scalping? (Note here that a short-term trader, for example, does not become a long-term trader just because his stop was hit and he didn't sell; a long-term trader doesn't become a short-term trader because he chickened out and sold too soon. Each of these approaches is selected deliberately and for thoroughly-considered reasons.) How patient are you? How adventurous? Are you a leader or a follower (most people think they're leaders)?
And so on . . .
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I agree. And to add, best way to learn how to day trade is being long term trader first, you have years to test what it takes to be day trader and takes very long time to get brain up to speed to breath all your rules, within an instance to make 30 decisions. You spend few hours a week to do long term trading making 15 to 1 reward to risk on profitable trades whereas you have to do min of 10,000 hours of screen time to do day trading risking more than reward to average 27 bucks a trade if lucky.
 
Buy1Sell2 said:
The only true edge in trading is capital and the prudent use thereof. Learn to be wrong and be ok with it.
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I go one step further then: the only true edge is capitalism.:)

P.S. For most people the prudent use is to lose it to someone who can use it better.
 
At 2248 last nite:

Buy1Sell2 said:
Looking right now for a good long entry, but will take a short if it presents itself. There is no trade presenting itself right now.
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As we're down 25 ES pts since then, one has to wonder what he considers a good short and the prudent use of capital. Doing nothing with it is not necessarily prudent.
 
Yelitza Del Valle said:
I'm starting learning, and I wonder if someone here could give me anyadvice or recommendation, books or something to help me as beginner.

I'll appreciate any help

Sorry for my english I'm not native speaker

Thank you !!
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With a library full of books; favorites include;
all 3 or 4 jack Schwager Top Trader Books
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All William O Neil books on investing;including the Sell Short Book[Founder of Investors Business Daily.]

Market Makers Edge Book, by Joshual Lukeman Dont let the daytrading cover fool you; study his 6 month candlecharts. You english is fine; wisdom is profitable to direct.....................................................................................
 
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