Good Trading Book for Beginner
- Thread starter mACcAboy
- Start date
Gosh Kevin... I keep trying to stay away from this debate but you just keep misrepresenting the book. Now you are creating impression that TTR does not address "the logic behind the trades, and ... when to enter/exit the trades". Then what is second and third parts of the book about?
Either you haven't really read it or you just have this way of expressing your thoughts that implies something you haven't actually meant... why don't you just drop it please?
Best regards,
Vad
We'll have to disagree on RSO. It's not a book designed to teach anybody to trade; it's a reminiscence.
In any case, these threads invariably fail to ask the beginner just what it is he wants to know. Instead, everyone makes suggestions on what they think he ought to know, without even finding out what he knows already, if anything. Most beginners might do best by downloading or ordering the free materials available from, for example, the CME (I've encountered traders who've been doing this for two years and don't know what a float is). And as for limited budgets, there's very little that's not available at the library, and that doesn't cost anything at all.
When we are new we just want detailed setups and methods, but how about books that tell you what doesn't work if you are a complete beginner - might save you wasting a lot of time on books and methods written by non trading traders.
Winner Takes All by Gallacher and the two Niederhoffer books are good at giving you an idea of how successful many methods are not and help to expose the way the business is infested with snakeoil salesman on the book/seminar/CD bandwagon*. N's point about Ben Graham having the right method at the right time and making all his money from one or two deals are food for thought. It is heresy to suggest this in the fundamental world (where they make their money from fees not performance).
One of the best things you can get from Vad's book is that you should take a portfolio approach to profits and losses - maybe that's why index futures are so hard mentally because most are trading, and thus focussed on P&L of one instrument.
ROSO and Douglas are high on my favorites list but High Probablity Trading by Link rates as one I wish I had had when I first started, as does Mind Over Markets by Dalton for it's insights into how markets work.
I would also tentatively suggest 'What I learned losing A million Dollars' by Paul is also worth the $100 you will pay for it. When I switched to futures I sat down with a very successful trader to seek his advice - even though he knew I was a profitable stock trader most all the advice he gave me was about surviving - i.e. avoiding the account blowing losses and not getting eaten alive paying away too much in slippage and spread. My favourite quote oft repeated was "Step back a bit from the screens or you'll start seeing things that aren't there" True, the more markets I watch the better setups I take.
* Not suggesting every author is in this category
Winner Takes All by Gallacher and the two Niederhoffer books are good at giving you an idea of how successful many methods are not and help to expose the way the business is infested with snakeoil salesman on the book/seminar/CD bandwagon*. N's point about Ben Graham having the right method at the right time and making all his money from one or two deals are food for thought. It is heresy to suggest this in the fundamental world (where they make their money from fees not performance).
One of the best things you can get from Vad's book is that you should take a portfolio approach to profits and losses - maybe that's why index futures are so hard mentally because most are trading, and thus focussed on P&L of one instrument.
ROSO and Douglas are high on my favorites list but High Probablity Trading by Link rates as one I wish I had had when I first started, as does Mind Over Markets by Dalton for it's insights into how markets work.
I would also tentatively suggest 'What I learned losing A million Dollars' by Paul is also worth the $100 you will pay for it. When I switched to futures I sat down with a very successful trader to seek his advice - even though he knew I was a profitable stock trader most all the advice he gave me was about surviving - i.e. avoiding the account blowing losses and not getting eaten alive paying away too much in slippage and spread. My favourite quote oft repeated was "Step back a bit from the screens or you'll start seeing things that aren't there" True, the more markets I watch the better setups I take.
* Not suggesting every author is in this category
Be careful with this guy - he appears to have multiple aliases and or trolls on ET. See this thread for more information:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=51618&perpage=6&pagenumber=11
nitro