I am going to turn 22 this month, and I have accomplished absolutely nothing yet, I feel old, I feel incompetent . . . My weaknesses are shown before my eyes under a magnifying glass, and one question haunted me during the entire weekend:
If you are so serious about trading, why stop at intraday trading, which even if mastered, is without any question, the small potato compared to just about every other form of trading in financial market simply because of the limited size you can do?
There is a difference between learning from experience and learning from education. While learning from experience is the dominant way of learning, it is also the slowest. Are there a lot of things I need to learn about intraday trading? Yes, but it will have to come from time and experience. What am I going to do when the market is closed?
There are many brilliant individuals of my age, working long hours, getting their MBA's, arm themselve to the teeth with knowledge. Knowledge is power, and if I am happy with what I know, I am never going to improve. In my soul, there is a thirst for blood, and there is a thirst for more knowledge.
I realized how much I don't know for someone who will dedicate his life to the financial market. I realized if I want to make it without a degree, I have to put in more effort than 8 hours a day. I need to spend at least 3-4 more hours a day, reading, attacking, filling the gaps in my knowledge.
I know for a fact, that one day, I want to become a trader's trader, someone who can trade multiple markets, multiple vehicles, multiple time frames, without having to be a jack of all trades, master of none. I want to make it big time, really big time, my goal is to learn everything I can about the financial market, and eventually, like water, it will all merge together into a single entity, when it will all come together to make me better than ever.
Think about it, if I know how futures trading works, I will be able to predict futures movement better, and my day trading will improve. If I know how commodities work, I will be able to predict things like oil prices, and it will help me trading energy stocks. If I know how fundamental analysis work, I will be able to trader longer time frames with HIGHER probability than technical analysis alone.
I AM LOOKING FOR BOOK RECOMMENDATIONS ON FOLLOWING SUBJECTS:. I will start trading another instrument / time frame in addition to day trading, within a year from now, and I may start paper trading way before then.
1) Fundamental Analysis, no excuses, to be a complete trader, you have to know this. It is not as important as technical analysis, but it helps in so many little ways, like intepreting morning news better. If I ever want to go big time into a longer time frame fund business, this is going to be a huge asset over someone who does technicals alone. I want to read balance sheets, I want to learn how a company operate, this is linked to business management as well, it is too large of a hole for me to ignore if I ever want to run my own business.
2) Futures, how does it work, or even more importantly, how do you trade it. I have to have at least paper knowledge in this subject.
3) Options, hedging strategies, advanced topics.
4) Commodities, why stick with just equities if there are easier money made elsewhere? It is almost the same question I asked a year ago, why stick with just technology stocks when there are easier trades in other sectors?
5) Bonds, that's right, this has a serious relationship with stocks, and I would like to read more about it.
6) Economy, I feel like an idiot sometimes when it comes to morning economy news, I would like to know the details behind a PPI, a CPI, etc . . .
7) Currencies, if you love the game, why not playing it 24 hours a day?
8) Business Management, I may not have a MBA, but I would like to have the knowledge of one.
I understand this is an ENORMOUS set of topics I am asking for, but the way I see it, if I am dedicated to the financial market, if I carry the pride of being a trader, I have an entire life's worth of time to learn. The day I stop learning, is the day I stop breathing.
Please, make your recommendations, I am going to spend a year to take my knowledge to another level.
There is no limit to learning, there is no limit to trading.
If you are so serious about trading, why stop at intraday trading, which even if mastered, is without any question, the small potato compared to just about every other form of trading in financial market simply because of the limited size you can do?
There is a difference between learning from experience and learning from education. While learning from experience is the dominant way of learning, it is also the slowest. Are there a lot of things I need to learn about intraday trading? Yes, but it will have to come from time and experience. What am I going to do when the market is closed?
There are many brilliant individuals of my age, working long hours, getting their MBA's, arm themselve to the teeth with knowledge. Knowledge is power, and if I am happy with what I know, I am never going to improve. In my soul, there is a thirst for blood, and there is a thirst for more knowledge.
I realized how much I don't know for someone who will dedicate his life to the financial market. I realized if I want to make it without a degree, I have to put in more effort than 8 hours a day. I need to spend at least 3-4 more hours a day, reading, attacking, filling the gaps in my knowledge.
I know for a fact, that one day, I want to become a trader's trader, someone who can trade multiple markets, multiple vehicles, multiple time frames, without having to be a jack of all trades, master of none. I want to make it big time, really big time, my goal is to learn everything I can about the financial market, and eventually, like water, it will all merge together into a single entity, when it will all come together to make me better than ever.
Think about it, if I know how futures trading works, I will be able to predict futures movement better, and my day trading will improve. If I know how commodities work, I will be able to predict things like oil prices, and it will help me trading energy stocks. If I know how fundamental analysis work, I will be able to trader longer time frames with HIGHER probability than technical analysis alone.
I AM LOOKING FOR BOOK RECOMMENDATIONS ON FOLLOWING SUBJECTS:. I will start trading another instrument / time frame in addition to day trading, within a year from now, and I may start paper trading way before then.
1) Fundamental Analysis, no excuses, to be a complete trader, you have to know this. It is not as important as technical analysis, but it helps in so many little ways, like intepreting morning news better. If I ever want to go big time into a longer time frame fund business, this is going to be a huge asset over someone who does technicals alone. I want to read balance sheets, I want to learn how a company operate, this is linked to business management as well, it is too large of a hole for me to ignore if I ever want to run my own business.
2) Futures, how does it work, or even more importantly, how do you trade it. I have to have at least paper knowledge in this subject.
3) Options, hedging strategies, advanced topics.
4) Commodities, why stick with just equities if there are easier money made elsewhere? It is almost the same question I asked a year ago, why stick with just technology stocks when there are easier trades in other sectors?
5) Bonds, that's right, this has a serious relationship with stocks, and I would like to read more about it.
6) Economy, I feel like an idiot sometimes when it comes to morning economy news, I would like to know the details behind a PPI, a CPI, etc . . .
7) Currencies, if you love the game, why not playing it 24 hours a day?
8) Business Management, I may not have a MBA, but I would like to have the knowledge of one.
I understand this is an ENORMOUS set of topics I am asking for, but the way I see it, if I am dedicated to the financial market, if I carry the pride of being a trader, I have an entire life's worth of time to learn. The day I stop learning, is the day I stop breathing.
Please, make your recommendations, I am going to spend a year to take my knowledge to another level.
There is no limit to learning, there is no limit to trading.
