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How to succeed in stock trading?
- Thread starter lancer101
- Start date
You can see that I am not a big poster here on this forum, so you might take this advice with less value than something that comes from a member with 100's of posts, but I no personal agenda here and offer only some books for you to read.
Here is my list of favorites:
Trading in the Zone
Trading for a Living
Super Trader
Technical Analysis of Stock Trends
Secrets for Profiting in Bull and Bear Markets
How to Make Money in Stocks
Short term Trading Strategies That Work
These are good books for the swing/position style trader. I have not mentioned any daytrading/scalping type books not because there aren't any, just that I am not a good daytrader/scalper so my advice on this is worthless. I am not saying it can't be done, several of my good friends are highly profitable scalpers, I just have not made the commitment to sit in my chair long enough.
There might be a few other "good reads" out there for stock trading, but I think that these books cover pretty much all you need to expand you knowledge.
Read everything you can find on risk management. Trading was a roller coaster ride before I understood how to manage risk. Now my accounts see modest gains with small losses.
Beware of seminars and courses. Over the years, I have spent over 20k in what I thought was valuable knowledge only to find out that there is no Holy Grail that will take my trading to the next level. I don't believe that there is a course that can teach it and I certainly would not pay another dime to find out.
I also recommend throwing out the books that tell you how to get rich in the markets by getting you to join their chat room or whatever fancy name they might be using for "give me your credit card # so I can feed you some more bullshit".
Watch what everyone else is doing and consider doing the opposite. I'm not saying to do the opposite every time, just consider the reasons why you might.
Well, it sounds like I am teaching now so pay no attention to what I just said, but the books I recommend are worth the effort to read.
Good Luck to you....
Here is my list of favorites:
Trading in the Zone
Trading for a Living
Super Trader
Technical Analysis of Stock Trends
Secrets for Profiting in Bull and Bear Markets
How to Make Money in Stocks
Short term Trading Strategies That Work
These are good books for the swing/position style trader. I have not mentioned any daytrading/scalping type books not because there aren't any, just that I am not a good daytrader/scalper so my advice on this is worthless. I am not saying it can't be done, several of my good friends are highly profitable scalpers, I just have not made the commitment to sit in my chair long enough.
There might be a few other "good reads" out there for stock trading, but I think that these books cover pretty much all you need to expand you knowledge.
Read everything you can find on risk management. Trading was a roller coaster ride before I understood how to manage risk. Now my accounts see modest gains with small losses.
Beware of seminars and courses. Over the years, I have spent over 20k in what I thought was valuable knowledge only to find out that there is no Holy Grail that will take my trading to the next level. I don't believe that there is a course that can teach it and I certainly would not pay another dime to find out.
I also recommend throwing out the books that tell you how to get rich in the markets by getting you to join their chat room or whatever fancy name they might be using for "give me your credit card # so I can feed you some more bullshit".
Watch what everyone else is doing and consider doing the opposite. I'm not saying to do the opposite every time, just consider the reasons why you might.
Well, it sounds like I am teaching now so pay no attention to what I just said, but the books I recommend are worth the effort to read.
Good Luck to you....
Quote from killer007:
um.. this might work or not work...
you can't just stare at it and not understand it...@.@...
You're right, however I wished someone would have said that to me when I was in High School. Jumping into unknown territory reading Buffet's book was the worst disaster for a punk kid. But if this new trader would put in the time to look at price actions, waves, trends, news and how everything interact with each other; he is definitely on a stable path to where ever he wishes to go. And what does he have to lose except a year's time.
In the scenario that he does stare at it for 3-4 months and gets sick and tired from it, even better he didn't have to lose any money in this type of business.
Check out "What it takes to be a successful trader" in this thread.
http://www.elitetrader.com/vb/showt...192#post2857192
http://www.elitetrader.com/vb/showt...192#post2857192
Quote from sumfuka:
You're right, however I wished someone would have said that to me when I was in High School. Jumping into unknown territory reading Buffet's book was the worst disaster for a punk kid. But if this new trader would put in the time to look at price actions, waves, trends, news and how everything interact with each other; he is definitely on a stable path to where ever he wishes to go. And what does he have to lose except a year's time.
In the scenario that he does stare at it for 3-4 months and gets sick and tired from it, even better he didn't have to lose any money in this type of business.
ya....they always say you need a "edge" in this market to earn money...
not sure what is "edge" mean, i guess some kind of specialty? @.@...
well...it is best to just go to a prop firm to trade where you use their money and learn something on your own...cuz they won't teach you much but you can just watch other from behind and see what other trader do...