New to trading - Got a bunch of books. Scared to learn outdated things.

Hello everyone,

This is my first post, I ended up finding this forum while searching for a book I own "The way of the Turtle". And Im glad I found it!

The thing is, Im new to trading, got into cryptos for about a year, but Im trading only from what I quickly learned on some videos/tradingview etc.

My portfolio has increased quite nicely and I thought I should be more pro on this. Im a former professional poker player (online mostly), and Im only 25 years old. I feel that I have a chance to make this work.

I got about 70 books from a retired trader that put an ad on a facebook page selling all those books for 5€, I thought the ad was for for me, I grabbed the chance and made 150km to go grab them.

The thing is... They are all old books pretty much, and Im scared to learn outdated stuff.
Still I believe there is some value on it of course, and the aspect of it being real books and helping me stay away from screens a bit seems wonderful.

If someone mind helping me, by pointing me on the right path, I would appreciate it, here is the list of all the books I have:
  1. Trading Commodities & Financial Futures - George Kleinman
  2. Technical Analysis for the Trading Professional - Constance Brown
  3. The Three Skills of Top Trading - Hank Pruden
  4. Options as a Strategic Investment - Lawrence G. McMillan
  5. How I trade for a living - Gary Smith
  6. The Japanese Chart of Charts - Seiki Shimizu
  7. Market Trading Tactics - Daryl Guppy
  8. Cybernetic Trading Strategies - Murray A. Ruggiero, Jr.
  9. Trading Chaos - Bill Williams & Justine Gregory-Williams
  10. Astro-Cycles & Speculative Markets - L. J. Jensen
  11. Gaming the Market - Ronald B. Shelton
  12. Stock Trading Techniques - Michael Harris
  13. Come Into My Trading Room - Dr. Alexander Elder
  14. New Trading Dimensions - Bill Williams,.PHD
  15. Beyond Greed and Fear - Hersh Shefrin
  16. Way of the Turtle - Curtis M. Faith
  17. Design, Testing and Optimization of Trading Systems - Robert Pardo
  18. How I made $2,000,000 In The Stock Market - Nicolas Danvas
  19. The New Fibonacci Trader Workbook - Robert Fischer
  20. Support & Resistance Simplified - Michael C. Thomsett
  21. Tape Reading & Markets Tactics - Humphrey B. Neill
  22. Gann Simplified - Clif Droke
  23. The Market Maker's Edge - Josh Lukeman
  24. Charting the Stock Market - The Wyckoff Method - Jack K. Hutson
  25. Real Options - Tom Copeland / Vladimir Antikarov
  26. Astro-Cycles: The Trader's Viewpoint - Larry Pesavento
  27. Cyclic Analysis - J. M. Hurst
  28. The Opening Price Principle - The Best Kept Secret on Wall Street - Larry Pesavento / Peggy MacKay
  29. Japanese Candlestick Charting Techniques - Steve Nison
  30. W. D. Gann Treasure Discovered - Robert Krausz, MH.BCHE
  31. Mastering Elliot Wave - Glenn Neely
  32. Dynamic Trading - Robert C. Miner
  33. The Geometry of Stock Market Profits - Michael S. Jenkins
  34. Quantitative Trading - Ernest P. Chan
  35. Dynamic Trading Indicators - Mark W. Helweg & David C. Stendahl
  36. The Day Trader's Survival Guide - Christopher A. Farrell
  37. The Candlestick Course - Steve Nison
  38. Tolls and Tactics for the Master Day Trader - Oliver Velez & Greg Capra
  39. Technical Analysis and Stock Market Profits - Richard W. Schabacker
  40. Technical Analysis of Stock Trends - Robert D. Edwards and John Magee
  41. Encyclopedia of chart patterns - Thomas N. Bulkowski
  42. Trading Classic Chart Patterns - Thomas N. Bulkowski
  43. The Definitive Guide to Point and Figure - Jeremy du Plessis
  44. Geometry of Markets - Bryce T. Gilmore
  45. Intermarket Analysis - John J. Murphy
  46. Intermarket Technical Analysis - John J. Murphy
  47. New Market Timing Techniques - Thomas R- DeMark
  48. Profitable Candlestick Trading - Stephen W. Bigalow
  49. Pattern Classification - Richard O. Duda / Peter E. Hart / David G. Stork
  50. Selective Forex Trading - Don Snellgrove
  51. Planetary Harmonics of Speculative Markets - Larry Pesavento
  52. Financial Astrology - Lcdr. David Williams
  53. Profitability and Systematic Trading - Michael Harris
  54. Forecasting Financial Markets - Tony Plummer
  55. The Complete Idiot's Guide to Options and Futures - Scott Barrie
  56. The Mathematics of Technical Analysis - Clifford J. Sherry & Jason W. Sherry
  57. How to Read the Financial Pages - Michael Brett
  58. Astrology and Stock Market Forecasting
  59. The Stock Market Barometer - William Peter Hamilton
  60. Study Guide for Technical Analysis Explained - Martin J. Pring
  61. The Four Biggest Mistakes in Option Trading - Jay Kaeppel
  62. Stock Market Technique Number One & Two - Richard D. Wyckoff
  63. How Buffet Does It - James Pardoe
  64. The (Mis)Behaviour of Markets - Benoit B. Mandelbrot and Richard L. Hudson
  65. How I trade and Invest in Stocks and Bonds - Richard D. Wyckoff
  66. Studies in Tape Reading - Richard D. Wyckoff
  67. You can be a Stock Market Genius - Joel Greenblatt

Thank you very much in advance.

Cheers!

read nothing

just trade (on paper)

when first questions will appear , start looking for the answers here or in the books

continue to trade on paper

more questions will pop-up - more books or look for the answers here

when the moment will come at which you will feel no need for the books, or the forum in order to find the answers to your questions - you ready to start trading real money ... until you will find that what you have methodwise is not working :)

but that is another issue.. you not there yet
 
You know if you watched this documentary "Wall Street Warriors", this deal maker Sandy actually visited a financial astrologer who manages this fund based on Astrology and this book "Astrology and Stock Market Forecasting" actually showed up in the show; it was one of the books that this financial astrologer had on his bookshelf.

When I saw this, I remember I was shouting in my head "Run, Sandy, RUN!!!" LOL
I know I watched thiat episode but I don't even remember that segment!
 
Hello everyone,

This is my first post, I ended up finding this forum while searching for a book I own "The way of the Turtle". And Im glad I found it!

The thing is, Im new to trading, got into cryptos for about a year, but Im trading only from what I quickly learned on some videos/tradingview etc.

My portfolio has increased quite nicely and I thought I should be more pro on this. Im a former professional poker player (online mostly), and Im only 25 years old. I feel that I have a chance to make this work.

I got about 70 books from a retired trader that put an ad on a facebook page selling all those books for 5€, I thought the ad was for for me, I grabbed the chance and made 150km to go grab them.

The thing is... They are all old books pretty much, and Im scared to learn outdated stuff.
Still I believe there is some value on it of course, and the aspect of it being real books and helping me stay away from screens a bit seems wonderful.

If someone mind helping me, by pointing me on the right path, I would appreciate it, here is the list of all the books I have:
  1. Trading Commodities & Financial Futures - George Kleinman
  2. Technical Analysis for the Trading Professional - Constance Brown
  3. The Three Skills of Top Trading - Hank Pruden
  4. Options as a Strategic Investment - Lawrence G. McMillan
  5. How I trade for a living - Gary Smith
  6. The Japanese Chart of Charts - Seiki Shimizu
  7. Market Trading Tactics - Daryl Guppy
  8. Cybernetic Trading Strategies - Murray A. Ruggiero, Jr.
  9. Trading Chaos - Bill Williams & Justine Gregory-Williams
  10. Astro-Cycles & Speculative Markets - L. J. Jensen
  11. Gaming the Market - Ronald B. Shelton
  12. Stock Trading Techniques - Michael Harris
  13. Come Into My Trading Room - Dr. Alexander Elder
  14. New Trading Dimensions - Bill Williams,.PHD
  15. Beyond Greed and Fear - Hersh Shefrin
  16. Way of the Turtle - Curtis M. Faith
  17. Design, Testing and Optimization of Trading Systems - Robert Pardo
  18. How I made $2,000,000 In The Stock Market - Nicolas Danvas
  19. The New Fibonacci Trader Workbook - Robert Fischer
  20. Support & Resistance Simplified - Michael C. Thomsett
  21. Tape Reading & Markets Tactics - Humphrey B. Neill
  22. Gann Simplified - Clif Droke
  23. The Market Maker's Edge - Josh Lukeman
  24. Charting the Stock Market - The Wyckoff Method - Jack K. Hutson
  25. Real Options - Tom Copeland / Vladimir Antikarov
  26. Astro-Cycles: The Trader's Viewpoint - Larry Pesavento
  27. Cyclic Analysis - J. M. Hurst
  28. The Opening Price Principle - The Best Kept Secret on Wall Street - Larry Pesavento / Peggy MacKay
  29. Japanese Candlestick Charting Techniques - Steve Nison
  30. W. D. Gann Treasure Discovered - Robert Krausz, MH.BCHE
  31. Mastering Elliot Wave - Glenn Neely
  32. Dynamic Trading - Robert C. Miner
  33. The Geometry of Stock Market Profits - Michael S. Jenkins
  34. Quantitative Trading - Ernest P. Chan
  35. Dynamic Trading Indicators - Mark W. Helweg & David C. Stendahl
  36. The Day Trader's Survival Guide - Christopher A. Farrell
  37. The Candlestick Course - Steve Nison
  38. Tolls and Tactics for the Master Day Trader - Oliver Velez & Greg Capra
  39. Technical Analysis and Stock Market Profits - Richard W. Schabacker
  40. Technical Analysis of Stock Trends - Robert D. Edwards and John Magee
  41. Encyclopedia of chart patterns - Thomas N. Bulkowski
  42. Trading Classic Chart Patterns - Thomas N. Bulkowski
  43. The Definitive Guide to Point and Figure - Jeremy du Plessis
  44. Geometry of Markets - Bryce T. Gilmore
  45. Intermarket Analysis - John J. Murphy
  46. Intermarket Technical Analysis - John J. Murphy
  47. New Market Timing Techniques - Thomas R- DeMark
  48. Profitable Candlestick Trading - Stephen W. Bigalow
  49. Pattern Classification - Richard O. Duda / Peter E. Hart / David G. Stork
  50. Selective Forex Trading - Don Snellgrove
  51. Planetary Harmonics of Speculative Markets - Larry Pesavento
  52. Financial Astrology - Lcdr. David Williams
  53. Profitability and Systematic Trading - Michael Harris
  54. Forecasting Financial Markets - Tony Plummer
  55. The Complete Idiot's Guide to Options and Futures - Scott Barrie
  56. The Mathematics of Technical Analysis - Clifford J. Sherry & Jason W. Sherry
  57. How to Read the Financial Pages - Michael Brett
  58. Astrology and Stock Market Forecasting
  59. The Stock Market Barometer - William Peter Hamilton
  60. Study Guide for Technical Analysis Explained - Martin J. Pring
  61. The Four Biggest Mistakes in Option Trading - Jay Kaeppel
  62. Stock Market Technique Number One & Two - Richard D. Wyckoff
  63. How Buffet Does It - James Pardoe
  64. The (Mis)Behaviour of Markets - Benoit B. Mandelbrot and Richard L. Hudson
  65. How I trade and Invest in Stocks and Bonds - Richard D. Wyckoff
  66. Studies in Tape Reading - Richard D. Wyckoff
  67. You can be a Stock Market Genius - Joel Greenblatt

Thank you very much in advance.

Cheers!

Give them to the library.

While I agree with those who discourage you from reading books, I disagree with those who advise that you simply jump in and start trading without having the least idea what you're looking at, much less trading. Unless you want to spend years -- and a not inconsiderable amount of money -- trying to figure it out (the "10,000 hours" thing has to do with mastering the violin, not learning how to trade; if you're attempting to learn by doing, you could easily waste many more hours than that). As to recommended books and how many people recommend what and on how many lists a given book may find a place, you should know that although Steve Nison, for example, made a small fortune on candlestick books, there is no statistically significant evidence of the predictive ability of any candlestick or candlestick pattern with the exception of the "hammer" (also called the "pin bar" by some, also known as a reversal). They are pretty, but that's about it. As for Bulkowski, he certainly put in a lot of effort, but the statistical significance of any given pattern will depend entirely on how the pattern is defined. If the pattern you're looking at does not exactly fit the description provided in his encyclopedia, then the alleged statistical significance of it is pretty much useless. But you've got dozens of books there, and I could go on.

Keep in mind also that most of those who offer their opinions on these books and books in general are struggling or even unsuccessful traders. There are a few on these forums who make consistent money and even fewer who make a living at it trading their own money. It's up to you to decide how much you can depend on the advice offered by the rest, assuming you can tell the difference. However, you are fortunate in that you needn't depend on any of this advice at all, much less what you'll find in a book. Focus instead of what the pioneers did, and by "pioneers" I mean Dow, Hamilton, Rhea, Baruch, Wyckoff, Livermore, duPlessis, Schabacker, Gann, Graham and the rest of those who learned what they learned by studying the market, not what others said or wrote about the market. Not that they always got it right. There were weird things written about the market even a hundred years ago. But there has been very little written since 1940(+/-) that is in any way new. Weinstein's "stages", for example, are lifted in almost their entirety from Wyckoff. Candles have been around for four hundred years. Therefore, again, study the market. Then formulate a few hypotheses based on what you've observed, then test them out to see if they amount to anything. Study, test, practice. Then when you become consistent and you're not thrown by every little pebble in the road, trade with a little money and see how you react to the losses, if any. If you find that your risk tolerance is virtually non-existent, then the paths open to you, though they can be found, will be far fewer.

If you're wondering what's meant by "study the market", I suggest you read the following. This excerpt is only three pages, though it will give you some idea of what's meant by "study the market" -- without indicators, without patterns, without candles, without wavy lines or Technicolor. If you want to read all of it, see the pdf uploaded to the end of this post. The first three pages, as mentioned, are reproduced below.

upload_2018-3-9_10-39-48.png

upload_2018-3-9_10-41-7.png

upload_2018-3-9_10-42-14.png

upload_2018-3-9_10-43-27.png


And if any of this sounds strangely familiar, you'll begin to appreciate the amount of plagiarism that has gone on over the past 80 or 90 years, which the plagiarists get away with because so many of these seminal works were never printed and bound. Schabacker's work, for example, which would have been lost had it not been for his brother-in-law Robert Edwards (Technical Analysis of Stock Trends), who put the finishing touches on Schabacker's work after the latter's death. Edwards became famous, of course, whether deservedly so or not is up for debate, but at least the work was saved.

Incidentally, the excerpt above is part of a year-long analysis. That's a course in itself.
 
Based on the advice in these books, I find winning on 4 out of 7 trades... sometimes 3 out of 5.

I remember when the moon aligned with Venus, AND Jupiter aligned with Mars. The VIX went into a spin-cycle!

Should've told this guy who lost $4 million trading XIV on Feb. 6 just past. https://www.zerohedge.com/news/2018-02-06/xiv-trader-loses-4-million-and-3-years-work-here-his-story?sort_by=thread&sort_order=ASC&items_per_page=50&page=0,0,0,0,0,0,0,0,2 What was the star alignment like on that day? :)
 
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I know I watched thiat episode but I don't even remember that segment!

That guy was creepy. He kept interrupting Sandy and wouldn't let her talk. You can tell he was ogling her right from the beginning and eventually he decided to do Sandy's personal astrology reading instead of promoting his fund.
 
Give them to the library.

While I agree with those who discourage you from reading books, I disagree with those who advise that you simply jump in and start trading without having the least idea what you're looking at, much less trading. Unless you want to spend years -- and a not inconsiderable amount of money -- trying to figure it out (the "10,000 hours" thing has to do with mastering the violin, not learning how to trade; if you're attempting to learn by doing, you could easily waste many more hours than that). As to recommended books and how many people recommend what and on how many lists a given book may find a place, you should know that although Steve Nison, for example, made a small fortune on candlestick books, there is no statistically significant evidence of the predictive ability of any candlestick or candlestick pattern with the exception of the "hammer" (also called the "pin bar" by some, also known as a reversal). They are pretty, but that's about it. As for Bulkowski, he certainly put in a lot of effort, but the statistical significance of any given pattern will depend entirely on how the pattern is defined. If the pattern you're looking at does not exactly fit the description provided in his encyclopedia, then the alleged statistical significance of it is pretty much useless. But you've got dozens of books there, and I could go on.

Keep in mind also that most of those who offer their opinions on these books and books in general are struggling or even unsuccessful traders. There are a few on these forums who make consistent money and even fewer who make a living at it trading their own money. It's up to you to decide how much you can depend on the advice offered by the rest, assuming you can tell the difference. However, you are fortunate in that you needn't depend on any of this advice at all, much less what you'll find in a book. Focus instead of what the pioneers did, and by "pioneers" I mean Dow, Hamilton, Rhea, Baruch, Wyckoff, Livermore, duPlessis, Schabacker, Gann, Graham and the rest of those who learned what they learned by studying the market, not what others said or wrote about the market. Not that they always got it right. There were weird things written about the market even a hundred years ago. But there has been very little written since 1940(+/-) that is in any way new. Weinstein's "stages", for example, are lifted in almost their entirety from Wyckoff. Candles have been around for four hundred years. Therefore, again, study the market. Then formulate a few hypotheses based on what you've observed, then test them out to see if they amount to anything. Study, test, practice. Then when you become consistent and you're not thrown by every little pebble in the road, trade with a little money and see how you react to the losses, if any. If you find that your risk tolerance is virtually non-existent, then the paths open to you, though they can be found, will be far fewer.

If you're wondering what's meant by "study the market", I suggest you read the following. This excerpt is only three pages, though it will give you some idea of what's meant by "study the market" -- without indicators, without patterns, without candles, without wavy lines or Technicolor. If you want to read all of it, see the pdf uploaded to the end of this post. The first three pages, as mentioned, are reproduced below.

View attachment 183530
View attachment 183531
View attachment 183532
View attachment 183533

And if any of this sounds strangely familiar, you'll begin to appreciate the amount of plagiarism that has gone on over the past 80 or 90 years, which the plagiarists get away with because so many of these seminal works were never printed and bound. Schabacker's work, for example, which would have been lost had it not been for his brother-in-law Robert Edwards (Technical Analysis of Stock Trends), who put the finishing touches on Schabacker's work after the latter's death. Edwards became famous, of course, whether deservedly so or not is up for debate, but at least the work was saved.

Incidentally, the excerpt above is part of a year-long analysis. That's a course in itself.

We don't recommend jumping right into trading. We recommend developing a system and PAPER-trading as in simulation trading first instead of reading these books.
 
but the statistical significance of any given pattern will depend entirely on how the pattern is defined.

:wtf: I just got shivers!

[:D I love the sexy talk. :D]


QUOTE="lcranston
Focus instead of what the pioneers did, [...] who learned what they learned by studying the market, not what others said or wrote about the market. Not that they always got it right. [!!!]

There were weird things written about the market even a hundred years ago. [!!!]

But there has been very little written since 1940(+/-) that is in any way new. [!!!]

Weinstein's "stages", for example, are lifted in almost their entirety from Wyckoff. Candles have been around for four hundred years.

[!!!!!!!!!!!] Therefore, again, study the market. Then formulate a few hypotheses based on what you've observed, then test them out to see if they amount to anything. Study, test, practice.
[!!!!!!!!!!!!!!!!!!!!!!!!!!!]

Then when you become consistent and you're not thrown by every little pebble in the road, trade with a little money and see how you react to the losses, if any. If you find that your risk tolerance is virtually non-existent, then the paths open to you, though they can be found, will be far fewer.QUOTE

Hallelujah!


("Nicely done!")
 
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That guy was creepy. He kept interrupting Sandy and wouldn't let her talk. You can tell he was ogling her right from the beginning and eventually he decided to do Sandy's personal astrology reading instead of promoting his fund.
Really? I didn't watch it all but he seem more weird then creepy.

Creepy would be this guy:


http://www.bravotv.com/the-millionaire-matchmaker/photos/top-10-worst-dates/item/9528536

A stockbroker too. Sorry couldn't find any clips but if you have Hulu....it's on Hulu.
 
I would like to thank you for all your opinion and time spent giving it to me.

Hopefully I will be able to thank you by giving advice to other young traders.

Let me share a bit of my plan:
I have been trading cryptos for the last year, so Im already trading with "money", I managed to get 50% more BTC, but of course theres place to do way better. I have traded some times on BTC/USD pair, usually I trade altcoins only and never against FIAT, and thats what makes me want to evolve in this field.
I sincerely dont see myself trading on paper, but I will reduce my bankroll for intra-day trading.

I will continue on cryptos for now, it's pretty bullish and even by making mistakes I will probably not loose money. I have a fulltime job in front of the computer also, but that allows me to trade, so Im not risking much.

I will read a couple of books I have still, but knowing that I can evolve later on, if I get my hands on more accurate info (I was used to this on poker, there is a constant evolution also).

Cheers
 
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