Serious newbie in search for knowledge

This will save you a ton if you listen to it...

Cut your losses!

Seriously, don't let your ego or wishful thinking let you hold onto losers. DON"T DOUBLE DOWN.

Let your winners run...BUT don't get greedy. Remember nobody went broke taking a profit.

That advice above is worth thousands...send me a check...:D
 
The books listed in previous posts are all good suggestions, but I have one more.

The first trading book I read was 'A beginner's guide to day trading online' by Toni Turner.

Its basic, straight forward and good introduction to some basic patterns and stategies. Its available in paperback, and is quite inexpensive.
Once you have read it twice and digested it, then move on to Elder, Nisson, Murphy etc.
 
Quote from Joab:

Completely agree !!!




c.chugani

If I where to have to start from scratch, I would join a reputable prop shop.

I highly recommend this route to you ...
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excuse me for my noobishness, but could you please elaborate?
 
Quote from bl82:

The book recommendations below are books I have recently read and are loosely grouped into categories, with similarities in each group. Each book has two ratings -- based on a 10 point scale -- my (highly subjective) assessment of value for a beginning trader followed by my assessment for an experienced trader.

You should probably proceed from the top group down as far as you continue to get value, but, personally I'd make the top 11 required reading at the outset and suggest that you don't wait too long to read Mamis, Bulkowski and Grant.

Also, expect to reread many of these books as your knowledge base grows and you are able to pull different nuggets out of them.

>>>Introduction and Context
Market Wizards: Interviews with Top Traders (Jack Schwager) – 10/8
The New Market Wizards: Conversations with America's Top Traders (Jack Schwager) – 10/7
Stock Market Wizards: Interviews with America's Top Stock Traders (Jack Schwager) – 10/7

>>>Anecdotal / Historical
How I Made 2,000,000 in the Stock Market (Nicholas Darvas) – 9/5
Reminiscences of a Stock Market Operator (Edwin Lefevre) – 9/9

>>>High Level, How To: The Short List
Fooled By Randomness (Nassim Taleb) – 9/8
Trade Your Way to Financial Freedom (Van Tharp) – 9/9
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (John Murphy) – 9/7
Japanese Candlestick Charting (Steve Nison) – 8/8
The Successful Investor: What 80 Million People Need to Know to Invest Profitably and Avoid Big Losses (William O’Neil) – 8/6
High Probability Trading (Marcel Link) – 9/9

>>>High Level, How To: The Second Tier
Trader Vic--Methods of a Wall Street Master (Victor Sperandeo) – 8/8
Trend Following: How Great Traders Make Millions in Up or Down Markets (Michael Covel) – 6/5
The Education of a Speculator (Victor Niederhoffer) – 7/7
Practical Speculation (Victor Niederhoffer) – 6/6

>>>Detailed Individual Approaches
Fire Your Stock Analyst: Analyzing Stocks On Your Own (Harry Domash) – 8/5 …OR…
Screening the Market (Marc Gerstein) – 8/5
How to Take Money from Wall Street: Learn to Profit in Bull and Bear Markets (Tony Oz) – 8/7
Trade Like a Hedge Fund: 20 Successful Uncorrelated Strategies & Techniques to Winning Profits (James Altucher) – 7/5
The Logical Trader (Mark Fisher) – 7/7
Swing Trading (Jon Markham) – 5/5

>>>Too Often Overlooked: Exiting Positions
When to Sell (Justin Mamis) – 9/9
It’s When You Sell That Counts (Donald Cassidy) – 8/8

>>>Risk Control and Money Management
Trading Risk: Enhanced Profitability through Risk Control (Kenneth Grant) – 8/9

>>>Value Investing Bible
The Intelligent Investor (Benjamin Graham) – 8/8

>>>Thought Starters
The (Mis)Behavior of Markets (Benoit Mandelbrot) – 7/7
Devil Take the Hindmost: A History of Financial Speculation (Edward Chancellor) – 7/7

>>>Miscellaneous References
Encyclopedia of Chart Patterns (Thomas Bulkowski) – 7/8
Stock Trader's Almanac 2006 (Yale & Jeffrey Hirsch) – 7/7
Choices, Values, and Frames (Daniel Kahneman & Amos Tversky) – 9/9
Fortune’s Formula (William Poundstone) – 7/7

>>>Options
McMillan on Options (Lawrence McMillan) – 7/8
Option Volatility & Pricing: Advanced Trading Strategies and Techniques (Sheldon Natenberg) – 5/9

Good trading!
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Thank you for your time and such a valuable list you have posted above.

I am surprised though, you haven't included any of Alexander Elder's books. What is your (personal) view on them?

I believe I shall start with what you call "introduction & context" books. I shall pick up one of those, and maybe one from the "High level: How to- The short list" list?

Also, are the anecdotal/historical books worth my money as well?

Kindly note I don't won't to get clouded with too much information either. I am just starting off, and would just like the necessary reading material to familiarise myself & build confidence in this profession.

Thanks again.

Regds,

Chirag
 
Quote from c.chugani:

...Also, are the anecdotal/historical books worth my money as well?...
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Some consider "Reminiscences of a Stock Market Operator" (Edwin Lefevre) as a must-read.
 
As for Elder, I scanned (but didn't read cover to cover) "Trading for a Living." I wouldn't steer you away from it, but I got a lot more out of "Trade Your Way to Financial Freedom" (despite the hokey title) and "High Probability Trading" -- as both of these books cover just about all the bases and are excellent places to start.

In terms of classics, "Reminiscences of a Stock Market Operator" is a great historical account and one you will eventually treasure. The main reason I included "How I Made 2,000,000 in the Stock Market" is that it is such an easy read that describes a very simple system. You can polish off this book in two hours and digest everything you need to know; all the other books in the list above much more require careful study.
 
http://www.cmcmarkets.com/

One of the best free charting packages is included here and I think you can dummy trade without putting down money, well worth a look if your thinking of getting into trading to get the feel of how the markets move in real time.
 
Quote from Dogfish:

http://www.cmcmarkets.com/

One of the best free charting packages is included here and I think you can dummy trade without putting down money, well worth a look if your thinking of getting into trading to get the feel of how the markets move in real time.
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I visited the link you posted.

However, they only deal in CFDs. And the free software for download is a 14-day trial version.

Are you sure you can paper trade on their platform?
 
Quote from MTE:

Some consider "Reminiscences of a Stock Market Operator" (Edwin Lefevre) as a must-read.
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it is a fun read

and history does repeat itself
 
Quote from BCE:

This is a very good list of books. Most of these are the top books I would recommend also. But you'll only really learn about trading by actually trading. Trading involves learning about yourself and your own psyche, to a large degree, in addition to learning about the markets and how they work. You couldn't learn how to do brain surgery just by reading some books or online articles. Good luck to you.
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========================
Echug;
Amoung the best are Jack Schwager[3] top trader books;
William O Neil book How to make Money in Stocks, Short selling book
& books concerning Jesee Livermore.:cool:

Wisdom is profitable to direct; dont know of any set of books that will teach trading, even though the above list comes close;
trading & brain surgery just cant be learned from books alone, ,
even though those are quite helpful.

Markets are similiar in any nation.
 
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