Jason,
It's too bad your post turned into what has become this thread. When people get angry, it's generally because they're losing money, and there are a lot of people losing money these days.
You say you're new to stock trading, so I assume you're new to stocks since any activity involving stocks is trading. You also want to know about short-term trading specifically.
Trading, however, is trading. The only difference between one approach and another is timeframe, and one of the most difficult choices a newcomer must make is the selection of timeframe. And only by defining your goals and determining your risk tolerance can you begin to select an appropriate timeframe.
I used to believe that at least one or two basic books on markets were the way to go, but I've come to realize that what benefits the individual most is what appeals to his style of reasoning. If you're a deductive reasoner, then those basic books may be just the thing, and you can begin to build a foundation of information, knowledge, strategy, and tactics for yourself.
On the other hand, if you prefer the inductive approach, then you might better benefit from buying books which deal with specifics and find out through practical experience just what it is you don't know and need to know in order to reach your objectives.
As for basic books, probably the most important is one written decades ago by John Magee called General Semantics of Wall Street, recently re-issued under the title Winning the Mental Game on Wall Street: The Psychology and Philosophy of Successful Investing. It sounds formidable, but it's an easy read and will save you a great deal of money. Another favorite of mine is The Nature of Risk by Justin Mamis.
As for trading, I've suggested two in another post: Trading for a Living by Elder and Methods of a Wall Street Master by Sperandeo. Both these are standards. However, I also recommend Mamis' two other books, How to Buy and When to Sell for the 90's (tho it doesn't really matter about the "90's" part). That's a beginning.
If you're eager to get started, look at the systems in Elder's book. Find something that makes sense to you. Trade it on paper to see if the reality lives up to the promise. After you've done this for a while, you'll begin to know more specifically what it is you need to know that you don't know, and that's when you'll be able to put together better questions. Then you can go back and start again.
Yes, it takes a while. But nobody's come up with any shortcuts yet.
--Db
