what is good book
- Thread starter newbby
- Start date
Where do you live if you don't mind me asking?
Here is a link in amazon with some books and I would suggest comparing prices of those books at traderslibrary.com. They have deals. Let me give you a hint that has taken me 3 years to discover.
Trading with support and resistance and moving averages has been the best way to go for me. Some people can use indicators, most can't make them work IMO.
Also consider buying John Clayburg's book on amazon. I hear him speak recently, decent guy and gives away a complete trading method in a book under a $100 which you will find is cheap. Chip Goslin's book is supposed to be good to, although I haven't read it yet. Good luck and try not to blow up your first account like I did
I just noticed you put Houston. Try and find a trading group/meeting and befriend a good experienced trader. I belong to Denver Trading Group in Colorado and it has been a valuable resource. Consider taking the 1 week free trial from Traders International in Houston, once you get a little understanding of TA under your belt. You may want to check out woodies cci hotcomm room, search google for link.
http://www.amazon.com/gp/search/ref...search-alias=aps&keywords=technical analysis:(
Trading with support and resistance and moving averages has been the best way to go for me. Some people can use indicators, most can't make them work IMO.
Also consider buying John Clayburg's book on amazon. I hear him speak recently, decent guy and gives away a complete trading method in a book under a $100 which you will find is cheap. Chip Goslin's book is supposed to be good to, although I haven't read it yet. Good luck and try not to blow up your first account like I did
I just noticed you put Houston. Try and find a trading group/meeting and befriend a good experienced trader. I belong to Denver Trading Group in Colorado and it has been a valuable resource. Consider taking the 1 week free trial from Traders International in Houston, once you get a little understanding of TA under your belt. You may want to check out woodies cci hotcomm room, search google for link.
http://www.amazon.com/gp/search/ref...search-alias=aps&keywords=technical analysis:(
Off and on for 3 years, since last summer full time day trading, mostly studying, trading on simulator and recently to real money. It's tough, but I can spend 10 hours a day and time flies. I guess I have found what I really want to do, atleast for now.
Another hint, before you ever risk real money try your strategy on a simulator, if you are day trading. Paper trading is pretty much a waste I have found. Others may disagree. If you are going to paper trade or backtest your methods make sure you have accurate tick data to verify you could have been filled at the price the chart said it could.
Many paper traders, include me at one time, look at a charts and visualize all the money they would have made. First of all, just because a TA chart says the price hit there, doesn't mean you could have been filled by your broker.
Second, when you start trading with real money your mind will work against you and your trading. You will exit winners to fast and hold losers to long because your mind will work against you. That's okay, it happens to every new trader, unless someone would like to prove me wrong. It still happens to me. Just learn as quickly and cheaply from your mistakes before your blow up your account.
I have read it on this forum and it goes something like this.......Time and money are the two most valuable premiums a trader must pay. A trader must learn the necessary lessons to survive in the markets before they blow up their account. From there you progress to actually making money. Then you make consistent money. Then hopefully you breakout and really make a bunch of money. Last summer I was crawling, now I can walk, soon I hope to jog, and 1 day sprint to the finish of this trading marathon.
My friend and trading buddy says, and I agree, this will be the hardest endeavor you will undertake. Every time you put your money at stake you question whether you are making the right decision or not. I look back at the comments I said last summer about making x amount of dollars by November and I laugh.
Here's a goal for you, should you decide to risk your bucks. Do your best to make 1% of your account balance daily. Sounds easy.....it isn't. Good luck, search the forum threads there are alot of good posts from much more experienced traders than me.
Dan
Another hint, before you ever risk real money try your strategy on a simulator, if you are day trading. Paper trading is pretty much a waste I have found. Others may disagree. If you are going to paper trade or backtest your methods make sure you have accurate tick data to verify you could have been filled at the price the chart said it could.
Many paper traders, include me at one time, look at a charts and visualize all the money they would have made. First of all, just because a TA chart says the price hit there, doesn't mean you could have been filled by your broker.
Second, when you start trading with real money your mind will work against you and your trading. You will exit winners to fast and hold losers to long because your mind will work against you. That's okay, it happens to every new trader, unless someone would like to prove me wrong. It still happens to me. Just learn as quickly and cheaply from your mistakes before your blow up your account.
I have read it on this forum and it goes something like this.......Time and money are the two most valuable premiums a trader must pay. A trader must learn the necessary lessons to survive in the markets before they blow up their account. From there you progress to actually making money. Then you make consistent money. Then hopefully you breakout and really make a bunch of money. Last summer I was crawling, now I can walk, soon I hope to jog, and 1 day sprint to the finish of this trading marathon.
My friend and trading buddy says, and I agree, this will be the hardest endeavor you will undertake. Every time you put your money at stake you question whether you are making the right decision or not. I look back at the comments I said last summer about making x amount of dollars by November and I laugh.
Here's a goal for you, should you decide to risk your bucks. Do your best to make 1% of your account balance daily. Sounds easy.....it isn't. Good luck, search the forum threads there are alot of good posts from much more experienced traders than me.
Dan