Your favorite book for Daytrading

[speedo]

I agree with most of the posts, books, even the good ones can only give you some food for thought and direction to focus your work. You might find some ideas in Raschke and Connor's Street Smarts and Jeff Coopers Hit and Run Trading, in addition to Ross and Volman. Brooks will give you a headache but he understands price behavior.

 

[drmiky]

I agree with most of the posts, books, even the good ones can only give you some food for thought and direction to focus your work. You might find some ideas in Raschke and Connor's Street Smarts and Jeff Coopers Hit and Run Trading, in addition to Ross and Volman. Brooks will give you a headache but he understands price behavior.

i know books ain't everything,but i need to have enough knowledge to begin making my own strategy in trading
alot of people recommend "brooks" but i saw his book and doesn't sound easy to follow !

 

[zdreg]

data each year will be probably another few hundred $

there is no downside for data compared to books if you receive a satisfactory return on the data.

 

[zdreg]

i know books ain't everything,but i need to have enough knowledge to begin making my own strategy in trading
alot of people recommend "brooks" but i saw his book and doesn't sound easy to follow !

go with your instinct. you can always look at "brooks" at a later date.

 

[volpri]

Volman, Brooks, Ross, and every other "price action" guru trade bars (or candles), not price, and bars are, like indicators, derivatives of price. If you want to trade price, then trade price, not bars or candles. If you'd rather trade bars or candles or even indicators, then you will more likely than not find yourself tumbling down the rabbit hole.

The usual fallacies regarding cause/effect and correlation apply to "favorite books", i.e., I read/studied this book and my results improved and/or I became a successful trader, etc. However, the "success" may have had far less to do with the book than with the period spent studying the market -- and price action -- as a result of reading or having read the book. IOW, reading the book but not going through the stage of studying price action itself is not likely to make much difference with regard to one's results (which is often the chief cause of complaints about having read such and such and tried it for a few days and had no success with it at all). And given the torture than some of these books represent, the beginner is far more likely to achieve a successful result -- and a more enjoyable one -- if he studies the object of his quest, i.e., price movement, than if he spends/wastes a lot of time slogging through book after book. You're going to have to study the actual price movement anyway, eventually, so the sooner you get to it, the better. Yes, a book or books can guide you and show you what to look for, but this needn't take hundreds of pages and truckloads of gobbledygook. The most important elements of what to look for can be covered, like Tom says, in a pamphlet.

If you have no idea what the difference is between trading price and trading bars, I suggest you read this thread. It's short, sweet, clear, and painless. And you'll understand far more about what it means to "trade price" than most beginners do. And you won't be spending hundreds of unnecessary dollars on books. As for how to study price, I suggest you consult the pdf attached to the bottom of this post. It too is short and painless.

ROFLMAO!

 

[777]

Amazon.com: Traders of the New Era Expanded: Interviews with a Select Group of Day and Swing Traders Who are Still Beating the Markets in the Era of High Frequency Trading and Flash Crashes eBook: Fernando Oliveira, Leandro Oliveira, Joel Elconin: Kindle Store

A comparatively recent and accurate overview through interviews, though what works changes quicker and quicker.

The author has been a winning trader who posts under the name Daal on http://Elitetrader.com and can be messaged there.

However, there is no book that a beginner can read and then go out and win.

Technological progress and information flow has accelerated and there are not many mom and pop winners anymore. I knew maybe 15 winners 15 years ago and none win now; most prop forms have closed, etc

Most gurus-for-hire are hustlers who may have once won but often not. Many books are bad or severely outdated.

The best chance for most people is to develop a personal relationship with a winning trader(s), which most can never do. However, this should be your goal.

*If you do this, let me know (smile & wink)

I will guess you do not have the supper math/science background to get hired by Renaissance Technologies, but this is as sure a road to wealth as I can think of. This firm has created more billionaires than any I can think of.

Another long shot for most would be to try for an interview at Sesqhanna International. A legit education and a job.

Be very, very careful of putting up money at prop firms unless you have a personal relationship with a winning trader at that firm, then of course go for it!

Most prop firms over promise and if they have winners, those winners rarely want to create competition if they are working a strong angle/glitch.

Yes… sometimes there are anomalies, loopholes, etc that simply print money.. almost every day! But when they happen, it is an incredible longshot you will hear of them. Why would you? Example: the old SOES Bandits.

Conclusion:

Try for personal relationships with winning traders who CURRENTLY have an edge.

Extremely hard to do. Obvious reasons.

 

[volpri]

Amazon.com: Traders of the New Era Expanded: Interviews with a Select Group of Day and Swing Traders Who are Still Beating the Markets in the Era of High Frequency Trading and Flash Crashes eBook: Fernando Oliveira, Leandro Oliveira, Joel Elconin: Kindle Store

A comparatively recent and accurate overview through interviews, though what works changes quicker and quicker.

The author has been a winning trader who posts under the name Daal on http://Elitetrader.com and can be messaged there.

However, there is no book that a beginner can read and then go out and win.

Technological progress and information flow has accelerated and there are not many mom and pop winners anymore. I knew maybe 15 winners 15 years ago and none win now; most prop forms have closed, etc

Most gurus-for-hire are hustlers who may have once won but often not. Many books are bad or severely outdated.

The best chance for most people is to develop a personal relationship with a winning trader(s), which most can never do. However, this should be your goal.

*If you do this, let me know (smile & wink)

I will guess you do not have the supper math/science background to get hired by Renaissance Technologies, but this is as sure a road to wealth as I can think of. This firm has created more billionaires than any I can think of.

Another long shot for most would be to try for an interview at Sesqhanna International. A legit education and a job.

Be very, very careful of putting up money at prop firms unless you have a personal relationship with a winning trader at that firm, then of course go for it!

Most prop firms over promise and if they have winners, those winners rarely want to create competition if they are working a strong angle/glitch.

Yes… sometimes there are anomalies, loopholes, etc that simply print money.. almost every day! But when they happen, it is an incredible longshot you will hear of them. Why would you? Example: the old SOES Bandits.

Conclusion:

Try for personal relationships with winning traders who CURRENTLY have an edge.

Extremely hard to do. Obvious reasons.

LL IN THE BOOK.

 

[777]

LL IN THE BOOK.

What is LL?

 

[volpri]

ET’s very own ........give a big hand...to...to...Lawrence-Lugar. He has been MIA. Maybe he will come back if he finds out he is in the book. If not, no problem he may come back anyway. He said he is writing his own book and due out in August, i believe it was.......

 

[777]

ET’s very own ........give a big hand...to...to...Lawrence-Lugar. He has been MIA. Maybe he will come back if he finds out he is in the book. If not, no problem he may come back anyway. He said he is writing his own book and due out in August, i believe it was.......

What is his name in the book?