Your favorite book for Daytrading

777 said:
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 Many books are bad or severely outdated.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.
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I don't like the idea of just following another trader strategy to win!
at first, who taught these traders to become successful?
what I need is detailed information on how price move and I'll make my own strategy
p.s: I don't think there are "outdated" books . price action will be the same no matter how many years
 
There will be many outdated trading books I would have thought.
When I started in this game there were scores of books about how you can become a millionaire trading RSI, STO, OBV, MA's, GANN, etc etc.
It has been years I admit since last shopping for trading books but is this stuff still peddaled?
(Hopefully so)
 
themickey said:
There will be many outdated trading books I would have thought.
When I started in this game there were scores of books about how you can become a millionaire trading RSI, STO, OBV, MA's, GANN, etc etc.
It has been years I admit since last shopping for trading books but is this stuff still peddaled?
(Hopefully so)
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LL’s book might be the “new kid” on the block.
 
speedo said:
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.
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Street Smarts book discuss indicators like RSI/STOC .anyone believe that these indicators work I just don't trust them
 
drmiky said:
I don't like the idea of just following another trader strategy to win!
at first, who taught these traders to become successful?
what I need is detailed information on how price move and I'll make my own strategy
p.s: I don't think there are "outdated" books . price action will be the same no matter how many years
More...

Since you are very much a begginer in your thoughts, it is normal you reach into your mind as to "what makes sense" to you, incorrectly.

If you are not quickly knocked out or move away, as time goes on, I think your ideas will radically change. If you do not grow much past your current ideas, your chances will be worse than the already dismal averages.

At the moment, your understanding is too far behind for me to discuss back and forth with you about your ideas.

In a sincere spirit of trying to help your understanding and progress, I will reiterate a KEY IDEA and one tip:

Idea: Try to develop personal relationships with winning traders who have an edge right now!!!

Tip: Buy the book.

(Best wishes)
 
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777 said:
Since you are very much a begginer in your thoughts, it is normal you reach into your mind as to "what makes sense" to you, incorrectly.

If you are not quickly knocked out or move away, as time goes on, I think your ideas will radically change. If you do not grow much past your current ideas, your chances will be worse than the already dismal averages.

At the moment, your understanding is too far behind for me to discuss back and forth with you about your ideas.

In a sincere spirit of trying to help your understanding and progress, I will reiterate a KEY IDEA and one tip:

Idea: Try to develop personal relationships with winning traders who have an edge right now!!!

Tip: Buy the book.

(Best wishes)
More...

Some of things that set this book apart from other day trading books are:


You can contact the author on THESE FORUMS or if you are polite and have reasonable questions, maybe by pm.

The book provides a more realistic overview of what it takes to win.

One failed but insightful guy interviewed.

The rest are winners with edges using rational risk management.

The trders have won under comparatively recent conditions-- some edges from other books are gone for good.

Many other books cover a severely limited thought process or a nonsense thought process.

Using the right retail or prop firm and ORDER ROUTING covered extensively and these areas have been scantily covered by most others and there have been many relatively recent developments.

Different vehicles are covered, not just stocks.

The use of more modern technology is covered..

Why things change faster and faster in some trading areas; technology, information flow, closing loopholes, etc, explained.

The author is knowledge and has been a winner at working different trading edges, both intraday and longer.

Seeking Out Current Winners (and make very sure) comes up again and again.

The information is accurate.

_____

Much of what worked 30 years ago truly will not work now... sometimes this is true for 30 days ago... candy stores close...

Big boys like Renaissance Technologies have found this true and so have many savvy prop and retail traders.
_____

Simply learning "timeless" price patterns that seem to make sense, writing down a risk management plan that seems to make sense and funding a random discount broker probably will not cut it.

On the other extreme:

When the right mechanical EDGES came around, begginers who were friends with strong traders became serrious winners almost from day three, but I have not seen this for a very long time. These are often glitches in the market structure/rules, usually not hard to trade, and often are the most lucrative, but do not come up much and are hard to find.

However, many big winners of 15 years ago have become losers and stopped trading)
 
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Learning by reading:

I will say I have learned worthwhile things through pm relationships with posters I have met here.
 
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