read nothing just trade (on paper) when first questions will appear , start looking for the answers here or in the books continue to trade on paper more questions will pop-up - more books or look for the answers here when the moment will come at which you will feel no need for the books, or the forum in order to find the answers to your questions - you ready to start trading real money ... until you will find that what you have methodwise is not working but that is another issue.. you not there yet
Give them to the library. While I agree with those who discourage you from reading books, I disagree with those who advise that you simply jump in and start trading without having the least idea what you're looking at, much less trading. Unless you want to spend years -- and a not inconsiderable amount of money -- trying to figure it out (the "10,000 hours" thing has to do with mastering the violin, not learning how to trade; if you're attempting to learn by doing, you could easily waste many more hours than that). As to recommended books and how many people recommend what and on how many lists a given book may find a place, you should know that although Steve Nison, for example, made a small fortune on candlestick books, there is no statistically significant evidence of the predictive ability of any candlestick or candlestick pattern with the exception of the "hammer" (also called the "pin bar" by some, also known as a reversal). They are pretty, but that's about it. As for Bulkowski, he certainly put in a lot of effort, but the statistical significance of any given pattern will depend entirely on how the pattern is defined. If the pattern you're looking at does not exactly fit the description provided in his encyclopedia, then the alleged statistical significance of it is pretty much useless. But you've got dozens of books there, and I could go on. Keep in mind also that most of those who offer their opinions on these books and books in general are struggling or even unsuccessful traders. There are a few on these forums who make consistent money and even fewer who make a living at it trading their own money. It's up to you to decide how much you can depend on the advice offered by the rest, assuming you can tell the difference. However, you are fortunate in that you needn't depend on any of this advice at all, much less what you'll find in a book. Focus instead of what the pioneers did, and by "pioneers" I mean Dow, Hamilton, Rhea, Baruch, Wyckoff, Livermore, duPlessis, Schabacker, Gann, Graham and the rest of those who learned what they learned by studying the market, not what others said or wrote about the market. Not that they always got it right. There were weird things written about the market even a hundred years ago. But there has been very little written since 1940(+/-) that is in any way new. Weinstein's "stages", for example, are lifted in almost their entirety from Wyckoff. Candles have been around for four hundred years. Therefore, again, study the market. Then formulate a few hypotheses based on what you've observed, then test them out to see if they amount to anything. Study, test, practice. Then when you become consistent and you're not thrown by every little pebble in the road, trade with a little money and see how you react to the losses, if any. If you find that your risk tolerance is virtually non-existent, then the paths open to you, though they can be found, will be far fewer. If you're wondering what's meant by "study the market", I suggest you read the following. This excerpt is only three pages, though it will give you some idea of what's meant by "study the market" -- without indicators, without patterns, without candles, without wavy lines or Technicolor. If you want to read all of it, see the pdf uploaded to the end of this post. The first three pages, as mentioned, are reproduced below. And if any of this sounds strangely familiar, you'll begin to appreciate the amount of plagiarism that has gone on over the past 80 or 90 years, which the plagiarists get away with because so many of these seminal works were never printed and bound. Schabacker's work, for example, which would have been lost had it not been for his brother-in-law Robert Edwards (Technical Analysis of Stock Trends), who put the finishing touches on Schabacker's work after the latter's death. Edwards became famous, of course, whether deservedly so or not is up for debate, but at least the work was saved. Incidentally, the excerpt above is part of a year-long analysis. That's a course in itself.
Should've told this guy who lost $4 million trading XIV on Feb. 6 just past. https://www.zerohedge.com/news/2018-02-06/xiv-trader-loses-4-million-and-3-years-work-here-his-story?sort_by=thread&sort_order=ASC&items_per_page=50&page=0,0,0,0,0,0,0,0,2 What was the star alignment like on that day?
That guy was creepy. He kept interrupting Sandy and wouldn't let her talk. You can tell he was ogling her right from the beginning and eventually he decided to do Sandy's personal astrology reading instead of promoting his fund.
We don't recommend jumping right into trading. We recommend developing a system and PAPER-trading as in simulation trading first instead of reading these books.
I just got shivers! [ I love the sexy talk. ] QUOTE="lcranston Focus instead of what the pioneers did, [...] who learned what they learned by studying the market, not what others said or wrote about the market. Not that they always got it right. [!!!] There were weird things written about the market even a hundred years ago. [!!!] But there has been very little written since 1940(+/-) that is in any way new. [!!!] Weinstein's "stages", for example, are lifted in almost their entirety from Wyckoff. Candles have been around for four hundred years. [!!!!!!!!!!!] Therefore, again, study the market. Then formulate a few hypotheses based on what you've observed, then test them out to see if they amount to anything. Study, test, practice. [!!!!!!!!!!!!!!!!!!!!!!!!!!!] Then when you become consistent and you're not thrown by every little pebble in the road, trade with a little money and see how you react to the losses, if any. If you find that your risk tolerance is virtually non-existent, then the paths open to you, though they can be found, will be far fewer.QUOTE Hallelujah! ("Nicely done!")
Really? I didn't watch it all but he seem more weird then creepy. Creepy would be this guy: http://www.bravotv.com/the-millionaire-matchmaker/photos/top-10-worst-dates/item/9528536 A stockbroker too. Sorry couldn't find any clips but if you have Hulu....it's on Hulu.
I would like to thank you for all your opinion and time spent giving it to me. Hopefully I will be able to thank you by giving advice to other young traders. Let me share a bit of my plan: I have been trading cryptos for the last year, so Im already trading with "money", I managed to get 50% more BTC, but of course theres place to do way better. I have traded some times on BTC/USD pair, usually I trade altcoins only and never against FIAT, and thats what makes me want to evolve in this field. I sincerely dont see myself trading on paper, but I will reduce my bankroll for intra-day trading. I will continue on cryptos for now, it's pretty bullish and even by making mistakes I will probably not loose money. I have a fulltime job in front of the computer also, but that allows me to trade, so Im not risking much. I will read a couple of books I have still, but knowing that I can evolve later on, if I get my hands on more accurate info (I was used to this on poker, there is a constant evolution also). Cheers