I have experience in longer term (2 months to 1 or 2 years) options and stock trading over the past 25 years. Not professional and not in the market all the time, had a business. I'm retired now and would like to finally make good on my desire (and curiosity) to day trade. I have and am reading lots of books, lurking here on the forum and paper trading on TOS. I still trade longer term and do a few small day trades, I won't do anything more serious with my day trades until I feel more confident of my knowledge. My questions are: What books seem to be the best? Are any of the sites that sell "day trading education" actually legitimate? Any other brilliant tidbits from this forum?
Just my two cents. Most of the information being taught by these so called day traders are available on the internet so, would be a huge waste of monies to pay them thousand of dollars for information that you can get free. That said, there is a female day trader who is also, a mom who has become a successful day trader. She goes by the monicker Airplane Jane or Jane Gallina, she is legit as far as I can tell, her trading education fees way cheaper too! Let me state for the record, I am not affiliated or have any connections with her. I do not day trade! Swing trader here.
Guy Cohen (sound option basics) and Alexander Elder (sound business basics) are about the only authors I recommend, earliest books being the best. Brett Steenbarger for your head, and Van Tharp for a different slant on expectancy. Al Sherbin for later on.... I can not remember ever having never seen a 'day-trading education' site that was worthwhile. Ever. Tidbits: expectancy expectancy expectancy.
stick to what you know and have experience of. I have day traded for 12 years and only now getting some idea of what I should do. I am not profitable and have lost 12 years and 100000 usd. it is possible you will become profitable in 12 days or 12 months.... do not ever pay for trading knowledge.....successful traders do not have time to teach. if you want to find the best ever teacher find and look in a mirror
%% [1]Jack Schwager top traders books+ William o' Neill BOOKS .[2] And be sure to your compare daytrade losses with swing/position profits. NOT a prediction. [3-7] repeat #2 again
How much time do you have? What are your expectations? Just a hobby or to make serious money? If the latter - I'd seriously reconsider it. If I were you - I'd just continue doing your long term stuff and live a happy life. I remember a guy posting here who was retired and said he lost all his savings day trading. Probably not what he thought would happen. Most people think they'll be the exception, but usually they won't.
So it's not about the money for you? Truth? Day trading is usually considered a young man's game. Why do you want to seat in front of computer stressing out?