Bernard M. Baruch: "My Own Story". Edwin Lefevre: "Reminiscenses of a Stock Market Operator" (about Livermore). Jesse Livermore: "How To Trade in Stocks". Nicolas Darvas: "How I Made 2.000.000 in the Stock Market". P.S. Don't buy Richard Smitten's book about Livermore. A bad book.
Hey guys!! Not been on in a while!! Picked up 200 pips on GBP and EUR on Thurs! Thanks for all your help!!
"How we meet the problems of adult life usually does not differ greatly from how we met the problems of growing up".
FX Cowboy, I mean a automated/mechanical system - like we have a robot trading for us. Can this be done?
If you want a "modern" trading book, I think the best is: Marty Schwartz: "Pit Bull". Funny to read - and Marty knows what he is talking about...
Traderguy, How much is your per RT comm.? So, do you always try to earn the spread by entering against the short term trend through limit orders? I think that you have to be pretty accurate on your entry with a 1-10 pips stop because otherwise, you will find that price would have triggered your stop the moment you entered(during fast markets). You are mostly confident that price will turn your way within 5 pips? And I suppose you only trade futures to earn the spread. Thanks.
My transaction costs are $.60 to $.80 per round turn depending on if my firm qualifies for the volume discount at CME that month: CME fees for members are $.20 per side for less that 150,000 contracts & $.10 per side for 150,000 contracts or more. My costs will come down in the future as I trade more; my firm offers volume discounts on their commissions at different levels up to 100,000+ RTs. Most of the time I try not to pay the spread by using limit orders. During big moves especially after a number has just come out I have to pay the spread. Yes most of the time I am looking to take 5 tics or less of heat. After a number that gets the market moving I usually have to take a little more heat or I will get shaken out. And yes I only trade the futures. One likes to think that at some point I will be trading big enough size that I will be forced to switch to the cash, but I am not there yet.