Hey guys, I've been paper day trading for a while now pretty successfully but I've wanted to learn more to step up my game before I use real cash. Does anybody have any good books to really learn day trading? Or if you have any other recommendation on the best way to learn let me know. It seems most people say you just have to go for it but I'd like to learn more before I risk my money. Thanks guys!
I think that trying to learning daytrading from books is a really long, slow process, and it's probably a deck that's fairly firmly stacked against most people, and that for most people, most of the time, it perhaps isn't even a good decision in the first place. That said, Daytrading by Joe Ross is a really good book. Personally, I also use the methods taught by Bob Volman in his books Understanding Price Action: Practical Analysis of the 5-minute Time Frame and Forex Price Action Scalping: an In-depth Look into the Field of Professional Scalping. (I'm neither a scalper nor a forex trader, though: both these books are perfectly relevant to other forms of trading, in addition to what's specified in their titles.)
1) How To Make Money in Stocks - William O'Neil 2) Reading Price Charts Bar By Bar - Al Brooks 3) High Probability Trading - Marcel Link 4) One Good Trade - Mike Bellafiore 5) Techniques of Tape Reading - Vadym Grafier & Christopher Schumacher 6) Trading Risk - Kenneth L. Grant 7) Trade Your Way To Financial Freedom - Van K. Tharp
I'm not a big fan of (trading) books -- I look at them...as more of theoretical bs, that doesn't truly apply or work in the real world. Just be well-rounded, and open-minded...and use your common sense and wisdom...that you've gained from paper trading/studying the market, Good luck and...May the Farce be with you, on your journeys,
Most books are outdated for daytrading these days. So frankly, one of the best around is the book Traders of the New Era Expanded Edition
I think the opposite: I've found the older, price action books are timeless, and they were actually far more helpful to me in earning a living than anything published more recently.
Do not just go for it. People who say that do not know anything about your "routine" to trade although you may be discussing your trade method. In addition, is trading a hobby, academic pursuit or a business (self employment) ? Paper trading (assuming you meant simulator) is extremely flawed which is why most traders have a very difficult time traversing from successfully simulator trading to successfully real money trading. Yet, using a simulator is very useful to learn a new trade execution platform until you understand the program and comfortable using the program. Most likely you're nowhere near ready to trade real money if you want trading to be self-employment because you'll be talking about a lot of other more critical things that has nothing to do with trade methods if you plan on doing this as a business. With that said, you mention so very little but you want book recommendation. 1) Trade Mindfully: Achieve Your Optimum Trading Performance... 2) Zero to Hero 3) Triggers: Creating Behavior That Lasts... Recommend you use Google to find online articles on behavior finance, cognitive decision making and self-sabotaging. A lot of stuff related to the trade psychology. If you plan on trading for a living...find stuff at your local library or Amazon about self-employment. Simply, if you've done your backtesting and your simulator trading...make sure you have all that other stuff ready because there's a lot more to successful trading than trade methods. Whatever you do, don't quit your job...sounds like you're a year or so away from day trading even if you're just a hobbyist or drive-by curiosity seeker.
Not only outdated but unless one is not planning of going fully automate/collocated and backtest strategy on at least minute data chances are will trade randomly against vicious market maker robots.