Discussion in 'Educational Resources' started by Tilo, Feb 8, 2006.
Can you recommend a book on day trading for a beginner?
What do you trade? Stocks, Futures, Options, etc?
The new book from John Carter is very good. I was surprised by the quality.
Mastering the Trade by John Carter
Some other books I always recommend:
The Ultimate Trading Guide by George Pruitt
High Probability trading by Marcel Link
A little more advanced, but a classic.
New Trading Systems and Methods by Perry Kaufman
Hope these help.
Trade your Way to Financial Freedom by Van K Tharp, also Mark Douglas Trading in the Zone. Books by Alexander Elder are good too.
Let me give you some advice from a newbie with 9 months day trading exp. that is still very green, me
Being successful trading is about finding signals or a methodology that you feel comfortable with, testing it for some time on a simulator and then trading it consistently while you dealing with the battles in your mind. Trading is more about psychology and handling your emotions then it is about methodology. Have I reached success, now way, but I am working at and I see daily progress.
One more thing, paper trading, as I have found out is worthless. Just because the chart says price was there doesn't mean you would have been filled, remember that.
If you are trading futures trade electronic markets and get a good simulator like X Trader/TT Sim or Ninja Trader. Stay away from the pits you will get killed on price fills. Test your signal, see how it moves, draws down, etc.
Lastly, consider finding a mentor or friend that trades to help and support you, it is going to be challenging and rewarding too.
Consider checking out Woodies CCI group, I did and they are a nice group. Just not my fit right now. They give a ton of info for free and are a friendly, supportive group.
I hope I have helped you a little bit on your journey as other are currently helping me.