Ironchef is onto something that can be very useful to you. In fact, it reminds me of a book I will recommend to you... Rule the Freakin Markets by Michael Parness. I'm not discussing the author in any way, good or bad... I am recommending a book! It can be found on ebay for single digits. I read this book at a relatively short time after I went full time trader. I wish the book was published about two years earlier! Anyway, the subtitle is a bit of misnomer since the book contains mostly practical advise, still applicable and worthwhile 2 decades later... Just like the market... human behavior doesn't change. And don't forget to have fun!
%% Good points; I think he or any could Rule the Freakin' Markets. Even though get rich quick usually=get poor quick. Good thing about USa/ most are already rich. He may have an advantage over many in CA \; says he lives in Norway= good oil + gas sellers, better than CA. Dave Ramsey says [while not promoting daytrading@ all ]noted 80% daytraders lose money. So many investors make money , some may want to skip that, average investment may not be as thrilling as to lose money with trading LOL. Investments or trading do not have to be be boring-that's the traders fault
How did you get started? Right after college. Couldn't get a regular job and didn't have much of a choice. It was in the midst of a recession. What is your experience in the field? Over 30 years of experience as a day trader. If you don't already know, I proudly wear the badge of honor called "flipper". Did you take any courses or learn all on your own? Self taught. When I started back in the early 90s, there was no internet. No electronic trading with very expensive commissions. I had nothing available to me other than a few scanty amount of books that I found in the school library. Consider yourself lucky.
I remember Michael Parness appearing on CNBC back in 2000 when the dot.com bubble finally popped and the market started tanking. He predicted Cisco, which was trading way above $100 at the time, would drop to $50. All the other guys around him were like . But, sure enough, his call turned out to be correct. Anyway, did you know you can get a book summary from ChatGPT and other AI chat. (How cool is that.) Here's one from Bing Chat: “Rule the Freakin’ Markets: How to Profit in Any Market, Bull or Bear” by Michael Parness is about the author’s journey from losing almost all of his nest egg of $150,000 to developing a trading strategy that delivers profits in both bull and bear markets. The book provides visual aids and practice exercises to show online traders and investors how to: Practice responsible trading techniques that maximize reward and limit risk Avoid the “Seven Deadly Sins Plus Fear” that block success in the market Protect investments no matter what the market does Understand how market technology drives daily and cyclical market moves Avoid the pitfalls of trading in cyberspace Recover and learn from significant losses Strategize and anticipate, rather than overreact or freeze, when change occurs Live full and satisfying lives as traders “Rule the Freakin Markets” is an engaging and informative book by a successful trader who has achieved great success in the financial industry. The book is based on his personal experience as a trader, and it offers valuable insights on how to succeed as an investor in today's financial markets. The book is focused on a few fundamental principles that are crucial for success in the markets, including discipline, patience, knowledge, and risk management. Parness argues that the key to success in trading is to develop a trading plan that is based on solid research, sound logic, and a clear understanding of the market and its trends. One of the main themes of the book is the importance of discipline in trading. Parness argues that traders need to develop the discipline needed to stick to their trading plan, even when emotions are running high and the market seems unpredictable. He emphasizes the importance of setting clear rules for entry and exit points, and sticking to them no matter what happens. Another important theme in the book is the need to have patience when trading. According to Parness, successful traders are patient, waiting for the right opportunity to make a trade. They also have the discipline to wait for their trades to play out, without making impulsive decisions based on emotion and fear. In addition to discipline and patience, knowledge is also a key factor in successful trading. Parness emphasizes the importance of being knowledgeable about the market, including its trends, news, and events that may affect the market. He also emphasizes the importance of being knowledgeable about trading strategies, and how to use them effectively. Risk management is another crucial aspect of successful trading, and Parness devotes several chapters to this topic. He argues that successful traders are skilled at managing risk, and they do so by setting stop-loss orders, diversifying their portfolios, and limiting their exposure to any one asset or sector. Overall, “Rule the Freakin Markets” is an insightful and practical guide to trading in today's markets. Parness offers a wealth of advice and tips based on his personal experience as a successful trader, and he backs up his advice with research, data, and real-world examples. The book is well-written, engaging, and easy to read, making it a valuable resource for traders of all levels who want to improve their chances of success.
%% Another reason day traders lose so much money + dont rule the freakin'; markets; not enough time in the markets+ blow up accounts trying to get rich quick. Even some of the best traders that did well in 2000 bear+ kept thiir fortune ; like American Hedge Fund, can easily underperform SPY benchmark. Great book/ Timothy Sykes published it himself , Bull Ship Press. Dont know if he still trades penny stock- i don't. ''Eat well good advice to rule any market'' \easier said than done. CAN SLIM [IBD founder books LOL]helps
For somebody who works full-time, maybe but for somebody who just trades for a living, the pacific timezone is my least favorite timezone to trade even when I was trading forex which is traded 24/7. You are not in time to trade any of the major markets like the NY, London or the Asian market and you barely make it to the Sydney market that has the least volume. Just my experience.
I say every trader has something he is best at. Trade without any indicators and levels, just pa. Watch your track record. Most likely you will find what you perform best in (in my case downtrends). The thing that you do best is where you have the highest profits and it is very tricky not to play that setup in every market condition as your mind tricks you into seeing everything as the situations you did best in. I suck at uptrends because I always anticipate price to reverse and fall off a cliff like it does when I anticipate downtrends. So I rarerely anticipate the bottoms in an uptrend to be real bottoms. Even knowing with every fiber of my body, that we are in a healthy uptrend I am sometimes like paralized to go long. I traded ES and oil today, oil had an uptrend all session long. Guess how many profitable trades I took in oil? None. :-D. Yes. None. Assure such thing does not happen to you, I found out this is a common thing among aspiring retailers.
Forget about day trading and stay overwhelmed. Focus on swing trading or investing. Best advice you will ever get and probably won’t take.
Didn’t you throw in the towel at some point? Not sure if the OP or any new would be trader should consider themselves lucky today. It’s a jungle out there with educators who prey on fresh meat like the OP selling the dream for a small or modest sum. More books just mean more potential disinformation from hacks who don’t know how to trade and had to find another way to make money.