Hi I am looking for some ebooks for day trading or scalping like,which have technical analysis included not a pscholgical books,in which author is much engaged in describing traders mindset only. virshah
Keep on coming to Elite Trader. It's the best ebook I know. You'll read about all the stuff that won't work. About the psychology pages, I agree, it's worse than useless. hph
The vast majority of trading is mental so you can try becoming successful at trading by reading technical analysis books but I highly doubt you will get anwhere. Patterns repeat over and over again because crowd psychology hasnt changed since the markets came to be, and you'd think if it was just a matter of seeing the pattern and trading it properly. And if this was the case, why is the failure rate in this business so high? Because most traders dont have the right mental makeup....hence psychology. So do yourself a favor, dont rely too heavily of the technical analysis books for your golden ticket to riches (although it definitely helps to know how to use it). Its all about training your mind the right way. But dont take my word for it....see for yourself.
I entirely agree with Steve. I have seen interesting examples of people relying completely on indicators, up to the point of having seven or eight on their screens at the same time. Yet when they finally figured out which one to believe (becaused it confirmed their own highly subjective opinion) they didn't have the balls to execute a trade, or letting subsequent loses go out of hand or taking their meagre profits far too soon. Indicators, patterns, etc. can all have their place in trading but the single most important thing is your own mindset. Do a lot of self reflection before you enter the game. Some of the answers could be painfull but better to know them beforehand. Sort out your (eventual) mental hang-ups and there is no reason why you couldn't be a succesful trader, with or without knowledge of technical analysis.
When you guys refer to trading being mental could you elaborate a bit. I have attempted to rely primarily on technical analysis because I don't want to loose control mentally. I do feel that I am not as good as I could be. Are you saying we should be using feel or intuition, or develope a mental bias and stick to it. thanks
This market needs to double from here so we can get some more newbies to become traders and make 400% return per year with no risk