Discussion in 'Educational Resources' started by xdiesel123x, Aug 20, 2009.
Any good books for day traders? On technique, strategy and psycology?
You may want to start with a dictionary or spell check
Reading Price Charts Bar By Bar by Al Brooks.
If you can read this book and comprehend what he's saying you will be on your way.
But I must warn you - this book is for the serious study of charts... it is not FUN to read and there is no bullshit about life, your psychosis, etc. It is just about trading.
...and are you really a "day trader" or an active trader or what? A lot of people "think" they know what a "day trader" is but don't. They also look at "day traders" as evil and stupid and careless and soon to be broke. They, if they have anything in the markets, are "investors" which as sophisticated and smart because they "invest" long term and forget that to profit, they'll have to sell. Otherwise, they brag about paper gains and losses to their buddies.
If you're not sure what you do or are planning to do, you might end up being what people think, regardless of the fact that they're wrong.
I guess no matter where you go, there has to be at least one smart ass in the audience. The man asked a simple question, that had nothing to do with his forgetting to put a stinkin letter h in his word.
Yes, I am SURE you have never posted with any typos... but might be worth a look to see.
You forgot the period at the end of your sentence...
There are essentially no books on strategy. Someone who discloses a strategy is no longer profit... so the strategy no longer (if ever) works.
On psychology, read Douglas' Trading in the Zone.
Then just read classics like Marty Schwartz Pit Bull and Leferve's Remisences of a Stock Operator.
Avoid the Ari Kiev and Alexander Books. A lot of people on ET think those guys are good, but they suck. What traders/psychologists have time to author 14 books? Are they profitable? Probably not.... they are just authors.
Yes, what he said.
You won't learn how to trade by any book. There are no shortcuts.
The classics he mentioned are the best two I read.
I don't know where you are at in your education process, but if you're just starting out then Toni Turner's "A Beginner's guide to Day Trading" covers a lot of the basics. It doesn't really go a lot into strategies, but covers a lot of the basics for someone who doesn't know where to start. If you can go through this book enough to understand the content and do the boot camp procedures, then you'll have a decent grounding in the basic foundation of things. At that point you can go onto other sources to help continue your education.
If you're looking for gimmicks, the Brooks book is great. Otherwise.....
Separate names with a comma.