Just starting out

Discussion in 'Professional Trading' started by Cjrainville24, Jan 20, 2012.

  1. Good morning all. I'm just starting out in day trading and I'm trying to find some books to help get my feet wet. Does anyone recommend any books that can help me lean to ropes?
  2. Reminiscences of a stock operator by Edwin Lefevre


    Doesn't teach you any technical indicators, but is a fascinating book to read on a traders life from back in the early 1920's. Teaches you about all the emotions and the life of a trader. You'll see how little things have changed in a century. I consider this book as the bible for all traders.

    My favorite quote:

    “There is nothing like losing all you have in the world for teaching you what not to do, and when you know what not to do in order not to lose money, you begin to learn what to do in order to win.”
  3. bc1


    Day Trading for Dummies has some useful information.
  4. CvH


    Linda Bradford Raschke has written a book that covers most aspects of trading, intraday or swing,
    that you can actually download free of charge

    She has done it, she is still doing it, and what she teaches is one way that really works
    (as opposed to all those scams out there !)
    but there are many other ways as well ...

    Her website is

    And the book can be downloaded from her husband's brokerage site

    You will have to enter some information, but you won't get spammed, even not contacted.

    Disclaimer: I am not affiliated, just appreciate what she is doing for this business since +15 years.


    Only few ever got rich digging for gold.
    But there is a lot of money to be made
    ... selling goods and services to those digging for it.
  5. Handle123


  6. MRPiGoiL


    Hey, about 8-10 years ago, I had read the Magee TA book, and a trading journal by Tony Oz. I thought it was very good. It helped me develop my "system".

    I'm a n00b too, but I seriously don't think there is a cookie cutter system for the masses. You'll have to develop what you're comfortable with and keep it simple. Buy low, sell high. Everything else seems to me like bullshit... At end of day, if we're not making money, it's all bullshit. I believe the more simplified it is and the less care free we go about it, the more likelihood of success.
  7. cfu


    Reminiscences of a Stock Operator is a must read. I also recommend When Genius Failed because it's a great modern day example of hubris and overconfidence in a 'system.'

    I am going to begin consulting traders and looking to initially pick up a couple of guys to see if this is a viable route. It's not cost to the traders. I am not going to 'name call' or pick 'stocks of the day.' My goals are to:

    1 - Find out what kind of trader you are (scalp, swing, etc) through daily trade and pnl analysis and develop strategies based on those characteristics
    2 - Develop / improve your risk / reward analysis
    3 - Develop / improve your discipline(s)
    4 - Help you become a consistently profitable trader, granted you are willing to put in the work required

    Again, no cost, so feel free to contact me if interested.
  8. More than 90% of small traders lose! They just lose!
  9. Paddler


    There are many many good resources and ideas on "educational" section of ET. Daytrading is a tough journey that only a handful can find with wisdom and some luck the RIGHT beliefs to build on for later profitable trading for life. Walk carefully on the ice. Good luck!
    #10     Jan 31, 2012