Need your help in Education

Discussion in 'Trading' started by MAESTRO, Aug 17, 2011.

  1. Dear all. A friend of mine who is around 50 years old has asked me to help him. He is a software/electronics engineer in one of the largest US corporations. He is looking to retire and wants to learn the Futures Trading business. He asked me to give him the list of sources (books, articles, videos etc.) that would enable him to learn about this industry and try to become a day trader. It has been over 20 years since I looked at the beginner's literature. Naturally, I found myself completely unfamiliar with the current state of the education materials for beginners in Futures Trading. I know that lots of ET members have gone through this education process them selves and I was wandering of you can help me with the suggested selection of materials. I would greatly appreciate your input and would be very thankful for giving me your suggestions and ultimately helping this very nice fellow.

    Cheers,
    MAESTRO
     
  2. hello.

    there is a book review section on this site, that is a good place to start.. http://www.elitetrader.com/bo/index.cfm

    IMO opinion the greatest book ever written is on Options by
    Sheldon Natenberg - Option Volatility & Pricing
     
  3. Argent

    Argent

    If he is a true friend, advise him not to do it. If he insists, mentor him live. It's just a fucking video game, so some monkey-see should suffice. That is, if you trade as well as you analyze.
     
  4. Excellent idea! Thank you!!!
     
  5. I tried to talk him out of it, however, he wants to try! I need to help him not to get hurt too much!
     
  6. Trading For a Living by Alexander Elder. It's on here under Books. Great book, but I just have one question for your friend. Is he wanting to trade SO THAT he can retire? or is he wanting to trade separately from his desire to retire? If it's the former, I would strongly advise against it. Human psychology, for some reason, doesn't allow for the market to be someone's salvation from anything they desire to get out of. The impatience that is bred from having a time-based goal - whether due to a deadline, or due to wanting to get out of an uncomfortable situation ASAP - is astronomical. Self sabotage is certain, and it'll wreck his life and future.
    On the other hand, if he is retiring regardless with no bearing on his success as a trader, I wish him the best of luck. Go get Alexander Elder's book and understand that trading is like a cord of three strands which is not easily broken. All three strands - Psychology, Money management, and a good Trading System -have to be mastered before success can be consistent. Had I known that when I started, I might not have put 99% of my time and effort into learning the system while ignoring my risk, position sizing, emotional swings leading to poor decisions, and the psychological manipulation of the price ticker.
     

  7. Thanks. Very insightful! I think what he wants to do first is to understand whether it is for him or not.
     
  8. Argent

    Argent

    Well, if you must. But don't bedazzle him with the kaleidoscopic eye candy you shamelessly pander to the drooling masses. Teach him S&R on an index future. Have you explained to him that drinking all day and chasing pussy might be more fun and cost less?
     
  9. I am not sure what you mean exactly. I am the first one to admit that I am not a good teacher for a beginner.
     
    #10     Aug 17, 2011