Timbo, you raise a vaid point. If you would care to dialogue with me on why this thread disappoints us both, I will start a new thread here titled "Why You Will Never Learn Anything Useful on ET". Are you with me?
He doesn't sound like a fraud to me. He is correct about the fractal nature of the financial markets. It's a princle that can be used to make money on anything that generates a OHLC. What swing trader gets in large moves, the intra-day traders gets from better use of leverage. *** Question: If someone is explaining something that you don't understand, are they the one without knowledge, or are you? Great thread, you're actually bringing an interesting series of threads to Elite Trader Duref, as compared to the usual ... Good trading, Jimmy Jam
You shouldn't be insulted. But rather see it as an opportunity to finally learn something ... one thing's fer sure. If you don't see the value in this thread, maybe the problem isn't in this thread. Good trading, JJ
<i>"Books are an excellent way to get grounded in the fundamentals of trading.... <snip> <b>I do not recommend any particular books outside the ones recommended by others.</b> I would recommend sticking with the highly rated ones. I have read the Market Wizards and Fundamental Analysis & Technical Analysis by Schwager for example. But in all, I have read over 100 books. I also regularly read TASC, Futures & Active Trader mags. In addition to the Books link at ET, I recommend Amazon.com. For one thing, there are used books available that are often cheaper for people wanting to build a personal library. </i> OK... how many times must we read the same rehashed b.s. in ET? Someone comes in here, spouts off about how everything needed to know on trading is available in books AND THEN immediately steps on their dick by backing off any specific titles. Don't throw out the "it's all right there in books" because it ain't. That's one of the biggest lies. If I'm wrong, go ahead and name which book(s) tutor the following: #1: How to specifically read a tape = chart thru all market conditions. How to tell whether price action is likely to break up, down or remain sideways at any moment in time. Would that info be helpful to traders? It does exist. Which book(s) teach that? Please name the title(s) #2: Where to find multiple points of entry in the same price swing (unlike loser - flunky mechanical systems with only one possible entry point, make or miss) Analytical engineer types view trading as an entry signal being one exact spot on a chart. In reality, the same directional price swing almost always has several valid entry points along the way. Which book(s) teach that? Please name the title(s) #3: How to tweak a trading approach to fit the individual's personal aspect in all areas, i.e. time constraints, personality, mindset, emotional makeup, etc. Analytical engineer types view trading as only one = two correct ways to succeed, the rest are all invalid. In reality, we can take many specific approaches and branch off dozens of equally effective ways to implement them for trading. Which book(s) teach that? Please name the title(s) <i>And also, more popular trading books have customer reviews posted, as 110 customer reviews for "Trading in the Zone" here:</i> TITZ book is worthless, absolutely without value to anyone except those with intermediate to advanced trader-level skills who then require some mental = emotional tweaking. That's a rather small niche. For aspiring traders getting started, this book more easily steps them backward several paces as forward. <i>"Oh, yes, the Douglas books are near the top of my list. But I am surprised at your answer, because I view most books as being compendia of hoary old indicators and oscillators that don't work. Of course we could probably all name them! But what do you think a new trader would get out of those hundred-odd books, the good psych books excepted?"</i> I watched an amusing exchange between two of my friends not long ago while working on a barn project here of mine. Friend #1 is a hack carpenter, friend #2 is a general contractor with above-average skillset learned thru experience. Friend #1 was stating his case about how a certain task was impossible due to the barn being out of plumb and out of square in every direction, in addition we didn't have the correct tools. He's the blusterous, highly opinionated one. He also inwardly knows of his ignorance level relative to friend #2. Friend #2 quietly listened to all the drivel, then proceeded to complete the task exactly as he said using tools at hand. Moral of the story? Friend #1 is full of number two. Or, a poor (ignorant) carpenter ALWAYS BLAMES THE TOOLS. Please remember that fact the next time someone denigrates TA and indicators as useless. You are listening to an inferior skill-set trader describe their incredible lack of knowledge.
OMG This thread is so terribly weird! It's like renfiel is now a freakin market wizard that needs an interview. Bad, bad, bad!