Samson's Resources

Discussion in 'Educational Resources' started by Samson77, Dec 27, 2005.

  1. Recently my name has been attacked and I am going to set the record straight and END this stupidity once and for all.

    Here are the FACTS and I will not argue with any FOOLS, nor will I respond to personal attacks.

    After 3 years of trading Full Time, here are ALL of the resources that I have found to be GOOD.

    Let me state CLEARLY that I have NO personal interest in any of these resources and I only share them to HELP others that may be considering using them.

    Forums and Chat rooms recommended:

    1. Elite Trader - The best use that I have found for ET is to use it as a search engine for resources and feedback for things like Software, Hardware, Brokers and entertainment. I try and avoid all advise and discussions on actual trading because every trader will have their own style and method and there is no point arguing with someone wether swing Trading is better then scalping etc..

    2. Live Chat rooms - Personally I do NOT visit any live rooms too much anymore because I find them too distracting BUT if you are looking for some GOOD methods and are just starting out I highly recommend - woodies room on hotcomm, enthios room on Mirc, buffy's room with Ensign and even ET has a nice little live chat room built in (I spent a little time in it last year and it was very good).

    Books Recommended:

    1. Technical Analysis of the financial Markets, John Murphy
    2. Reminiscence of a Stock Operator
    3. Market Wizards 1 & 2
    4. Trading to win, Ari kiev

    I really don't think you need more then these 4 books for an excellent starting foundation for trading. If you study them diligently they provide all the material you need to but you will still need put it all together on your own and that will take some time (a minimum of 1 year imo).

    Software Recommended

    1. Ensign Charts - An amazing package for $40 per month and if you use IB you get free data. (I love this).

    2. Real Tick - If you need better long term data this is my favorite.

    Brokers and Prop

    1. Interactive Brokers is my number one choice for Futures/Stocks and Commodities but be patient and make sure you completely understand their system and rules before trading live with them.

    2. Options Express is my number one choice for Options Trading simple because of the way the site is organized and keeps records be warned though it is a little more costly.

    3. Prop - I can't comment much here because I have yet to need the services of a prop firm so do your own research but I have heard from other personal ET friends that Bright is the best route to go for the complete newbie.

    Courses/Systems and Mentors - As many of you know I have bought a lot of this stuff and 95% of it was not sold as advertised and in SOME cases it was an actual scam but let me make it clear that I did get something from MOST of them so it wasn't all a waste of money.

    Conclusion: After all the courses/systems I have bought and the 2 mentors I studied with, I am NOW of the firm belief that if you STUDY the 4 books that I recommend above you will have no need for ANYTHING else... provided you ONLY paper trade for the first year and you spend 100's of hours testing both live and historical data.

    I have been asked MANY times by MANY traders for various opinions and advise on MANY different topics about trading and every trader is going to be different but overall the recommendations on this thread are the best I can offer.

    I hope this sets the record straight once and for all.

    I wish you all well and I will be starting a Journal soon to share with you all some of my Swing Trades (end of day) to give you some ideal of where you can be in a few years, if you STUDY hard and Test, Test, Test.

    I hope this list of resources HELPS some of you make it without having to go through ALL the nonsense, expense and aggravations I had to.

    Good Trading to all and see you in the Journal soon.
  2. Reminiscences of a Stock Operator
    Jesse Livermore World's Greatest Stock Trader by Richard Smitten
    Market Wizards 1 & 2 & maybe Stock Market Wizards
    Pit Bull by Marty Schwartz

    I think it comes down to this:

    1) You got to know what you are doing.
    2) Once you are in the trade, you got to ACCEPT THE RISK.


    1) Do you know what you are doing?
    2) Are you accepting the risk?
  3. simonee


    Risk is nothing you accept after you enter the trade, it’s something you calculate, major and adapt in a way that suit your trading ( before you enter a trade).

  4. Yes Simon:

    I agree with you. If you don't know the risk BEFORE you enter, how can you decide whether the potential profit is acceptable?

    Good point Simon.


  5. Ok, Now I see ....

    No wonder..

    Makes sense now.

    :D :D
  6. Well... that is part of "You got to know what you are doing."
    "Accepting the risk" is more of the mental side of trading to me.