after youve read all the books... ive found, that you have to be careful what you incorporate into your trading, from what youve read. especially from all the technical etc. books. my advice is- you should pick up a trading psychology/ motovational book to get your head straight. i prefered "The Trading Athlete: Winning the Mental Game of Online Trading" by Shane Murphy &, Doug Hirschhorn over "trading in the zone" by mark douglas
Been mentioned in other threads not sure about this one but Zen and the Art of Poker is the book that I would recommend for traders. Page for page it's hard to beat as far as it's explanation of the proper mindset you have to have to trade or play poker. Worth a look. http://www.amazon.com/exec/obidos/t...v=glance&s=books&vi=reader&img=11#reader-link
My conspiracy theory: that book is a very successful marketing ploy by investment houses to sell OTM puts to herds of fools.
billgates, Interesting view. You could be correct. However, I was not implying that you should do exactly what the book said. Here is what I gathered out of the book: 1)Backtested results mean, shit. 2)The backtested results of that fancy trading system could, in fact, be random luck. 3)You better take a real close look at any system you design and run it through a series of very strenuous stress tests before you decide that it is a tradeable system. That was my take on the book. Any thoughts?
You can't learn trading by reading books. It's so simple. If someone knew how to make money trading why would she tell the whole world about it? Trading isn't science. In science, true propositions eventually become common knowledge. In markets, once true proposition becomes common knowledge, it's no longer true.
I 100% agree with that statement. If you are to succeed in trading you need an edge and no book can offer that. That is one reason I think "Fooled By Randomness" is such a great book. It does not tell you how to trade or what to trade. Taleb says, in a more lengthy manner, "Your results maybe be due to dumb luck. Here is the analysis I do to get a better understanding of luck in the markets." Like I said, I 100% agree that you cannot learn trading by reading books. You can, however, pick up some very useful tidbits.