NewtoTA: Don;t get discouraged by his comment. Nothing wrong with reading the books that he mentioned but that won't make you a profitable trader. You have to have "IT" in trading. What you see in the chart makes sense but it may not be 100% true. Charts say many thing to us but it is left to interpretations. If you were Warren Buffet and wanted to invest for long term, it would be good to know all fundamentals of the company but to be a day trader, you don't need that. And about TXN, I should say longs will be rewarded by this Wednesday close.
^ Hajimow, I disagree completely. Who would you rather to trade. A guy who has read 100 finance/economic books or a guy who has read 0 finance books. Learning about corporate finance theory, investment theory, economic theory, statistics is very useful just so you know what the hell you are buying/selling on an intraday basis. In a bull market you want to be going long. How do you know it's a bull market? You look at economic indicators. You look at unemployment. You look at supply & demand. You need to know some basic economics. If interest rates rise, which companies will benefit? Which companies will fall? Everything links!! If a chart is looking bullish, you may not care of the reason, but it's perhaps because that compan is highly linked to the economy.. Imagine if you are playing long a stock which has nothing on it's balance sheet. How are you suppose to know that without of taken some basic finance courses? I never go long a stock which has a weak financial statement.. neither should you.. if you know some basic essentials of how the finance world works.. it doesn't hurt to apply that to day-trading no matter how irrelevant it may be.
I agree with you completely. Noone will get hurt buy knowing more. My point was that he has just started and learning something. He cannot learn everything overnight. He cannot also leave the market and go studying and disjoints himself from the market. You should be in the market and then study and read more otherwise, those books will not make sense and will not be helpful and after you come back to market, you won't be able to quickly apply them.