The Education Of A Speculator

Discussion in 'Professional Trading' started by Johnny, Oct 18, 2008.

  1. Johnny


    Hey guys,

    I thought I just as well might start a journal right away, even though I`m not trading actively yet.

    Most of you probably don`t know me, but I started a thread here earlier this summer where I announced that I quit my job and ditched school to pursue trading fulltime.

    The thread basically went up in flames with a lot of people recommending me to rethink my decision, but also people who encouraged me to go on. Thank you all.

    The discouraging words made me want it even more and the encouraging words gave me some practical advice on how to pursue my education.

    Actually, I ended up following Sarvise`s advice on forgetting demotrading for now and concentrating myself to learn the intellectual part thoroughly first.

    It makes sense and as Sarvise said to paraphrase here; When I start trading for real and blow up, I know it is not because I don`t know enough about Elliot Wave, Fibonnaci, The Flying Star In The Night pattern or some other crazy indicator:)

    I did not get started to read as early as I wanted, but I`ve been going at it for roughly two months now.

    The plan is to read fulltime the rest of this year and then starting to watch the markets in January. Eventually demotrading and then live when I feel ready.

    As for which markets to trade, I have been rethinking Forex. I will probably start trading Globex Futures. Perhaps the S&P 500 E-mini.

    I will post my reading list later on.
  2. perhaps it would be smart not to plagerize a book title for your thread title. You just never know who is reading here. Just a friendly word of advice. Otherwise goodluck
  3. Johnny


    My intention was never to plagiarize and I hope and believe it is safe to use it as a header:)

    Thank you.
  4. AAA30


    What ever happens I am sure it will be better then that book. Good luck.

  5. Instead of hoping and believing, why not ask the author and publisher for permission prior to stealing a title?
  6. jem


    or instead of listening to warnings from friends of author of imo one of the best warnings about how not to be a professional long term trader or money manger and instead be a gambler...

    You might want to consider

    Rod Laver wrote the Education of a Tennis Player long before Neida a risk controller wrote the Education of a Speculator. You might note neida risk controller was a squash champion and was very likely well acquainted with the title of Mr. Laver's autobiography

    Additionally you might want to consider what is entitled to copyright protection.

    Note what the copyright offices says about titles in the second section.

    titles are generally not entitled to copyright protection.
  7. Johnny


    Actually, I sent a mail to Wiley, but did not get a reply yet. Either they have not had the time to process it or they deemed it unsignificant - my guess.

    Back on topic.

    Finished The Candlechart Course by Steve Nison today. Awesome book. I have a whole new understanding of candlesticks now. The interactive style of the book makes for great learning. It`s amazing how much information you can find in a single bar if you know how to read it.

    Has anyone bought any of his other products? Books? CD`s? I`m uncertain if I should read any more on this subject or if the screen is my next teacher.

    Next book out - Pitbull by Marty Schwartz.

    I try to balance tecnical books with biographical books or general trading philosophy.

    Looking forward to this one.

  8. lol only on elitetrader would one find such antics

    rome is buring and we are chatting about Wiley and copyright legalities :)

    gold help me, i love it so

  9. Johnny


    Hey guys, did you miss me?

    I`m still alive and have not been sued by Wiley yet:D

    I am planning my future these days and I have decided that the best thing for me would be to get a job after Christmas.

    The main reason for this is that living with my parents is affecting my well-being. I need to be living on my own again, even if it means that I won`t be able to live off trading just yet.

    Hopefully by the end of January I have a strong intellectual knowledge of the markets and will be ready to dedicate myself to some serious screen time.

    Since I live in Norway I will most likely be finished at work around 1500 GMT, which equals 10 AM, half an hour after NYSE opens.

    I could probably be ready to watch the screens at 11 AM EST.

    I think that my approach would be scalping, but I don`t know for sure yet.

    How much time do I need to scalp the S&P500 futures to give any meaningful results?

    Obviously, the ideal is to do it all day, but I need to get into a routine that I can live with in the long run until I`m able to stand on my own.

    Will 3-4 hours be sufficient or am I better of looking to get into swing trading at this part of my development?

    Thank you all in advance,

  10. LOL, for a second I thought VN lost his damn mind and decided to post on this site.

    Surfer, you know that now aday's "anything goes". People do not pay attention. That is why "Obama" is our new leader.

    The Collective never think original thoughts, they tend to suck dry the thoughts of those who are productive.

    So, I just chalk this up to "Redistribution" of "Ideas and headings". It is soon to be the norm for this country.
    #10     Nov 10, 2008