What books do you recommend if I want to trade futures, in particular grains? I've read: -Come into My Trading Room, Elder -The Original Turtle Trading Rules -How to Trade in Stocks, Livermore (Without the commentary) -The Futures Game, Teweles and Jones -Reminiscences of a Stock Operator, Livermore -Liar's Poker, Lewis Next on my list is: -Winning in the Futures Markets, Angell (But my friend who is out of the country borrowed it, so I need something in the meantime!) -An Introduction to Statistical Methods and Data Analysis by Ott and Longnecker Suggestions? The books don't have to be specifically about futures, but can cover charting, TA, psychology, etc. Anything useful for a holistic education. P.S. I'm not interested in spreads or options at this time. Straight up net trading using TA.
Screen Time and Learn the price action. Screen Time and Learn the price action. Screen Time and Learn the price action. Screen Time and Learn the price action. Screen Time and Learn the price action.......
I agree, and so I spend hours everyday doing that. But I'm looking for a little bedtime reading to step up my game. But while we're on the topic... I look through years of charts, clicking through by one day at a time, recording paper trades using opening prices. I also watch real-time price action and place real-time paper trades using ThinkorSwim. Do you have suggestions on how to learn price action and use screen time more effectively?
Best introductory probability book on the market: http://www.amazon.com/Introduction-...ef=sr_1_1?ie=UTF8&qid=1294723281&sr=8-1-spell
It pays to know your competition. If you are going to trade the grains, you should read up on cargill, ld, adm, bunge and the like. And, if you have no ag background, find some resources that could teach you something about farming.
why grains? do you trade fundamentals? trade where you think you can make the most money and have the best trade setups for your system/methodology. a chart is a chart.
Although somewhat outdated, I found William Grandmill's books very informative. Used on amazon, for a few dollars, any of these will surely offer you, "a little bedtime reading to step up my (your) game". This guy is OLD, old, old skool, a pre computer era trader (a lot of manually entered worksheets), but as I said, for a few dollars a book you should glean a "bushel" of fundamental knowledge that still impacts the markets. E.g. ,,,, the sardine catch (protein for feed) in S. America may influence the price of N. American soybean meal (protein for feed). http://www.amazon.com/s/ref=ntt_ath...ch-alias=books&field-author=William Grandmill This little piggy went to the market, This little piggy stayed home. This little piggy lost all his money, and he could trade none. This little piggy came to our market, and went broke real fast, looking for fun! A note, Books with the word "OPTIONS" in the title also hold valuable fundamental knowledge.
Larry Williams Trade stocks and commodities with the insiders:secrets of the COT report is a good one, and Jeremy du Plesssis The definitive guide to point and figure is my favorite lately. Larry Williams gives the goods on how to exploit supply and demand extremes, and shows how the COT report can validate a trend following strategy, and how to use the independant specs to time your exit. Jeremy du Plessis makes the old school Point and Figure clear and easy. The best part of learning P&F is the support resistance is so well defined,albeit a little wider than OHLC traders define it.
Why Grains? Grains, in particular Wheat (and later, probably Corn, Oats, and Soy) was mostly random, but also influenced by the amount of leverage in these markets, which I will explain below. Also, I ran most of my system tests on Grains, and the longest ones using Wheat. Since I have the most face-time with Wheat's charts, I am starting with Wheat. Money Management: I have $10,000 to start with. My initial stop limits losses to around 4%. With one contract of wheat, this means a price change of 8 cents or 32 ticks. In my tests, a stop that large prevents whipsaw, yet protects my account. Most say 2% is more than enough. Yeah, I agree, but I'm trying out 4%. Do I trade fundamentals? Absolutely not. TA all the way, baby.
Thank you. I will certainly take a gander at those books on Amazon. However, I have little faith in fundamentals.