I don't like the idea of just following another trader strategy to win! at first, who taught these traders to become successful? what I need is detailed information on how price move and I'll make my own strategy p.s: I don't think there are "outdated" books . price action will be the same no matter how many years
There will be many outdated trading books I would have thought. When I started in this game there were scores of books about how you can become a millionaire trading RSI, STO, OBV, MA's, GANN, etc etc. It has been years I admit since last shopping for trading books but is this stuff still peddaled? (Hopefully so)
Street Smarts book discuss indicators like RSI/STOC .anyone believe that these indicators work I just don't trust them
Since you are very much a begginer in your thoughts, it is normal you reach into your mind as to "what makes sense" to you, incorrectly. If you are not quickly knocked out or move away, as time goes on, I think your ideas will radically change. If you do not grow much past your current ideas, your chances will be worse than the already dismal averages. At the moment, your understanding is too far behind for me to discuss back and forth with you about your ideas. In a sincere spirit of trying to help your understanding and progress, I will reiterate a KEY IDEA and one tip: Idea: Try to develop personal relationships with winning traders who have an edge right now!!! Tip: Buy the book. (Best wishes)
Some of things that set this book apart from other day trading books are: You can contact the author on THESE FORUMS or if you are polite and have reasonable questions, maybe by pm. The book provides a more realistic overview of what it takes to win. One failed but insightful guy interviewed. The rest are winners with edges using rational risk management. The trders have won under comparatively recent conditions-- some edges from other books are gone for good. Many other books cover a severely limited thought process or a nonsense thought process. Using the right retail or prop firm and ORDER ROUTING covered extensively and these areas have been scantily covered by most others and there have been many relatively recent developments. Different vehicles are covered, not just stocks. The use of more modern technology is covered.. Why things change faster and faster in some trading areas; technology, information flow, closing loopholes, etc, explained. The author is knowledge and has been a winner at working different trading edges, both intraday and longer. Seeking Out Current Winners (and make very sure) comes up again and again. The information is accurate. _____ Much of what worked 30 years ago truly will not work now... sometimes this is true for 30 days ago... candy stores close... Big boys like Renaissance Technologies have found this true and so have many savvy prop and retail traders. _____ Simply learning "timeless" price patterns that seem to make sense, writing down a risk management plan that seems to make sense and funding a random discount broker probably will not cut it. On the other extreme: When the right mechanical EDGES came around, begginers who were friends with strong traders became serrious winners almost from day three, but I have not seen this for a very long time. These are often glitches in the market structure/rules, usually not hard to trade, and often are the most lucrative, but do not come up much and are hard to find. However, many big winners of 15 years ago have become losers and stopped trading)
This is my favorite book https://books.google.com.au/books?id=3pnlHy62YCkC&pg=PA225&lpg=PA225&dq=traders+vig&source=bl&ots=gIVaxebJJe&sig=TLjNEHTkA6M_XhYjdCM93f9MKVE&hl=en&sa=X&ved=0ahUKEwj5-f_U8LXbAhXCl5QKHbfKCfYQ6AEIHzAG#v=onepage&q=traders vig&f=false One of the few trading books I read which is just down to earth sincere and an absolute gem. Oldie but a goodie. You can scroll both up & down the pages to read
Learning by reading: I will say I have learned worthwhile things through pm relationships with posters I have met here.