How can I acquire a basic understanding of trading?

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Old May 20, 2009, 9:47am   #1
 
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How can I acquire a basic understanding of trading?

Hello all,

I am looking for a beginner book on trading and perhaps some other basic learning resources, mainly for the purposes of determining whether I want to start pursuing a trading career.

Background:
I have a master in science and economics, which I completed a year ago. Since then I have been playing poker professionally, which I enjoy very much. It seems to me that poker and trading require similar types of skills, such as understanding math, assessing risk and reading the opponents. Before I start throwing my cv to potential employers I want to do some research on my own, with two goals in mind:

1.To assess whether I want to become a trader at all, i.e. if the job seems to fit my skills and interests.
2. To build a basic understanding of the job so that I can write good cover letters and do well on interviews.

Any ideas on books and/or other resources for my purposes (1-2 above) are greatly appreciated.


//Patrik
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Old May 20, 2009, 3:58pm   #2
 
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If you genuinely have succeeded at poker you have all the skills required.Learn everything from this site and dont waste money on exspensive courses
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If you are serious about trading then you need to look at this link

http://www.youtube.com/watch?v=6CnAsdQiGzs
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Old May 20, 2009, 4:38pm   #3
 
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read read read and read some more, then spend 1-2years face time with the markets
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Old May 20, 2009, 11:17pm   #4
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Originally Posted by Potte View Post
Hello all,

I am looking for a beginner book on trading and perhaps some other basic learning resources, mainly for the purposes of determining whether I want to start pursuing a trading career.

Background:
I have a master in science and economics, which I completed a year ago. Since then I have been playing poker professionally, which I enjoy very much. It seems to me that poker and trading require similar types of skills,
The key difference between poker and trading (and I speak as an OK trader and terrible poker player) is that you don't get to 'see' who you are up against, just their collective action.

This shows itself as price, just like poker players have patterns and styles that can be exploited, the same is true of price. As others have suggested, you need to spend time watching price action, many of the other skills (money management etc) you probably already have.

Ben
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Old May 21, 2009, 8:02am   #5
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Originally Posted by RedGreenBen View Post
The key difference between poker and trading (and I speak as an OK trader and terrible poker player) is that you don't get to 'see' who you are up against, just their collective action.

This shows itself as price, just like poker players have patterns and styles that can be exploited, the same is true of price. As others have suggested, you need to spend time watching price action, many of the other skills (money management etc) you probably already have.

Ben
Not strictly true Ben - you don't get to see individual names sure, but you more often than not can find out what type of investor / speculator / hedger is doing whatever it is you can see happening. And at that point the poker analogy probably has more relevance.

Of course, at the very short timeframe end, only the wholesale players have that type of info available (and even then, it's not democratic, it's more like a club sometimes). But at the mid to longer end it's far more widely available. Which is why I can never understand why retail traders just wanna sit and prat about scalping - what informational edge do they possibly have - none.
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Old May 21, 2009, 8:04am   #6
 
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potte,

I'm confused, do you want info on what type of trader jobs are out there and what is required to get these jobs

or do you wish to become a retail trader and want to know where to start educating yourself?
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Old May 21, 2009, 8:07am   #7
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Or both (which is understandable, although maybe not realistic).
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Old May 21, 2009, 9:21am   #8
 
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Originally Posted by Genics View Post
read read read and read some more, then spend 1-2years face time with the markets
What should I read?
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