Beginner Day trading books

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BrianAus

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Hey guys are there any beginner books associated with day trading? I am looking for one that does not really talk about the history about it or anything fancy but just straight out how everything works. Thanks.
 
Hey guys are there any beginner books associated with day trading? I am not looking for the history of it or anything fancy that goes off topic but just how everything works. Thank you.
 
Reading books is a good start for the basics, but along side this I would open a demo account so you see what the markets actually do.
A good starting place would be to try and spot a trending Market. An up trend is simply a Market that is making a series of higher highs and higher lows. Pop a 50 period simple moving to help you spot this easily.
For me this is one of the first things all newbies should do.
The theory is simple, you want to buy a Market moving higher and sell into a falling Market.
Finding your entry points is a little harder, but I you learn to spot a trend it will help no end.
It never fails to surprise me how many new trader don't look at the prevailing trend.
A good place to start is look at the daily chart and identify the trend, then drop down to the 4 hour chart and make sure it's trending in the direction. Then try and trade of the 4 hour.
The point here is that you need to look for trends on the chart you are trading and the bigger time time, this will help stack the odds kin your favour.
Don't spend hours trying to determine whether a market is trending. If it take more than a minute to decide, it's probably not trending!

Best of luck and hope this helps

Cheers
 
Don't read the complete guide to day trading by Markus Heitkoetter. His company Rockwell Trading is a complete scam and the book will only mislead you. Reading it will do you more harm than good.

For more info go to:
rockwelltradingscam
 
Stirf said:
Don't read the complete guide to day trading by Markus Heitkoetter. His company Rockwell Trading is a complete scam and the book will only mislead you. Reading it will do you more harm than good.

For more info go to:
rockwelltradingscam
Click to expand...
Hi Stirf,
Given your comment, I assume you've read the free e-book from Rockwell Trading. That being the case, can you give some examples of things they say that will mislead people?
Cheers,
Tim.
 
Hi Tim,

Thanks for your interest. I'm sorry to disappoint you, but I've wasted about 12 months on rockwell. Heard all about their crap from the book and during the daily sessions. I'm not to keen on wasting more time on discussing what was wrong and what was terribly wrong about the rockwell trading approach.

I made a website about it and you can get a lot of info from there. Should you or any other, despite of the info on my website decide to follow some of their advices please feel free to do so.

I can only warn people. What they do with that warning is up to them.

rockwelltradingscam


Have a great day and enjoy the long weekend :drunk:!!
 
Hi Stirf,
Reading between the lines, my impression is that you haven't read the book and, therfore, aren't in a position to comment on whethrer or not the info' in it is any good or not. For the record, I've not read it either, so you may be quite correct in what you say and the book may indeed mislead people. However, it would be oh so nice if you made these comments having bothered to read the book first, and can give examples to back up your claims that it's no good, rather than jump to conclusions based on some personal gripe you have against Rockwell Trading.
Tim.
 
timsk said:
Hi Stirf,
Reading between the lines, my impression is that you haven't read the book and, therfore, aren't in a position to comment on whethrer or not the info' in it is any good or not. For the record, I've not read it either, so you may be quite correct in what you say and the book may indeed mislead people. However, it would be oh so nice if you made these comments having bothered to read the book first, and can give examples to back up your claims that it's no good, rather than jump to conclusions based on some personal gripe you have against Rockwell Trading.
Tim.
Click to expand...

Hi Tim,

Thanks for taking the time to reply to my message. "Reading between the lines, my impression...". I don't know how well you read between the lines, but your impression is wrong. As mentioned you can take a look at my website for hard proof that what Rockwell Trading sells/preaches will lead to nowhere but misery and failure and that includes the book.

The thing is Tim, that forums like trade2win need vendors (I wont use the word scammers) like rockwell and e.g. tradethemarkets to keep the forum going. Your family has to eat as well don't they Tim? So on the one hand T2W is providing a service to traders (experienced or not) so they can exchange thoughts and opinions. It is that part that I appreciate a lot! But on the other hand T2W is giving those same vendors a platform to sell their useless stuff to newbies and those who go from one vendor to another and wonder why nothing works. Being it by payed advertising on the site, through email or having charlatans posting all sorts of good reviews. That sounds to me like a conflict of interest...

In all my years of trading I haven't seen one, no NOT ONE educator that actually has his live trades on record (approved by an accountant) to proof his success. And neither was I able to read anything about it in the thousands of emails I got in reaction to my website and youtube vdo. What better way of marketing is there? "This is what I can teach you and here are the results of that". Those who can, trade and those who can't teach (and sell stuff).

It is always hard to "read" the intonation or tone in a message like this. Let me just state that I mean well. Though there are disadavantages, I appreciate the service T2W offers and your attention to what traders ask or write. Keep up the good work Tim!

Now, market in the US is about to open so let me get back to what it is all about: trading! I'm out.

P.s. I'm not a native English speaker so sorry if I used the wrong words.
 
Hi Stirf,
Stirf said:
"Reading between the lines, my impression...". I don't know how well you read between the lines, but your impression is wrong. As mentioned you can take a look at my website for hard proof that what Rockwell Trading sells/preaches will lead to nowhere but misery and failure and that includes the book..
Click to expand...
If my impression is wrong, then I assume you have read the book? In which case, I return to my earlier request for some evidence of this by way of an example or two of things in the book that will mislead its readers. You're making alegations here on T2W, therefore, you need to back them up here, and not just redirect people to your website.

Stirf said:
The thing is Tim, that forums like trade2win need vendors (I wont use the word scammers) like rockwell and e.g. tradethemarkets to keep the forum going. Your family has to eat as well don't they Tim? So on the one hand T2W is providing a service to traders (experienced or not) so they can exchange thoughts and opinions. It is that part that I appreciate a lot! But on the other hand T2W is giving those same vendors a platform to sell their useless stuff to newbies and those who go from one vendor to another and wonder why nothing works. Being it by payed advertising on the site, through email or having charlatans posting all sorts of good reviews. That sounds to me like a conflict of interest....
Click to expand...
T2W needs paid advertising to keep going, otherwise all the useful information that's available for free wouldn't be (available for free - or otherwise). That includes the 'information' you post about Rockwell. On the one hand, you're happy to use T2W to wage your campaign against Rockwell (on numerous forums over a prolonged period of time) while, on the other hand, criticise us for generating an income from advertising. You can't have it both ways I'm afraid! Besides, while I accept that T2W has made mistakes in the past, there is now a procedure in place to ensure that we don't accept advertising from any company whose reputation and credibility has been seriously brouught into question.

Stirf said:
In all my years of trading I haven't seen one, no NOT ONE educator that actually has his live trades on record (approved by an accountant) to proof his success. And neither was I able to read anything about it in the thousands of emails I got in reaction to my website and youtube vdo. What better way of marketing is there? "This is what I can teach you and here are the results of that". Those who can, trade and those who can't teach (and sell stuff)..
Click to expand...
You're entitled to your view - and it's a popular one. However, it's not the only one. There are other views on this contentious subject and T2W wouldn't be acting in the best interests of its members if it adopted any one side in preference to any other. My personal view (i.e. not T2W's view) has always been that the 'those who can, trade and those who can't teach (and sell stuff)' mantra is rubbish.
;)

Stirf said:
It is always hard to "read" the intonation or tone in a message like this. Let me just state that I mean well. Though there are disadavantages, I appreciate the service T2W offers and your attention to what traders ask or write. Keep up the good work Tim!

Now, market in the US is about to open so let me get back to what it is all about: trading! I'm out.

P.s. I'm not a native English speaker so sorry if I used the wrong words.
Click to expand...
I agree with you that it's very difficult to read the intonation or tone of a post. Very true. And, FWIW, I accept that you mean well and I don't doubt that you believe passionately in everything you say about Rockwell. All I'm saying is that if you want me to believe it too (and I'm open minded on the issue) then you need to back up your claims with specific examples. Otherwise, you just come across as someone who has failed at trading and is looking for someone to else blame - anyone other than the person starring back at you in the mirror.
Tim.
 
Last edited:
MurrayCod said:
Hi Tim, if you don't mind me butting in here . . .
Click to expand...
Hi Murray,
No, not at all - and good on you for backing up your criticisms of Rockwell's e-book with some actual quotes and for providing reasons as to why you think they could be misleading. Stirf - please take note!
;)
Tim.
 
Two books that I have found useful are

1. Jack Schwager's Technical Trading book. probably quite expensive these days, but full of charting examples and he covers most systems.

2. John Piper's The Way to Trade, a Pitman book.

These books give ideas. Schwager has tested them over so many trades and, let's face it, they all have a lot of faults. You need to know what the snags are so that you can try to avoid them.

Maybe, you could get them from the public library (if there are any left :)) but I still look through mine,now and again, for reference.

Try Jack Schwager's lectures on You Tube, too
 
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