Hi people, I`m looking for a course on trading which will be suitable for beginners,I have no idea what to trade yet either, are there areas of trading which are easier to get to grips with than others? Also can someone recommend a book or two, to be getting on with? Thanks ever so!
fxmarkets
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Hello mate, book, start off with elder, come into my trading room, that will introduce you to a few concepts of mind money method from which you can branch out to further yourself. There are thousands of books ,thousands of recomendations, which is maybe ahlf the problem, which do you read who do you trust. Do lots of research on the web and this site. Sounds like you are completely green with trading ? allow yourself a few years part time study or maybe 12 months full time to "Begin" to understand.
Try not to rush..
best wishes fx.
Try not to rush..
best wishes fx.
Books I started with:
Year 1:
=====
- Robert Kiyosaki's "Rich Dad Poor Dad" (not a book on stocks but it was the trigger for me. Still read it occasionally when my morales sag)
- William O'Neill's "How To Trade In Stocks"
- Jim Slater's "Zulu Principle" and "Beyond The Zulu Principle"
- Bernice Cohen's "Armchair Investor"
- Peter Lynch's "One Up On Wall Street" and "Beating The Street" (still read them occasionally, great entertainment value)
- and a few other insignificant ones
Year 2:
=====
- Elder's book as fxmarkets has already mentioned.
- Stan Weinstein's "Secrets Of Profiting In Bull And Bear Markets"
- John Murphy's "Technical Analysis Of Financial Markets" (was intended to be a reference, but ended up reading most of it)
- Jack Schwager's "Market Wizards" and "New Market Wizards"
- Edwin Lefevre's "Reminiscences Of A Stock Operator"
- Nicholas Darvas' "How I made $2m..."
- and a few other insignificant ones
Year 3 onwards:
============
More 'hardcore' trading books which won't be useful for you just yet...
Over the next one year you have to decide if you want to use fundamentals, or technicals, or both. Over the next five years you are likely to read at least 100 books and e-books. But none of them will be the be all and end all. Each will however contribute a little in shaping you up as a trader.
As fxmarkets says, do not rush. Get ready for the long haul. Don't be greedy. Most newbies burn out within two years. Don't think you have a right to be successful.
Year 1:
=====
- Robert Kiyosaki's "Rich Dad Poor Dad" (not a book on stocks but it was the trigger for me. Still read it occasionally when my morales sag)
- William O'Neill's "How To Trade In Stocks"
- Jim Slater's "Zulu Principle" and "Beyond The Zulu Principle"
- Bernice Cohen's "Armchair Investor"
- Peter Lynch's "One Up On Wall Street" and "Beating The Street" (still read them occasionally, great entertainment value)
- and a few other insignificant ones
Year 2:
=====
- Elder's book as fxmarkets has already mentioned.
- Stan Weinstein's "Secrets Of Profiting In Bull And Bear Markets"
- John Murphy's "Technical Analysis Of Financial Markets" (was intended to be a reference, but ended up reading most of it)
- Jack Schwager's "Market Wizards" and "New Market Wizards"
- Edwin Lefevre's "Reminiscences Of A Stock Operator"
- Nicholas Darvas' "How I made $2m..."
- and a few other insignificant ones
Year 3 onwards:
============
More 'hardcore' trading books which won't be useful for you just yet...
Over the next one year you have to decide if you want to use fundamentals, or technicals, or both. Over the next five years you are likely to read at least 100 books and e-books. But none of them will be the be all and end all. Each will however contribute a little in shaping you up as a trader.
As fxmarkets says, do not rush. Get ready for the long haul. Don't be greedy. Most newbies burn out within two years. Don't think you have a right to be successful.
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fxmarkets
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Maybe have three separate folders, titled, Mind , Money, Method, start researching the importance ? of these and collating your studies, Looking at concepts and fine detail in all three. I'd say pick one market to begin with and observe it in daily, hourly and five minute timeframes until you begin to find what may be best for you time wise, and a lot of that depends on your available time and the psychological aspect of you.
fxmarkets
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area's to get to grips with easier than others you say gaz. well most overlooked is the psychological aspect of you and your immersion into trading and its potential effects on you and your potential behaviour on/towards yourself. Let me go on,how you have been conditioned since birth ,all your previuos life exposure/experience to date , with yourself, parents, family friends, whoever may have an effect on how you behave when trading the market . Be prepared to find out who gaz14 really is or has been until now and decide what beliefs/ issues (if any) need to be chucked out re written in order to become or obtain a "traders mindset" necessary to succeed long term. But realise you can change any aspect needed, yet you have to recognise it in you firstly, honestly ,objectively . I'll stop rambling until you ask further down the road.
gaz14 said:
You don't have to buy all the books on day one. In fact you mustn't. And yes it can become very expensive (and frustrating, and directionless) as traders jump from one strategy to another, from one software to another, from one disaster to the next.
Buy a cheap software and watch charts every evening after you get back from work. As a routine. (if you decide to go the technical route, that is)
PS. I'd advise you to let your partner/family know that you are starting a huge project and they won't see much of you over the next few years.
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fxmarkets said:
To be fair to him, he will not really understand what the hell we are talking about untill he actually gets burnt, feels the terror, trades aimlessly for months/years continuously losing money, becomes afraid of looking at his trading account... We've all been there. I never understood risk management until I blew my SB account.
You have to be in the middle of the battle to know the pain, fear and greed.
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fxmarkets
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Yes openmind, perhaps the best advice to give then is, dont beat yourself up, feel or label yourself as a person, as an inferior person when you are going through it, you are a unique, special valuable human being who will perhaps need to learn a few lessons about yourself, which is a valuable by product of becoming a trader. Its worth it.. even if you choose, not to trade
I cannot claim to even begin to understand the psychological abuse and torment that folks like yourselves have endured on your paths to becoming sucsesfull traders ,but I am motivated and committed to take the same rocky path, and hope I have the character to sucseed also. Psychologically i`m a blank canvass waiting for reprogramming!
Successful trader? Who? Me? Honest guv, I know nothing.
If you are addressing me, I am not there yet. I cannot yet call myself consistently profitable and I haven't yet taken full control of my mind. I keep working.
This is another thing you need to be aware of on bulletin boards. We all can talk the talk, not many can walk the walk.
If you are addressing me, I am not there yet. I cannot yet call myself consistently profitable and I haven't yet taken full control of my mind. I keep working.
This is another thing you need to be aware of on bulletin boards. We all can talk the talk, not many can walk the walk.
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fxmarkets
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It still applies to everyone on the planet no matter what the life pursuit is.. im sure you'll get there openmind, you owe it to yourself . there comes a point when you know it, have it, and just have to go through the steps to be it.
yes openmind..... re walk the walk... people should? not take anyones word for anything ,but go and find out for themselves. agreed mate. But if it makes sense, Make notes.
yes openmind..... re walk the walk... people should? not take anyones word for anything ,but go and find out for themselves. agreed mate. But if it makes sense, Make notes.
OpenMind said:
If you only read one trading book, then read Darvas' book - you learn a ton and it's very funny to read.
http://www.meta-formula.com/How-I-Made-2-Million-in-the-stockmarket.html
