ESSENTIAL READING FOR NEWBIES ~ This author is a must

[Rhody Trader]

The "50 years" was hypothetical.

I think the real figure is much, much higher - as in we shouldn't have seen it happen in the whole history of exchange based trading to date and for many years to come. Something like that, if I remember correctly.

But that is based on a normal distribution, which we know to be wrong.

 

[charliechan]

i dont mean to slate the books. i think md's 2 books are excellent, and indeed 'almost' hit the core. but...

given that these books are well known and highly regarded - indeed read by a large number of traders, how come most who have read the books still havent achieved their full potential?

there is still something missing and you will never find it in a book...

 

[charliechan]

As Grant mentions the “50 years” in his post above (unless he pulls it out of embarrassment or a sudden attack of good taste) the normal distribution thing is pretty much unusable as a long-term statistical measure for our line of work.

You only have to consider that 50% of stock market gains (DJ) over the last 50 years were made in just TEN trading days during that period to show you how useful Gaussian thinking is to us. Not.

yep.

and then, after inflation we realise the dow has made little if any progress at all.

buy & hold anyone?

 

[nine]

i dont mean to slate the books. i think md's 2 books are excellent, and indeed 'almost' hit the core. but...

given that these books are well known and highly regarded - indeed read by a large number of traders, how come most who have read the books still havent achieved their full potential?

there is still something missing and you will never find it in a book...

Mark is the most tediously boring author out there. So no one reads the final couple of chapters. And those that do fail to follow his prescription.

That's why the books don't succeed and also why people in this thread say that Mark didn't cover "how to trade". They never carefully read the chapters. So they missed that material and also his offer. I recall dropping him an email as suggested when I read TDT because all my methods were long term and he did come across as promised.

 

[charliechan]

Mark is the most tediously boring author out there. So no one reads the final couple of chapters. And those that do fail to follow his prescription..

disagree - well when compared to other (but not all) 'trading' books ive had the misfortune to read.

That's why the books don't succeed and also why people in this thread say that Mark didn't cover "how to trade". They never carefully read the chapters. So they missed that material and also his offer. I recall dropping him an email as suggested when I read TDT because all my methods were long term and he did come across as promised.

exactly. if anything tdt does exactly that - 'how to trade', with detailed info on how to. just because the book has no charts, it doesnt mean the principals such as srp's arent valid or need 'examples' with a chart or other market info as the principals of market price/value levels are based on the mindset of the market participants as a whole. we dont need to see an example/proof, because its so obvious.

this gives a simple yes/no criteria for management/decision to stay in or exit following action around a srp.

 

[newtrader22]

I think there are many good traders on this board who trade markets superbly like dbphoenix and
the list is long

 

[nkruger]

given that these books are well known and highly regarded - indeed read by a large number of traders, how come most who have read the books still havent achieved their full potential?

Do people read the book(s) give the theory a go but give up without a fight ?

You cannot become a proficient, successful trader in 6 months ~ but a lot think it's possible, but give up after the initial 'burst'

Also, a lot of the newbies I'm in email contact with understand the theory of the book but will keep changing strategies when they have a couple of losing days. This problem is not highlighted enough in either of the books.


.

 

[charliechan]

Do people read the book(s) give the theory a go but give up without a fight ?

You cannot become a proficient, successful trader in 6 months ~ but a lot think it's possible, but give up after the initial 'burst'

Also, a lot of the newbies I'm in email contact with understand the theory of the book but will keep changing strategies when they have a couple of losing days. This problem is not highlighted enough in either of the books.


.

true.

and there is the crux of all threads.

conviction.

:clap:

 

[Stamford]

Good Reads ?

Looking for good reads for newbies, I've had some suggestions which I'm looking into...

If you could recommend 1 book for a newbie, what you you suggest ?

 

[nkruger]

Looking for good reads for newbies, I've had some suggestions which I'm looking into...

If you could recommend 1 book for a newbie, what you you suggest ?

TITZ (M.Douglas) for the mind and COME INTO MY TRADING ROOM (Elder) for the mechanics.

Have a read up on Amazon about the other suggestions on this thread.

Nick

 

[Stamford]

Thanks Nick, TITZ I have just ordered and I did actually have Come into my trading room on my shortlist aswell.. So it looks like I'm on the right track

 

[nkruger]

Thanks Nick, TITZ I have just ordered and I did actually have Come into my trading room on my shortlist aswell.. So it looks like I'm on the right track

I may have them as eBooks, I'll have a look and see. (I have unfortunately had to have 3 new hard drives in 3 seperate computers this year, and I'm not sure where they are stored)