Best Thread I want to learn........

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I don't have so many books etc, but there is one in my signature that I found very useful even after 5 years of trading. But there is much free info on the net, just don't fall into a trap and start paying signal services in hope they will make you millions. They wont. Make your own plan, revise it, talk to people and you will get there. Good luck.


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i want to learn

My own bias, as long-time readers are no doubt aware, is that learning how to trade is not a matter of finding the ideal indicator or trading pattern. Rather, trading is a performance skill, not unlike chess or baseball.


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I started this thread to discuss whether there was evidence on the chart of GBP/USD warning of a material fall in GBP.

The thread covered the most important aspects of reading a chart namely:
Support (aka Demand)/Resistance (aka Supply), Price Action, Candlestick Analysis, Trend Lines and Chart Patterns.

There was also a debate comparing technical analysis with fundamental analysis.

The contributions by all is high quality.
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My standard start-up homework assignment to aspiring traders:

One essential thing one needs to realize is that people tend to strongly over-estimate what they can do in the short term, while severely under-estimating what they can achieve over time...

Some of the best trading advice I ever received was from, amongst a few others, the following books:

Number one favourite book is still one that was written a hundred years ago, Jesse Livermores fictionalised biography: Reminiscences of a Stock Operator (A Marketplace Book): Books: Edwin Lefèvre

That is a guy who started out penniless, and earned a fortune that would have made him a billionaire in todays money. He lost a few fortunes on the way too, but that's the nature of the game where rewards and risk are correlated, doesn't matter of it's in the world of a Donald Trump who faced a bankruptcy but jumped right back again, or if it is in trading. And Livermore did commit suicide, but was also suffering from life long depressions.

Other good books: Trade Your Way to Financial Freedom: Van K. Tharp: Books
This guy is not a trader and has his detractors, but you don't have to listen what he says about trading, what you should listen to though is what he says about money management and position sizing. Market Wizards: Interviews with Top Traders: Books: Jack D. Schwager, (and the second one)
Classics. Pit Bull: Lessons from Wall Street's Champion Day Trader: Books: Martin Schwartz,
Market Wizard who wrote his own book, a guy who averaged out at a non-compounding 33% / month, hit rate of 70, 80%, but stops larger than take profits, wanted to start a hedge fund to make the kind of money Tudor Jones made, but couldn't get his style to work with larger amounts of money, didn't become a billionaire then but still a multimillionaire which is fantastic anyway, and wrote a superbly entertaining book, a real gem, and he comes across as a guy you could have a great time with, umm, anytime. :) The Logical Trader: Books: Mark B. Fisher,
Guy made a fortune trading oil with a pretty simple mechanical system that a lot of his traders use also. Trader Vic--Methods of a Wall Street Master: Books: Victor Sperandeo,T. Sullivan Brown
Fellow market wizard. Trading Risk: Enhanced Profitability through Risk Control: Books: Kenneth L. Grant

and Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude: Books: Mark Douglas

The success relevant insights for me at least essentially consisted of the following:

Keeping it as simple as possible is best.

Anything can happen at any time in the markets (think, all it takes is one massive order that can be anything, a hedge, a position being covered, somebody entering the market with a view diametrically opposed to yours, but that will all have the same effect of throwing all of your clever analysis overboard and triggering your stop loss)...

You don't have to know what happens next to make money (reacting to what happens is entirely sufficient)...

Losing is part and parcel of trading...

You can be wrong 70% of the time, but if on average your winners are three times the size of your losers you will still be outperforming most others in the markets over time...

Research in hedge funds (from the above "Trading Risk") shows that across all trading styles, market conditions and traders, the overwhelming majority of profits will always come from a handful of trades, the old 20/80 Pareto principle in action again.

Focus on protecting what you have so that you can participate in the market the next day...

Before you put on a trade, know where your stop loss will be !

(((Before you put on a trade, know the point you are going to get out because the market isn't performing as expected.)))

The distance from your entry to your stop loss will translate into how much you are willing to lose per trade...

1 - 2% loss per trade should probably not be exceeded...

If you're betting 5 or even 10% per trade you'll be spending all of your time either digging very deep holes even deeper, or trying to surface from the depths, but what you won't be doing is enjoying much time on new peaks.

Spend a lot of time on here, there a loads and loads of good, no nonsense strategies that are posted here also.

Good luck


Read Making money trading written by a member who at the beginning of that thread was still working for others, but due to the success of his trading and the method he described in this thread is now trading for a living.
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I suggest adding demo account too, monitoring your progress in demo will hwlp you know whether you're getting the idea, as you cant learn driving by reading a book:)


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My own bias, as long-time readers are no doubt aware, is that learning how to trade is not a matter of finding the ideal indicator or trading pattern. Rather, trading is a performance skill, not unlike chess or baseball.
Trading is all about defining risk/reward. Technical analysis will show you where the risk is and potentially where your reward is at, therefore waiting for the right signal is the best strategy a trader can have, regardless of what time frame you trade.

reversal king

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Food for thought.

1. Hi to all of you. First off, for me the more books I read the more mixed up things became for me and it became more difficult for me to trade on this basis. Be careful not to "overload" on information as this will negatively affect your trading. The problem with all these books is, they make you believe that unless you are trading a specific way that you are doing it wrong. I was told by a very good trader I met who also taught me how to trade was "this is not rocket science, price will move up or down and you will be right or wrong"...At the time I couldn’t really relate to what he was saying but as time passed i got a clear understanding of what the Pro traders do and trust me, IT IS NOT WHAT U MAY THINK. I still trade alongside my mentor and when ever i ask him...."where do u think the price is going today?" he would reply....I have no clue, but this is why we are gonna do this today.....Point being they all have a clear plan, they know where they are in the market and they know what they are gonna do way before they do it. They also never try to force their opinion on the market and ALWAYS trade what the market is doing not what they think it’s gonna do….Listen to the market is how they refer to it…..

2. If you are gonna walk away with anything important from this post PLS PLS PLS let it be this…..There is no Holy Grail of trading….no perfect system, no super duper indicator that is gonna make you Millions. Trading IS NOT A GET RICH QUICK SCHEME!!!! The best ways to trade would be find someone good at it and hope they will teach you or you could spend enormous amounts of time and cash trying to find your way through all the rubbish until you see the light at the end of the tunnel or Like they say, you gotta pay your dues…

3. Alexa is 100% correct is saying not to waste your cash because there will ALWAYS be someone willing to take it from you with some false promise of heaps of cash waiting on the other end…..YEAH RIGHT!!!!! Although , and this is very important, if you look hard enough you will find a gem among the dirt. If looking at services, make sure they offer a free trail that does not entail you giving any kind of card or bank details. Make sure they post all their trades including profits and losses..(no trader wins all the time, and if they are genuine they will post all their trades both winners and loosers).
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I have the video for Steve Nission's candle stick charting. but it was bit boring to watch. I think it depends on what you would like to trade. I trade only the Ftse, DJI and DAX. I'm know nothing about FX. I think you are best at focusing on a few markets. All depends on the time

There are a few books that I have found helpful and they dont have much to do with trading and one does.

"Fooled by Randomness" is the best book to read if your are wondering about how the credit crush occurred. This book is really about the mental flexibility that you must have to be successful in the trading world.

Blink by Malcom Gladwell
Complete Guide to Becoming a Moneymaking Trader by Eamon Phillips


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This thread is a duplicate of the original and has then been culled severely to enable members to focus on the wheat without having to wade through all the chaff. For anyone wanting to view the unedited thread in all its glory and/or post further comment, please do so on the original: I want to learn........(ORIGINAL THREAD)

Loads more tips, hints and useful links can be found in the various FAQs in the Trading FAQ forum - including a comprehensive list of books that get recommended time and time again.
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