Is any useful Trading Books or information out there, that actually makes you money

johnouk

Newbie
1 0
Hi

Is there actually any useful Books or Information out there, that actually WORK and will help you make money Trading, weather it be Futures, Intra Day Trading, whatever. And I’m talking about methods that actually work. Not Books and Information that are sold just to make the publisher money and are of no use.

I have been trying to make money for the last 2 years while I have been at university without actually having a part time job. I have been successful with a few Websites I have on the Internet. They make money but not enough.

I hear Trading is good way to make money, if you know what you’re doing, and doesn’t take up a lot of time either.

So does anyone on here know of any good Books, information, or places, which actually work?
Which Provide Trading Methods, which actually make money, not losses?


If anybody can post his or her suggestions on here I will be very grateful.

Thanks

Johno
 

schoe

Well-known member
343 3
johnouk said:
I hear Trading is good way to make money, if you know what you’re doing, and doesn’t take up a lot of time either

Don't know who told you that but they were not very well informed ,trading takes up all your time and it is a very difficult way to make money. It can be done but takes years of practice and there are not many methods that work for long.It depends what type of trading you have in mind, intraday (very time consuming) swing trading (more relaxed) or long term investing. All have there place and non are easy it depends what sort of returns you expect and what your starting capital is.I'd stay away from intraday spreadbetting its extremely tough with the spreads you have to pay.Maybe start off looking at swing trading US Stocks see how you get on there is lots of information on here just read and learn.Best of luck and any questions don't be afraid to ask.
 

Trader333

Moderator
8,655 981
In my view success in trading is not about one technique, method or system that can be got in a short time that will forever after make you an ongoing profitable trader. It is more like a huge jigsaw that over time you get a piece here and there and then the picture starts to form. Once you get the over view of how the picture looks it accelerates your progress. At that stage then trading doesnt take as much time as it may previously have done for example I can do quite well from just 2 hours a day but getting to that point is not easy. I also know that very few people trade the way that I do and I have adapted my own style of trading which is working well. However, the jigsaw is never complete and I still spend a fair amount of time in trading research as I think there is always more to be learned.


Paul
 

adrianallen99

Established member
630 4
No books or internet resources on their own will make you money, you have to do that for yourself.

You've said some sites make money, but not enough?? how much profit is not enough. If you are looking to get rich and you are new to trading, then you should re-think about this. If you don't lose money, that is a good start. If you make more money than a bank account that is also very good. Once you can consistently profit over a reasonable time, then you can start to look at ways of increasing your gains.

There are lots of different areas to trade. Check each way and see which suits you best, then do lots of reading and try some virtual accounts out. When you are confident you can make money, risk small amounts and see how you get on.

Like Schoe said, Don't be afraid to ask questions. Everyone has to start somewhere.
 

intraxas

Newbie
4 2
schoe said:
...,trading takes up all your time and it is a very difficult way to make money. It can be done but takes years of practice ....

Very true in my opinion. Ultimately, you have to have a system or framework in which you have confidence and which fits in with your personal attibutes about risk and trading psychology.

This is more difficult if you take something off the shelf so-to-speak. Even when you do have a very good framework, mastering the psychological aspects to put your money on the line and pull the trigger can be very difficult - I speak from experience here...
 
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TWI

Senior member
2,536 254
A book or website will not make you money even if it shows you a winning system because the biggest enemy when it comes to winning in the market is YOU. That is what takes the time and dedication to master.
Generally by the time you have overcome that aspect, you will already know how to make money.
 

dc2000

Veteren member
4,766 129
No Book or information will make you profitable they can only provide the tools and tecchniques with which you can base you trading on ( I have read some home decor books but never in a million years could I be an interior designer). The principal of trading is simple and as such has the lure of easy money but in truth takes a vast amount of time and effort to learn and become profitable.
 

neil

Legendary member
5,167 748
Bang on target

twalker said:
A book or website will not make you money even if it shows you a winning system because the biggest enemy when it comes to winning in the market is YOU. That is what takes the time and dedication to master.
Generally by the time you have overcome that aspect, you will already know how to make money.

Well said TW.
Sadly, many overlook, and will continue to overlook, that simple truism. Like druids they will continue to seek answers in the runes rather than within themselves.
 

ewilcox

Active member
134 2
I've read a lot of books on trading recently. I never expected to suddenly come across "the system" that would make me money. In reading through all these books though I have learnt a lot about other things to consider such as money management, different types of trading (swing vs day trading for example) and ways of choosing better entry and exit points for example.

Put it this way - some years ago I traded away several thousand just picking and punting. Looking back on it I might as well have picked up the paper and used my darts on the financial pages. If I ever trade again I believe that these books will have given me a slightly better approach to it.
 

soca

Newbie
1 1
I'm not certain of your level of current expertise, but the best thing to do is back away and decide what type of trader you are and focus on a couple of strategies.

Stating that the books are not helpful is sort of blaming others for your own mistakes. You need a well developed game plan, make it a project just like a term paper or PhD thesis to write a detailed one.

Profitable trading can be and is done, but individual traders take from months to years to develope complete consistency.

Couple of sites to use would be Hard Right Edge or Pristine to get a very general education and one or two simple patterns to focus your trading on. These are both more technical in orientation, there are other sites that are fundamentally biased.

Good luck.
 
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newstart

Junior member
40 4
I would suggest that you read about Jesse Livermore who spent most of his life perfecting his strategy than reading books on strategies, then you will see why you have to develop your own strategy and a belief in your self.
 
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bbmac

Veteren member
3,584 788
How true is the post above,? very well put in my opinion.

There are 3 main constituents to trading success and your system/method is just one of them, and arguably the easiest to master. Alaxander Elder refers to Mind, money and Method as a three legged stool. Ie: Trading pyschology (understanding your own and the market's, ) Money Management, and then the Method, (ie your system.) Mark douglas even argues that 'Mind' accounts for 80% of what is needed to provide consistent results.

Most traders will give up long before they master all three.
 
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wobbles

Junior member
20 2
Agreed, you have to give the ideas time to incubate, before applying them.
There is no such thing as an overnight success in trading.

Here are some helpful books/sites:-

I try to read "Reminisceces of a Stock Operator" at least once a year, (over the past 12
years). I still learn something new each time, and I quote it to myself constantly.

I also like Trader Vic's "Methods of a Wall Street Master". Simple indicators which are
practical and work very well. I particularly liked his rules for drawing trend lines.
Also very good on Risk/Reward and preservation of capital.

Also, I thoroughly enjoyed the 2 books by Nicolas Darvas.

An excellent site to look at is the Learn section on" IncredibleCharts.com".
 
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donaldduke

Experienced member
1,665 257
johnouk said:
So does anyone on here know of any good Books, information, or places, which actually work?
Which Provide Trading Methods, which actually make money, not losses?
There are dozens of books and websites which publish trading systems that work in the
long run.

However unless you back or forward test these systems yourself you wont have confidence
in trading them during drawdowns (all systems have drawdowns)

Also they might not fit your personality, perhaps you are suited to long term trading, perhaps
you are a day trader, perhas you can only trade mechanical systems or you can only trade
off the charts. Only you can know whats right for you. Myself i daytrade mechanical
systems, and any information (book or website) in this regard is very valuable to me, the
same information might be worthless to you.
 
 
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