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

Scam

Harry Bonet said:
Johno: I have been using Wizetrade for several years and find it an excellent tool for starting traders because it is simple to use, and is good for any style of trading. Since then, I have amassed a great amount of experience and have become a Trainer. I would be willing to sell the Wizetrade software, complete with a library of videos, used for training, although you would have to convert these from NTSC to PAL. E-Mail me at [email protected].
Harry

Do NOT touch Wizetrade - it's a scam.
See elite Trader posts.


http://www.elitetrader.com/vb/searc...=1140187&sortby=lastpost&sortorder=descending
 
johnouk said:
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


starlight said:
Can someone recommend a good, in-depth book on day trading strategies for the newbie?







I suggest you read books such as 'sniper trading' and others,
best authors are, george angel , if you are short term trader,
also 'the way to trade' by John piper

avoid websites, newsletters, they always fail at some point,

I joined firstcap.com many years ago, it worked occasionally but the
guy missed the 2003 sudden rally,
not only was he wrong but he insisted all year round that the market should
decline, the market never did, just kept skyrocketing till 2004

I feel betrayed to this day, I faded my own analysis , I had a clear buy signal
based on my volume analysis, and went and sold the market just because
I thought I shouldn't trade against this persons advice who is older and looks
professional....


My honest advice is this, you can never make it as a daytrader if you
cannot make it as a longer term trader first,
I have found mr Angells Sniper Trading useful for improving my entries,
for example you will learn 'day of the week factor'
why Monday -Tusday are bullish and Thursday is weak,

this has helped, however I disagree where he says daytrading
is less risky,

I'm a position trader, holding positions for one day to many days,
I enter most trades the moment the market closes,

position trading is much better than daytrading
 
neil said:



here's more advice from someone who risks money,



Forget the daytrading myths, most floors traders do hold positions
overnight,

even people who claim to have made millions in 'daytrading'
such as in 21stcenturyfutures.com
secretestraders.com


I strongly suspect they made most their money in options
or longer term trading vehicles, and only present the daytrading
myth to make it look good to sell their courses/service


In daytrading you may get stopped out unecessarilly because
of the news on any single day, only to have the market going
your (correctly predicted) way the next ,


caution with news:
I don't pay attention to the news, even though it affects volatility,

bad news is as good as good news,

the market can still rise or decline, DO NOT TRY to make sense
of the numbers, CPI, employment, rates etc, it won't work!!!!!

Here's what works::

Did the market rally 100 points on bad news?
it will rally another 100 in the comming days no matter what,

Did the market fall 100 points on good news?
it will decline another 100 no matter what (the journalist say)
 
Not a bible - not a holy grail

The originator of this thread posted only one message since 2004, so I suspect he has answered his own question for himself.

That does not, of course, mean that you cannot make money from trading.

Trading books, websites, courses and so on are, IMHO, a mechanical means to an end. If used properly they will show you what can add to your thought processes in a positive way and what can detract from them in a negative way.

They should be used as tools to aid your self-development, but not as crutches to be relied upon. Only when you have come to a realisation of what works for you, what makes sense for you, what does not make sense, what you feel comfortable with, what fits in with your lifestyle and so forth can these things come together. Both the useful and the cr#p can educate if accompanied by the right mindset.

This, incidentally, is why we should not be at each others' throats on this site. Even if we fundamentally disagree with another person's views, we can still learn from them. Our learning may be of the nature "that does not fit in with my world-view" and these are the reasons why. It is not a threat if someone disagrees with us. It either changes our way of thinking or reinforces the means by which we reached the conclusions that we have done.

The most important thing is to think these things through for yourself, such that they make sense to you as a person. Test them against reality. If they work, they work. If they don't consider changing the mind-set.

Thus, in summary, trading books are a tool, a means to an end and not a bible.

Chalrton
 
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