Best book to Learn about trading..help plse

This is very good m8

'The Way To Trade' ..by John Piper..

Anyway.Remember,the Trend is your Friend..

GL.

there is a senimar in london next month called teach and trade cost at about 80 quid you could try that.

Trading Risk by Kenneth L. Grant is excellent, very light on math though.

DOH!!!!!!!!!I forget my head if its wasnt sown on

Website NAME...TeachandTrade dot co dot uk

its in

london 2 days....so you might have fork out a lot of money for travel and accomedation.

It might dogy, pulling in gullible people to part their money...but I doubt it cos it advertised a lot on Bloomberg tv

Thanks alot for the help guys, definately gonna check out them books you recommended, they seem to have great reviews. Not sure whether I'll be able to check out that seminar, but am gonna look into it a bit more and see if I can get the tome off of work. Really appreciate the help guys. If anyone has anyother suggestions will be very happy to hear them.

ur email?

Iav read over 20 books now, alot dangerous advice in some of them, that pric.k van tharp, when he mentioned market timing doesnt matter, that says eough about him, what a cok

Dr Elder trading for a living is my own fav, also sam weinsteins ....bull in bear markets book

books about jesse livermore too

I just bought the new annotated edition of reminiscences of a stock operator with a foreword and interview by/with Paul Tudor Jones. Really interesting.

Biodiesel 14 Mar 03:57


Iav read over 20 books now, alot dangerous advice in some of them, that pric.k van tharp, when he mentioned market timing doesnt matter, that says eough about him, what a cok

lol bio, I have the van tharp book also.It read terriffic- in theory.I dont think I ever made a buck following anything in it.

I have read probably 250 books on trading and still own maybe 60.All of them pretty much say the same thing in one way or another.I mean how much is there to say about up/down/sideways.
To learn I would recommend Darryl Guppy books as being practical and understanable.
The best book I ever read was by stanley kroll- Confessions of a professional commodities trader.Made millions and walked away at the peak of his career.
Also Larry Williams books are suitable for beginners.For interest read market wizards,beat the freakin markets,and jesse livermore story.

Remember-In life theres nothing quite as pleasureable as a profit.

Tharp is a d.ick,he just wants u to loose so he can gets u to sign up to one of his overrated super trader programs so is Covel book trend following, initially I thought it was good but when looking back I rank it as a dangerous book to read especially if ur inexperienced.

currently reading high probability trading strategies, its okay, very booooooring tho.

Yes, the market wizard books are great too.

especially the first two.

bio diesel... van tharp isnt really rubbish if you understand what he is trying to say... in the end he is talking about probability...

i fyou have a strategy that wins most of the time .. it is more than likely that you will lose more when you lose.. and win smaller amounts when you win.. the extreme example of this is investing in bonds.. you will keep making small amounts of money but if the issuer defaults .. you pretty much lose everything!

all he is saying is that it is profitable to lose often but small amounts and then hope for the big wins to show up ... to be quite honest thats how most prop traders trade.. in fact that is exactly how a prop desk is run ... to put it simply.. cut your losses short and let your profits run.

when you think of it like that .. the reason why you go long or short something starts to become less important ... and its actually the money management that matters most...

and as with all probability based assumptions... you actually have to keep doing the same thing consistently in order for the results to show...

right game trader, great theory. Next time you have a van tharp trade could you please post it prior?It would be interesting to see how you manage the trade according to van tharp.Im giving 2/1 you wont register a trade on the forum and evens you lose on the trade.Dont take it personally.If you can use van tharp profitable I would like to learn too.

The Black Swan

The Black Swan

there is no "van tharp trade" .. and this concept isnt something he has developed .. he is just trying to sell it as a course and make some money out of it .. but the concept is simple and has been used by traders for decades - cut your losses and let your profits run.

like i said in my earlier post.. this is EXACTLY how a bank prop desk trades - they have 10 traders each with $10m limit to use every year.. some lose the lot... some make anything between 10-30m and there are couple of heros who make more than $100m. as far as the bank is concerned .. they try as hard as can to hire different type of traders - but they are making sure that they understand their worst case scenario ($100m loss) and they have unlimited upside.

you dont need to attend van tharps course to understand waht he is saying.. just read the website. Also, expectancy is not a concept that he created - it quite simply says that:

"if you lose less money on average when you lose than you make when you win, then there is no way that you will not end up in profit".

you cant argue with that - it is a mathematical fact.. WHY you go long or short something is up to you ... nobody can teach you that - this is about managing your money - which I believe is of far more importance than WHY you might want to go long cable.

game trader- your right, no one can argue with the theory win 10 lose 9 result win 1.Thats not the issue.Van tharp does nothing to deal with trades that go positive but fail to make expectancy and then go into negative.Letting profits run is the most over used concept in trading.The reality is that huge profit trades are few and far between especially in stocks.A some point one must ring the till!
I took was taken in by the concept.Van tharp even argues for random entry being profitable with correct money management.ahhahaha now that is a total crock.
If you are a true believer I challenge you to guide us thru a trade using real$$$$.I would love to see it done.

Black Swan by Nicholas Talib (as previously mentioned) is worth it, although its a bit heavy at times, but does give a great perspective of turkeys feelings in the middle of November.

Also try:

A Beginner's Guide to Day Trading Online by Toni Turner

Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profits By Stephen W. Bigalow

Technical Analysis for Dummies By Barbara Rockefeller

Candlestick Charting for Dummies By Russell Rhoads

How I Caused the Credit Crunch by Tetsuya Ishikawa

Binge Trading: The Real Inside Story of Cash, Cocaine and Corruption in the City By Seth Freedman

Van tharp even argues for random entry being profitable with correct money management.ahhahaha now that is a total crock.

why ?

gilbzy 17 Mar 21:43
Van tharp even argues for random entry being profitable with correct money management.ahhahaha now that is a total crock.

why

poor gilbzy, if you don't know why do yourself a favour and keep yur money in your pocket.

heres why van tharps positive expectancy is nothing more than academic.

say you have a system that has 60% wins 40% losses
Do 100 trades of say 1000 shares each trade @ 30$ a share=30,000$
Now commission alone for closed trades is approx 70$ a trade= 7,000$
set a stop loss of how much? one per cent? half a percent?
remember the tighter the stop loss the more stopped out trades, lets take 1%
ok
40 losing trades @ 300$= 12,000$ lost
100 trades = 7,000$ costs
so far we are down 19,000
so the 60 winning trades must get a profit of 316$ to break even
so what is the positive expectancy ration we will set? 2x loss? 1.5x loss? 5 x loss?
the higher the expectancy the lower the number of trades lets set it at 2xloss
60 winsx 600$= 36,000$ profit
less the 19k we lost
win 17k
so far so good
however in real life what happens when 30 trades make just 500$ before turning back and just 30 trades hit the 600$ target?what do you do? take 500? but then you would never make a single 600,take 400? 300?.What if the stock was up 500 but gaps down on the open to even what do you do?Van tharp has no answers.
He has no answers because he totally disregards the importance of entry.According to him you can enter during the first days of the crisis on the long side and make a profit with correct money management.Sorry I can't stop laughing at that one.
Further I would suggest that in real life an expectancy of profit being 2x loss is totally unrealistic.In order to let profit run there has to be a profit to run with.If you wish to make a large profit you either have to be wonderfully correctly accurate or you need to set wider stop losses to avoid being stopped out of a high% of trades.In real life you can enter a trade, be ultimatly correct but get stopped out because you entered too early or your stop was 2 tight.After being stopped out your trade is technically over but then it goes on to be a winner- without you on it.
If in fact ANY of these system worked there would be literally millions of sucessful traders making tens of millions all the time.Anybody with a calculator and a few $$$ sould make a success of trading by folowing some money management system And why is this not so in real life?
I have a number of times asked contributors to prove a trade system in real time.No one has stepped 4ward.
This is why reading books alone or doing some course will not turn you into a successful trader.Blindly following some system is a shortcut to the poor house.