>> The two Market Wizards books are a good start<<
Darren - thanks for the tip , but I read , and re-read, both of those four or five years ago. Also a number of other books of the same genre.
The most realistic , down-to-earth advice I've seen so far is "Winner Take All" by William Gallacher , re: commodities trading. His basic theme is that TA is BS , forget all the trading systems and magic indicators, etc. , and trade purely fundamentals , very cautiously and with fairly tight stops , play for the big moves from one price extreme to the other , and in the long run you'll make good money. And I agree with him , if you are good at analyzing economics and market fundamentals , and use his approach , your losses will be small and occasionally , you will short oil in July 97 at 23 , and ride it down to 13 in Feb 98, pyramiding all the way. BIG bucks. It takes patience, and guts, but it will succeed.
As to daytrading , or very S/T trading , I would really like to get my hands on a thorough book that lays out a method , takes you through the trades, and honestly sizes up the wins and losses , helping the reader to discern what is going on , and to differentiate the reasons for success from the random noise of the markets , and to acquire a sense or skill set that can be used to successfully daytrade. It can't all be luck , can it? Comments or suggestions are most welcome. |
