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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Brandon who wrote (11002)	12/18/2000 3:03:53 PM
From: LPS5	Read Replies (3) \| Respond to of 18137

With very rare exceptions, there are no good books on trading. If you have 16 of them you have been "taught" a lot of crap. I personally agree, and take that sentiment several steps further. IMHO, and as I have said several times before: the only way - and the indisputably best way - to truly learn to trade is to sit (i.e., work - perhaps starting as an intern or assistant) for a year or two on a trading desk, with professional, experienced (and typically licensed) traders. More importantly, that this firm, fund, or desk provide an environment wherein the traders around you and the firm itself - whether it's a reputable proprietary trading firm, a dealing desk, or an equities-focused hedge fund - have an incentive to ensure that you are profitable, as opposed to being viewed as source of immediate cash flow via commissions. Not lip service, not conceptually vacant or pitifully out-of-date classes, and not the same daytrading book that's been rewritten 500 times. An actual development plan, with a thoroughly hands-on approach, wherein over the prescribed time to become a full-fledged trader, there are required performance thresholds, required demonstration of the mastery of certain skills and/or knowledge; levels of advancement (each introducing a greater amount of capital/size of position/number of positions, additional trading strategies, or other advancements), and the like. And, once that's done - or while it's going on - there are indeed some market- and trading-related books worthy of a read. Interestingly - and again, IMO - very few of which have the words "daytrad[ing]," "direct access," "scalp," or "swing" in them. LPS5