Best reading? - Commodities Futures Trading | futures io social day trading
futures io futures trading


Best reading?
Updated: Views / Replies:4,267 / 29
Created: by Desertclimber Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Best reading?

  #11 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received


mrphr View Post
@Anagami

So do you think Mark Douglas, Jack D. Schwager, Edwin Lefevre and Larry Williams... wrote junk then?

For instance, the Schwager book on Technical Analysis... it's a joke (especially compared to Brooks). A bunch of vague suggestions.

As for Lefevre (Livermore)... great book, but every loser reads it and quotes from it. Great for some trading principles, but nothing specific for new traders that would help them to learn to think about price action.

Larry Williams... now there's a SUPERMAN. Stellar performance in trading contests. At least until they found out he had huge losses in his other account (what he was likely doing is hedging one system against another, and then promoting the one that made large profits).

So yah, junk.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
Reply With Quote
 
  #12 (permalink)
Elite Member
London
 
Futures Experience: None
Platform: .
Favorite Futures: .
 
Posts: 164 since Apr 2011
Thanks: 46 given, 109 received


Anagami View Post
For instance, the Schwager book on Technical Analysis... it's a joke (especially compared to Brooks). A bunch of vague suggestions.

As for Lefevre (Livermore)... great book, but every loser reads it and quotes from it. Great for some trading principles, but nothing specific for new traders that would help them to learn to think about price action.

Larry Williams... now there's a SUPERMAN. Stellar performance in trading contests. At least until they found out he had huge losses in his other account (what he was likely doing is hedging one system against another, and then promoting the one that made large profits).

So yah, junk.

Okay then...

Reply With Quote
 
  #13 (permalink)
Elite Member
London
 
Futures Experience: None
Platform: .
Favorite Futures: .
 
Posts: 164 since Apr 2011
Thanks: 46 given, 109 received



Anagami View Post
For instance, the Schwager book on Technical Analysis... it's a joke (especially compared to Brooks). A bunch of vague suggestions.

As for Lefevre (Livermore)... great book, but every loser reads it and quotes from it. Great for some trading principles, but nothing specific for new traders that would help them to learn to think about price action.

Larry Williams... now there's a SUPERMAN. Stellar performance in trading contests. At least until they found out he had huge losses in his other account (what he was likely doing is hedging one system against another, and then promoting the one that made large profits).

So yah, junk.

So what?

I do not trust anyone is this business unless they show me a track record that I can verified [with their broker].

I would love to see Al Brooks track records that I could verified, then I would agree with what are you saying.

Without that, books it is just words, and anybody can be really good with words but when it comes to results...
Ahhh when it comes to results...


Last edited by mrphr; April 21st, 2012 at 05:56 AM.
Reply With Quote
 
  #14 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received


mrphr View Post
So what?

I do not trust anyone is this business unless they should me a track record that I can verified [with their broker].

I would love to see Al Brooks track records that I could verified, then I would agree with what are you saying.

Without that, books it is just words, and anybody can be really goods with words but when it comes to results...
Ahhh when it comes to results...

Ok then...

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
Reply With Quote
 
  #15 (permalink)
Elite Member
London
 
Futures Experience: None
Platform: .
Favorite Futures: .
 
Posts: 164 since Apr 2011
Thanks: 46 given, 109 received


Anagami View Post
Ok then...

I looks like we are in agreement now

Reply With Quote
 
  #16 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,357 given, 83,240 received


Desertclimber View Post
As I'm new to futures, is there any place in particular you recommend for a good read?

This thread:

https://futures.io/traders-hideout/8-some-highly-recommended-books.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #17 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

I would add to the choir about Al Brooks. Consider it a 101 course in price action trading and required reading if you imagine a school curriculum in learning to trade. However getting to Al's level trading exactly the way he describes is another story only a few claim to reach. If you want to see how Al trades live, consider joining his live webinar for day or two during a last week of a month. It's pro-rated so you'd only have to pay $5 per # of days to the end of the month.

I'm not so sure about books about Livermore. Do they really describe how he traded? He lost most of his 2 billion (today's dollars) fortune by the time of his demise.

Reply With Quote
The following user says Thank You to Cloudy for this post:
 
  #18 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
Thanks: 500 given, 1,235 received


Cloudy View Post
I would add to the choir about Al Brooks. Consider it a 101 course in price action trading and required reading if you imagine a school curriculum in learning to trade. However getting to Al's level trading exactly the way he describes is another story only a few claim to reach. If you want to see how Al trades live, consider joining his live webinar for day or two during a last week of a month. It's pro-rated so you'd only have to pay $5 per # of days to the end of the month.

I'm not so sure about books about Livermore. Do they really describe how he traded? He lost most of his 2 billion (today's dollars) fortune by the time of his demise.


No offense, but didn't you blow up recently?

I've never understood why people give advice if they don't make money themselves. It's pretty pointless to read Brooks if one is going to trade off charts. If one chooses to trade off charts, then it's much better to read charts than b(r)ooks. The false truths of others may lead to ruin...

The only books one needs to read are textbooks on market mechanics, financial theory and statistical methods. Figuring out how to make money is a problem solving exercise that is best left to one's own intellect.

Anyone who doesn't enjoy reading Livemore is not suited for speculation!


Last edited by Lornz; April 22nd, 2012 at 08:22 AM. Reason: I am, but only sporadically, grammatically deficient
Reply With Quote
The following 2 users say Thank You to Lornz for this post:
 
  #19 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary


Lornz View Post
No offense, but didn't you blow up recently?

I've never understood why people give advice if they don't make money themselves. It's pretty pointless to read Brooks if one is going to trade off charts. If one chooses to trade off charts, then it's much better to read charts than b(r)ooks. The false truths of others may lead to ruin...




Lornz View Post
The only books one needs to read are textbooks on market mechanics, financial theory and statistical methods. Figuring out how to make money is a problem solving exercise that is best left to one's own intellect.!

I fully subscribe to this statement. There is a whole lot of so-called experts spreading their wisdom and selling a lot of advice, including - just naming the good ones

-> Gerald Appel
-> Linda Bradford-Raschke
-> Jake Bernstein
-> Al Brooks
-> Constance Brown
-> John Carter
-> Michael Covel
-> Tom DeMark
-> Dr. Alexander Elder
-> Daryl Guppy
-> Robert C.Miner
-> John Person
-> Larry Pesavento
-> Van K. Tharp
-> Oliver Velez
-> Larry Williams
-> Tom Williams

I have read their books, all of it is relatively easy to digest, gets you acquainted with the language of technical analysis and sounds reasonable.


If something sounds reasonable, it will likely not work ...

Unfortunately, anything that sound reasonable in trading does not work. If a trade feels good, the probability is high that it will become a loser. A trader walks through a forest of Fata Morganas, and the only thing that can save you is either

-> 10,000 hours in front of your trading screen guided by a mentor(you are now a heuristic trader and your brain may have adapted to the task, such as a violin player has retrained a huge area in his brain for moving his fingers)
-> or alternatively a rule-based system with a proven edge

Did I say proven? To prove the edge, you need to be able to evaluate it with statistical methods. To apply the edge, you need tools and - in case that your are not letting run your system automatically - the mindset of a trader.


Focus on Market Mechanisms, Statistics and Psychology

I would not focus on the easy-to-read trading books listed above - you can always use them as a distraction or a motivational read , but look for a thorough knowledge on

-> market mechanisms (start with Barry Johnson: Algorithmic Trading and DMA)
-> statistics (yes, you should work through an undergraduate statistics course)
-> basics about futures (try Schwager on Futures, then John C. Hull on Options, Futures and Other Derivatives)
-> trading psychology (start with one of the books by Brett Steenbarger, such as the Daily Trading Coach or Enhancing Trader Performance)
-> intermarket relationships (John Murphy is an easy read)

You could also subscribe to some of the trading magazines, such as Technical Analysis of Stocks and Commodities or Active Trader.

I am reading them, although at least half of the stuff is just the latest fad and is only printed to lure more people into the trading machine that feeds the professionals.


Lornz View Post
Anyone who doesn't enjoy reading Livemore is not suited for speculation!

Yes, motivation is as important as anything else. Here are some more fun reads:

-> Rob Booker: Adventures of a Currency Trader
-> Nicolas Darvas: How I made $ 2,000,000 in the stock market
-> Satyajit Das: Traders, Guns and Money
-> William Falloon: Charlie D.
-> Roger Lowenstein: When Genius failed
-> Charles Mackay: Extraordinary Popular Delusions
-> Sebastian Mallaby: More Money than God
-> Jack Schwager: Market Wizards, New Market Wizards
-> Martin Schwartz : Pit Bull
-> Jillian Tett: Fool's Gold

Just to know what happened to others, who wanted to be traders.


Last edited by Fat Tails; April 22nd, 2012 at 09:21 AM.
Reply With Quote
The following 9 users say Thank You to Fat Tails for this post:
 
  #20 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received



Fat Tails View Post
-> Al Brooks


I would not focus on the easy-to-read trading books listed above

LOL Anything but.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
Reply With Quote

Reply



futures io > > > > Best reading?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
candlestick reading Rick Reynolds Traders Hideout 6 February 10th, 2016 11:41 PM
Reading account value arjfca EasyLanguage Programming 2 April 7th, 2013 12:33 PM
Reading the market a different way arjfca Currency Futures 8 May 5th, 2012 01:22 PM
What is tape reading? Big Mike Traders Hideout 34 May 20th, 2011 08:58 AM
reading journals rtrade Trading Journals 9 December 2nd, 2010 12:16 PM


All times are GMT -4. The time now is 06:45 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-18 in 0.15 seconds with 20 queries on phoenix via your IP 54.221.93.187