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Books for novices/begginers recommendation


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Books for novices/begginers recommendation

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  #1 (permalink)
Bristol + England
 
 
Posts: 13 since Feb 2021
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Hello guys, I have been searching the forum for the past couple of days (i'm brand new here) and, while I have read most of the threads for books recommendations I could not find one that caters to people brand new to trading, so I humbly ask for you help:

Could you please recommend me some (paid) books for people totally new for tradding? I have read A Trader's First Book on Commodities by Carley Garner, and I am just starting J. Murphy Technical Analysis for Financial Markets. I think I am more interested in the theory itself, how markets, indicators and strategies work, including risk management, money management, charting, TA, FA and the like, but perhaps you can recommend me better?

I understand there's no magic sauce, nor I'm interested in snake oil, just plain theory to have an understanding of how things work!

Thank you!

(I'm mostly interested in trading indices, hence I post this here)

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  #2 (permalink)
Fort Lauderdale, Florida, USA
 
Experience: Beginner
Platform: NT8, Bookmap
Trading: ES, MES
 
Posts: 149 since Feb 2017
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The two key books are:
Mind Over Markets is not about trader psychology. It is about auction market theory and market (or volume) profile. This is the number one book to start with, imo. It provides the technical foundation from which to trade on a centralized exchange.

Chimp Paradox is a psychology book that focuses on using your "chimp mind" to benefit you. It's like what Freud called the id. But the "paradox" is that, while this animal brain tempts you into self-destructive things, it also has intuition that your cognitive brain (what Freud called the ego) will never have. So the trick is training it to be beneficial and not destructive. And, no lie, it's not that much different from training a dog well. You can have a shit dog that tears everything up, or you can have a trained dog that skillfully hunts prey and alerts you to incoming danger. Result depends on how you manage your chimp brain.

Other considerations might include:
  • Trades About to Happen by David H. Weis (this is about Wycoff method, arguably sheds a different light on auction market theory)
  • Trading Psychology 2.0 by Brett N. Steenbarger (Steenbarger is a psych guy but this book is about establishing the proper processes in your trading career, it's both practical and psych related)
  • Market Mind Games by Denise Shull (this is trader psych and how to properly employ emotion, goes in hand w Chimp Paradox)
  • Trade Mindfully by Gary Dayton (a psych book on de-programming key mental hangups and correcting those trading errors)
  • Mastery by Robert Greene (about how to build mastery, this is available in audio)

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  #3 (permalink)
Fort Lauderdale, Florida, USA
 
Experience: Beginner
Platform: NT8, Bookmap
Trading: ES, MES
 
Posts: 149 since Feb 2017
Thanks: 70 given, 129 received


For free stuff, check out the CBOT Handbook on Market Profile for free:

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  #4 (permalink)
London
 
 
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magicTurtle View Post
Hello guys, I have been searching the forum for the past couple of days (i'm brand new here) and, while I have read most of the threads for books recommendations I could not find one that caters to people brand new to trading, so I humbly ask for you help:

Could you please recommend me some (paid) books for people totally new for tradding? I have read A Trader's First Book on Commodities by Carley Garner, and I am just starting J. Murphy Technical Analysis for Financial Markets. I think I am more interested in the theory itself, how markets, indicators and strategies work, including risk management, money management, charting, TA, FA and the like, but perhaps you can recommend me better?

I understand there's no magic sauce, nor I'm interested in snake oil, just plain theory to have an understanding of how things work!

Thank you!

(I'm mostly interested in trading indices, hence I post this here)

Hi
This is one of the books i read when i started to experiment Intraday trading
Day trading for a living - Andrew Aziz

Swing trading for Dummies is also good, depends on your style of trading eg. Intraday/Day, Swing -few days, weeks, Position trading - Fundamental based holding shares for months, years.

Hope this helps.

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  #5 (permalink)
Cancun, Mexico
 
Experience: Advanced
Trading: Stock Index Futures / CFDs
 
Anagami's Avatar
 
Posts: 865 since Dec 2010
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The Art and Science of Technical Analysis by Adam Grimes.
Very solid, no BS.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #6 (permalink)
London UK
 
Experience: Intermediate
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Trading: SandP futures
 
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And once you have read/absorbed all that then do this.
On a good charting system zoom out so you can see as much price movement as possible. I use TT trader charts and Sierra charts. The TT trader charts are a lot better for this. Prorealtime charts are great for this as well.
When zoomed out, draw horizontal lines across where price continually has hit and then moved away. These are called Lines in the Sand. The best ones are 1-2-3 break outs which have then failed. See the attached screenshot for an example of this (indicated by arrows). It's basically an M or W pattern, or a cup and saucer pattern (think they're called that). They should also be accompanied by a low volume zone in the volume profile that is stretched to cover all the price action on your zoomed out screen (lots of great videos explaining volume profile-don't get too bogged down in it!). If you trade just these areas you'll do well
You'll note that this principle applies across any timeframe.

EG

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