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Neophyte in Futures looking for advice.


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Neophyte in Futures looking for advice.

  #21 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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Swing Trader
 
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Pariah Carey View Post
I agree that Mike's response was in poor judgment, especially the part about never succeeding in anything. He tells it like it is

Sorry, after 40,000 posts some of them are surely to be "poor judgment".

Mike

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  #22 (permalink)
 DbPhoenix 
Phoenix AZ
 
Posts: 470 since Dec 2012


GregLGTP View Post
Hi DbPhoenix - I don't think we're far off on our perspective at all based upon your response to me and I thank you for expanding upon your earlier remarks. However, I am in favor of reading background / educational "books" (mostly, these days, online articles and tutorials) to get an understanding of the markets: what they are, how they work, fundamentals & etc. I'm not advocating books on chart patterns or "How To Trade" books and the like.

Nothing beats studying the market as directly as you can and that equates to screen time and attendant analysis as per your post. I do advocate stepping into the shallow end. The real learning won't come until you actually do step in.

Seems like nearly all of what one finds is the underbelly of trading books. When it comes to objective and agenda-less information, the CME site and sites like it provide tons of information, and all free. Granted they're tooting their individual horns, but at least they know what they're doing. Most of the stuff I've seen is astonishingly misleading (Grow Rich In Only Minutes A Day!).

There are also the works produced by the pioneers: Wyckoff, Livermore, Gann, Elliott, deVilliers, Schabacker, Hamilton, etc. But few people want to read them, considering them to be old-fashioned. Well . . .

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  #23 (permalink)
DrewDown
Kansas City, MO U.S.
 
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I actually dug Reminiscences of a Stock Operator. Don't know that it really made me any better, but I think it conveys, to an extent, the mindset you have to take on to be successful.

I quite like Alexander Elder's books in terms of how he suggests psychological outlook, and how he explains money management and success. I start to tune out when he talks about indicators, however. He is very big on indicators, I am more interested in price action.

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  #24 (permalink)
 
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 deltason 
Memphis, Tennessee
 
Experience: None
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1. Try not to be automatically intolerant of (trading) ideas and people with belief systems you really don't understand. Gems of innovation are usually embedded in the fringe.

2. Recognize signs of privilege in yourself (and others) and guard against how they affect your ability to empathize. Empathy can be an incredibly useful tool for your trading.

3. There is often way more going on behind the scenes and under your nose than what you currently observe, no matter how tuned in you think you are. Keep digging b/c there is always more to learn.

4. Continue playing the cards you're dealt. It's only a matter of time before the dealer gives you a winning hand. Even better, experience will teach you how to win with a hand you once thought was a loser.

5. It's easier to run with some wind at your back, and that wind has already been blowing a distance before it ever reaches you.

6. Study the classic texts.

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