Interesting stuff, keep it coming. I started with a 7k account 4 weeks ago with only papertrading ES for one week!. Thought I had it figured out and dove in, thinking I could scalp all day for 2 tick to 4 tick gains. By the end of the week I was up 1k and it only made my ego worse. ES wrecked me the following week and I lost my profits from the first week and slowly took another 1k with it. Going back to papertrading and remaining there until I'm 100% with a more definitive concrete strategy. Thanks for sharing your experiences
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1. Darvas, O'Neil & Minervini - Their books provide concrete methods that you can use quite successfully to trade stocks. I know you are primarily interested in daytrading, but these books are a nice read and you may learn something useful.
2. Market Wizards (first 2 required, 3rd optional, 4th meh), Reminiscences of a Stock Operator - These should be on every traders bookshelf. A lot of insights from traders who have made millions.
Reading about risk management & money management is good, but it is not that complicated. The most complicated you need to get is probably ATR-based position sizing as explained in the Turtle rules. You can find those online quite easily.
Regarding fundamental analysis, yes, some people find it quite useful, but there is very little you really need to know. Same with technical analysis. Neither will help you understand the market or neither will an understanding of the market improve your win%. How you manage your trades is much more important. Once you have read the above books, this paragraph may make more sense.
Final note - Subscribe to eIBD (Stock Investment Research & Education - Business & Financial News - IBD - Investors.com). I save every single issue and it can provide some nice insights while not costing that much. Just ensure that you subscribe to eIBD and not the website itself as these are 2 different services. After a while you can judge for yourself whether you might find it useful, and it won't cost much to explore this avenue.
The following user says Thank You to grausch for this post: