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Newish trader here, I say new-is because I have an Canadian TFSA and have bought stocks, but mainly to hold onto for the long run as longer term investments. I've been at this for about 3 years, reading a lot, watching videos and soaking up all the information I can about the market/trading/terminology/money management/mindset.
What I'm looking to accomplish is to be successful in the long term(isn't everyone lol). Not looking for the get rich quick thing, not looking to blow up accounts or the new fad. I understand that trading, as anything, takes time and knowledge. I'm a full time musician so I know a thing or two about just dedicating oneself to the craft, and that there aren't (for the most part) any shortcuts. Just a lot of practise. The great thing about being a musician and hopefully a trader is that I have mornings/days free do to this.
These are the books/people/vids I've been ingesting for the last little bit.
Rober Kiosaki - Rich Dad Poor Dad
Alexander Elder - Trading for a living
Michael Covel - Complete Turtle Trader
Think and Grow Rich
Alessio Rastani - You Tube trader
Peter Lynch - One up on wall street
...and many more I can't remember right now.
I'd love some more input on what to read/listen to from everyone here.
Right now I'm looking to swing trade some stocks. You know, start dipping my feet into the water so to speak, but I'm open to any suggestions.
Also, if anyone has any questions about music/instruments/music theory or anything else music related please let me know and I'd be happy to help.
First of all, Welcome to the community! FIO is a great place to interact with and learn from fellow traders.
It sounds like you’re off to a great start. You have realistic expectations and prior experience committing yourself to a craft.
I’m a musician as well — not full-time unfortunately, but I definitely know what the learning curve is like. What is your primary instrument? I am a bassist (upright/electric doubler) and guitarist.
I’ve read quite a few books on trading, and many are filled with fluff or simply haven’t spoken to me.
The one that I recommend the most for learning how to assess or read the markets is called “Markets in Profile” by James Dalton.
Mike Bellafiore of SMB Capital wrote a book called “One Good Trade,” in which he discusses how he runs his prop firm, why certain people succeed as traders and others fail, and even specific setups that are taught to the new traders at their firm.
One of my favorite trading-related books doesn’t contain a whole lot of applicable information but is just a great story. “Pit Bull,” by Marty Schwartz is a very entertaining autobiography written by, arguably, one of the greatest traders ever.
As far as YouTube resources go, Tim at E-Mini Mind is the real deal. He daytrades the /ES and also swing trades stocks. I think it would be worth your time to watch a few of his videos and see if you jive with his trading style.
I also suggest checking out Vantharp material. Wherever you get it.
When I started out I read "Money and power: How Goldman Sachs came to rule the world", that gave me wider perspective of the market in non-technical way. Its surprisingly useful to have that. Its not a trading book, just story of the said organization.
Other than that I wont suggest you to build up library of books, I've ended up creating pile of books in my house that I don't find useful anymore and don't think they were that useful in journey. There is quicker way to get information and its called YT and even better checking out some good journals.
After certain point its little better to get focused on goal and start studying towards it. Goal here can be anything, like learning to code indicators, trying to do simple back-tests or for that matter other things.
There is a lot that you just have to pick up as you go, it happens even if you don't really wan to if you stay in the game for a while.
My primary instrument is piano/keys but I play bass and guitar and I sing as well. I play in a bunch of local bands and a couple of bands that tour, play in theatres, studio sessions ect...I guess you can say that I have a diverse music portfolio.....hahahahahahah. It all keeps my pretty busy, well, except for in our current situation.
I've heard about "One Good Trade" by Mike Mike Bellafiore. Will check that out. And thank for the other recommendations.
I really enjoy learning about all the psychological stuff that goes along with trading. I feel like I've learned a lot about myself in the past couple years. I remember the first time clicking the "buy" button. Man, I never realized it could be so nerve-racking. It's a completely different thing trading with a paper account as opposed to a live one, especially when it's your own money.
Anyway, I think going slowly is the key.
I really enjoy YouTube content and audio books. I find I learn best listening and taking notes as opposed to reading a book.
But that's just me. I've recently dedicated a notebook to investing/trading ideas. I also made a spreadsheet to log trades. Lots to learn but I'm really enjoying the process.
This. I firmly believe that most traders fail because of psychology. This is the method I have followed, and continue to follow in my pursuit of trading.
-Backtest an idea to prove that it has an edge.
-Trade it live with small enough risk that you can trade the method exactly the same as you backtested it. i.e. no emotions. For me this number has been $10/trade. Completely insignificant to my overall financial health but much more realistic than sim.
-If you find that it works then begin to increase size. If it doesn't work, then back to the drawing board.
I'm currently in the process of increasing size on my swing trading strategy.
I highly recommend you start a journal here. There are many traders on this site that know 1000x more than me who will gladly comment on your trades and offer their insights and suggestions!
