It is still astonishing to see how almost anybody on the Internet can declare "80%+ successful trades", "bullet-proof systems" or similar type of scam and still getting a decent number of followers, ready to pay also big bucks in their quest of the latest quick-riches scheme.
Indeed, all this folks clearly understood that is way easier to get people's money selling trading craps than competing in the markets and their task is made much easier courtesy of traders' first enemies: greed and laziness.
Greed is easily understood: people (we :-)) want easy money and normally do not approach trading with passion, but just as an easy path to riches.
Consequence of that? Laziness. They want their soup cooked and digested, as we say in Italy, so they look for that easy-recipe-in-5-or-less-steps that will turn them overnite from mediocre employees to envied, successful traders and this means easy money for dream sellers.
We all know traders, like Rome, are not built in a day. Somebody will explain me one day why it is normal to think that years and years are required to be a good doctor, while whatever idiot in a week can be transformed in a great trader, competing with the brightest mind in the Earth.
Because of the incredibly high offer of trading-related education, it took sometime for me to navigate the mare magnum of trading expertise, tutors and mentors over the Net, but, at least as of today, I would suggest just a very, very limited set of people from whom you might get some effective tools or education, paying a reasonable tuition fee.
Scalping and Price Action
Al Brooks is my favorite author in this domain. He manages a website here and authored a comprehensive, yet very complex, set of book, a sort of opera omnia about price action.
He recently launched also a price action course, but I cannot endorse it yet, since I am still studying the modules.
Second but more focused on ForEx, is a nice little gem I found on Amazon: a book from Bob Volman, very much suggested. Here a short review I've written about the book.
Option Trading
Yes, options are my passion and one of the domains that truly capture my heart and soul.
First and foremost, if you like options, Charles Cottle, the Ri$kDoctor, is the number one. As I wrote in my revision of his book (a MUST for any option trader), when you sail the perilous sea of options, you only understand their nuances and complexities when you shore to Doctors' work, though if it will take hard work to get into it.
I also had a good learning experience with the flying pig of Random Walk. The guys here always gave me the impression of genuine commitment to teaching and not to steal your hard-earned bucks.
Finally, if you want a monster yet affordable tool to evaluate options and options position, Hoadley Excel(tm) Add-in is a fantastic piece of work from Peter Hoadley, which effectively couples sophisticated option theory and practical trading tools.
Let's talk tomorrow about websites and ... another topic, actually the very first one I touched in my earliest day as a wanna-be trader.
Let's talk tomorrow, good night for now.
First step to understand the process of trading? One book you would suggest to a dumb?
RispondiEliminaHi Icmr.
Eliminaare you interested in scalping or in options?
If you are interested in what I call "price action", I would avoid whatever "contamination" with traditional textbooks teaching indicators and other "winning systems".
Just choose a market and get acquainted with it, using internet resources. You just need to understand what is traded in the market, what are the rules, leverage, dimension of contracts.
Then move straight to the books I have suggested and spend as much time you need to study them.
Then you need to choose a broker, preferably one that offers simulated trading and to write your trading plan. I will try to post on the topic in the next week.
My suggestion is not do too much simulated trading since you miss the psychological nuances of trading that -IMHO- come only with real money.
So start to trade small, very small amount of money and see if you are able to apply what you learnt and if what you learnt fits with your style.
Hope this helps and please let me know if you have more questions or doubts
ciao
G.