My girlfriend of fifteen years has an unwavering confidence in my ability to do whatever I put my mind to. I think it borders on the delusional, but we can just call it a difference of opinion. However, one thing she does get at least partially right in the implication: I don't jump into anything by half-measures, and that extends to the resources that I draw on to better enable me to soak in the information I feel required. When I got into chess I bought a dozen books. When I got into the religious debates... Let's just say I have over a hundred books, shall we? Probably closer to two hundred if you count the Kindle books purchased. And so it is with trading.
As I went over in an earlier post, my plan is to get my learning in before doing any trading. A key for me is to not jump the gun, but be patient enough to read the books and watch the videos to better leverage myself against the challenge of trading.
I won't go through all my resources, only the ones I think important. The first book I purchased was 'Pass the SIE'. The idea was that I could start with a certification and if worse comes to worse I could get a job with a brokerage firm. I also purchased Andrew Aziz's 'How to Day Trade for a Living'. This was instrumental in educating me on how day trading works. I loved it so much I bought his follow-up book: 'Advanced Techniques in Day Trading' (and currently about a hundred pages into that one).
There's several other books highly recommended that I have but have not started reading yet. One is 'Trading in the Zone' by Mark Douglas, 'Trade Like a Stock Market Wizard' by Mark Minervini, 'High Probability Trading' by Marcel Link, 'Mastering Technical Analysis' by Northcott, 'Come Into My Trading Room' by Alexander Elder, 'Trade Your Way to Financial Freedom' by Van Tharp, Toni Turners 'A Beginners Guide to Day Trading', 'Mastering the Trade' by John Carter (quite good so far), 'A Complete Guide to Volume Price Analysis' by Anna Coulting, and 'Technical Analysis of the Financial Markets' by John Murphy.
So, those are the books. There's others but this list above is what I feel I should complete before risking real money on this venture. Most of my time has been spent on YouTube videos by various personalities. The first was Ross Cameron's Warrior Trading. It's pretty difficult to not be impressed by a likable guy making oodles a day trading penny stocks. I mean, who can take $500 and parlay that into a million over two years? Like almost everybody pumping out those videos he has a book (which I've considered purchasing but haven't yet), but if I figured correctly, with all his views and subscribers he's making much more money pumping out videos than actually trading, and that's saying a lot because he at least appears to be making a lot trading. And like so many other traders with the same sort of story, he's got a Day Trading course. I can't evaluate the worth of it as it costs a pretty penny ($6,000 a year). This could be prefect for many people, but I just can't do it, especially as it's a bit of a gamble for me in my present state of being a newbie.
A second YouTube site goes by Clay Trader. Like Ross, he also has a trading course and community you can pay for. I have not dug deep enough to know it's value. I've watched a few videos from Oliver Velez, ZipTrader, and a few others as well, but where I'm gravitating towards are two communities in particular. One is co-run by the author of one of the books, above, named Andrew Aziz called BearBullTraders which seems sound and not trying to sell unrealistic dreams. They have pre-market shows each morning (like many do), educational resources, and a lot of active trader involvement. A second group I'm looking at joining is the Bullish Bears. They seem to be a bit less active than BearBull Traders and geared more towards swing trading over day trading.
These are the resources I'm using. I'll continue to view trading videos that seem pertinent. I'll continue reading the books I've purchased. In a few months when I've completed the books and watched many more videos I'll join one or two of the last-mentioned sites and join those communities while I 'paper trade' at least a hundred trades over 3 months. Then, I'll reevaluate progress and determine whether I'm ready to start trading using my money or if I feel I should trade another hundred via paper trading. I want to be sure I'm prepared. The percentages of success are daunting. I need to be prepared.
As I went over in an earlier post, my plan is to get my learning in before doing any trading. A key for me is to not jump the gun, but be patient enough to read the books and watch the videos to better leverage myself against the challenge of trading.
I won't go through all my resources, only the ones I think important. The first book I purchased was 'Pass the SIE'. The idea was that I could start with a certification and if worse comes to worse I could get a job with a brokerage firm. I also purchased Andrew Aziz's 'How to Day Trade for a Living'. This was instrumental in educating me on how day trading works. I loved it so much I bought his follow-up book: 'Advanced Techniques in Day Trading' (and currently about a hundred pages into that one).
There's several other books highly recommended that I have but have not started reading yet. One is 'Trading in the Zone' by Mark Douglas, 'Trade Like a Stock Market Wizard' by Mark Minervini, 'High Probability Trading' by Marcel Link, 'Mastering Technical Analysis' by Northcott, 'Come Into My Trading Room' by Alexander Elder, 'Trade Your Way to Financial Freedom' by Van Tharp, Toni Turners 'A Beginners Guide to Day Trading', 'Mastering the Trade' by John Carter (quite good so far), 'A Complete Guide to Volume Price Analysis' by Anna Coulting, and 'Technical Analysis of the Financial Markets' by John Murphy.
So, those are the books. There's others but this list above is what I feel I should complete before risking real money on this venture. Most of my time has been spent on YouTube videos by various personalities. The first was Ross Cameron's Warrior Trading. It's pretty difficult to not be impressed by a likable guy making oodles a day trading penny stocks. I mean, who can take $500 and parlay that into a million over two years? Like almost everybody pumping out those videos he has a book (which I've considered purchasing but haven't yet), but if I figured correctly, with all his views and subscribers he's making much more money pumping out videos than actually trading, and that's saying a lot because he at least appears to be making a lot trading. And like so many other traders with the same sort of story, he's got a Day Trading course. I can't evaluate the worth of it as it costs a pretty penny ($6,000 a year). This could be prefect for many people, but I just can't do it, especially as it's a bit of a gamble for me in my present state of being a newbie.
A second YouTube site goes by Clay Trader. Like Ross, he also has a trading course and community you can pay for. I have not dug deep enough to know it's value. I've watched a few videos from Oliver Velez, ZipTrader, and a few others as well, but where I'm gravitating towards are two communities in particular. One is co-run by the author of one of the books, above, named Andrew Aziz called BearBullTraders which seems sound and not trying to sell unrealistic dreams. They have pre-market shows each morning (like many do), educational resources, and a lot of active trader involvement. A second group I'm looking at joining is the Bullish Bears. They seem to be a bit less active than BearBull Traders and geared more towards swing trading over day trading.
These are the resources I'm using. I'll continue to view trading videos that seem pertinent. I'll continue reading the books I've purchased. In a few months when I've completed the books and watched many more videos I'll join one or two of the last-mentioned sites and join those communities while I 'paper trade' at least a hundred trades over 3 months. Then, I'll reevaluate progress and determine whether I'm ready to start trading using my money or if I feel I should trade another hundred via paper trading. I want to be sure I'm prepared. The percentages of success are daunting. I need to be prepared.
Comments
Post a Comment