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Books for technicians, developing strategy, day trading

tstw414 (tinasaree)
Jan 29 2017 at 08:13
4 posts
I'm currently reading Getting Started in Technical Analysis, Jack Schwager- and my next book from here is The Art and Science of Technical Analysis, Adam Grimes. It feels like a large jump between the two.


Any suggestions on books/forums/videos/etc. for learning tech analysis and developing strategy?

theHand
Jan 30 2017 at 07:13
365 posts
Yeah. Ditch the technical analysis. It's useless in fx. Half of the indicators are volume based for starters and there are no accurate volumes for fx.

Secondly you're trying to apply linear methods to non-linear systems in an information age where guys like me are doing a few million calculations a day. You want to pitch up to the fight with a couple of lines ?!




4xfred_2017
Jan 30 2017 at 08:04
7 posts
In my opinion:

First:
The Richest Man in Babylon Paperback – January 1, 2002

by George S. Clason (Author)

Second:
Trend Following (Updated Edition): Learn to Make Millions in Up or Down Markets, Kindle Edition

by Michael W. Covel (Author)

Third:
Reminiscences of a Stock Operator Paperback – January 17, 2006

by Edwin Lefèvre (Author), Roger Lowenstein (Foreword)

Fourth:
Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude Hardcover – January 1, 2001

by Mark Douglas (Author)

Then Write a Budget (your home budget) you have to know where you are to know where you are going... and a trade rules sheet and a daily goal sheet ... set small goals and adjust things till you can do whatever it is without to much thinking, then fill your laptop with podcasts music and books to keep you entertained while you learn how to follow your rules.

Rules of the Trades: My routine
https://drive.google.com/open?id=0B9laeB3-TXbXbXhVYjgzU2h2N0U

Spreadsheet for the Rules: My Routine
https://drive.google.com/open?id=0B9laeB3-TXbXYktud0JHTnVKTkk

It has to work for you... keep your time, personality, fears and all of it in mind

Good luck in everything you do
Fred

jimcameron
Jan 30 2017 at 09:11
20 posts
tinasaree posted:
I'm currently reading Getting Started in Technical Analysis, Jack Schwager- and my next book from here is The Art and Science of Technical Analysis, Adam Grimes. It feels like a large jump between the two.


Any suggestions on books/forums/videos/etc. for learning tech analysis and developing strategy?


The Art And Science is a very good book I wish I read it when I started, there are podcasts and a free trading course as well.

Elder - The New Trading For A Living, good book for starting TA.

theHand
Jan 30 2017 at 09:16
365 posts
Elder selling books for a living, no ?

jimcameron
Jan 30 2017 at 14:20
20 posts
theHand posted:
Elder selling books for a living, no ?


What does that mean?

theHand
Jan 31 2017 at 01:22
365 posts
Means he can't make technical analyses work either or he wouldn't be earning a living from selling his books now would he ?

In an age of robots pitching up to the fight with a ruler and a pencil doesn't cut it. Most technical analyses ideas are over 100 years old. Thing like moving averages for example. They belong to a different era.

Fx pairs have between 20 000 and 40 000 ticks coming in a day. Over 30 pairs, which is the number of combinations in the majors that is over 1 000 000 value changes a day.

I'd say it's far better to study systems than it is to study markets. There's already open source system generators available. Read that slowly. There are computer programs freely available that will generate systems. The guys who use them don't even know what they do.

And you want to read about what ?!

tstw414 (tinasaree)
Jan 31 2017 at 07:34
4 posts
Hand, I'm a little lost.. are you telling me to create an EA or follow one?

4xfred_2017
Jan 31 2017 at 07:40
7 posts
pare
theHand posted:
Means he can't make technical analyses work either or he wouldn't be earning a living from selling his books now would he ?

In an age of robots pitching up to the fight with a ruler and a pencil doesn't cut it. Most technical analyses ideas are over 100 years old. Thing like moving averages for example. They belong to a different era.

Fx has between 20 000 and 40 000 ticks coming in a day. Over 30 pairs, which is the number of combinations in the majors that is over 1 000 000 value changes a day.

I'd say it's far better to study systems than it is to study markets. There's already open source system generators available. Read that slowly. There are computer programs freely available that will generate systems. The guys who use them don't even know what they do.

And you want to read about what ?!


TheHand
Can you open your trade views to the Public so I can see how your doing and we can compare accounts at the end of lets say 2018

theHand
Jan 31 2017 at 07:41
365 posts
I'm trying to tell you to skip the technical analyses phase of the forex learning process. It prevents you from getting to the things that make fx work, which is things like position sizing and risk management.

Just accept from day 1 you will never be able to predict fx with any form of analyses, technical of otherwise. People make their money from managing the positions, not from predicting direction.

Most of the EA's you'll get is nonsense. You'll be much better off doing your own thing and much more independent for it.


4xfred_2017
Jan 31 2017 at 07:41
7 posts
jimcameron posted:
theHand posted:
Elder selling books for a living, no ?


What does that mean?


He was tarring down the author that posted and then removed their post I believe after TheHand Replied

theHand
Jan 31 2017 at 07:44
365 posts
No chance mate. I don't want my methods to be public knowledge. There's serious value in it which I would like to preserve.

theHand
Jan 31 2017 at 07:49
365 posts
And I wasn't taking a swipe at whoever the author is. I was simply saying technical analyses is completely and utterly outdated.

I'll give you an idea. I run about 20 systems, 28 pairs per system, lets sat average 30 000 ticks a day. That's 16 800 000 calculations a day resulting in about 60 000 trades a month.

And I'm not even a top tier trader. Some of them are doing up to 1000 orders per second.

jimcameron
Jan 31 2017 at 08:39
20 posts
theHand posted:
Means he can't make technical analyses work either or he wouldn't be earning a living from selling his books now would he ?

In an age of robots pitching up to the fight with a ruler and a pencil doesn't cut it. Most technical analyses ideas are over 100 years old. Thing like moving averages for example. They belong to a different era.

Fx pairs have between 20 000 and 40 000 ticks coming in a day. Over 30 pairs, which is the number of combinations in the majors that is over 1 000 000 value changes a day.

I'd say it's far better to study systems than it is to study markets. There's already open source system generators available. Read that slowly. There are computer programs freely available that will generate systems. The guys who use them don't even know what they do.

And you want to read about what ?!


Why do you feel that you always need to give you opinion, why can't you offer help if you can when someone asks for it. The question at the start of this thread was a great question asked by someone at the start of their journey.

The fact that you feel TA does not work for you is irrelevant, not everyone is born a computer genius, the phrase IMHO might be useful for your future posts.

To say that an author is selling books because they can't make a living from trading is obviously wrong, someone can be a successful trader and write a book at the same time, what's wrong with having extra money in the bank?

What not start a new thread about how great you are and that you think TA does not work, I would like to see that.

Can we get back on topic now?

theHand
Jan 31 2017 at 08:58
365 posts
I am helping. By not going down the TA route you'll save about 3 to 4 years. That's how long it took me to figure out it doesn't work. And I'm quite disappointed no one mentioned that to me earlier to plant the seed or I would be a lot further than I am today.

I'm not a born computer genius. I just decided to go do the course and spent the time to learn how to code. Once I realised TA is a dead end. At this point being able to code is pretty much a minimum requirement for trading. I'm nothing special, been a blue collar guy all my life. If I can code anyone can.

Sure, some people do sell books to help, but the era of TA has come and gone. Sure people will battle with it for a few more years, but doesn't matter what you do, them moment you put your money in the market my systems will be waiting for you. If it is a zero sum game you are buying my beer.

So instead off letting your ego get in your way, just try to listen. I've done decades of developing. Maybe, just maybe I can save you a few years, like I wish someone had done for me. I don't even know if I would have listened to be honest.

But I am telling you here after 16 years of pain, the quickest way to do fx is to stop trying to predict it and start managing your positions. The moment you do that you start winning.

Don't study the market, study your portfolio.

theHand
Jan 31 2017 at 09:37
365 posts
And a thank you for at least trying to help every now and then will be welcome. Ungrateful ****.

I could and probably should just leave you guys to battle TA's for a few years.

jimcameron
Jan 31 2017 at 09:55
20 posts
The thread is about books and learning, it is not about if technical analysis works or not.

theHand
Jan 31 2017 at 12:06
365 posts
All the threads here are about trading and what works and what doesn't. But what the hell. I suggest reading a Richie Rich comic. There's drawings of money in it. It will help about as much as a book on TA.

If anyone is interested in making money and not joining a book club, I suggest Von Tharp's work on risk management, which is actually quite relevant.

tstw414 (tinasaree)
Jan 31 2017 at 13:22
4 posts
Thanks Hand, I'll try to find some text on I'm guessing CPA stuff..
haha any reading suggestions for what your advising is highly welcomed.
Thanks

tstw414 (tinasaree)
Jan 31 2017 at 13:23
4 posts
By the way Fred I'm getting to your post links, etc.
Much appreciated!!
Happy Trading

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