|
PureBytes Links
Trading Reference Links
|
I haven't read the book either. Somehow, I've gotten 2...
The only book that you really should completely understand is "Trading for a
living" from Elder. It covers everything that you need to be successful.
Unfortunately, you can read all the books, go to all of the seminars that you
want, and still make the same mistakes as you did with the OEX. BTW, what you
did on Friday is a fast way to blow out an account, especially with options.
I've done it several times... You should choose which battles that you will
fight. You don't have to be in every one. It'll save your sanity and financial
health.
Trading just comes down to you and how well that you know yourself. When
you're fighting a trade or struggling with a trade, you're really only
fighting against yourself trying to prove that you are/were right about
something (the ego thing again). The market made up of the millions of traders
trading do not know you or even care to know what you are doing.
John Machtinger wrote:
> Hi All,
>
> When I bought TS2000i (yeah, I know how many are glad they didn't buy it,
> but I had no choice and so far it's been working), they sent me a book by
> Charlie Wright called "Trading as a Business", along with 4 cassette
> tapes called "Trading for a Living."
>
> I am a new trader and can't tell whether Wright's book/tapes are worth
> learning from. If any experienced traders on the list have checked out
> this package, I would appreciate hearing your opinion of its merit.
> Thanks for any comments!
>
> Regards,
>
> John
>
> P.S. I have already learned some valuable trading lessons on my own,
> courtesy my first trade (OEX June 790 call) on Friday. Namely: don't set
> your stop too low and then cancel it and put it in again at a lower number
> because the trade is going against you and you're trying to stay in it
> (how can the market be going down?? It opened so high and the PPI number
> was good...), and then cancel *that* stop from almost being executed at
> the CBOE to lower it *again*, and then finally get stopped out of the
> trade at the market's low point. Damage: 4% of my trading account lost
> due to greed and panic. Nothing teaches you like making your own mistake!
|