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Mark Douglas The Disciplined Trader should be the first book for him to
read. He will likely feel because he was successful in his prior business he
can automatically transfer that into the trading environment. WRONG. In an
unstructured environment where anything can happen he will need to have the
proper mind set so that he does not do Financial and psychological damage to
himself. Any of my friend who ask me how to break into trading (like there
some head honcho they need to talk to for getting hired) I tell them to work
on themselves first then find a trading method and market that fits their
psychological makeup. The fact he is letting a Television commercial dictate
what kind of market to trade really sets off some red flags.
-----Original Message-----
From: cb <cpbow@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Sunday, October 25, 1998 5:10 PM
Subject: Re: GEN: books on currency
>Joe Frabosilio wrote:
>>
>> Hello everyone,
>>
>> A friend of mine wants to trade the yen. I had recommended that he read
>> Schwager on Futures. Are there any other books that I should have
>> recommended to him? He is a real beginner to any type of trading. He
>> got caught up in the hype from a Television commerical and from a couple
>> of brokers that he had called.
>>
>> Thanks for your time and effort,
>> Joe Frabosilio
>
>
>"Elements of Successful Trading" by Rotella.
>"Winner Take All" by Gallagher
>These are not books on currencies but very valuable to a "real
>beginner". The first is a very broad intro to futures, options, tech.
>analysis, and $mgmt. The second is a book full of warnings and also a
>good non-mathematical *illustration* of $mgmt.
>
>You also might try to de-hype him as much as possible. Speaking from
>experience, I think very few beginners have really taken to heart the
>concept of drawdown, what a gap move might do to them, etc. This is
>probably true even when the data is at least in part in front of them,
>and you can assume that the TV ads didn't talk much about that!
>
> Conrad Bowers
>
>been a beginner for 3 yrs. now..... :|
>
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