Reddit reviews Mind Over Markets: Power Trading with Market Generated Information, Updated Edition
We found 3 Reddit comments about Mind Over Markets: Power Trading with Market Generated Information, Updated Edition. Here are the top ones, ranked by their Reddit score.
Used Book in Good Condition
TA is equal parts art and science. The best way to learn is to start paper trading. Have a plan, create rules, refine and rework your strategy until it works.
I'm not sure these are the best places for a beginner to start, but James Dalton's work is pretty highly regarded in the macro trading world.
He has two books: Markets in Profile: Profiting from the Auction Process by James F. Dalton, and Mind Over Markets: Power Trading with Market Generated Information.
I'm partial to Interactive Brokers for my personal accounts.
No no no naaaah, you guys got it all wrong. Well, you're not actually answering the question.
If you're trading forex then you can only buy on the ask and sell on the bid....which is almost the same as a market order in a regulated exchange (even if it's a limit order as defined by your broker). This is bc, when trading forex, you can only "take" liquidity and cannot "make" liquidity. Someone is profiting off the spread.
Buuuut if your trading on a regulated exchange, such as a CME or NYSE, you can place limit orders (aka resting orders) on the exchange. If your resting order gets executed, then your buy executes at (by definition) the bid price. And you sell limit executes at the ask.
Buying at the bid means you're executing a resting order, and the same is true for selling at the ask. Ask and offer the same thing in this context.
In contrast, hitting the bid means selling at the bid with a market order and lifting the offer means buying at the ask with market order.
https://www.investopedia.com/terms/h/hitthebid.asp
https://www.hedgeable.com/education/trading-slang
https://en.m.wikipedia.org/wiki/Central_limit_order_book
Honestly, when I first started trading way back when, I had no understanding of this. But it's critical to understanding the markets. If you don't understand this, you don't fully understand how centralized exchange markets and noncentralized markets work. It also will help you understand why some folks trade only futures and others only forex/cfd. It's two different worlds. One is not better than the other, but they are different.
Edit: Tangent...I highly recommend studying order flow trading in futures markets and start by reading Mind Over Markets ....and no it's not psychology book. It's an order flow (aka tape reading) book.
Mind Over Markets: Power Trading with Market Generated Information, Updated Edition https://www.amazon.com/dp/1118531736/
Yea, read Dalton's books.
Or at least the second edition of whichever one it was. Lemme see if i can find it.
Mind Over Markets.... that's it. But consider Markets in Profile too.
MoM has a misleading title, makes you think its about psychology. It's not.
Once you get your head somewhat wrapped around methodology, spend more effort on psychology. Then just rinse and repeat. Trade micros live. Don't sim/demo trade (except to physically learn the software you're using).
Mind Over Markets: Power Trading with Market Generated Information, Updated Edition
https://www.amazon.com/dp/1118531736/