Reddit reviews Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude
We found 17 Reddit comments about Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude. Here are the top ones, ranked by their Reddit score.
Prentice Hall Press
Yes, you should be cautious of direct messages, especially if they're trying to sell you a course, coaching, or "use this platform, it's the best, here's my affiliate link".
Some great, free resources for learning day trading:
For some paid resources, I recommend the following books / audiobooks:
>$250 into $5k
Setting goals isn't a terrible idea, however I will say that a 2000% (non compounding) increase is something the best traders would give their arms and legs for lol.
For reference, this is something I was able to do after lots of learning and experience.
https://twitter.com/robswc/status/1093328001243189248
https://twitter.com/robswc/status/1082782861869109253
These were more done algorithmic than manually trading BUT point still stands.
With that said, you could hit 180% gain in one day with options.
The problem you'll find is that being consistently good is really really hard. What you're essentially setting out to do is consistently win an near random "coin toss".
That's going to take a psychological toll, its going to be grueling but not impossible.
>But I would like to learn the market. Any tips on how to start? What should I start researching? Can I even start trading with that little amount?
$250 is fine starting out. In fact its perfect as starting out there's a possibility you could lose it all, so starting with a small amount is fine.
Don't look at $, look at %. If you can make 1% you can make $100 or $1000. Once you consistently hit %'s, you can increase your position sizes. Keep risk in mind while doing this though.
I would start with paper trading first. Since you're 17 you're not legally allowed to trade. Also, with $250 you can't day trade (PDT rules). So paper trading would definitely be your best bet.
You could also give crypto a try, many exchanges don't really have KYC. A lot of the basics can carry over into any markets.
As far as stuff to learn, these are some of the best books I've read on the subject. You may notice they aren't technical or any "strategies" so to speak. I find those books never help, the mindset and thinking is going to be your biggest challenge.
Trading in the Zone, By Mark Douglas - https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447
Fooled by Randomness, by Nassim Taleb - https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219/ref=sr_1_1?crid=13LH3VBFX62OH
Skin in the Game, by Nassim Taleb - https://www.amazon.com/Skin-Game-Hidden-Asymmetries-Daily/dp/042528462X/
Algos to Live By, by Brian Christian - https://www.amazon.com/Algorithms-Live-Computer-Science-Decisions/dp/1250118360/
A Short History of Financial Euphoria, by John Galbraith - https://www.amazon.com/History-Financial-Euphoria-Penguin-Business/dp/0140238565/
Also, if you're interested in algo or strategy creation at all, I have a youtube channel dedicated to helping beginners make their strategies and learn more. Its on a bit of a hiatus but I'll definitely be getting back to it soon.
https://www.youtube.com/channel/UCxokFZgGpztPTeQvBwIk2wQ
DM me here or on twitter if you have any questions! Love to help, questions also keep me on my toes and make sure I'm learning too!
http://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447
Buy this book. Read it repeatedly. This is a core piece of knowledge for any trader, it talks about the steps necessary to move yourself to an emotionless state that will help keep you profitable.
Emotions are the reason that traders lose money and fail.
I'm a huge fan of Market Profile, so here's a handy tutorial: https://www.cmegroup.com/education/interactive/marketprofile/handbook.pdf
Also a big fan of the directional movement index, so here's a tutorial on that: http://www.investopedia.com/articles/technical/02/050602.asp
Heard good stuff about "Trading in the Zone" in terms of covering trader psychology, but haven't read it because the psychological aspects never really caused me much of an issue (I work in real estate investments, so used to it): http://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447
Not a fan of ForexFactory, but this thread (Building an Equity Millipede) is pure gold: http://www.forexfactory.com/showthread.php?t=245149
Read it, don't be lazy, there is also a free PDF download out there.
Do not trade unless you learn how forex works first. Remember, there will always!!! be opportunities. After you learn how trading works, open a demo account. Practice on the demo account, you will surely make mistakes like everyone else. Demo account is the best practice platform. Then move to a real account. After you are done with babypips, as people suggested, checkout a book called Trading in the zone. This book will pay dividend when you start trading. I think the biggest hurdle is managing risk. You will learn a lot. Good luck!
A good free ebook - http://www.rockwelltrading.com/day-trading/free-day-trading-ebook-1/
A good book to buy - http://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447
good i could help!
Yes this is one of my favorites https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447 , it helps you a lot with beliefs about a market and why you should not care at all but just accept the movements
Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude https://www.amazon.com/dp/0735201447/ref=cm_sw_r_cp_api_i_Un1zCb13ZT5Y5
General TA: https://www.youtube.com/watch?v=rlZRtQkfK04&list=PLyG201CX9K8Xwp2fsarUncC4jUlR-prad&index=3
Futures: https://www.youtube.com/user/PATsTrading
Books: https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447
https://www.amazon.com/New-Trading-Living-Psychology-Discipline/dp/1118443926/
Also anything by Andre Kostolany. You will get great insight on how the markets work.
You'll always have small fish and big players. Big players will use their power to profit, will try to manipulate as much as possible. If you're small, try to stay out of the big player's frequency. Usually big players manipulate markets shorter term. Try a mid to long term strategy. Don't get overwhelmed by short term price swings. This is a huge topic and these are very general recommendations, but still worth to ponder on. Develop a profitable strategy, then stick to it. Then change it.
My own pension strategy: buy bitcoins from 10% of my monthly personal income and do not care about its price. End of strategy. (I am saying this after 3 years of profitable FX daytrading and algo trading).
(edit: formatting)
Trading in the zone by Mark Douglas.
not about swing trading in special but i liked this one much:
https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447/ref=sr_1_1?ie=UTF8&qid=1527510924&sr=8-1&keywords=trading+in+the+zone
I think my Silver strat (see the details I've posted in my OP comment) is very similar to your DAX strat.
At the end of the day, it takes money to make money. With small accounts of say <$25k it's very difficult to start off especially if you run into a bit of bad luck and experience a string of losses only to then correct itself and start making money.
Is this the book you mentioned to read? HERE
Trading In The Zone
Trading for a Living
The Universal Principles of Successful Trading I've read this one twelve times and not because it's fun.
Think and Trade Like a Champion by Mark Minervini
Higher Edge with a Single Candlestick
Everything Written by CrucialPoint in Here
Building an Equity Millipede
Just a Few
Tip: If you don't fully understand the writing to the point you can explain it to a 5 year-old, DON'T MOVE FORWARD. Keep reading and researching the particular topic until you can.
edit: FORMATTING
https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447
I discovered this book thanks to r/ethtrader. Giving it a boost here.
Trading is a stream of infinite possibilities. You can't enter it with a mindset of "I must always be right to make money," because you will never be always right.
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So the two books I read that helped me TREMENDOUSLY understand options are:
https://www.amazon.com/Options-Trading-QuickStart-Simplified-Beginners/dp/B01EZ50QO0/ref=sr_1_19?keywords=options+trading&qid=1568413077&s=gateway&sr=8-19
https://www.amazon.com/Options-as-Strategic-Investment-Fifth/dp/0735204659/ref=sr_1_3?keywords=options+trading&qid=1568413077&s=gateway&sr=8-3
These two books alone should get you comfortable enough to trade profitably or at least to simulate it and make sure first.
McMillans is a HUGE actual textbook used in University. It's not PERFECT but very close. Treat it as your options Bible.
The starter book will get you familiar with all basic concepts, jargon and associated entry level knowledge.
Options trading is the opposite of day trading although they can be day traded successfully in my experience. Options is better performed, however, as a Swing Trade assuming your Technical Analysis plays out.
If you aren't very familiar with Technical Analysis then I'd suggest watching Mitch Ray's instructional videos on youtube for a basic grasp.
Also here is the BIBLE of swing trading Technical Analysis, it is another textbook but well worth the time and cash investment. Bulkowski is basically god.
https://www.amazon.com/Encyclopedia-Chart-Patterns-Thomas-Bulkowski/dp/0471668265/ref=sr_1_1?keywords=bulkowski&qid=1568413255&s=audible&sr=8-1
Before making ANY trade I HIGHLY recommend reading Trading In The Zone by Mark Douglas :
https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447/ref=sr_1_1?keywords=trading+in+the+zone&qid=1568413295&s=gateway&sr=8-1
He also has it in free audio book on Youtube if you can do audio books. I listened at the gym which worked but really just needed to read.
There's many more resources, books, etc. but this should get your rabbit hole started.
For basic market info as a newbie i recommend Investopedia.com
I believe they also have a free simulator. Not sure if options are available on there.