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I really like The Disciplined Trader by Mark Douglas. He talks about how beliefs tend to filter reality, and how you can manage those beliefs. It's not so much about winning, as it helps to keep perspective and lose less. Here
Guys please bump this
I study chart analysis, every day. Open salt of trading view, open the "accumulation / distribution", notice the irregularity.
As the price is going down, accumulation is increasing, My analysis concluded that there is a group or a person accumulating a ton of salt for some reason. People see this coming. By this I mean the imminent pump.
Happy trading! Source (book):A Complete Guide To Volume Price Analysis
Great move. Takes a lot of people a long time to learn this lesson. There's a great book called "What I learned Losing a Million Dollars" that I think is worth anyones time. The author spends a lot of time discussing the importance of developing a strategy, sticking to it, creating stop losses, and not internalizing losses. It's not some hacky how to get rich quick book. It's a quick and clever read that I walked away from with a better way to frame my total strategy for trading.
I've been learning the indicators one at a time. The thesis is, traders watch these levels to time trades. 🤷♂️
This book is the 'bible' but I haven't bothered to read it.
https://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661
I'm sure a youtube search will find any number of results.
For learning, honestly, I just look at charts that people make who have been doing this for awhile and learn from them. I like Patrick Ceresna a lot.
My approach is - look at a chart and draw some straight lines. This is a bit of an artform but starts to become easier once you look at charts a lot. Trend lines should touch the bottom of at least three candles (the fat part). Also, horizontal lines for historical support/resistances.
EMA - I'm looking at 20D, 50D, 100D, 200D and seeing which one is most significant. Basically - which EMA do the candles touch most often? Is it support (they bounce off and go up) or resistance (they touch it then go down)?
The "Pivots Traditional" can be useful but eh. VWAP and bollinger bands seem useful but I don't totally get how to set them up. Fib retracements I get but seems pretty "hocus pocus". MACD seems kinda useless to me for what I do. I don't understand why anyone cares about Elliot waves.
Most of the more 'advanced TA' is pretty hocus-pocus to me.
You need to read Mark Douglas - he talks about exactly this:
- Most traders don't have a plan
- So they make emotional decisions based on fear & greed
- The traders that do have a plan (or have the capital to manipulate the market) will ABSOLUTELY take advantage of this.
I'm reading The Disciplined Trader right now, but he also talks about this in Trading in the Zone (which he is his later book that I read first).
Incidentally, this exact behavior is why I'm starting to learn TA -- because I want to have a system for determining good entries & exits, to help me avoid making emotional decisions.
SPRT was actually my first "real" experiment - I set some take profit exit points at Fibonacci extensions that I charted, and I was successful! Now, I didn't hold to the absolute peak - it went much higher, faster than I anticipated, so part of my takeaway from this trade is to determine how I leave a little bit of skin-in-the-game in my exit strategy for these stratospheric pops, but hey - I walked away from this with a good profit AND I feel good about how I traded it. At my stage - the latter is more important, because (as history has shown us) there will ALWAYS be another play. And if I learn my lessons now, I'll be better prepared to profit MORE (or lose less, as the case may be) on the next one.
Here is the bible for technical analysis! Only book you will ever need!
If you’re interested in learning more about technical analysis, the best book by far is <em>Technical Analysis of the Financial Markets</em> by John Murphy. It is considered the bible of technical analysis.
I'd highly recommend reading "What I Learned Losing a Million Dollars".
It's a unique take on the investment advice genre. It's primary lesson is that there are as many ways to make money as there are people with money, and the only commonality among successful investors is that they're good at not losing money. Then it talks in great depth about how to not lose money, primarily from a psychologic perspective. It's great practical information, and I'd recommend it to anyone interested in participating in the market beyond indefinitely holding index funds, because it'll set you up to do so with the right mindset.
Trading in the Zone by Douglas— good read too.
Also, What I learned losing a million dollars. The best book out there entirely dedicated to the psychology of trading around a system, defining your rules, and eliminating all the common trading errors that lead to blowing up an account, including position sizing.
https://www.amazon.com/Learned-Million-Columbia-Business-Publishing/dp/0231164688
Probably good free stuff out there too but this book is pretty solid and covers everything.
Encyclopedia of Chart Patterns https://www.amazon.com/dp/0471668265/ref=cm_sw_r_cp_api_glt_fabc_MN80JJP7AH6WRFMANYDH
https://www.amazon.com/Option-Volatility-Pricing-Strategies-Techniques/dp/155738486X I think this is what you want
There is a book about this silver short situation... https://www.amazon.com/Big-Silver-Short-Short-Squeeze-Lifetime/dp/B08BDZ5H6K
Yeah I got you.
https://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW
https://www.amazon.com/Option-Traders-Hedge-Fund-Framework-ebook/dp/B00844NXC6
I have those and their a pretty light read. The first Market Wizards will show you how other traders plan and execute off certain market conditions. The second is going to give you a background on the whole market chain and how options fit in and play off of it.
Of course also read Benjamin Gram's book. Its the bible of investing.
If I was any good at writing, I'd probably write a book one day.
There are so many indicators I watch. In no particular order and certainly not a comprehensive list, but just to give you a flavour:
• Valuations levels and prices • Government Stimulus and QE • Liquidity • Earnings Calls Messages • Economy and Shape of Recovery indicators • Consumer Confidence and spending patterns • Technical Charts and Indicators • Duration and Intensity of Coronavirus • Manufacturing PMI globally • Employment Figures • Banking Sector Health and Bankruptcies • Small Business Health • US Political Considerations • Commodity Prices (Metals, Oil) • Bond Market Indicators • Debt and Budget Deficits • Inflation • Money Supply, Monetary Base, etc • US Dollar • Market Mood and Psychology • VIX.
Lots of traders choose very narrow specialisation: trade only oil and natural gas e.g. or major indices
Others would trade anything based on specific theory, e.g. Elliott Wave or Technical analysis
This is very good book
PDF version should be available for free if you google.
if you have some time, I recommend reviewing this over the holidays - it's good to have this side-by-side with the Intelligent Investor --- https://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661/ref=sr\_1\_1?keywords=murphy+technical+analysis&qid=1669050829&s=books&sr=1-1
https://www.amazon.com/Complete-Guide-Price-Analysis/dp/1491249390#customerReviews
- Study
- Create strength and resistance support lines every morning - based on 3day charts and going back 1 year to see where similar zones struggled to break out or break down
- Monitor the big names in the market - AMZN, AAPL, MSFT, NVDA, etc. as well as monitor indexes like XLF, XLK, XLV, QQQ - watch for when one starts to break down and see if others start to follow suit as this will guide SPY and slightly precede SPY moves
- Look at the technical indicators and what they are doing - MACD, EMAs, RSI, etc.
- Divorce your emotions and feelings from trading (this is the hardest one and why most can't trade for a living - you need to be a robot emotionally like Zuckerburg)
Please do not buy any ILPs. Protection (Insurance) should always be separate from Investment.
If you are 22 year old Singaporean / PR who is just starting out, make sure you have a term life insurance that covers death, disability and possibly critical illness too. Also make sure you have comprehensive medical insurance on top of basic Medishield.
In terms of investment, monthly SIP in just 3 ETFs or possibly 3 ETFs and 2 REITs will give you fully diversified portfolio that you can continue to build through your working years. One of the ETF should be linked to Fixed Income instruments whereas other 2 ETFs (eg STI ETF and CSPX listed on LSE) will be more than enough to give you necessary equity exposure.
This of course is a general guideline that I give to my own children (both are working professionals in their 20's) - please do your own research and decide.
And please do yourself a big favor. Go and get yourself 'Four Pillars of Investing by William Bernstein.
It is a must read for all retail investors no matter what their education and experience. There is a lot of smoke and mirrors in the world of investing.
Hope this helps.
I believe they're referring to someone mention in this book:
https://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW/
I recommend it. It's a good read!
This isn't uncommon at all, it has run out of buyers. Flip your idea, things could be looking a bit tough because there isn't any buying volume. Retail doesn't have infinite liquidity. The volume over the past few weeks has coincided with hype and may have been caused by FOMO.
Also, you might find some good info in this book: https://www.amazon.com/Complete-Guide-Price-Analysis/dp/1491249390/
I thought you're much more used to big drawdowns than I am. Last year I kept my conviction and emerged winning from a 40% drawdown, with very high volatility all the way up. This year I've had about 2/3 of my port on PBT calls, and that got cut in half in a day. I went on a tilt and I'm not fully recovered... I'm still below that high even though I passed it again later for exactly three days before getting smacked again with a huge drawdown. I think the difference for me was that last year the drawdown amounted to a sum I could make back with salary, whereas now I'm playing for sums that will take me a long time to accumulate with work. Different mindset. The mental game is an important subject that we rarely discuss.
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This is a part of my TA journey. Those are the steps so far:
- TA can't possibly work because if it did algos would replicate it and suck all the alpha out of it.
- Ok, too much evidence of it actually being profitable for people. I've already concluded in the past that EMH doesn't hold in case of FA, so it could be the same for TA.
- The tutorials and books on TA are... Technical. I'm a mathematician in heart, and I can't do it unless I understand why/how it works. Ooof.
- Starting to understand why/how it works, got some intuition. Was able to convince a friend that there's merit to it (he also was in the "astrology for men" camp). I think that's a nice milestone.
- Slowly getting more insights, building intuition, learning about tools that apply those principles. There's still a lot that seems like weird magic, I attribute it to a signaling mechanism (aka self fulfilling prophecy).
I have another recommendation after you finish this one. The presentation is a bit tinfoil-y, but think about it as a mental model and the rest will make sense.
Yeah I've done that. This helped, it's old but humans haven't changed. You'll find some approach or insight in there that will help you with this and other things.
https://www.amazon.com/gp/product/B006X50OPW/ref=ppx_yo_dt_b_d_asin_title_o00?ie=UTF8&psc=1
If you want to learn how to manage an individual stock portfolio I say go for it. In a day of dollar investing with no commissions, $900 is more than enough to get started. Chuck (Schwab), for instance, will let you buy a stake in a company for five bucks. But get educated.
Start by reading this book:The Little Book That (Still) Beats the Market
Published June 18, 2020 according to Amazon...
https://www.amazon.com/Big-Silver-Short-Short-Squeeze-Lifetime/dp/B08BDZ5H6K
I also see that it is available on Audible, narrated by Chris Marcus himself.
Really surprised you don't have Greenblatt's book The Little Book That Still Beats The Market (updated version from the original).
It's a staple for value investing and it's really an amazing easy to follow/read book for people who are not in to investing. A fairly quick read and really puts some broader concepts into perspective that some have difficulty with like how much things "costs".
https://www.amazon.com/Little-Book-Still-Beats-Market/dp/0470624159?ref_=d6k_applink_bb_marketplace
I'm buying 30 stocks for $1k each month each for 2 years. Just wanted to try it out. There's a website that gives you the stocks to buy more or less. It's all beaten down companies that have good ROI. The theory is that ok average this kind of portfolio outperforms the market.
https://www.magicformulainvesting.com/
(you have to create an account, but it's free and I haven't found any downside to it)
The way I do it isn't exactly how the book recommends it, but I found it easier to manage that way.
FYI for those that haven't seen this pic before:
The one just to the right of the third BH book that you can barely see is The Little Book That Beats the Market"
https://www.amazon.com/Little-Book-Still-Beats-Market/dp/0470624159
This link is to a sequel, I guess (note the still.)
On the green one, I never found the exact book but looks like it may be one on Korean philosophy.