A friend recently recommended this book. It captivated me because it takes an interesting approach to mind management. Even though this book does not specifically target trading psychology, I think that it is very useful for traders because it gives you tools to control your emotions and mindset.
This book was mentioned by a few of the interviewees on Chat with Traders. Eventually, I decided to get a hold of it and see what the fuss is all about. I snapped up second hand copy – probably the best investment of 4 GBP since long!
Reminiscences of a Stock Operator by Edwin Lefèvre was first published in 1923, but seems to provide timeless insights into the workings of the stock market. It is written as if it was an autobiography recollecting the experiences of a stock trader who the author calls Larry Livingstone. Apparently, it is based on the famous trader Jesse Livermore.
Kreil provides a whole host of insights, explains the workings of the retail trader’s universe and confirms my own doubts about gurus and social media. Even though I don’t want to give away too much of the content, I have extracted his advice on vetting educators because it’s probably one of the first pitfalls newbies can get sucked in. Find it at the end of this post.
I started off with TradingView few months ago and recently began working with Technician. I have just been using the free account versions for both. It’s amazing how much they offer. Below are some of my observations and opinions.
For a newbie it’s difficult to know what to expect from charting software. Trialling two providers certainly made me aware of what’s important for me and where I am ready to compromise. Those free accounts are a great way of finding this out without any financial commitment.
I just discovered a video by The Chartist, Nick Radge. Well worth a watch.
He starts by distinguishing between quantitative and qualitative trading – the former can be learnt; the latter evolves with experience.
I won’t bore you by describing the whole video. Below are some thoughts I picked up. They’ll become clearer when you watch the video.
When I started my research on trading, I got the impression that using social media is not only quite useful, but almost essential to develop as a trader. Now that I have dabbled with the whole thing, I am in two minds. A newbie should be careful.
I got hold of a freebie pdf of this book by Ross Cameron after sitting through a webinar/sales pitch by Warrior Trading. I don’t remember details, but I took notes during the webinar, which must mean that it was useful. The only annoying thing was the extensive sales pitch at the end to sign up for their training course before they released the link to the pdf. If I remember correctly, they sent the same link in a follow-up email anyway. Hmph! Had I known! Anyway, the book was worth it.