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Trading Another Book Thread! plus any general advice you would like to give :)

Discussion in 'Shares' started by voigtstr, 14th Nov, 2009.

  1. voigtstr

    voigtstr Well-Known Member

    Joined:
    24th Jan, 2007
    Posts:
    679
    Location:
    Hobart
    Hi guys,
    I've just ordered the following from Dymocks after trawling through threads from 2006 talking about books. Hopefully these books are still relevant, and when all the combined knowledge in the books "gels", I'll have the tools to trade with discipline and confidence. I've already booked in for Darryl "The Daytrader" Morley's workshop in March. By the workshop, hopefully I would have gleaned enough from these books that I'll already be papertrading and the workshop will just cement this knowledge. (and I'll learn Darryl's particular approach and see how it fits in with the books)

    Are there any "must haves" that I need in addition to the following books?
    My aim is to be day trading (even if just end of day, rather than intraday) successfully enough to be able to give up my IT servicedesk job within 5 years. A big impediment to this is my starting capital is likely to be only 15k although I'll be adding to that monthly as well.

    ORDER DETAILS
    --------------------------------------------------------------
    ISBN: 9780071478717
    Item: Trade your way to financial freedom 2e
    Price: $50.95
    Qty: 1

    ISBN: 9780471592242
    Item: Trading for a Living
    Price: $120.00
    Qty: 1

    ISBN: 9780731402250
    Item: Trading Secrets: An Australian Guide -2nd Edition
    Price: $39.95
    Qty: 1
     
  2. Tropo

    Tropo Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    3,394
    Location:
    NSW
    “...successfully enough to be able to give up my IT servicedesk job within 5 years...”

    Something to think about is here...
    http://www.invested.com.au/90/performance-expectations-37081/

    Before you’ll try to fly (day trading), first learn how to walk properly (mid/long term trading).
    There is a lot of recommendations in book thread on this forum.
    But if you insist on day trading from day 1 – “The Day Trader’s Advantage” by Howard Abel and “The Stock Trader” by Tony Oz may give you some ideas...
     
  3. voigtstr

    voigtstr Well-Known Member

    Joined:
    24th Jan, 2007
    Posts:
    679
    Location:
    Hobart
    I've now got "Trade your way to financial freedom" by Tharp, "Trading Secrets" by Bedford, and "Trading for a living" by Elder. For the cost of Elder's book, I was expecting a larger book. I've started with Tharp, and I'm really liking the style of his book and his emphasis on exits rather than entries, and also phsychology.

    In terms of trading longer term, tonight I ordered 49 shares of BHP, and in the long term, it seems to be in a trading channel with an upward trend that seems quite safe. I could have waited for it to bounce off the lower support line of that channel, but I wanted to be in the market rather than sitting on the sidelines going what if. If it goes lower than 38 I'll sell and wait for an return up above the lower trading channel. (I think thats one way to do it....or should I really wait till it hits the bottom of the channel before buying... I can always hit the cancel button! :)

    Talking about what if, what do people think of IBK. It looks like a decent trend although I cant tell if it appears to be faltering and about to turn, or if I should simply believe in the China Story and buy this bric countries etf as a way to capture the china (and emerging countries) growth.
     
  4. Waimate01

    Waimate01 Well-Known Member

    Joined:
    26th May, 2008
    Posts:
    157
    Location:
    Sydney

    ISBN: 0980374901
    ISBN-13: 9780980374902
    Title: How Much is Enough?
    Authors: Andrew Ford, Arun Abey
    Format: Paperback
    Year: 2007
    Pages: 272
    Publisher: A&B Publishers


    But be aware there are two different books of the same title. This one is particularly good as you start to shift from "I wanna make it" to "I think I might be making it" phase.
     
  5. voigtstr

    voigtstr Well-Known Member

    Joined:
    24th Jan, 2007
    Posts:
    679
    Location:
    Hobart
    although that will be a long time away! cant chuck in the day job yet!
     
  6. TROM

    TROM Active Member

    Joined:
    17th Jul, 2006
    Posts:
    35
    Location:
    WA
    What structure would you guys set up trading and investing for long term?

    Would you set up a discretionary investment trust?