Trading Books

so I should pick up Market Wizards and that japanes candle sticks book?

You can get this for a little over $5 and it is the best TA book out there. The only reason to get the newer edition is if you want a chapter dedicated to candlesticks. It would probably be almost as useful as buying the Nison book based on how well the other material is written.

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is TA really a meme?

Here I have drawn some lines
at a certain point it _can_ go up or down
>goes up
SEE I AM SO GOOD! (didn't put any money in it because he doesn't believe it himself)
>goes down
oh wow, let's see if I draw another line here, we can see that there was some indicator for this (deletes post after one day and only keeps the right one up)

ok I think I will start with the japanese candlestick book

Yes srs Japanese candlestick book is 100% where you should start

There should be a sticky for books for newbies to get the basics down somewhere.

On a parallel note, what are some good financial websites to follow, this is my list so far but I'm always looking for more:

Wall Street Journal
CNBC
Barron's
Market Watch
Motly Fool
Seeking Alpha (occasionally)
Stock Twits (occasionally)

Anything else I should add?

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Stockcharts,com has good beginner level info on candlestick patterns too

better than full random trades, I guess...

>pic related
it is used to identify and gauge most probable paths of least resistance and proportional magnitude of moves (approx uper/lower boundaries) that are then coupled with risk management to form a consistent and strategy allowing a minor but robust statistical edge over market which then leads high probability of consistent profit on after period of dozens of trades.
if TA use is attempted without coupling with strict risk management (as you see in 90+% of wannabe traders) then yes, TA alone is a turbomeme destined to lose your money over time

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The Black swan, and everything else by Taleb

yep, taleb is a spot-on

should i read the books in a specific order

as others have told I think i should start with the candlestick book and maybe the blaack swan as mentioned before

study a book on risk management and position sizing right after nison's candlestick book or else no matter how good your ta will be, without risk management you are doomed to get rekt.
also book on trading psychology - Trading in the zone, it is also uploaded as complete audiobook on youtube

can TA be applied in crypto too or will I get rekt even with risk management?

trading books in general are aimed for suckers. no winning trader reveals his strategies. they may provide signals but dont reveal too much

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people who cant do, teach instead

Some doers write books and those are certainly worth reading

doubt it highly.

crypto is pure TA. 80% of vol in crypto is from bots. bots do not have their own mind, so what are their algos triggerring on? -TA
but stocks are easier to trade, and fees are cheaper than in crypto (degiro, interactiveBrokers), with those two, even margin trading on stocks is cheaper than on crypto.
specialize on stocks, do not touch options or you get rekt

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this, lol
would you tell your millionaire strategy for some book selling bucks?

bullshit. do not get mystical. your smug "winning trader" from instagram, twitter or his own rented-lambo-filled scamblog will not show you his winning strategy because he hasnt any. he makes his money on shilling referral links to brokerages to thousands of get-rich-quick wannabees.
the really profitable traders are some of the humblest-but firm and down to earth lads I witnessed.

another mythologizer believing in a magic bullet. how the fuck is a profitable trader hurted by showing his strategy? In a stock market I make money, you make money -it is not like I teach you to build violins and you then open your shop 10 fucking meters from mine, cutting my customers and revenue to half.
I tell you a secret - even if a profitable trader teached you all about his system, you would still lose all your money with it, because you wont have HIS discipline and guts to actually follow and not deviate from it. Because what separates good traders from suckers is not some magic uber TA skills, but sitting on your hands until market gives you a trade where you have an edge and discipline to act on it.
its that fucking simple

>how the fuck is a profitable trader hurted by showing his strategy?
everyone can't gain money at the same time, trades have winners and losers, if more people use your strategy it becomes less effective

profit margins on crypto are a lot higher than on regular stocks

So I prefer crypto over stocks

you are so fucking wrong, because you do not get the magnitudes and proportions. something like 93% of stock market volume are investment banks, hedge funds, pension funds, just like 7-8% of volume is retail traders. If I was a top retail trader and had thousands of disciples who got even better with my methods than myself, its still a drop in a sea.
You have all time best traders like Livermore, Wickoff or w.O'Neil who went completely naked in public about everything about their strategies, yet you wont learn from them, train a lot first and be fucking humble with once on real market. It is all in your head you sucker, because all you want is getting rich quick without giving in the efford and inevitable pains on the way.
just like people be yelly of my programming skillz and money from it, even if I try to teach them everything I know, but then they drop out because they do not understand how fucking much efford and time I put into it to be where I am.

good stuff user thanks

>Not doing options TA
Low IQ detected.

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I remember reading this concept in new market wizards. They found when people were trained to trade they did good in the simulations however they would second guess themselves when it came to using real money. They said even if a trader showed all of their techniques the user would lack the discipline to follow the strategy and use appropriate position sizing.

Yep I'm actually halfway through it right now. Definitely learned a lot from it. Will pick up the other books recommended from this thread.

What pains me is I used to have over 300K from ATH last year but basically got lucky jumping from hyped coin to hyped coin and evading dumps by getting in early. That was my edge. I knew to spot it before the average normie who jumped on the crypto boom figured out. But I was not good at exiting and was emotional. Watched my 300K drop all the way down to 12K.

I'm trying to work my way back up, but now that I act more disciplined, makes me fucking hate how I basically had my money 3x-4x easily in a week or so and here we are, trading for meager percentages in this bear market. I guess that is part of inevitable pains along the way of learning, right?

I have to agree on this. If i read 20 programming books i will become knowledgeable about it, but that does not mean i know how to program and write code.

Trading and investing have a lot to do with experience, not just information.

for trading its good foundations (start with dow theory, then wickoff then candlesticks then risk mngmnt and position sizing, then trading psychology (trading in the zone book), fuckton of practise, getting desentitized to loses as well as wins, understand our human biases (kahneman - thinking fast and slow) so you know to identify them and halt them early. and do not confuse probability and expectancy

Dank son

after youbare done with this, read as much of nassim taleb (lebanese eastern-christian, legendary fund manager and professor of risk engineering). takeb has the best understanding of nature of risk as well as it relates to behavioral economics, human biases and nature, trading and life in general
good luck papa

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I started stocks like a year ago. I have made maybe 33% or more maybe in trading every now and then. As time went on and everyone has gotten shaken up from the correction and politics bullshit I learned that I was okay at finding when some stocks could go up quite abit but I had bad buying and selling points. I would buy into strength and momentum which I didnt care too much if it was already a high price and sell either too early or too late before a major decline such as earnings or unforseen random event.

I see. So similar to my story, those exit points are hard. That's really when your greed takes over and is what fucks 90% of traders. If they are losing on a trade, they will emotionally hold hoping it will go back up. That's what I did last year.
In new market wizards, you are told to cut your losers pretty quickly and let your winners ride.
Also I remember seeing in this youtube video (tradind 212 channel on youtube) that basically people have hope/fear wrong. If you buy into something, and it starts going up, you fear losing that money so they sell too quickly. And on the inverse, when it goes down from your buying point, you hope it comes back up.

The guy said that is wrong which basically stuck with me. If you are in a winning trade, you want to hope it keeps going up (letting your winners ride), and fear when it goes down. So if you buy into something, and it is going down, you should FEAR that, and cut it (helps to mitigate losses). This plays into the whole idea that the most important thing is preserving capital, NOT trying to make big gains.
Another thing one of the guys from new market wizards said was his best trades are when 3 things line up: Market sentiment, TA, FA. So yesterday, Sentiment was very bullish, TA had everything pointing up, and FA was largely the same (it is crypto after all, this is all speculative), so you had a greater % to do well. Basically sitting on your hands and waiting until these 3 things line up, and then preserving your capital. Also before when I had over 300K, I never used stop losses. Now I do. If anything, adding it sets in your mind your exit point so you stick to it. Even on the pump yesterday, I moved my exit point down to give it more room to come down, and then move up. That's when it dipped further, so I basically minimized my earnings from yesterday because I didn't stick to my strategy.

do not touch a stock a day before earning. just don't
the occasional severe gapdowns would be too costly and are difficult to handle emotionally, which means they tend to lead into more gambling behaviors

you stole that from WSB you faggot

Fuck yeah, it helps me time the market and trade margin effective.

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So summarising all posts in this thread the perfect readlist:

1 Japanese candle stick books by Nisson
2 The Black swan
3 New Market Wizards
4 Trading in the Zone

Unsure about this one:

A Random Walk Down Wall Street

Random walk is a good book

also read some quantitative finance stuff, can't remember anything in particular

>Implying that's that me
Faggot.

>Random walk is a good book
It's bad by some mad jelly fuck who wasn't able to beat the market and is like "no body can pls buy n hold etfs"
Right now the mass collective buying etf's without any valuation have raised the prices of the market without any good reason.

Teach me everything you got about programming and financial instruments.

I want to be an algo-trader with my own funds, obviously not HFT - because even if I get 10 ms to exchange, I'll still be beaten by the 6 - 3 ms guys.

Do you have a contact ID on any encrypted, public or w/e messaging platform?

I want to get educated, you could just hint me strategies, paths to take, topics to study, projects to build - I want to develop a system indeed, I'm 99% perspiration and vision.

I don't want to get rich quick, I just want to marry my life passions - the chase of money and computer science.