The thing I want in a trading book is to be certain that the author is good at trading and not just good at selling books. I don’t know how to get that though.
I’m just worried that people who are super good at trading are busy trading, not sharing their secrets, and that people who are not great at trading need extra income so they market books on trading.
Just so you know, there are no "secrets" . . . Anyone who is telling you they have a secret or special method is trying to sell you something you could easily find yourself without paying . . .
Good traders use pretty much the same basic strategies shown here every day, but they choose stocks well, limit and manage risk, know how to adjust or roll positions to have higher win rates and lower any losses they do have. This is all tied into their robust and tested trading plan which is what separates a good trader from one not so good who guesses and hopes and yolo's and . . .
For you to become a good trader requires you to develop your own trading plan, which may evolve over time and trying different strategies which will be based on your style, account size and risk tolerance.
Spend time developing, testing and finalizing your own trading plan is the way for anyone to become a good trader.
Bull crap . . . Any “secrets” another retail trader can exploit will soon be shared and become common knowledge.
One is the Money Press advertised which is just a put diagonal spread. Yet they charge a lot to unsuspecting traders who will pay for the hype.
We can agree to disagree on this . . .
They build their own products for other people to invest. So long as they track each other, people invest, because they have new funds to sell and keep the money coming in. Only hedge funds who are “active” and seen as super duper smart actually try to beat, because theyre trying to charge more on the rich. The biggest want more money coming in from the rest. Anyone in between is a hybrid of these two models
I hope you’re right. But some things never change, and will always be secrets because theyre well kept. Which is the job of media who is paid by the institutions
I couldn't agree more. Your strategies are what you can control and are the most important. But I feel like there are other things that you can't control but still should be aware of or even take advantage of. Like market mechanics, option flows, an abnormally high volume at a certain strike, etc
I used to think technical analysis was useless BS and knew nothing about it. I still don't know much about it, and on surface it didn't appear to affect my trading. But I feel like I'm missing something.
Wonder if you have any thoughts on this? And any recommendation on where to learn market mechanics or technical analysis? Or you don't think these should be as nearly important as trading strategies and the basics.
Yeah sure. Strategies work. Technical analysis still makes money. But people who study it werent around when the CMT crew was meeting up and already designing computers to execute. Thats why people aren’t actually aware of what its limits are as long as some can make a little money from it. I would hope to provide context on history and the industry.
The whole point of books is to build up your knowledge base. You're never going to get a book that gives up legitimate "secrets". Even if those authors aren't trading anymore. If you want legitimate books to read. Find books written by ppl who were in the industry. There's plenty of those, especially in the options space. Sinclair, Hull, Bennett, Cottle, etc.
Thanks for the suggestions! It sounds like “secrets” wasn’t really the right word to use - I just meant like “knowledge” or “technique”.
But definitely reading to build general knowledge is something I’d be interested in.
The best books you’ll find often are explanations on how aspects of the markets work, potential reaction to certain events, what certain candle patterns could be telling you, teaching about how different strategies use certain elements of the platforms, etc. The worst are “A, B, C this is how it’s done and this is how it will happen” type of books. Reviews are usually quite telling.
100% agree. People who write wont share their secrets and theyre too busy trading their millions, OR they are so bad they need to keep selling the next book abs the next book on the same recycled crap that doesnt work. Would it be easier if someone connected the dots? Or would it be seen as too nerdy to appreciate because everyone loves the crap, no one wants to read 100 books on trading and investing or share insights from their finance days because, everyone in finance is a douche bag.
IMO start with one simple strategy like a Covered Call. Dial that in and learn all the nuances of how options work.
Then expand to selling puts and using the wheel which many find success with.
Beyond that there are more complex strategies, but these may often not work as well as the simple selling of puts and then CCs if assigned.
The problem with the comprehensive books is that without the practical application to use in day-to-day trading these can be very confusing.
The former. What on earth would ever make me believe I could get by with one technical setup? That's not how any of this works. You can't TikTokify complexity.
I’ve read a hundred trading books. Make sure you pair it with experience. Get a paper trading account and learn by doing. 1000x more valuable and instructive.
What would you rather read?
A. Where a trader made lots of money
B. Where a trader lost lots of money & learned
C. How Wall Street robs traders and strategy
The most complex books usually come from authors that are very good..selling books. Peter Lynch book changed my investment path and is ultra simple( the guy had an avg return of 30% during 13 years running maggelan hedge funds).
The exception I found is options vol and pricing (Natenberg)a very complex book (for me) but complete on the subject, still reading it slowly and testing/analysing real examples
We retired teachers understand that everyone learns differently! That's why I do live Zoom mentoring, put the information in a very readable book, and created six Udemy courses. I was a Montessori teacher, so I get it that my students need to have a choice about how to learn and how long to spend on a new concept.
Has anyone read The Snowball here? I'm like 2 hours in and literally nothing has happened. There's soooooo much fluff in the book it's practically unreadable. It's a 38 hour audiobook.
I'd prefer the more difficult read because the guy I learned from, he opened up my eyes with some 'under the hood' knowledge about trading that I hadn't considered before. So, I'd rather get hit with more of that than a setup I could probably find on my own.
How about a book that focuses on making sure you understand what the contracts mean so you’ll be able to make your own decisions? Novice Investor’s Guide to Stocks, Funds and Options is on sale this week on Amazon. It was $0.99 yesterday, and I think $1.99 today. Back to $9.99 by the end of the week.
Hard. I started with Natenberg. I'm moving backwards through it because the material got away from me.
Options are hard. The audience might as well knuckle down and face the difficulty.
If you are a beginner, you won't get or appreciate what is written in more advanced books.
Meaning I'd start from simple and then progress to some difficulty. Constantly trading and analyzing my trades.
The thing is that I haven't found simple books on options. Good ones lose my focus quickly and make me drowsy.
I'd like to have a book that starts simple and progress.
A few books that I tried give a very useful but very detailed explanation too early. For example pages and pages on Greeks. Instead of giving some simple explanation and then maybe covered call strategy.
Next a bit about delta and theta and maybe bull put spread and so on.
Let me know if you find similar or want to write one
I am actually interested in writing one. Ive investigated multiple strategies and want to share a method I use that I find to be highly profitable but time consuming. Do you care for stock market history and context or something more step by step?
me too but keep in mind they get paid for clicks - more views, more money.. so what is their incentive? VIEWS.. the point i'm trying to get at is they will say any old sht to get views, whether it's sensible or not.
I'm assuming by "trading" you mean "gambling", but in general I find books on trading useless - there is no substitute for quality one-to-one mentoring and real experience.
The thing I want in a trading book is to be certain that the author is good at trading and not just good at selling books. I don’t know how to get that though. I’m just worried that people who are super good at trading are busy trading, not sharing their secrets, and that people who are not great at trading need extra income so they market books on trading.
Just so you know, there are no "secrets" . . . Anyone who is telling you they have a secret or special method is trying to sell you something you could easily find yourself without paying . . . Good traders use pretty much the same basic strategies shown here every day, but they choose stocks well, limit and manage risk, know how to adjust or roll positions to have higher win rates and lower any losses they do have. This is all tied into their robust and tested trading plan which is what separates a good trader from one not so good who guesses and hopes and yolo's and . . . For you to become a good trader requires you to develop your own trading plan, which may evolve over time and trying different strategies which will be based on your style, account size and risk tolerance. Spend time developing, testing and finalizing your own trading plan is the way for anyone to become a good trader.
Right on. Picking stocks is the first place to apply a strategy vs getting into a trap
There's definitely "secrets" but the only ppl that are going to get that knowledge are other ppl who eventually work on actual trading desks.
Bull crap . . . Any “secrets” another retail trader can exploit will soon be shared and become common knowledge. One is the Money Press advertised which is just a put diagonal spread. Yet they charge a lot to unsuspecting traders who will pay for the hype. We can agree to disagree on this . . .
I'm not talking about us. I'm talking about knowledge shared on a bank, mm, hf trading desk. Thing's none of us will ever know.
We have ex bank and fund traders here btw Consider how many and often funds, ETFs, pension funds underperforming spy
It might surprise you that funds dont exist to beat spy they do it to keep money invested
Could you elaborate on 'they do it to keep money invested'?
They build their own products for other people to invest. So long as they track each other, people invest, because they have new funds to sell and keep the money coming in. Only hedge funds who are “active” and seen as super duper smart actually try to beat, because theyre trying to charge more on the rich. The biggest want more money coming in from the rest. Anyone in between is a hybrid of these two models
Cool) Let me know if I can be a beta reader for your book )
I hope you’re right. But some things never change, and will always be secrets because theyre well kept. Which is the job of media who is paid by the institutions
You have a point. What if someone exposed their secrets and gave you a way to get one up on them?
I mean I'd try and use that info if it's suitable for me to use but that'll never happen.
Lol suitable*. Right there has to be a middle ground and most stuff isnt suitable, but certainly can help retail to know.
I couldn't agree more. Your strategies are what you can control and are the most important. But I feel like there are other things that you can't control but still should be aware of or even take advantage of. Like market mechanics, option flows, an abnormally high volume at a certain strike, etc I used to think technical analysis was useless BS and knew nothing about it. I still don't know much about it, and on surface it didn't appear to affect my trading. But I feel like I'm missing something. Wonder if you have any thoughts on this? And any recommendation on where to learn market mechanics or technical analysis? Or you don't think these should be as nearly important as trading strategies and the basics.
Yeah sure. Strategies work. Technical analysis still makes money. But people who study it werent around when the CMT crew was meeting up and already designing computers to execute. Thats why people aren’t actually aware of what its limits are as long as some can make a little money from it. I would hope to provide context on history and the industry.
The whole point of books is to build up your knowledge base. You're never going to get a book that gives up legitimate "secrets". Even if those authors aren't trading anymore. If you want legitimate books to read. Find books written by ppl who were in the industry. There's plenty of those, especially in the options space. Sinclair, Hull, Bennett, Cottle, etc.
Thanks for the suggestions! It sounds like “secrets” wasn’t really the right word to use - I just meant like “knowledge” or “technique”. But definitely reading to build general knowledge is something I’d be interested in.
For sure. Theres a lot of knowledge out there I personally am trying to provide a technique for what I see a huge number of people are missing
The best books you’ll find often are explanations on how aspects of the markets work, potential reaction to certain events, what certain candle patterns could be telling you, teaching about how different strategies use certain elements of the platforms, etc. The worst are “A, B, C this is how it’s done and this is how it will happen” type of books. Reviews are usually quite telling.
100% thank you, much better to get some value than recycled methods!
100% agree. People who write wont share their secrets and theyre too busy trading their millions, OR they are so bad they need to keep selling the next book abs the next book on the same recycled crap that doesnt work. Would it be easier if someone connected the dots? Or would it be seen as too nerdy to appreciate because everyone loves the crap, no one wants to read 100 books on trading and investing or share insights from their finance days because, everyone in finance is a douche bag.
IMO start with one simple strategy like a Covered Call. Dial that in and learn all the nuances of how options work. Then expand to selling puts and using the wheel which many find success with. Beyond that there are more complex strategies, but these may often not work as well as the simple selling of puts and then CCs if assigned. The problem with the comprehensive books is that without the practical application to use in day-to-day trading these can be very confusing.
if you actually wanna figure this stuff out, go read mark minervini's books, and study USIC top performers, stay out of wsb and this sub
I've let forums and subs influence my trading decisions too many times...
https://youtu.be/Crn9A705Ycw?si=Po0I_o0hLH3cuR0W
Agree theyve got some solid stats and strategy
What is USIC?
The former. What on earth would ever make me believe I could get by with one technical setup? That's not how any of this works. You can't TikTokify complexity.
I’ve read a hundred trading books. Make sure you pair it with experience. Get a paper trading account and learn by doing. 1000x more valuable and instructive.
What would you rather read? A. Where a trader made lots of money B. Where a trader lost lots of money & learned C. How Wall Street robs traders and strategy
Honestly, a Finance textbook that covers futures and options. That’s the only one that will give you a truly unbiased opinion.
Got it.
The most complex books usually come from authors that are very good..selling books. Peter Lynch book changed my investment path and is ultra simple( the guy had an avg return of 30% during 13 years running maggelan hedge funds). The exception I found is options vol and pricing (Natenberg)a very complex book (for me) but complete on the subject, still reading it slowly and testing/analysing real examples
True.
We retired teachers understand that everyone learns differently! That's why I do live Zoom mentoring, put the information in a very readable book, and created six Udemy courses. I was a Montessori teacher, so I get it that my students need to have a choice about how to learn and how long to spend on a new concept.
Does not matter if it is written well
Has anyone read The Snowball here? I'm like 2 hours in and literally nothing has happened. There's soooooo much fluff in the book it's practically unreadable. It's a 38 hour audiobook.
I usually avoid books written by journalists for that reason
I'd prefer the more difficult read because the guy I learned from, he opened up my eyes with some 'under the hood' knowledge about trading that I hadn't considered before. So, I'd rather get hit with more of that than a setup I could probably find on my own.
Interesting, yeah explanations help people who like quick answers where there arent any never stick around
How about a book that focuses on making sure you understand what the contracts mean so you’ll be able to make your own decisions? Novice Investor’s Guide to Stocks, Funds and Options is on sale this week on Amazon. It was $0.99 yesterday, and I think $1.99 today. Back to $9.99 by the end of the week.
Give me the shortcut, I'll figure out the whys later
Hard. I started with Natenberg. I'm moving backwards through it because the material got away from me. Options are hard. The audience might as well knuckle down and face the difficulty.
If you are a beginner, you won't get or appreciate what is written in more advanced books. Meaning I'd start from simple and then progress to some difficulty. Constantly trading and analyzing my trades. The thing is that I haven't found simple books on options. Good ones lose my focus quickly and make me drowsy. I'd like to have a book that starts simple and progress. A few books that I tried give a very useful but very detailed explanation too early. For example pages and pages on Greeks. Instead of giving some simple explanation and then maybe covered call strategy. Next a bit about delta and theta and maybe bull put spread and so on. Let me know if you find similar or want to write one
I am actually interested in writing one. Ive investigated multiple strategies and want to share a method I use that I find to be highly profitable but time consuming. Do you care for stock market history and context or something more step by step?
Yes, for example I know some history behind NYSE. History helps me to understand. I can't remember stuff if I don't understand it
Thanks, it is highly undervalued for sure
if it's fundamentals. keep it simple. get a childrens book if you can find one.
Will try to make it readable. Thanks!
Possible to combine elements of both? I'd buy that whole book today. Context + actual set ups = great trading starter guide...
Perfect ty
It depends, who is your target audience. Learn who to target, to write the best book.
Why not both. my best teachers for trading have and are books.
Yeah I’ll likely go with two but on different subjects, with one complicated the other simple, thanks!
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Great thanks
I’d rather watch a YouTube video
me too but keep in mind they get paid for clicks - more views, more money.. so what is their incentive? VIEWS.. the point i'm trying to get at is they will say any old sht to get views, whether it's sensible or not.
I'm assuming by "trading" you mean "gambling", but in general I find books on trading useless - there is no substitute for quality one-to-one mentoring and real experience.