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Last modified by Drunk Monkey on 2022-12-28 09:56
From version 3.2
edited by Drunk Monkey
on 2020-07-13 16:10
Change comment: There is no comment for this version
To version 5.1
edited by Drunk Monkey
on 2020-07-13 17:23
Change comment: There is no comment for this version

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34 34  - Retail logic is designed to make you fail, so why buy them?
35 35  11. Stop Wasting Money On Books
36 36  - They don't have the secret.  Good books? Consider (need to check all these references)
37 -111. For money management, everything from Ralph Vince and Ryan Jones, the do a lot of "optimal f and kelly criterion" (check, not sure what this is) - advanced topic
38 -111. "How Many Million Dollars Trading Commodities Last Year" a 70's book from Larry Williams, most of which is still relevant - teaches about smart money and how it influences the market
39 -111. Trading for A Living by Al * Elder
37 +111. For money management, everything from Ralph Vince and Ryan Jones, they do a lot of "optimal f and kelly criterion" (check, not sure what this is) - advanced topic
38 +111. //How I Made One Million Last Year Trading Commodities// (1973) by Larry Williams -  most of which is still relevant - teaches about smart money and how it influences the market.  Advanced techniques
39 +111. //Trading for a Living: Psychology, Trading Tactics, Money Management// (1993) by Alexander Elder
40 40  111. Market Wizards 1 and 2 just for inspiration
41 -111. Street Smarts by Linda ?Rash and Larry Conners
42 -111. Technical Analysis of Financial Markets - John Murphy - Retail Traders bible - do the opposite of this and you will find the charts more fun to watch because of the high degree of failing.
41 +111. //Street Smarts: High Probability Short-Term Trading Strategies// (1996) by Linda Bradford Raschke and Laurence A. Connors
42 +111. //Technical Analysis of the Financial Markets// (1999) by John J. Murphy - Retail Traders bible - do the opposite of this and you will find the charts more fun to watch because of the high degree of failing.
43 43  11. Avoid Looking for Hot Hand Gurus
44 44  - you won't make money doing this.  At best, you'll become codependent instead of a thinking trader
45 45  11. Become Your Own Signal Generator
... ... @@ -50,6 +50,32 @@
50 50  11*. Don't trade with live funds until you know what you're doing.  You cannot lose money this way.
51 51  11*. Losing is normal.  Control them, and over time you'll make more than you'll lose over the long term
52 52  11*. It's ok to lose, as long as you continue learning to avoid the mistakes you previously made
53 +1. Stay Away From Social Media Drains
54 +- don't let others influence your trades.  make your decisions.  if you let others control your trading, it will lead to further failures.
55 +11. Don't Join Trading Clubs
56 +- Don't join the hive.  everyone has their own trading profile and the group may not be your own style.  make your own analysis
57 +11. Don't Subscribe To Alerts
58 +- Just like taking signals, it takes the power of the trade away from you and into someone else's hands.  Be responsible for your own trades.  Otherwise, you are gambling.
59 +11. Don't count other people's money. 
60 +- You will never learn to trade doing this.  You will not develop the skills. You're chasing other people's money.  You can't spend their money.
61 +11. Don't Feel Insignificant By Contrast
62 +- measure against your own success, not the success of others.  Not everyone is what they claim to be
63 +1. Match Your Style To Your Personality
64 +- Learned from Larry Williams.
65 +11. Scalp If You Make Quick Decisions - If you're a scalper, you'll do great if you make quick decisions.  Don't do it if you can't
66 +11. Short Term Trade If You Can Sleep - If you can hold a trade overnight without losing sleep, then you can short term trade
67 +11. Don't Force Yourself Into Any Mold - Be what you are, and maybe develop the other skills later
68 +11. Don't Try To Copy Someone - they are not you, you are not them.  Their strength are not yours.  Develop or refine your own models
69 +1. Don't Change Trading Approaches
70 +11. Stick With One Approach - master it, it takes time
71 +11. Avoid System Hopping - you will never master it.
72 +11. Every Model Loses - Accept It
73 +11. Find Your Unique Model & Grow With It - Don't tweak it too much once you have it working and is profitable, but work on more advanced money management techniques instead.  If your method wins more often than it loses, better, more advanced money management will greatly improve your bottom line
74 +1. Settle One One Trade Setup Initially - 
75 +11. Determine Your Asset Class - Pick an asset class and stick with it.  Then inside that class, pick one market and stick with it.
76 +11. Outline When You Want To Buy - what is the criteria that you feel comfortable for a buy.  Detail your plan, on paper.
77 +11. Outline When You Want To Short - The same thing applies to shorts.  What are the characteristics and circumstances that would make you short?  Details.
78 +11. Build Many Study Journal Cases - Many examples of when it worked, and when it didn't.  The more examples the better.  Thus you will train yourself to recognize when the setup happens in live trading.
53 53  
54 54  == {{id name="Part2"/}}Part 2 - How Would I Study ==
55 55