to anyone who can help
i have just opened a demo account, i live in NZ, but am from the uk, probably going to start trading the LON session on EUR/USD, then when i’m more accustomed to trading, move onto the the dollar yen. I have completed baby pips school which was very helpful, but with the onset of investing some of my hard earned cash I would like to further my studies. I am thinking Elliot Wave and Fibonacci are 2 areas that would be a great help and am looking for recommendations on some literature i should take in before I start. Any help would be appreciated.
Hey there, welcome!
I’m a firm believer in finding your own way in this business so I won’t say that you should be looking at this theory or that one. Everyone will have a differing opinion and ideas. But here is a few books that I have found helpful in my trading.
Technical Analysis of the Financial Markets - John J Murphy (Covers a lot of information about technical analysis)
The Visual Investor - John J Murphy (Not quite as in depth as the above but covers technical analysis to a good extent)
The complete Turtle Trader - Michael Covel (A good story and good information about system trading, not suggesting the system in this book should be applied but it demonstrates the requirements and the attitude needed to trade systems)
Market Wizard Books - Jack Scwager, Inspirational stories about various successful traders from all walks of life and all kind of markets. (Great for inspiration and there are some nuggets of useful information about trading psychology)
Reminiscences of a stock operator - Edwin LeFerve. Probably one of the most famous stories (trading wise) out there its a good fun read.
Basically there of tons of books out there and there is generally some good bits of information in most of them… Be careful though about following blindly a system or a way of trading blindly without questioning it and making sure it is the right for you.
Muck around with the demo account and get used to using the charting software and placing trades… Just don’t get suckered in to thinking that the monopoly money you are playing with is going to be what it is like playing with your own real cash.
good on ya’ fella. I like what yr saying, definitely need to do some more studying before I go anywhere near a live account. Currently designing my daily study routines for my demo account, to keep up to date on fundamental/technical analysis. Then going to design a trading system, ( keep it simple stupid ) and back test over the last 3-4 months. I have a friend who has been doing this for 3 yrs now, he’s just turned a corner in regards to profit, at one point he nearly had to jack it all in and get a job again, he always says to me that he is constantly reading when the markets flat, so i think the books you’ve recommended will come in handy. I just want to give my brain as much food as possible before the market starts eating at me