CONSULTING ANALYST, INTERTRADER
I RECEIVED a phone call from a guy who wanted help with his trading. He had spent nearly £15,000 on trading education with a well known educational trading establishment. Yet he was nowhere closer to making trading his chosen career than he was before, despite his sizeable investment in trading education.
I related the story to a few of my trading friends and together we came up with a book budget, which we felt would amply cover the syllabus the unfortunate man had been through, and at a fraction of the cost. In fact, we calculated that it would probably have saved him more than 99 per cent.
BOOK NO. 1
Technical Analysis of Stock Trends by Robert Edwards and John Magee. This will cover 95 per cent of your trading education. It covers everything you would want to know and it will cost you £23. Although concerned with stocks it is fully applicable to trading FX, futures and any other asset class.
BOOK NO. 2
High Performance Trading by Steve Ward. This is a complete psychological infrastructure of trading, dealing with everything you need to trade for a living. It will cost you £19.
And that is all you need to purchase for now. The rest you can find on the internet for free. In Google you will need to search for “pattern recognition” so you know what patterns to look for. You need to search for “candle chart patterns” so you understand price action. Finally, you can consider joining a bulletin board where experienced traders post their trades. You can learn a lot from that alone. InterTrader frequently run webcasts where experienced traders talk about specialist topics.
Once you have studied the material, you are ready to trade with a minute amount. Open an account with InterTrader, either a demo or a real one and get tucked in. There is no better practice than doing. Reading about it is fine, but you will learn far more from actually trading and keeping a trade log. Happy trading.
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