Hi All
I lost quite a lot of money on trading, so I thought it would be better to spend some money on education in stead of loosing them on markets. I try to read about different markets although am interested mostly in forex
So far I read, or have in my library waiting to be read:
The Little Book of Common sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits) by John C. Bogle
my first book about markets I ever read, and very interesting. I have few grands in HSBC indice trackers (FTSE, Pacific, Japan, SP500 and British gilts) on iii platform
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex (Little Books. Big Profits) by Kathy Lien
interesting book, easy to read
The Little Book of Commodity Investing (Little Book, Big Profits) by John F. Maudlin and John R. Stephenson
It was very easy to read and interesting book, and gave me a good view on commodity market, which fascinates me but I can't trade on it
The Little Book of Economics: How the Economy Works in the Real World (Little Books. Big Profits) by Mohamed El-Erian and Greg Ip
good to know things ;-)
Currency Trading for Dummies
book has lots of knowledge about forex but is very boring ;-)
Technical Analysis for Dummies
I am reading it now, seems to be interesting so far
The Bogleheads' Guide to Retirement Planning by John C. Bogle, Taylor Larimore, Mel Lindauer and Richard A. Ferri
Interesting book, but with focus on American realities, still worth to read
Trading in the Zone by Mark Douglas
The book is very interesting, and I learned a lot from it, but is a bit too long, after reading half of it it seems like author is repeating same thing over and over again, and the real meaning of the book could be written on few A4 pages, anyway I am glad I could read it
365 Ways to Live Cheap: Your Everyday Guide to Saving Money by Trent Hamm
good book about cheap living, but some of the ideas like how to make own washing powder seemed to be stupid
The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams by Trent A. Hamm
same author but the book more interesting than the one above
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
I bought this book and was so disappointed with it that I got rid of it. It seemed for me like the main reason to write this book was to show off with oh, ah posh language, lost of words, no content. some people like it, I don't
Market Wizards: Interviews with Top Traders by Jack D. Schwager
good book with nice stories, but after reading half of it I had enough. The stories are different, but seem to be very similar. I stopped when I got to story of a guy that got some shares from his father on 13th birthday, and since then markets were all his life - a bit pathetic for me. I will probably come back to rest of stories, but this one was like reading about somebody's sad life
The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley Ph.D. and William D. Danko
this book changed the way I am looking at life. I know that having average life is better than living like a king, that I don't need to live in palace and drive expensive cars, that life is about something more than money
Trade Your Way to Financial Freedom by Van Tharp
a really good book, it is bit boring but has lot's of knowledge, and will read it again
Super Trader : Make Consistent Profits in Good and Bad Markets by Van K. Tharp
I am reading it now, really good book, that focuses on most important thing in trading - mentality
Jim Cramer's Real Money by James J. Cramer
It is waiting to be read, seems to be interesting
Whoops!: Why everyone owes everyone and no one can pay by John Lanchester
still waiting to be read, but also seems to be interesting
All them books I read within a year. Please let me know if there is something else that could be good for me to read or should I focus more on working on myself?
Below I will write something about me, but there won't be any questions, it will be rather about my life, my dreams, my plans, so you may skip this part as the question I wanted to ask is above ;-)
Why do I want to trade? Because I don't feel safe, financially safe. I think that hard times are coming and that the best years Europe has behind. Now it will be only getting worse, most of countries on the world are going deeper and deeper into debts that they will not be able to pay, sooner or later something bad will happen.
I want to feel safe to secure my family. If I were single I wouldn't bother that much, but I have at least 2 reasons: my wife, and my son.
What are my dreams?
Of course the most important is health, and happiness, without health or happiness no money will satisfy you
I'd like to retire by the age 55-60 years old. I don't want to work till the end of life (assuming that I will live more then those 55-60 yrs), I want to secure future for me and my wife, as I don't believe that in 25-30 years there will be something like state pension, benefits and people will have to count only on themselves.
By this time I'd like to be mortgage free with 3 bed detached house in some nice area away from chavs blaming immigrants for the fact they are unemployed (like they ever tried to find a job), junkies, pissheads, drug addicted people, to have a small car, to be able to go to nice restaurant once for a while, to have an average life, nothing extraordinary.
Quite often I am browsing zoopla or right move, check house prices and keep telling myself: if other people can afford it there must be a way for me to be able to have it as well
I want to secure future of my son as well, to give him good education, to point him in a good direction.
If it will be possible I want to help my parents, mother in law, sister and brothers and sisters in law.
everything more than that is a bonus
some people may say it's impossible, but my life belongs to me, I need to try, and even If I won't succeed I will know I tried, I was looking for a better life
about my financial adventures:
so far the best profit I had was on bank ISA account ;-)
I started playing demo forex accounts about 2 years ago, always wiping accounts, playing like a lunatic, without plan, without any knowledge, treating it like gambling and nothing else.
a bit more than year ago when silver was flying high I was reading different articles about silver, that by the end of the year it will go till 70-80$ per oz, some s-f fans were even saying about silver being equal with gold (what a pile of s****). so I tried. I invested 500GBP in oanda live account. Within 2 weeks I turned 500GBP into 4k. How? Just luck. I was betting for half the account with no stop loss, with no tp, and leaving the account like that, going to bed, waking up happy (the best night I earned about 2k). I was so convinced that silver will fly till at least 70$ that even when it all went down I was sure it is only temporary and was keeping long positions. within about 2-3 days I lost all, all that I earned, and the 500GBP that I invested on beginning.
But it wasn't the end. I was upset that I lost, and was trying to get it back. So I sent another 500 to my account, and then another 200 ;-)
within about 6 weeks I lost 1,2k, I had to work for a month for it. How did I feel then? I felt that I disappointed my family, my new born son, my wife, myself. I will never forgive this feeling of being idiot. Today I look at it like it was an expensive lesson, like doing some course in college.
Since then I was reading books, enjoying fatherhood, working hard.
This spring I started playing demo again. On EUR/USD only. and my idea worked. I could do 100% a month (2 months in a row only and then went live). my plan? simple: waiting for news releases (only those marked with red and orange icon on ff main page and only those related to eurozone and states) and betting all the wallet according to news. TP on 20pips (what gives 7% profit), no SL, but with a mouse button ready to stop trade anytime. why this way? as when I was trading with SL trend was always turning back after hitting my SL. This way I was risking a lot, but it worked for me, and in fact, when I could see I was loosing I was closing. sometimes loosing 5, sometimes 10%, but it was maybe every 5-7 trades or more.
I went live. with 100GBP only, to test this idea. Within 2 weeks I went to 136Quid (I was even at 170, but such is life ;-)). There was a strong trend down on one day, so I stopped at 92 quid. I should have switch computer off and leave it till next day and I would get it back. But I wanted it back fast. So I did the most stupid think I could. I went to trade silver. I made a bet with trend, and right after I did it trend (that lasted for hours) turned back. I lost 50% of the 92GBP, and then I lost on oil again 50% and so on. If I were sticking to the plan I would still be in trade, but by greedy, impatient nature won. Now I need to spend few months on demo, to test my system again, and most important to work on myself. Will also remove commodities from my oanda account ;-)
In the meantime I hope to read some more books, to gain some more knowledge
Probably not many of you lasted till the end, sorry for long and boring story ;-)
I lost quite a lot of money on trading, so I thought it would be better to spend some money on education in stead of loosing them on markets. I try to read about different markets although am interested mostly in forex
So far I read, or have in my library waiting to be read:
The Little Book of Common sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits) by John C. Bogle
my first book about markets I ever read, and very interesting. I have few grands in HSBC indice trackers (FTSE, Pacific, Japan, SP500 and British gilts) on iii platform
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex (Little Books. Big Profits) by Kathy Lien
interesting book, easy to read
The Little Book of Commodity Investing (Little Book, Big Profits) by John F. Maudlin and John R. Stephenson
It was very easy to read and interesting book, and gave me a good view on commodity market, which fascinates me but I can't trade on it
The Little Book of Economics: How the Economy Works in the Real World (Little Books. Big Profits) by Mohamed El-Erian and Greg Ip
good to know things ;-)
Currency Trading for Dummies
book has lots of knowledge about forex but is very boring ;-)
Technical Analysis for Dummies
I am reading it now, seems to be interesting so far
The Bogleheads' Guide to Retirement Planning by John C. Bogle, Taylor Larimore, Mel Lindauer and Richard A. Ferri
Interesting book, but with focus on American realities, still worth to read
Trading in the Zone by Mark Douglas
The book is very interesting, and I learned a lot from it, but is a bit too long, after reading half of it it seems like author is repeating same thing over and over again, and the real meaning of the book could be written on few A4 pages, anyway I am glad I could read it
365 Ways to Live Cheap: Your Everyday Guide to Saving Money by Trent Hamm
good book about cheap living, but some of the ideas like how to make own washing powder seemed to be stupid
The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams by Trent A. Hamm
same author but the book more interesting than the one above
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
I bought this book and was so disappointed with it that I got rid of it. It seemed for me like the main reason to write this book was to show off with oh, ah posh language, lost of words, no content. some people like it, I don't
Market Wizards: Interviews with Top Traders by Jack D. Schwager
good book with nice stories, but after reading half of it I had enough. The stories are different, but seem to be very similar. I stopped when I got to story of a guy that got some shares from his father on 13th birthday, and since then markets were all his life - a bit pathetic for me. I will probably come back to rest of stories, but this one was like reading about somebody's sad life
The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley Ph.D. and William D. Danko
this book changed the way I am looking at life. I know that having average life is better than living like a king, that I don't need to live in palace and drive expensive cars, that life is about something more than money
Trade Your Way to Financial Freedom by Van Tharp
a really good book, it is bit boring but has lot's of knowledge, and will read it again
Super Trader : Make Consistent Profits in Good and Bad Markets by Van K. Tharp
I am reading it now, really good book, that focuses on most important thing in trading - mentality
Jim Cramer's Real Money by James J. Cramer
It is waiting to be read, seems to be interesting
Whoops!: Why everyone owes everyone and no one can pay by John Lanchester
still waiting to be read, but also seems to be interesting
All them books I read within a year. Please let me know if there is something else that could be good for me to read or should I focus more on working on myself?
Below I will write something about me, but there won't be any questions, it will be rather about my life, my dreams, my plans, so you may skip this part as the question I wanted to ask is above ;-)
Why do I want to trade? Because I don't feel safe, financially safe. I think that hard times are coming and that the best years Europe has behind. Now it will be only getting worse, most of countries on the world are going deeper and deeper into debts that they will not be able to pay, sooner or later something bad will happen.
I want to feel safe to secure my family. If I were single I wouldn't bother that much, but I have at least 2 reasons: my wife, and my son.
What are my dreams?
Of course the most important is health, and happiness, without health or happiness no money will satisfy you
I'd like to retire by the age 55-60 years old. I don't want to work till the end of life (assuming that I will live more then those 55-60 yrs), I want to secure future for me and my wife, as I don't believe that in 25-30 years there will be something like state pension, benefits and people will have to count only on themselves.
By this time I'd like to be mortgage free with 3 bed detached house in some nice area away from chavs blaming immigrants for the fact they are unemployed (like they ever tried to find a job), junkies, pissheads, drug addicted people, to have a small car, to be able to go to nice restaurant once for a while, to have an average life, nothing extraordinary.
Quite often I am browsing zoopla or right move, check house prices and keep telling myself: if other people can afford it there must be a way for me to be able to have it as well
I want to secure future of my son as well, to give him good education, to point him in a good direction.
If it will be possible I want to help my parents, mother in law, sister and brothers and sisters in law.
everything more than that is a bonus
some people may say it's impossible, but my life belongs to me, I need to try, and even If I won't succeed I will know I tried, I was looking for a better life
about my financial adventures:
so far the best profit I had was on bank ISA account ;-)
I started playing demo forex accounts about 2 years ago, always wiping accounts, playing like a lunatic, without plan, without any knowledge, treating it like gambling and nothing else.
a bit more than year ago when silver was flying high I was reading different articles about silver, that by the end of the year it will go till 70-80$ per oz, some s-f fans were even saying about silver being equal with gold (what a pile of s****). so I tried. I invested 500GBP in oanda live account. Within 2 weeks I turned 500GBP into 4k. How? Just luck. I was betting for half the account with no stop loss, with no tp, and leaving the account like that, going to bed, waking up happy (the best night I earned about 2k). I was so convinced that silver will fly till at least 70$ that even when it all went down I was sure it is only temporary and was keeping long positions. within about 2-3 days I lost all, all that I earned, and the 500GBP that I invested on beginning.
But it wasn't the end. I was upset that I lost, and was trying to get it back. So I sent another 500 to my account, and then another 200 ;-)
within about 6 weeks I lost 1,2k, I had to work for a month for it. How did I feel then? I felt that I disappointed my family, my new born son, my wife, myself. I will never forgive this feeling of being idiot. Today I look at it like it was an expensive lesson, like doing some course in college.
Since then I was reading books, enjoying fatherhood, working hard.
This spring I started playing demo again. On EUR/USD only. and my idea worked. I could do 100% a month (2 months in a row only and then went live). my plan? simple: waiting for news releases (only those marked with red and orange icon on ff main page and only those related to eurozone and states) and betting all the wallet according to news. TP on 20pips (what gives 7% profit), no SL, but with a mouse button ready to stop trade anytime. why this way? as when I was trading with SL trend was always turning back after hitting my SL. This way I was risking a lot, but it worked for me, and in fact, when I could see I was loosing I was closing. sometimes loosing 5, sometimes 10%, but it was maybe every 5-7 trades or more.
I went live. with 100GBP only, to test this idea. Within 2 weeks I went to 136Quid (I was even at 170, but such is life ;-)). There was a strong trend down on one day, so I stopped at 92 quid. I should have switch computer off and leave it till next day and I would get it back. But I wanted it back fast. So I did the most stupid think I could. I went to trade silver. I made a bet with trend, and right after I did it trend (that lasted for hours) turned back. I lost 50% of the 92GBP, and then I lost on oil again 50% and so on. If I were sticking to the plan I would still be in trade, but by greedy, impatient nature won. Now I need to spend few months on demo, to test my system again, and most important to work on myself. Will also remove commodities from my oanda account ;-)
In the meantime I hope to read some more books, to gain some more knowledge
Probably not many of you lasted till the end, sorry for long and boring story ;-)
On my way to financial independence - if others can do it - I can do it