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Reading......and reading.......

  • #1
  • First Post: Dec 30, 2005 7:31pm Dec 30, 2005 7:31pm
First off, i think this forum is Godsend........I'm truly impressed with the knowledge that is exchanged from some traders on this forum and i greatly appreciate it a million fold.

My question may seem a bit theoretical though. But here it goes. Given the time i've been exposed with trading forex (roughly 4 months demo trading and loving every minute of it). I've taken much advice from FF on suggested reading materials. Having read over 3-4 books, i've struggled with how to grasp major concept from each book and formulate it into a successful approach in my trading system. Given the fact we adhere only a fraction of what we read, how does one properly concept the authors points (being so many of them) into a more approachable and practical process. While engaged in reading, i come across a paragraph and it totally awakes my thinking. I do highlight certain portions to go back and re-read. But i could definitely use some assistance from other traders on how you grasp major points and put them into useful applications. Thanks in advance for your response



"Teach me to pip and i'll pip for the rest of my life"

Fidel
  • #2
  • Dec 30, 2005 7:55pm Dec 30, 2005 7:55pm
I think I got to that point a few months ago too. So I stopped reading, started working on myself, and discovered a system that was as simple as it could possible be, and that worked for me, and started applying it consistently. Then, guess what, I wrote a book on it! Sorry about that. More reading....

There's too much information out there. You won't absorb half of it, and a lot of it will only serve to add to the 'paralysis by analysis' syndrome, so make it easy for yourself by keeping it simple.

For me, the most important part, though, is the mind. Once you are empowered, and you get old negative baggage out of the way, it will start to flow.

Best of luck in 2006!
The framework is there; we just have to work on our frame of mind.
  • #3
  • Dec 30, 2005 10:28pm Dec 30, 2005 10:28pm
Quoting fidel2414
First off, i think this forum is Godsend........I'm truly impressed with the knowledge that is exchanged from some traders on this forum and i greatly appreciate it a million fold.

My question may seem a bit theoretical though. But here it goes. Given the time i've been exposed with trading forex (roughly 4 months demo trading and loving every minute of it). I've taken much advice from FF on suggested reading materials. Having read over 3-4 books, i've struggled with how to grasp major concept from each book and formulate it into a successful approach in my trading system. Given the fact we adhere only a fraction of what we read, how does one properly concept the authors points (being so many of them) into a more approachable and practical process. While engaged in reading, i come across a paragraph and it totally awakes my thinking. I do highlight certain portions to go back and re-read. But i could definitely use some assistance from other traders on how you grasp major points and put them into useful applications. Thanks in advance for your response



"Teach me to pip and i'll pip for the rest of my life"

Fidel
The major aspects of trading are the strategy (trade selection/entries/exits etc), risk/money management and the psychology. Pretty much everything you read in books falls within these catagories. Don't get intimidated by the amount of information out there as most of it is repetitive.

Steve
I was here, here I was. Was I here? Yes I was!
  • #4
  • Dec 30, 2005 10:58pm Dec 30, 2005 10:58pm
fidel, sounds like youve taken the right steps and begun to edumacate yourself. can you tell us what books youve read so far? that will help us better understand where you are at with your quesitons...

love the avatar, btw. shall we get a game sometime?
Relax and be happy.
  • #5
  • Dec 30, 2005 11:48pm Dec 30, 2005 11:48pm
Thanks for replying everyone. Merlin, in particular, I've read "Bird Watching in Lion Country", "Trading in the Zone", "Rapid Forex", "Come into my Trading Room". I've really gained much from a trader's point of view and also personally. In 'Trading in the Zone", the psychological metaphors really hit home. I have a 2 year old daughter and it actually made me re-think the way i interact with her. Who'd knew that learning to trade would also help re-wire your daily thought process.



Fidel (not related to Fidel Castro)

"Teach me to pip and i will pip the rest of life"
  • #6
  • Dec 31, 2005 1:23am Dec 31, 2005 1:23am
Quoting fidel2414
Thanks for replying everyone. Merlin, in particular, I've read "Bird Watching in Lion Country", "Trading in the Zone", "Rapid Forex", "Come into my Trading Room". I've really gained much from a trader's point of view and also personally. In 'Trading in the Zone", the psychological metaphors really hit home. I have a 2 year old daughter and it actually made me re-think the way i interact with her. Who'd knew that learning to trade would also help re-wire your daily thought process.



Fidel (not related to Fidel Castro)

"Teach me to pip and i will pip the rest of life"
If you want to learn how to make a 100% mechanical backtestabel trading system then read "Trading Systems that work" by Stridsman.

Simon
  • #7
  • Dec 31, 2005 1:33am Dec 31, 2005 1:33am
Fidel,

What did you think of Bird Watching.... have you tried the methods?

Lou

Also check the 'map' thread.
  • #8
  • Dec 31, 2005 1:46am Dec 31, 2005 1:46am
Quoting Lou
Fidel,

What did you think of Bird Watching.... have you tried the methods?

Lou

Also check the 'map' thread.
Lou, i was really engaged and attentive while reading this book. I would highly recommend it to anyone in the forex market. Although i don't agree with all the suggested practices, it's a definite solid framework to build upon for your own personal system. I've read the book once and i'm going through it trying to define for myself the main points. I've demo traded a few times with success, but have not really backtested or even forwarded tested his principles. When i finish it the second time, i'll fully test it out and let you know how it goes. I'm also, at the same time, trying to write out my trading plan. I've learned this isn't no walk in the park. You're really got to be determined and persistent ( to name a few adjectives) in order to be in the 10% of successful traders.


"Teach me to pip and i will pip for the rest of my life"
  • #9
  • Edited 5:36am Dec 31, 2005 5:29am | Edited 5:36am
Here's my two cents...

Basically, I think I'm just adding to what Sterling said and sharing what I learned from Dial, but anyway here goes..

From the way I learned it (from Dial) and believe it to be, trading composes of three basic areas to work on (though I'm not sure if they're only 3), which are:
1) Mind (Psychological)
2) Method (System)
3) Money (Money Management)

For the Mind, I've read the "Trading In the Zone".
For the Money, I've read "Trade Your Way to Financial Freedom".
And for the method, I plan on reading "High Probability Trading" or the systems available on the PF (James16 group) being offered in the services section..

So basically, these are the 3 areas I need to work on to build my trading..
Once I'm down with the reading, then I plan to prepare a trading plan that I'll be following step-by-step, and repetitively every time I enter trades..
I'm still thinking of demoing or using a micro account.. But I think I'll open a micro coz like Merlin said in one of the threads here, that there are some things you can only experience with real money..
Then based on the results, I will re-evaluate my trading plan..

So basically, what I'm trying to say is after all your reading (IMHO), come up with a trading plan.. After which, you have to trade to see how it goes.. Then evaluate your plan, and then replan... That's my plan right now... I'm not sure if it'll work... (Whew, a lot of "plan" there.. I guess it just shows how important planning is for me... )

Hope this helps..
  • #10
  • Dec 31, 2005 7:35am Dec 31, 2005 7:35am
Quoting boycie
Trade like you play chess, protect the king and let your pawns capture bigger pieces.
This is a great quote Boycie.

Money managment in a nutshell.

Silver
In trading you are only as smart as your dumbest mistake. - Ralph Vince
  • #11
  • Edited 3:43pm Dec 31, 2005 3:28pm | Edited 3:43pm
Quoting fidel2414
Thanks for replying everyone. Merlin, in particular, I've read "Bird Watching in Lion Country", "Trading in the Zone", "Rapid Forex", "Come into my Trading Room". I've really gained much from a trader's point of view and also personally. In 'Trading in the Zone", the psychological metaphors really hit home.
trading in the zone is a decent book, the rest of them are junk (sorry to be pompous, but i read a lot of books and have become very judgmental LOL).

your question is how to take what you read and make it into a "more approachable and practical process".

like you, i highlight what i read. my books are filled with yellow.

the second way is that i always read good books more than once. as i read the book, i make notes in the table of contents so i can easily reference the book (i also keep track of how many times ive read the chapter with a little "x"). then, i try to schedule my work so that i am reading relevant materials for the current project i am working on.

for instance, lets say next week i am planning on building a new money management system for a certain system. well during that same week i will re-read money management chapters from the good books i have read. i integrate my reading into my projects, i may read for two hours before starting to work on my project everyday. this is an excellent way to have info fresh in your mind when it counts. also gets me in the mood to do my project. so the first time i read a book i am really just seeing whats in there. once i know whats in there, i know where to look for the relevant info i need at the time.

a little advice on books. the first three books you should read are Van Tharp TYWTFF, Market Wizards, and Reminiscences of a Stock operator. dont waste your time reading anything else until youve read these books. i say this because they will give you the foundation you need to decipher what books are good and whats not. 8 out of 10 books out there are rubbish, you have to be able to make the distinction so you dont fill your mind with useless rules. there is good info in EVERY book, even the worst ones, so they are still worth reading. its just that you need a foundation so you dont get mesmerized by the authors wit. articulate authors do not equal good traders.
Relax and be happy.
  • #12
  • Dec 31, 2005 3:32pm Dec 31, 2005 3:32pm
Quoting Lou
What did you think of Bird Watching.... have you tried the methods?
this is one of the few books not even worth reading. it will actually hurt your trading
Relax and be happy.
  • #13
  • Dec 31, 2005 3:33pm Dec 31, 2005 3:33pm
Quoting eastmaels
3) Money (Money Management)
i have the two word solution for #3...

Fred Gehm
Relax and be happy.
  • #14
  • Dec 31, 2005 8:16pm Dec 31, 2005 8:16pm
Quoting merlin
i have the two word solution for #3...

Fred Gehm
Merlin, thanks alot for the info. I'll check those books out and let you know what i take from it. Keep up the good work........


Fidel

"Teach me to pip and i'll pip for the rest of my life"
  • #15
  • Dec 31, 2005 9:46pm Dec 31, 2005 9:46pm
Quoting merlin
this is one of the few books not even worth reading. it will actually hurt your trading
Okay Merlin, I liked the book. But after the author came to FF recently (for the right reason, but with the wrong approach), he has lost credibility in my eyes. And I'm now suspicious of the book.

Merlin, I trust your judgement and opinion enough to dismiss the book on just your say so. But for the sake of others here who don't know you yet, could you explain why you think BWILC will hurt ones trading?

Thanks Magic Man!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #16
  • Jan 1, 2006 1:42am Jan 1, 2006 1:42am
Quoting niceguy777
I think I got to that point a few months ago too. So I stopped reading, started working on myself, and discovered a system that was as simple as it could possible be, and that worked for me, and started applying it consistently. Then, guess what, I wrote a book on it! Sorry about that. More reading....

There's too much information out there. You won't absorb half of it, and a lot of it will only serve to add to the 'paralysis by analysis' syndrome, so make it easy for yourself by keeping it simple.

For me, the most important part, though, is the mind. Once you are empowered, and you get old negative baggage out of the way, it will start to flow.

Best of luck in 2006!

Perhaps you have discussed this elsewhere, but I wonder if you could provide any more detail about the nature of the work you did to empower yourself?
  • #17
  • Jan 1, 2006 5:24am Jan 1, 2006 5:24am
Quoting merlin
i have the two word solution for #3...

Fred Gehm
Ok. Thanks for this merlin.. Your booklist is next on my reading plan..
  • #18
  • Jan 1, 2006 3:23pm Jan 1, 2006 3:23pm
Quoting diallist
Okay Merlin, I liked the book. But after the author came to FF recently (for the right reason, but with the wrong approach), he has lost credibility in my eyes. And I'm now suspicious of the book.

Merlin, I trust your judgement and opinion enough to dismiss the book on just your say so. But for the sake of others here who don't know you yet, could you explain why you think BWILC will hurt ones trading?

Thanks Magic Man!

Dial
it will hurt your trading because you are supporting a jerk by buying it! LOL. the karma from that alone will hurt your trading LOL
Relax and be happy.
  • #19
  • Jan 1, 2006 4:11pm Jan 1, 2006 4:11pm
Quoting merlin
this is one of the few books not even worth reading. it will actually hurt your trading
  • #20
  • Jan 1, 2006 4:26pm Jan 1, 2006 4:26pm
Quoting diallist
Okay Merlin, I liked the book. But after the author came to FF recently (for the right reason, but with the wrong approach), he has lost credibility in my eyes. And I'm now suspicious of the book.

Merlin, I trust your judgement and opinion enough to dismiss the book on just your say so. But for the sake of others here who don't know you yet, could you explain why you think BWILC will hurt ones trading?

Thanks Magic Man!

Dial
This book must be trash just based on the amount of emails/spam I get
every day advertising it. Good things don't get advertised.
Below is one of 15 emails I got in the past few weeks.

Unsubscribing didn't have any affect. I have reported sender and it should be black listed soon.





**************************************************
Dear Traders,

I want to tell you about one of the finest trading books I have read in a long time.
Gripping, practical, mind-blowing stuff from a professional trader who has been there and done it. One of those books you will read more than once.

Bird Watching in Lion Country - Retail Forex Trading Explained, by mentor and trader DrForex gives you the most comprehensive overview of any forex trading book I know. Find out more at:

http://fxstrategy.drfREMOVED

More to the point, it teaches you how to make m.oney trading in the forex market based on a system using an exquisite refinement of common sense, a system that can be learnt and applied by almost anyone. No bells, no whistles, no smokescreens, no high-tech charting packages and indicators, no PhD requirements in applied mathematics. Just plain old common sense applied in a unique manner and using thorough, well-considered conservative strategies when compared to the high-risk antics of so many forex traders.

It will turn upside down almost everything you thought you knew about forex trading, but the lessons it teaches can be applied to most forms of trading. This is not one of those 35 page e-book rip-offs, long on promises short on real content. It is in the top ten best sellers in the investment section of ClickBank.com, the world's biggest vendor of e-books.

I truly believe that any person, novice or experienced trader, must read this book.
What I really liked about it was that it specifically addressed the issue of forex "patients" those growing number of people who have been burnt by the smoke and lights brigade peddling get-quick-rich forex trading strategies.

Find out more at:

http://fxstrategy.drforex.hop.cliREMOVED



To unsubscribe or change subscriber options visit:
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