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Which book should I read first among these 3?

  • #1
  • First Post: Sep 30, 2013 6:22am Sep 30, 2013 6:22am
Dear all successful traders, I have a question on which book to read first. I am quite a slow reader. I usually use approximately 5-6 months to complete a book and therefore I want to know which time should I invest in first. These 3 books that I shortlisted are below:-

- Japanese Candlestick Charting Techniques by Steve Nison
- Trend Following: Learn to Make Millions in Up or Down Markets by Michael W. Covel
- Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves by Kathy Lien

I know someone might ask me to ready on psychologies book first. Well, I had read Trading in the Zone by Mark Douglas.

The reason for me shortlist Japanese Candlestick Charting Techniques is because I read a lot from forum posts of someone already successful that we should concentrate only on Japanese Candlestick and throw away all other indicators.

The reason for me shortlist Trend Following is because I read from Market Wizards that we should let our profits run. In fact letting profits run is as important as cutting lose fast. Not easy for me and I hope this book can help me to identify which system should I go or how to create my own system based on these ideas.

The reason for me shortlist Day Trading and Swing Trading the Currency Market is because I heard Kathy is quite good about fundamental analysis. I believe I need both technical and fundamental analysis to be good at trading. But I really don't know much about fundamental analysis.

I hope someone that had read these 3 books can suggest me which book should I go first.


Thanks in advance.
  • #2
  • Sep 30, 2013 6:36am Sep 30, 2013 6:36am
I have read the second 2. The trend following book, although interesting doesn't provide much applicable material, it';s very conceptual and gives a lot of examples of successful traders. It's not actually a book on how to trend trade though.

Are you more interested in technical or fundamental?

I've read the Kathy Lien book as well and it is very good for fundamental and has some technical systems in it although I didn't take to it that much as I'm not at heart a fundamentals person.

If you like charts and technical analysis then Steve Nison is very good - although I haven't read the book. For technical chart stuff I'd recommend Martin Pring - "Pring on Price Patterns"

HTH
Anything can happen.
  • #3
  • Sep 30, 2013 9:41am Sep 30, 2013 9:41am
Quoting ddinnov
Are you more interested in technical or fundamental?
Honestly, I am more interested on technical analysis. Technical is more like using past result to predict future result. It is however, I do believe what really move the price are fundamental reasons. I have this believe due to I notice price move a lot after an important news release.

Maybe I am wrong but I believe I do need fundamental analysis knowledge to really succeed or at least improve in this business.

Quoting ddinnov
For technical chart stuff I'd recommend Martin Pring - "Pring on Price Patterns"
I have that book as well but haven't read it though. I didn't shortlist it due to other than James16 thread, I don't see many people recommend this book. In that thread, this book got famous after James16 mention about pinbar being coined by Martin Pring. Moreover, I don't see many people give review on this book at Amazon.com as well.
  • #4
  • Sep 30, 2013 12:05pm Sep 30, 2013 12:05pm
Don't know

Here is how I did: In a book I read: "if you read 10 book from a theme you can be expert" What if you read 20 instead of 20? that was my idea.
I have read all courses, candlestick patterns and all technical analyst related info, which I could read and understand it. Was days when chart watching + book , articles reading hours was above 100 / week.

Than needed a break and store all info and try to make a system, because everywhere you can read to have a written system.

Than I have started to read articles, books about systems. Already know indicator types and do not include 2 of the same type ... Without testing I knew already the system forte and weak points ( an important milestone)

I have realised it is important to know when is working an indicator, system and when not. I saw my demo and live accounts are showing relative stable positive balance and I wanted to trade with higher account. I have started to trade with 16x size and I felt the psychological pressure. Now I am reading those one.

I can't tell you which of the first 50 books, 500 articles should you read first, but if you want to read only 3 books.... better take 3 porno books )))
I want to buy PATIENCE
  • #5
  • Oct 1, 2013 2:34am Oct 1, 2013 2:34am
Quoting matheszabi
Don't know Here is how I did: In a book I read: "if you read 10 book from a theme you can be expert" What if you read 20 instead of 20? that was my idea. I have read all courses, candlestick patterns and all technical analyst related info, which I could read and understand it. Was days when chart watching + book , articles reading hours was above 100 / week. Than needed a break and store all info and try to make a system, because everywhere you can read to have a written system. Than I have started to read articles, books about systems. Already...
Thanks for the input. I learned something from your post.

Actually I do not just intend to read only 3 books. Reading only 3 books and hoping to get expert is just crazy thought. I just intend to ready one book at a time and figure it out which one should I read first since I am a slow reader.

But for porno books, 1 day can finish 3 books already. Haha....
  • #6
  • Oct 1, 2013 11:23am Oct 1, 2013 11:23am
I have the Nison and Lien books and think they are both worth reading.
Nison's candlestick book is excellent with everything you need/want to know about candlesticks and has a handy appendix for bearish patterns, bullish patterns, reversal patterns etc. I would be wary of trading only with candlesticks as context is always important, so if trying to pick tops and bottoms, say like the James16 thread, then you want to know whether the market is making new highs and lows and might look at a divergence indicator too. Or if looking for continuation patterns you want to have something that gives you a directional bias.
The Lien book is very good as a great introduction to the currency markets with lots on fundamentals. She also talks about some basic trade strategies but some of them are fairly simplistic.
Both books are very readable without being hard work.
  • #7
  • Oct 1, 2013 12:18pm Oct 1, 2013 12:18pm
Quoting anyremote
Dear all successful traders, I have a question on which book to read first. I am quite a slow reader. I usually use approximately 5-6 months to complete a book and therefore I want to know which time should I invest in first. These 3 books that I shortlisted are below:- - Japanese Candlestick Charting Techniques by Steve Nison - Trend Following: Learn to Make Millions in Up or Down Markets by Michael W. Covel - Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves by Kathy Lien I know...

I would recommend first before all other one's The Forex Mindset . by Jared .F Martinez
  • #8
  • Oct 1, 2013 1:20pm Oct 1, 2013 1:20pm
Quoting anyremote
{quote} Thanks for the input. I learned something from your post. Actually I do not just intend to read only 3 books. Reading only 3 books and hoping to get expert is just crazy thought. I just intend to ready one book at a time and figure it out which one should I read first since I am a slow reader. But for porno books, 1 day can finish 3 books already. Haha....

I don't know your knowledge, based on question I am considering you should be a novice maybe middle trader in best case.

If you don't know candles go for it.

Remember a candle has a open and a close price and an interval. If you change brokers you will meet some, who are GMT based and some are EST based.
You wont believe: the 2x broker will show different candlestick for daily candles. When you need to include the candlestick pattern based on your brokers timezone does it sounds good? Can you change the broker without affecting your trade plan?

Go to a lower timeframe: 4h. Has open, close high, low info. Some trade plans are telling to not go under X timeframe. Be that daily, 4h, 1h, whatever. Really, why not?

A daily candle contains 6x4h candle.
Daily candle offers: 4 info: Open, close, high low on that period.
4h candle offers 6x4=24, but some are redundant info:
open1, high1,low1, close1 ( which is open2, so open2 is redundant)
high2,low2,close2
high3,low3,close3
high4, low4,close4
high5,low5,close5
high6,low6,close6

It is 19 info vs 4, which has more info? why don't go to lower timeframe? - because you need wider monitor? or maybe 2

Based on those sample taking as how candles work is working the indicators: close price of... average price of..

I am grouping all 100+ indicators in 2 category: price follower base and oscillator base.

All EMA, SMA are somehow price follower. Macd is use a combination of 2 MA => price follower category

Bollinger brands any they brothers, derivations are in oscillators.

Now if you combine 2 or more price followers to get the Xth, than I know you are creating a spider web on your chart and you will draw there so many lines as the price has no way to exit and will hit one of your predictions from 10000000 possibilities. That is not my trading plan.

Many trade systems are using Moving Averages: Simple Moving Average, Exponential MA and whatever MA. In many of articles, books, threads you an read trade systems based on that. Those are woking ... in higher timeframes...only where a currency pair is trending. On a ranging market they aren't good. Many novice traders are falling in this trap: apply a simple trading system to somewhere else, where is designed.

If your any technical analyse, system will tell you to open a position either short or long before NFP with 2h than please print that system and use it at toilet, not at trading.
When you realise this, than you know how much worth those technicals if they aren't combined with news realease times and what are those Expert Advisors, which are producing huge profit, without risk: http://www.forexfactory.com/showthre...52#post6913152

After a period of learning it will come for you too: doesn't matter technicals, just news.

Than you will start news trading with related books. After a few losses you will combine with technicals and you will have growing equity.
Than you will know you cracked the Market and you are the best. As soon as you increase the leverage you will realise the truth: you can make fast 1 million usd, and loose even faster.
Than you will learn more psychology, know yourself, take it slower, and all it maters will be YOUR rules, not somebody else system. Trading will become booooorig, booooooring, single satisfaction is the equity and helping others. For me at least isn't funny, not challenging. I am taking position to sleep well and do not weak up for that. -otherwise I will be tires, I will loose patience and I will seek trade opportunities, where I shouldn't, and I will loose money.

This is my formula:

Capital x invested time in trading = constant % return.

If you want to trade 8h day you will need a lot less capital to gain the same % of you capital.
If you trade 8h / day, than it is like a job or even worse.

A wise old man told for me, when I have started diff business:
- take only half of income and double of expenses, if you are in positive, than you have a healthy business and do it, if not, than search for other business.

Now, lets say as employer you need to pay house rent, bills health food, fun whatever the sum of this expenses are 1000 usd. You can live in country/zone where are less, and other where is more, it depends on your living style too. anyway this is the expenses as employer.

In Forex you will have a hidden expense too: the minimal percentage of account growing, because if is not growing than dwindle.

Double the expenses: 2x1000=2000
Income = ?
Income /2 = 2000 only half of income
=> income>=4000.

So IF YOUR EXPENSES ARE 1K THAN YOU MUST MAKE 4K (after taxes) to start having a healthy business. Before taxes it depends.. Some has only 6%-8% taxes, other 10% , 16% 42% 54% and so on. Lets take 20% only, so 5k must be made from Forex monthly.

If your -average- monthly return is 10% ( not all has this !!!) than you should have 50k in balance.

Having 50k in balance, while you can live with 1k comfortable is like having a house.
Ofc if you need 10k to live comfortable, than you need 500k in account.

Now Forex is a risky investment. The golden rule it says to invest only 33% of you money for investments in risky, other in a more stable. => 150k if you have than maybe

Lets say the money isn't a problem, now you need a system which return 10% /month + 5% capital increase. Than you are in the same trap as me and many others: you will search for trade where you shouldn't - your trading plan shouldn't have a make x% per y time.

If for you the 10% / month is to much, because you trade safer, higher timeframe with less opportunities, than you need more capital.

There are few genius exceptions, who can double they money and can keep it, some are at Forbes top list. I don't have they experience, knowledge so I can't use they leverage.

Oh most important: every system has a win probability.
Take a look here at FF Trade explorers, which has 1000+ trades, those under 100 doesn't matter, because can be luck or bad-luck series.
You can write a little software to calculate the optimum for your trade series.

If you make a chart with % return and Leverage than you will get a curve like this:

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2013-10-01 at 9.08.52 PM.png Size: 23 KB


As you can see if you start small: 0.1% , 0.5%, 1% , 2% risk, than your return will increase until a certain leverage, than it will decreasing but more faster.

You will see -an is interesting - there are 2 leverages , which has the same return for the same trade series.

Than you will understand why brokers are pushing with intraday, high leverage systems.

And you can see from that chart too the most important thing, which aren't telling the system testers, owners: every, EVERY, EVERY profitable system can be transformed to a loosing one simply by using a ( little ) more leverage (that point where is under the horizontal line).

My advice is: no matter what you do, in what order you do , read book, you will loose money.

If you can't show for yourself 3x consecutive profitable months, than no reason yet to fill a live account.

If you filled the live account and something went wrong: stop with live and go demo , check what happent, how to correct it and have 3x month positive.

I think I gave you a few keyword for Amazon and Google for other 100 books and I am hoping those 3 books, which you have asked in already read
I want to buy PATIENCE
  • #9
  • Oct 1, 2013 10:48pm Oct 1, 2013 10:48pm
Quoting matthew11
I have the Nison and Lien books and think they are both worth reading. Nison's candlestick book is excellent with everything you need/want to know about candlesticks and has a handy appendix for bearish patterns, bullish patterns, reversal patterns etc. I would be wary of trading only with candlesticks as context is always important, so if trying to pick tops and bottoms, say like the James16 thread, then you want to know whether the market is making new highs and lows and might look at a divergence indicator too. Or if looking for continuation...
Thanks for the review. Now I got a rough idea what these books are about.
  • #10
  • Oct 1, 2013 10:49pm Oct 1, 2013 10:49pm
Quoting FX Bunte
{quote} I would recommend first before all other one's The Forex Mindset . by Jared .F Martinez
Thanks for the input.
  • #11
  • Oct 2, 2013 1:09am Oct 2, 2013 1:09am
Quoting matheszabi
I don't know your knowledge, based on question I am considering you should be a novice maybe middle trader in best case.
Hey man, thanks for the sharing. I appreciate it a lot.

As you can see from my date of join in FF, I have been trading for roughly 2 years (I traded a few months before I join FF). I read somewhere that I should be able to break-even at this level. Sadly that is not my case. I have in fact been consistently lost for past 13 months . I kind of envy those that able to make consistent profit after only 1 year + of trading.

Although I haven't burst any account yet, but that account has already gone rock bottom. It is mainly due to I follow my MM rules strictly. Otherwise, it should be long gone .

Quoting matheszabi
If you don't know candles go for it.
I do know a little like shooting star, hammer, harami and so on. But not really expert on that.

Quoting matheszabi
You wont believe: the 2x broker will show different candlestick for daily candles.
I do notice on that. Some even have Sunday bar and some don't have.

Quoting matheszabi
Go to a lower timeframe
Now this is the funny part. I started trading with 5m timeframe and then gradually move to 15m, 1h, 4h & daily. Then I gradually move back from daily to 4h, 1h and now back to 15m . But at whatever timeframe that I was using, I will still glance through a higher timeframe chart to get a basic idea of where price is moving.

I also notice some professional are advising to trade higher timeframe but as for me, I won't do that. The reason for me is that if for example I trade using daily timeframe at the beginning/learning level, I going to need very very long time to conclude whether I am already improving or not since I wont be able to trade a lot within a month without picking lousy setup. Maybe I can only get 1 or 2 setup each month. If I continuously profit for 3 months in a row, does that means I am good already? I seriously doubt that since within that 3 months, I might only trigger 4-5 trades. 4-5 trades shouldn't really be used to make any conclusion. Furthermore, swap is an issue for trading high timeframe since usually we will need to hold the position for some time.

Quoting matheszabi
because you need wider monitor? or maybe 2
Maybe I need a projector

Quoting matheszabi
Those are woking ... in higher timeframes...only where a currency pair is trending. On a ranging market they aren't good.
But the problem is we don't know when they are going to start trending while they are ranging and when the trend is going to end while they are trending. You can't really see a trend until they developed and by the time they developed, the trend might be ending soon.

Quoting matheszabi
After a period of learning it will come for you too: doesn't matter technicals, just news.
Damn right man, damn right . I even created EA just to straddle the news. Eventually, I got killed by slippage and broker restrictions.

Quoting matheszabi
After a few losses you will combine with technicals and you will have growing equity.
I didn't do that as I don't know how. I just straddle. You mind sharing how you did that?

Quoting matheszabi
Than you will know you cracked the Market and you are the best. As soon as you increase the leverage you will realise the truth: you can make fast 1 million usd, and loose even faster. Than you will learn more psychology, know yourself, take it slower, and all it maters will be YOUR rules, not somebody else system. Trading will become booooorig, booooooring, single satisfaction is the equity and helping others.
I haven't reach this stage yet but I do learn a little about psychology of trading. I also read from somewhere that once you have been consistently winning, trading can be quite boring. I haven't been able to understand how consistently winning will bored people but I can tell you for sure about one thing, losing consistently can be quite boring too .

Quoting matheszabi
A wise old man told for me, when I have started diff business: - take only half of income and double of expenses, if you are in positive, than you have a healthy business and do it, if not, than search for other business. Now, lets say as employer you need to pay house rent, bills health food, fun whatever the sum of this expenses are 1000 usd. You can live in country/zone where are less, and other where is more, it depends on your living style too. anyway this is the expenses as employer. In Forex you will have a hidden expense too: the minimal...
This is something new and useful info for me. It kind of remind me the last business failure that I had ventured into. I should probably readjust my goal & financial strategy.

Quoting matheszabi
If your -average- monthly return is 10% ( not all has this !!!)
I know this is difficult but I felt it is achievable. Actually, this is my goal in this business .

Quoting matheszabi
your trading plan shouldn't have a make x% per y time.
I do realize that but I also felt that we should have some short of goal in whatever things we want to achieve in life including this business.

Quoting matheszabi
And you can see from that chart too the most important thing, which aren't telling the system testers, owners: every, EVERY, EVERY profitable system can be transformed to a loosing one simply by using a ( little ) more leverage (that point where is under the horizontal line).
I realize that. As a matter of fact, I spent quite some time in this area.

Let me share with you the things that I do whenever I want to test a system.

1. I will get the winning % & average winning ratio of the system based on 1000 of backtest data.
2. I used those data to include into the software that I created to run a random series of 1000 tests. I always start testing with 2% risk of capital and take note of the maximum drawdown.
3. I will then run the software 1000 times so that I got 1,000,000 of random test data (1000 random data each test running 1000 times).
4. Then I ask myself how much pain I can tolerate from suffering of the maximum drawdown. Different people have different level of tolerance. For me, it is 30%.
5. I then adjust my risk of capital so that the maximum drawdown is at roughly 30%. This will ensure that I can adjust optimum risk of capital by putting higher risk of capital for system that has higher accuracy with lower winning ratio and also lower risk of capital for system that has lower accuracy with higher winning ratio.

Sometimes the conclusion that I found for a system can only be risked at 0.5% risk of capital in order for the system to profitable within human tolerable maximum drawdown. That's why whenever I see someone promoting a system with 5-10% risk, it always raise my eyebrows.

Quoting matheszabi
If you can't show for yourself 3x consecutive profitable months, than no reason yet to fill a live account.
I used to think this way too but after I traded news, I have second thought on that. The reason is that demo won't be able to reflect slippage, broker restrictions & our own psychology condition.

Now I go for low funded account to replace my demo account.

Quoting matheszabi
I think I gave you a few keyword for Amazon and Google for other 100 books and I am hoping those 3 books, which you have asked in already read
You can give it to me now. Since I am a slow reader, by the time I finished these 3 books, you might already forgotten me .

Anyway, thanks for taking time to write such a long post to educate me.
  • #12
  • Oct 2, 2013 1:28am Oct 2, 2013 1:28am
Quoting matheszabi
In a book I read: "if you read 10 book from a theme you can be expert" What if you read 20 instead of 20? that was my idea.
You (not you specifically, just in general) can read 100 books and it won't make you a better trader. You're not studying for a degree.
  • #13
  • Oct 2, 2013 1:39am Oct 2, 2013 1:39am
Quoting mmaker
I would recommend the three 2012 books by Al Brooks. He wrote an earlier book in 2009 but was badly organized. This time he split into 3 books and I felt the flow was clearer. For me I would not read Steve Nison, but he's known to fans as being the first western analyst to translate 11 classical Japanese-language manuals about candlestick charting techniques (from 17th century rice traders). But his focus has always been selling that same merchandise, touting himself as the "original". In today's internet world, you probably already knew most...
Actually I do notice on quite a few people having the same image as you do about Steve Nison. As a matter of fact, I think a lot of people is making themselves rich by selling educational material compare to those that really trading forex and get rich themselves.

Ironically, I also seen some people giving seminars about forex and giving promises about how easy you can get rich in forex but they themselves don't really make money in forex. Sometimes, I felt I know more about forex than these people do. And I am not yet a profitable trader. These people should belongs to jail if you ask me.

The reason I shortlist Steve Nison book is because I read a lot from professional readers that I only need price action to succeed. The rest of the indicators shouldn't be used. Perhaps adding support/resistance but that's all. I want to know the earliest info about candlestick pattern but I don't know Japanese language or Chinese language. So, seems like Steve Nison is the earliest I can get. Why earliest you might ask. Because I believe some where along the way, sometimes information might get distorted.

Anyway, I going to take note on these books by Al Brooks. I seen it before but didn't bought it. Maybe I should. Thanks anyway.
  • #14
  • Oct 2, 2013 1:42am Oct 2, 2013 1:42am
Quoting eurotrash
{quote} You (not you specifically, just in general) can read 100 books and it won't make you a better trader. You're not studying for a degree.
Quoting mmaker
To read 10 books or 100 books, it doesn't equate to anything useful.
But I guess at least I should be able to improve a little.
  • #15
  • Oct 2, 2013 2:15am Oct 2, 2013 2:15am
Quoting anyremote
Dear all successful traders, I have a question on which book to read first. I am quite a slow reader. I usually use approximately 5-6 months to complete a book and therefore I want to know which time should I invest in first. These 3 books that I shortlisted are below:- - Japanese Candlestick Charting Techniques by Steve Nison - Trend Following: Learn to Make Millions in Up or Down Markets by Michael W. Covel - Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves by Kathy Lien I know...
It takes you 5-6 months to finish a book? do you even remember the 1st chapter when you get to the last chapter? Do you process sentences slowly or do you just not put much time into reading (hours per week). Get off these forums and just start reading!! I'm just wondering how this is even an issue... effort, man.

Which book should you invest in first? you should just read those 3 books in the order you listed them in!

Maybe read a book on candlesticks, one on fundamental analysis (econ textbook?), and one on trading psychology.

And if it was a choice of only reading 1 book, not which book to read first, then I recommend Art of War.
  • #16
  • Oct 2, 2013 4:47am Oct 2, 2013 4:47am
Quoting anyremote
{quote} So, seems like Steve Nison is the earliest I can get. Because I believe some where along the way, sometimes information might get distorted.
Clearly you chose the Nison book because you have read that he studied Japanese candlesticks first hand and is responsible for bringing that knowledge to the West with his first publication which is the book you mention, so, as you say, any other English language candlestick books are going to be derivations of his.
You've obviously tried a few brokers data feeds too. If going with MT4 try and find one that has a time offset that gives you an end of day at 10pm UK time (currently GMT +1 for British summer time), which is currently 5pm US EST. That generally seems to be the quoted Daily open and close time. As for Sunday you've already seen that different data providers handle it in different ways.
And I agree that you can't read a book and learn to trade forex as somebody else says. But I enjoy reading and like reading around a subject so all the books I've read provide interesting thoughts and ideas. Not criticising 4tiger above but I don't really get the reference to the Art of war as being an important trading book. I know there are stories about it being prescribed reading for the 'big swinging dicks' traders or Tom Wolfe's 'masters of the universe', but personalising the market as the enemy that is fighting to destroy you seems the wrong way to go psychologically. It's much easier to recognise that the market is completely neutral and losses are just a cost of doing business.
I also agree with mmaker, lots of bullsh*t artists on the internet and the forums. Every post by somebody proclaiming to know something should be treated with a healthy amount of scepticism. And I don't exclude my own from that.
  • #17
  • Oct 2, 2013 4:56am Oct 2, 2013 4:56am
Quoting mmaker
If you're focusing on forex only, then browse for books that talked about the three active sessions: Tokyo session, London session, New York session.
Do you have any particular books in mind about this topic that you can suggest to me? I mean apart from Al Brooks books.

Quoting mmaker
Malaysia is just perfect for forex.
Timezone wise, yes. But overall, not really as trading forex through Internet in Malaysia is although not illegal but not really legal either. It's kind of gray area. I heard of someone asset being frozen due to bringing in earnings from forex trading. But then forex trading education is widely being promoted in Malaysia (not by government).

My thinking is if I really succeed in this business and Malaysia giving me a hard time, then I will migrate to neighbour country. Singapore maybe.

Quoting 4tiger
Do you process sentences slowly or do you just not put much time into reading (hours per week).
Both but more towards not putting much time. I got to confess, we Malaysian don't really have reading culture. You would be surprise how many of us no longer pick up a book after college.

Quoting 4tiger
Get off these forums and just start reading!!
I will. If you notice my no of post, I seldom post. But I do read a lot in this forum though.

Quoting 4tiger
you should just read those 3 books in the order you listed them in! Maybe read a book on candlesticks, one on fundamental analysis (econ textbook?), and one on trading psychology.
Thanks for the feedback.

Quoting 4tiger
And if it was a choice of only reading 1 book, not which book to read first, then I recommend Art of War.

Really? Art of War by Sun Tzu? I have that book and occasionally read it just for fun. I never knew I can relate it to forex.
  • #18
  • Oct 2, 2013 5:22am Oct 2, 2013 5:22am
Quoting matthew11
If going with MT4 try and find one that has a time offset that gives you an end of day at 10pm UK time (currently GMT +1 for British summer time), which is currently 5pm US EST. That generally seems to be the quoted Daily open and close time.
I am pretty bad at this timezone thing. You mean the open and close for the daily bar should happen at 2200 (GMT+1) or 0500 (GMT+8), am I correct?

For example I am now in GMT+8 timezone. When my local time is showing 0500, the broker data feed time should be showing 0000, right?
  • #19
  • Oct 2, 2013 5:53am Oct 2, 2013 5:53am
Quoting anyremote
Both but more towards not putting much time. I got to confess, we Malaysian don't really have reading culture. You would be surprise how many of us no longer pick up a book after college.
See? I have the same problem, and I buy books faster than I read them. books that haven't been read are more valuable than ones that have been read lol.. yeah, I'm currently reading Black Swan by Nicholas Nassim Taleb

Quoting anyremote
Really? Art of War by Sun Tzu? I have that book and occasionally read it just for fun. I never knew I can relate it to forex.
Hah. do you also have a loaded gun and play with it just for fun? it's dangerous stuff.


oh, and seriously though, if you want someone to tell you which book to read first? go with a book on Trading Mentality. because no matter what method you use, you're going to want the right mentality to deal with losses and what not.
  • #20
  • Oct 2, 2013 5:58am Oct 2, 2013 5:58am
As I write this it is 11.55 am here (GMT +1) so I guess it should be 6.55 pm (GMT +8) where you are.
So you're right. 5 pm EST New York time = 10 pm UK time and you are seven hours ahead, so 5 am the next morning your time.
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