Something Interesting to Read - page 12
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How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology - Author Andrew Aziz
From the Author
Very few careers can offer you the freedom, flexibility and income that active trading does. As a trader, you can live and work anywhere in the world. You can decide when to work and when not to work. You may only answer to yourself. That is the life of a successful day trader; but it is not easy to achieve and very few succeed.
In the book, I describe the fundamentals of day trading, explain how day trading is different from other styles of trading and investment, and elaborate on important trading strategies that many traders use every day. I've kept the book short so you can actually finish reading it and not get bored by the middle.
For beginner traders, this book gives you an understanding of where to start, how to start, what to expect from day trading, and how to develop your strategy. Simply reading this book, however, will not make you a profitable trader. Profit in trading does not come with reading a book or two or browsing online. It comes with practice, the right tools and software and appropriate ongoing education.
Intermediate traders may benefit from the book's extensive overview of some of the classic strategies that the majority of retail traders regularly use with proven success. If you think you are beyond the stage of a novice trader, then you may want to jump ahead and start reading from Chapter 7 for an overview of the most important day trading strategies:
Day trading is not gambling or a hobby. You must approach trading very, very seriously. As such, I wake up early, go for a run, take a shower, get dressed, eat breakfast, and fire up my trading station before the markets open in New York. I am awake. I am alert. I am motivated when I sit down and start working on the list of stocks I will watch that day. This morning routine has tremendously helped my mental preparation for coming into the market. Whatever your routine is, starting the morning in a similar fashion will pay invaluable dividends.
The Art of Currency Trading: A Professional's Guide to the Foreign Exchange Market (Wiley Trading) - By Brent Donelly
While most currency trading and foreign exchange books focus on international finance theory or simplistic chart-based strategies, The Art of Currency Trading is a comprehensive guide that will teach you how to profitably trade currencies in the real world. Author Brent Donnelly has been a successful interbank FX trader for more than 20 years and in this book, he shares the specific strategies and tactics he has used to profit in the forex marketplace.The book helps investors understand and master foreign exchange trading in order to achieve sustainable long-term financial success. The book builds in intensity and depth one topic at a time, starting with the basics and moving on to intermediate then advanced setups and strategies. Whether you are new to currency trading or have years of experience, The Art of Currency Trading provides the information you need to learn to trade like an expert. This much-needed guide provides:
● an insider's view of what drives currency price movements;
● a clear explanation of how to combine macro fundamentals, technical analysis, behavioral finance and diligent risk management to trade successfully;
● specific techniques and setups you can use to make money trading foreign exchange; and
● steps you can take to better understand yourself and improve your trading psychology and discipline.
Written for currency traders of all skill levels plus international stock and bond investors, corporate treasurers, commodity traders, and asset managers, The Art of Currency Trading offers a comprehensive guide to foreign exchange trading written by a noted expert in the field.
Betrayal: The Life and Lies of Bernie Madoff by Andrew Kirtzman
This is the story of the greatest con in financial history—one that has commanded the attention of the entire world from the day the news broke on December 11, 2008. Bernard Madoff's financial scheming roped in thousands of victims, ranging from boldfaced names—Steven Spielberg, Mortimer Zuckerman, Kevin Bacon, Elie Wiesel—to ordinary people who saw their nest eggs disappear in a smoke-and-mirrors debacle. The Enron machinations pale beside the havoc that Madoff created in people's lives. Who is this Bernie Madoff? A shady con man? A sociopath? An evil genius? Who was in on it with him? And where is the money?
The established expert on the Bernie Madoff case, journalist Andrew Kirtzman offers a riveting analysis of the man and his deeds that is filled with solid research and suspenseful storytelling.
Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting-Edge Psychology by Gary Dayton
Successful traders need to be well-versed and skilled in a wide range of business and economic areas. But now, in addition to effective trading strategies and sound money management techniques, traders need to possess the know-how to handle the mental and emotional challenges of working in a highly volatile environment. Trade Mindfully is a unique resource that applies cutting-edge psychological techniques to trading skills, allowing readers to improve their mental outlooks and maximize the potential of their trading strategies. This book draws upon recent psychological research in behaviorism to teach new approaches that call for better focus, more confidence, and more positive perspectives and outcomes.
One of the key concepts covered in the book is mindfulness, a state of mind traditionally touted in the East for its ability to reduce stress and increase perspective, useful qualities for traders looking to rise above emotional obstacles and the poor results they cause. The author also discusses the importance of High Value Trading Actions (HVAs), specific actions that are under a trader's control. With this guide, trading professionals will be able to form solid strategies based on a combination of these notions and practices, leading to higher levels of trading performance.
Trade Mindfully touches on the most essential concepts for anyone intrigued by what trading psychology has to offer, and delivers the best strategies for achieving the right mental skills for peak performance.
Financial Signal Processing and Machine Learning
by Ali N. Akansu, Sanjeev R. Kulkarni , Dmitry M. Malioutov
Key features:
Statistically Sound Machine Learning for Algorithmic Trading of Financial Instruments: Developing Predictive-Model-Based Trading Systems Using TSSB
by David Aronson and Timothy Masters
This book serves two purposes. First, it teaches the importance of using sophisticated yet accessible statistical methods to evaluate a trading system before it is put to real-world use. In order to accommodate readers having limited mathematical background, these techniques are illustrated with step-by-step examples using actual market data, and all examples are explained in plain language. Second, this book shows how the free program TSSB (Trading System Synthesis & Boosting) can be used to develop and test trading systems.
Machine Trading: Deploying Computer Algorithms to Conquer the Markets (Wiley Trading)
by Chan
Mastering The Market Cycle: Getting the Odds on Your Side By Howard Marks
A Note to Readers from Howard Marks, author of Mastering the Market Cycle
Investors clearly could do much better if they knew what lies ahead. But they can’t. Few people can accurately predict what the future holds in store for the economy and markets, and fewer still know enough about these things to out-think and thus out-invest the general consensus of investors whose views are incorporated into – 'discounted by' – the market prices of securities. But we know economies and markets follow an up-and-down pattern called a cycle and, importantly, knowing where we currently stand with regard to the economic cycle and the market cycle can give us a better idea of what lies ahead. This is a process through which investors can get the odds on their side.
When the economy is just beginning to recover from a slowdown and the markets are picking themselves up off the floor after a bust, it’s highly likely that security prices haven’t been lifted to precarious levels by large doses of investor optimism.
Pleasant surprises are more likely to lie ahead than disappointments; investors will probably come to be persuaded of these things over time and thus become buyers; and their buying should cause security prices to rise. At such a point – when economies and markets are low in their cycles – good things are more likely to lie ahead than bad things.
Since security prices aren’t inflated, buying at that point is likely to make for significant appreciation and entail little risk.
And on the contrary, when the recovery and bull market have been rolling for a while, investors are likely to be feeling good, and their optimism is likely to be incorporated in security prices.
Thus prices may be at risky highs; disappointments are more likely to lie ahead than good news; and thus risk may be high and appreciation hard to come by. All these things mean that when we’re high in the cycle, the odds are against you. When others feel good and drive prices to highs, it’s time to cut risk and take some of your money off the table.
In all these things, the operative words are 'likely' and probable.' So while we can’t know what the future holds, we can have a better idea whether the wind is at our back or in our face. The best investors have a sense for where we stand in the cycle and thus whether it’s time to build more aggressiveness or more defensiveness into their portfolios. This book will teach you what cycles are, what causes their rise and fall, and thus how to tell what investment moves are most likely to succeed.
Testing and Tuning Market Trading Systems: Algorithms in C++
by Timothy Masters
I am reminding about this book (as some traders are asking about HFT on the forum).
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Irene Aldridge
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High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems By Irene Aldridge
Written by industry expert Irene Aldridge, High-Frequency Trading offers the first applied "how to do it" manual to building high-frequency systems.
Covering sufficient depths of material to thoroughly pinpoint issues at hand, High-Frequency Trading leaves mathematical complexities to their original publications, referenced throughout the book.