Reading List to Build Your Resiliency for Day Trading
Time to dig deeper into trading. To day trade successfully is not just about knowing how to engage with the market you plan to trade. You have to be prepared mentally with the right level of understanding about the financial markets so that you will not blow up your trading account too many times before you “get it”.
No matter you are doing this the traditional way or the smarter way, you still need to build up this depth of knowledge in order to have a better chance to survive in trading over the long run. This preparation process is much longer than many of you anticipated because you may think that you can “master the art of day trading” quickly. Well, keep your job if you have one. Forget about dive right in. Take the time to prepare yourself.
Unlike the first list of books on basic requirements, this list here is shorten significantly from all the trading books I have read. There are just way too many badly written books on trading that not only waste your time but also mislead you. If I have to write a list of those books that no one should read, that damn list will have 100s of items in it.
BTW, don’t procrastinate. Bite the bullet and start reading.
Understand the Trading Business
You need better perspective about trading before jumping into the game.
Know Your Counter-Party
Trading by definition has someone else taking a bet against you. But who are they? Knowing who is on the other side and how they operate matters.
Trading is a psychological game that woks against human nature on every decision you make. Understand this better and learn the tools to deal with this before you subject yourself to these issues.
Part of the A Smarter Way to Learn Day Trading E-Mini S&P 500 series