In today’s webinar, you mentioned your respect for several sources that you currently or historically used. One example was Protean Trader. I liked his presentation here - http://apexinvesting.net/bonus-webinars/ . For those of us still interested in trading individual stock options, are there any other books / sites / commentaries you think would be beneficial or may have benefited you in your development?
I Updated video link - added to bonus webinar page - - i will get Netto on live for a webinar for us as a guest speaker in the next few weeks - you think i talk fast…just wait till you hear him…
I have read 100’s of books - read a few a week (note i read fast - i.e. 200 page book in an hour) - the problem is filtering through them all… On Apex I try go keep it simple and sort through all the crap that doesn’t help… The more you read the more confusing trading gets - until you have read so much that you can throw away what is garbage and keep what is good - i usually look for 1 or 2 useful insights in a book - as about 80% is useless and 15% i already know - but i am always looking to improve…
So, what? I don’t have enough on here to keep you busy? lol
I have mastered options…Ask about any strategy I can answer it…
Here are some good ones in your downtime
Trading In The Zone Mark Douglas
GLOBAL macro edge john netto Darrell Martin and a dozen authors
One Shot one kill trading by John Netto - he will also be releasing the Protean Trader…
Tommy Obrien - Timing the Trade: Great on Volume
Alexander Elder Trading For A Living Great starter book on psychology and money management - but don’t like everything he says - but overall concepts are essential Trading for A Living is a must for any trader… Though I don’t like his total approach…i love how Elder lays out the requirement for a system…I think he overcomplicates it - but he addresses a lot of psychology (he was a psychologist)
I would start with any of Van Tharp’s books, great starting place for making sure your head is in the game. Much more to them than that, but he is in my top five for trading authors
Ok, Honest answer.
I don’t read a of of trading books as lets face it…most are crap that are written by people who couldn’t make a living on the stock/forex/commodity markets alone if their lives depended on it…but selling signals,books,how too manuals and hedge fund spots…those are lucrative. stick with Darrel he (and a handful of others) is/are teaching ways that work. (and why learn crap when you have a font of knowledge handy?)
BUT I make a point to read books by successful men at least once a fortnight.(I figure If I want to learn to bake a cake then I read a book by a chef…not a critic. try these out :
Losing My Virginity: The Autobiography:by Richard Branson (Billionaire, recording label, aviation, communications, trains…you name it) is his 1998 autobiography . A paperback version (ISBN 0-7535-1020-0) was released in 2002. The book features Richard Branson’s story from rags to riches. A later version was released in 2005 in hardback and paperback expressing Branson’s views on 9/11 and how it has affected his business, especially his airline Virgin Atlantic.
How to Get Rich: by Felix Dennis (Billionaire, publishing) is a distillation of his business wisdom. Primarily concerned with the step-by-step creation of wealth, it ruthlessly dissects the business failures and financial triumphs of ‘a South London lad who became rich virtually by accident’. Part manual, part memoir, part primer, this book is a template for those who are willing to stare down failure and transform their lives.
Lifehacked: by Allen Wong (millionaire, app developer) He’s the developer of many best-selling apps such as 5-0 Radio and Police Scanner+,he came from an oppressed family that grew up in the slums but became a self-made millionaire before he was 25
The 4-Hour Workweek: by Timothy Ferriss (Millionaire, author) is a serial entrepreneur, #1 New York Times bestselling author, and angel investor/advisor (Facebook, Twitter, Evernote, Uber, and 20+ more). Its not about only working 4 hours a week, but how to arrange your work so that you would only HAVE to work 4 hours to get a weeks worth of work done. And how to administer lifestyle design (how to live the lifestyle you want in your retirement now when your young enough to enjoy it) Blackadders: note: this guy is polarising…either you love him or hate his guts, there is no middle ground)
The Richest Man in Babylon: by George Samuel Clason (author) dispenses financial advice through a collection of parables set in ancient Babylon. Through their experiences in business and managing household finance, the characters in the parables learn simple lessons in financial wisdom. Originally, a series of separate informational pamphlets distributed by banks and insurance companies, the pamphlets were bound together and published in book form in 1926.
Rich Dad Poor Dad: by Robert Kiyosaki (author) Supposedly a true story about his real father and the father of his best friend, his rich dad—and the ways in which both men shaped his thoughts about money and investing.(I say supposedly because It rings of fiction…even if its good info, that and the man promotes his books/courses on real estate when It was his publishing that made him a rich man…so read with a saltshaker handy.)
Think and Grow Rich Paperback: by Napoleon Hill (Author) The text of Think and Grow Rich is founded on Hill’s earlier work The Law of Success, the result of more than twenty years of research based on Hill’s close association with a large number of individuals who achieved great wealth during their lifetimes. At Andrew Carnegie’s bidding, Hill studied the characteristics of these achievers and developed 16 “laws” of success meant to be applied by people to achieve success. Think and Grow Rich condenses these laws further and provides the reader with 13 principles in the form of a philosophy of personal achievement
The Secret Life of Kim Dotcom: Spies, Lies and the War for the Internet: by David Fisher (A middle class to riches to rags to riches story Of Kim Dotcom) The unauthorized biography of internet giant and personality, Kim Dotcom. Hacker, Gamer, millionaire, and unrepentant 1%er founder of megaupload, had his hundreds of millions frozen by the us for copyright violations, said ***** it and started another multimillion dollar business named mega
The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime: by MJ DeMarco (Millionaire, webmaster) This is an honest to goodness “Get Rich Quick” book. But you must understand two things. First quick is 5 to 10 years. Second quick does not mean easy. Most “Get Rich Quick” books or programs really scam people into believing there is a method to “Get Rich Easy”. MJ DeMarco, the author, does an extremely good job of telling the truth about what it takes to really achieve wealth. He was the former start-up Founder/CEO of Limos.com (1997-2007), a global ground transportation aggregator and marketplace that he successfully built and grew into a profitable multimillion dollar company, all with no money, no formal training, and with just a few employees. In 2001, he sold the company and later reacquired the company via bankruptcy reorganization. He later sold the company again in 2007 to a Phoenix based private equity company.
That’s all I can think of off hand…but that should get you started.
For some trading movies…
Hi Darrell, I’m sorry for the unpleasant question, but I think your opinion is important.
Finally I read Elder’s book (the new trading for a living) and I noticed something that surprised me!
On page 170 there is written:
“Professionals, on the other hand, tend to trade against deviations and for a return to normalcy. The pros know that most breakouts are exhaustion moves that are soon aborted. That’s why they like to fade breakouts - trade against them, selling short as soon as an upside breakout stalls and buying when a downside breakout starts returning into the range. Breakouts can produce spectacular gains when a major new trend blows out of a channel, but in the long run it pays to trade with the pros. Most breakouts fail and are followed by reversals, which is why channel lines mark attractive zones for entering trades against breakouts, with profit targets in the value zone.”
Using APEX systems, however, breakout is one of the pillars, which also has my best statistics in the relationship trades won and lost (73% won / 27% lost).
I misunderstood the text or are two different visions of how to trade? Perhaps reading too many books is only more confusing? Often some authors contradict others…
Sorry again for the question, I’m waiting for your kind feedback.
Elder has a lot to say but he doesn’t know how to read order prints to know what and isn’t a breakout. I’ve never met him. He’s old school, old moving average combos triple down approach etc… He also said no option trader could day trade for a living and I’ve made an average of 6 figures on options alone for multiple years day trading all the way to the bank… Trading has changed since he started, a lot more technology and choices