Monday, January 14, 2013

11 books for traders

Minyanville has a list that the firm First New York uses for its trainees (link). From that list I have read:
Reminisciences..., Market Wizards, the first Trader Vic book, the Murphy, Weinstein and McMillan books, so 6 out of 11.

It is not a bad list. The opening quip is one I tell everyone though not in the same words: "One thing that every beginning trader needs to learn is there are a lot of ways to skin the cat,“ says Tommy Goelz

There are a 1000 ways to make money (or lose) in the markets. What works for me, may not work for you, and vice-versa. Journaling (what this blog is), is a powerful tool to learn what works for you.

As for today's market, the low option premiums continue to be a challenge. I am tempted to take on more risk. The AAPL drop sure is tempting. However, I remind myself my worst trade of 2012 was a short Iron Condor on AAPL. I have found that yes, some stocks become associated with profits, some with losses. There are plenty of other stocks to trade.

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