Day Trading With Short Term Price Patterns and Opening Range Breakout by Toby Crabel

Summary

The first trading book that gives price data the proper rigorous treatment. Statistics and biases are summarized across several markets. The framework that Mr. Crabel developed back then 20+ years ago is still valid today. Great insights that shaped the trading principles of many famous traders nowadays. One of the best trading classics of all time.


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Day Trading With Short Term Price Patterns and Opening Range Breakout
Written by Toby Crabel

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All About Technical Analysis: The Easy Way to Get Started by Constance Brown

Summary

This book is written with retail traders in mind who has no prior exposure to technical analysis or charting in general. Not a book teaching straightly technical methods. Also not a book teaching a complete methodology. It is a nice guided tour of trading by a professional trader who knows her stuff well. Well written with interesting tales to keep the readers stay focus. A good read but not as good as the other book written by the same author for professional traders, Technical Analysis for the Trading Professional.


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All About Technical Analysis: The Easy Way to Get Started
Written by Constance Brown

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Can rookies think themselves into becoming better traders?

I was talking to a friend today about training some new firm traders. He thinks he is having a hard time in making sure these new traders understand the basics properly before sending them over to their floor manager. I asked why. After all, he is well experienced in training new traders.

The shocking answer is that this batch of rookies are not the usual aggressive type who think they are ready for anything with no understanding whatsoever they are going to face. This time, I was told that it is the exact opposite. These new traders wanted their jobs badly and they are risk-averse. My friend thinks that they properly will not perform well and be kicked out soon.

This reminded me of a short presentation at TED called Your body language shapes who you are by Amy Cuddy. It is a short presentation on the fact that by changing a person’s posture can temporarily change what is going on in the mind of the person.

Here is the video below,

I told my friend to watch this video. After watching this video, he said this is exactly what he sensed from these new traders – insecurity, fear, etc.

Maybe, what Ms. Cuddy suggests in the video would help?



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