# Day trading - book/guide recommendation



## Miro (9 September 2009)

Hello,

I'm quite new to stock trading. I put all my savings into various stocks a couple of months ago. I haven't made so much but it's more exciting than having cash in the bank.

I wanna look at day trading, though I'd rather read a good book or an guide about it first. I want to avoid making mistakes from day one.

I have a good general knowledge of the economy, especially macroeconomics and even though I studied it for a couple of years (before I moved to IT) that doesn't help me to understand day trading.

A book that focuses on Australian share market and covers day trading would be the best. Do you guys have any recommendations?

Thanks.


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## Trembling Hand (9 September 2009)

Don't day trade Aussie stocks. Try FX or Futs. plenty of material on the net about that.


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## Joules MM1 (10 September 2009)

Miro said:


> Hello...




g'day....a useful book to get your teeth into before doing any further turnover of your capital would be Techniques of Tape Reading, Graifer and Schumacher (no relation)

you'll find there are some distinct styles of flow of aus v us v uk and other markets, especially in the index futes arena....understanding the quirks and drivers takes time....for most traders to actually earn an income takes a great deal of earnest and honest study (including; of yourself) 

you need to understand the very, very, small percentage of small scale, active, traders whom derive a genuine income and be honest about your level of knowledge at all phases......

i recommend you also look into works and notes by Nick Radge whom you may find here, on the ASF as he produced a small book/cd that you'll find most useful in this start-up phase 

the truth is simple; two options.... you either learn from and take on someones successful style or you have a steel-trap mind, that you know you can methodically teach, that you know how to ask the right questions of yourself and the price flow you are reading.....beyond any doubts, from experience, this is my opinion..... all comments derived from text/books/chat rooms are all opines that you ultimately test against price flow.....beware the educated appearance of anyone (including well-meaning) who propagates an opine unless they can go into a live trading room with you and prove their word......


j


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## Joules MM1 (10 September 2009)

part ii

trembling hand is also a proven trader on this site and worth your while taking back-notes of his comments too.....judging what you've said, you have plenty of study time left.....


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## Joules MM1 (10 September 2009)

part iii ...a stoic chap wrote a book on price/volume/sup/res and he used to frequent another site in the uk 

http://www.trade2win.com/boards/pri...-volume-support-resistance-demand-supply.html

again, a worthwhile jaunt back-reading


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