The Super Trader’s Reading List (2024)

FAQs

Which trade is best for beginners? ›

Overview: Swing trading is an excellent starting point for beginners. It strikes a balance between the fast-paced day trading and long-term investing.

Ans. Yes, you can certainly learn trading from books. Many books provide comprehensive guidance on various trading strategies, technical analysis, risk management, and market psychology. They offer valuable insights and practical knowledge shared by experienced traders.

You'll want a reputable broker that caters to day traders and has low transaction fees, quick order execution, and a reliable trading platform. Once you're ready, fund your account. It's advisable to begin with a relatively small amount in your trading account and only put in money you can afford to lose.

The defining feature of day trading is that traders do not hold positions overnight; instead, they seek to profit from short-term price movements occurring during the trading session.It can be considered one of the most profitable trading methods available to investors.

With a $10,000 account, a good day might bring in a five percent gain, which is $500. However, day traders also need to consider fixed costs such as commissions charged by brokers. These commissions can eat into profits, and day traders need to earn enough to overcome these fees [2].

The big four brokerage firms in the U.S. are Charles Schwab, Fidelity Investments, E*TRADE, and Vanguard. That's based on the sizes of their customer numbers and assets under management (AUM).

Steve Cohen is arguably the most profitable hedge fund trader ever. His SAC Capital returned 30% annually for more than 20 years since its inception in 1992, making Cohen a billionaire.

According to other contractors, electrical and HVAC are among the hardest to learn, but flooring and cleaning specialists were most likely to call their own crafts the toughest. Again, carpentry was viewed as one of the most difficult by both groups.

Some of the most profitable trade jobs include construction managers with a $101,000 median salary, elevator mechanics with $99,000, and dental hygienists with $81,000. While none of these jobs require a bachelor's degree or higher, they all come with different requirements, and working conditions vary a lot.

Let profits run and cut losses short Stop losses should never be moved away from the market. Be disciplined with yourself, when your stop loss level is touched, get out. If a trade is proving profitable, don't be afraid to track the market.

Can you be a self taught trader? ›

However, it is important to note that self-directed learning may not be the most efficient or effective way to become a successful forex trader. There are many challenges that come with learning forex on your own, such as the lack of structure and guidance.

Starting trading on your own can become complicated at times, and you would need a mentor to walk you through the investment process. The mentor can be a family member, your teacher or professor, your stockbroker or just a trustworthy person you know, who has the knowledge about the market and can guide you through it.

Moving averages are the perfect beginner trading strategy in my opinion. They clearly visualize the trend and provide straightforward trade signals. I would recommend starting with the 20 and 50-day SMAs and then optimize from there once you gain more experience. Always use stops to manage risk.