Which style of trading, what market fits my personality and how one finds this out? What can you recommend? Some trading companies have a course dedicated to just that.
I know very well about one style: trend following. Can’t comment on the other styles if I don’t know what we are talking about. Help?
Yeah, I heard a lot on trend following as well. Some advice I was given is “the most important thing to find out in trading is what is your trading style”. There are even courses sold for just that purpose by other companies. Like your main competitor for example?
Mark, I understand your question. My retort is to get you to think. One style I know something about is trend following. What are the other styles we are talking about? The advice you have received is useless if the styles can’t be defined. If I know the other styles–feedback can be afforded. I don’t just make assumptions about these other unknown strategies.
Sure. What I have in mind is a stocks, forex, futures or options trader, daily, weekly, monthly time frames, day trader or swing trader, fundamental or technical. To name a few categories.
Trend following is a strategy with clear definitions and clear practitioners with clear historical results. Trend following can be applied to all markets and many instruments. This is seen across my 5 books. Some feedback on your feedback:
1. Stocks are not a strategy. Just a market. Still need a strategy.
2. Forex is not a strategy. Just a market. Still need a strategy.
3. Futures are not a strategy. Just an instrument. Still need a strategy.
4. Options are not a strategy. Just an instrument. Still need a strategy.
Further: What is the definition of day trading, who are the practitioners and where are the results? What is the definition of swing trading, who are the practitioners and where are the results? Lastly, fundamental and technical are overly broad categories. To say those terms does not imply a specific style or strategy. Those are catch all phrases that can mean anything. See how precision is key here?
Hi Michael, Thank you for your insights! Actually, I just listed the some of the options available in front of a newbie trader. Sure, it was rather broad and not specific, you are totally right on that. With respect to the trading books, these are often used as vehicles to sell the author’s higher end courses. I have no problems with that, though, just saying it might or might not be the best idea to start with some trading books. The main question is where should one start in the the trading business and most importantly what can one expect?
Which trading books are used to sell higher end courses? You continue to be very non-specific. I will just assume that statement is made about my books and will also assume you have not yet read one of my books? To read one of my books it is impossible to draw that conclusion as they are all self contained books that require nothing further. Of course, if someone wants my personal time and perspective I have further options for clients. No apologies there.
Note: My assistant Michelle commented to me that I should have used a little more TLC. No. I would rather be accurate, give good support and go from there. My brutally honest perspective is not for all people. Placating, pandering and telling people what they want to hear bores me to tears. Isn’t my podcast clear on that view? Bottom line, this is a serious game for serious people.