Sun 14 Jan 2007
First post
Posted by Ed Mamula under NarrativesThe purpose of this site is track the results of my trading in the spot forex markets. It will allow anyone who is interested to follow along, and it will spare my friends and family from the way that I have, until now, talked their ears off on this subject.
January 14th, 2007 at 7:58 pm
Good luck, Ed!
I’ll be following along, but have one small request. I’m sure many of your future visitors will be in the same boat as I am. Interested in the markets, having read a few classic books (Market Wizards, Reminiscences of a Stock Operator). Can you publish a short list of steps to get us curious folks off the fence and into the markets as active traders? There are a lot of products and literature out there, and I want to start off on the right foot (i.e. fast and with minimal risk/expense).
Thanks,
Steve
January 14th, 2007 at 8:51 pm
Steve, my feeling is that self-directed trading is intensely personal. Most times, you’ll hear advice like “buy index funds” or “buy stock XYZ, it’s going to the moon”. But I guess if you’ve read Reminiscences of a Stock Operator, you’re already aware of the folly of taking market ‘tips’. If you’re on the fence, I recommend reading Van Tharp’s classic “Trade Your Way to Financial Freedom”, which has just recently been re-released. He takes you through all the critical parts of system development and he spends time on the things that matter the most, like position sizing,trader pyschology, and trading objectives. Good luck to you too!