A brief list of resources that I hope will help you, as they did me, in my attempt to navigate the financial markets.
Personal Trading Journal: I listed this resource first because I feel it is the most important tool there is. Whether it is kept on a daily, weekly, or monthly basis, a trading journal helps you to organize your thoughts and track your progress as a trader/investor. Everyone should have a process which they approach the market with and it is important to organize that information while the market is CLOSED. This will allow you to have a few stocks with actionable setups that you can track and take advantage of throughout the trading day or week, depending on your timeframe. More importantly, having your process written down allows you to remain focused and prevents you from being led astray by market noise. Additionally, it allows you to record what you did right, what you did wrong, and anything else that you observed over the time period being recorded. Experience is something that will separate one who knows the concepts of trading from one who can execute when the opportunity presents itself. In the end it all comes down to objectively assessing your resources and being honest with yourself about how you are running your trading business. Only then can this tool become your most valuable resource.
Books: I will continue to update the list with quality books as I read them.
Technical Analysis of Stock Trends
Japanese Candlestick Charting Techniques, Second Edition
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications
The Intelligent Investor: The Definitive Book on Value Investing
Options As a Strategic Investment
A Random Walk Down Wall Street: The Time Tested Strategy for Successful Investing
Reminiscences of a Stock Operator
The New Market Wizards: Conversations with America’s Top Traders
Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
How We Trade Options: Building Wealth, Creating Income, and Reducing Risk
Keene on the Market: Trade to Win Using Unusual Options Activity, Volatility, and Earnings
The Commitments of Traders Bible: How to Profit From Insider Market Intelligence
Trade Stocks & Commodities With the Insiders: Secrets of the COT Report
Backstage Wall Street: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments
Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse
The Mental Edge in Trading: Adapt Your Personality Traits and Control Your Emotion to Make Smarter Investments
Cboe.com: This website has a ton of tools ranging from quotes & data to free trading seminars. I would highly recommend anyone interested in options to make use of the free educational resources available here.
t3live.com: Their free 30 day online course offers a great base to anyone looking to get into trading and I highly recommend watching it as I know it has helped many, myself included, develop a plan to approach the market. In addition, I would also recommend visiting their YouTube channel as they offer daily market commentary and occasional trading lessons.
Stockcharts.com: Their chart-school gives a detailed overview of key technical and fundamental indicators paired with examples, allowing you to learn basic concepts by seeing them applied to real life scenarios.
Candlecharts.com/candlestick-charting-glossary.html: Great basic primer on candlestick chart analysis. Explains the main candlestick patterns and common western technical indicators. Don’t focus on the names of these candles and patterns, instead focus on what they tell you about the underlying psychology of the market they’re representing.
Twitter/Stocktwits.com: There are many traders, market commentators, and investment advisors who frequently post on twitter or write a blog. It is important to find those who have similar strategies, goals, and objectives and learn from their successes, and more importantly, their mistakes. As stated earlier it is important to remember that their comments are by no means an investment thesis and investment decisions should only be made on your own due diligence. That being said, I will list below a few professionals that I feel share great information on a daily basis and may be worth following.
Scott Redler @RedDogT3Live
Josh Brown @ReformedBroker
J.C. Parets @allstarcharts
Irrelevant Investor @michaelbatnick
Greg Harmon @harmongreg
Peter Ghostine @PeterGhostine
Phil Pearlman @ppearlman
Chris Kimble @KimbleCharting
Charlie Bilello @MktOutperform
Ryan Detrick @RyanDetrick
Karl Snyder @snyder_karl
Ben C. Banks @BenCBanks
Howard Lindzon @howardlindzon
and many more. Check out the list of those I follow on twitter and stocktwits to see the rest of them.
Blogs to Read Daily:
I’m sure there are plenty more that I’m forgetting but these are some that I read daily. Many of them have links to other great sources of financial media as well so be sure to check those out as too.