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.
A brief list of tools that I use everyday to help me research and navigate the financial markets.
Tradingview.com: Free web based real time data (mostly) and charting software linked to a community that allows you to share ideas, chat, and learn from others.
Stockcharts.com: Free web based charting software, chartschool explaining basic technical analysis, and a community of members for you to share ideas with, teach and learn from.
Tradingeconomics.com: Provides news, historical data, and forecasts for economic indicators for the major countries and markets worldwide. In addition it provides a calendar of upcoming economic events for the selected countries and time period. This allows you to quickly see the date, time, indicator, time period that indicator covers, and the trend of that data.
Stocktwits.com/Twitter.com: It may seem contrary to look for investing or trading ideas on social media websites as you may not know who is posting an idea, why they are posting it, and more importantly, you do not know the structure of their portfolio and how that idea fits their risk profile. Nonetheless these sites can be a great tool to interact with other market participants, learn from their analysis, and become aware of things you may have missed on your own. Even if you don’t agree with their opinion it’s still a value add because it got you thinking from a new perspective. Also, as a bit of a contrarian I find it helpful to keep track of the sentiment of the stock I am following to look for overly bullish/bearish situations.
Insidermonkey.com: A useful site in keeping track of insider buying/selling activity. Their search function also makes it easy to keep track of hedge fund holdings, so you can see who the major holders of your stock are.
Avafin.com: Provides various market data including unusual options activity, block trade, and order flow data for a variety of asset classes.
Indexuniverse.com: Provides fund flows data for a variety of asset classes. It can be a helpful tool in assessing where institutions are, or aren’t, putting money to work.
Finviz.com: Provides many free tools ranging from insider transactions and futures data to a community forum where you can collaborate with other market participants.
Etfdb.com: Useful database tool to screen ETFs and check if the stock you’re analyzing is a significant part of a certain ETF, and if so, what its weighting is. Great way to look for comparable stocks when judging whether or not a certain security is showing relative strength or weakness compared to its peers.
Timingcharts.com: Great for commitment of traders data on custom time frames. Allows you to select which database and outputs you’d like to use.
SentimenTrader: This is not a free tool, but it is a one stop shop for sentiment analysis. They do offer free 14 day trial, which I would highly recommend taking advantage of. This is one of my favorite websites on the planet.
TD Ameritrade: By simply signing up for an account you receive access to most of what this site has to offer. This includes use of the ThinkorSwim Desktop Platform and web based Trade Architect; both of which provides you with tools including watch lists, stock screeners, chartin,g and more. In addition, both the desktop and web based platforms include free real time data, level two quotes, time and sales data, and many more helpful tools.