@gsjacksongsjackson wrote: ↑February 10th, 2023, 2:54 pmOn the subject of alternative projects, WS, have you heard of Troy Noonan in your day-trading ventures? If so, do you think his book is worth getting? What led you into it? I like the idea that you're not investing in any American companies, which would be a bit hard to swallow, but just playing the percentages each day to try to make incremental gains.
Hey, as it happens, I was just going to ask you guys whether anyone wants me to try to write-up summaries of all the rulesets from my trading books and make a different thread on that.
It'd take awhile, but I've been thinking about doing that...
I've never heard of Troy Noonan before, but while day trading is definitely interesting and I did do it a bit and found it fun, I more dabbled with that, vs focusing on methods from these books, especially Minervini (but O'Neill and all other titles listed as well):
viewtopic.php?p=370268#p370268
I only have his books (not a member of his "insider access" subscription service or whatever he calls it), but he also has documented his sensational returns in audited US investing championships, and he's the one I'd focus on if you only choose one.
https://twitter.com/markminervini
I'm not sure what the best resources are to learn day trading, though I'm still curious (and it can be especially good from time to time when markets are in some short-term bust-up).
Swing and position trading where you hold for a little longer takes off the "video game" like excitement (but also the pressure) of being glued to the screen watching the charts like in daytrading (which also can be tricky depending on where you are and reliability of internet connectivity). You can potentially hold a position indefinitely based on the price action (so if the trade's a winner you can hold it for anywhere from days to weeks or longer, and raise your stop loss to lock in profits). Also, there are actually quite a few government regulations on day traders that don't apply to swing, position, etc.
All stops are set automatically at the time of placing each trade though, so if too many little trades are fizzling due to being stopped out too soon, you can re-evaluate your ruleset... However, if you use discipline in sticking to that kind of rule-based approach where you always use a stop-loss and literally won't ever risk losing, say, 5-8% of your stake on each trade, there's literally no way to end up deep in double-digit drawdowns like so many "value investors" who are always telling everyone theories about why some stock is supposedly a winner based on 'the fundamentals', and then end up with big chunks of $$$ in some stock or ETF that's crashed into double-digit loss making territory for years...
This reminds me, I recall you like European women, gsjackson, so I'll also requote something else that I posted in that thread on this subject. (I don't follow her trading plays, but she's a Slovenian daytrader. Tsar, what do you think of her? )
