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Trader Resources

Black Friday Suggestions for Traders

Today, of course, is the notorious Black Friday – that crazy holiday shopping day which is supposed to get retailers into the black for the year. You won’t catch me anywhere near any shopping locale, and not just because I have to work (someone please tell me what sense it makes for today, not Wednesday, to be the early markets close). Keeping with the theme of the day and the season, however, I’ve got some suggestions for your shopping list. These items are largely taken from a 12-days of Christmas sort of thing I did a couple years ago as outlined in the Traders Wish List.

Of course I have to put my own book, The Essentials of Trading at the top of the list. Good for anyone getting into trading or looking to get their trading on track. 🙂

Market Wizards

My own book aside, Market Wizards and its follow-up editions The New Market Wizards are right at the top of the list. They pull together insightful interviews done with some of the great traders and investors of the modern day. There are names you may know and others with whom you may not be familiar. They cover the wide spectrum of markets, methodologies, and trading styles making the information and opinions of broad value to all traders.

MetaStock
If you’re in the market for charting and system design and testing software, Metastock should be at the top of your list. Metastock is the charting software package I have used for more than a decade now. If you have read The Essentials of Trading, you will know that I used charts and the results of system tests from that package as examples in the book. I continue to use it on a daily basis when I do my market analysis and write commentary.

In particular, I have worked mainly with the End-of-Day edition for my personal use because I generally do not need the functionality of the real-time versions. Regardless, though, the quality and functionality is outstanding.

Financial Fiction
Should you be in the market for some fireside reading to help you get through the cold winter months, there are several books in the trading fiction category I’d suggest. The Day Trader by Stephen Frey, Nest of Vipers by Linda Davies, Free to Trade by Michael Ridpath, and The Velocity of Money by Stephen Rhodes are all ones I’ve enjoyed.

And definitely check out the books by Paul Erdman. He is perhaps the premier author of financial markets fiction. Erdman has published a quite a few excellent books. They combine very entertaining and enjoyable reads with incredible market insight. In fact, his stories have, over the years, been viewed as predictive of developments that eventually came to pass.

Here are some of Erdman’s titles:

Liar’s Poker

Michael Lewis is a well known writer these days, and probably best know in the wider world for his book Moneyball. You may be familiar with that one, as in it he chronicles the evolution in baseball to a more statistically based system of evaluating players. Liar’s Poker, though, is the book that put Lewis on the map in the first place. It is a semi-autobiographical look at Lewis’ relatively brief career in investment banking. He was in the middle of the 1980s glory days as a member of the Salomon Brothers team. The people he worked with are some of the truly significant names on Wall Street – some of whom would eventually go on to found the now notorious Long-term Capital Management (LTCM). Consider this one part history, part insight into life inside Wall Street firms.

I could go on and on, but rather than fill the page up here I’ll just refer you to the entries on the Traders Wish List. Enjoy! And definitely feel free to offer up suggestions of your own.

Categories
Trader Resources

Trader Wish List – Eleventh Installment

I want to shift away from books and videos for this recommendation.

Metastock is the charting software package I have used for more than a decade now. If you have read The Essentials of Trading, you will know that I used charts and the results of system tests from that package as examples in the book. I continue to use it on a daily basis when I do my market analysis and write commentary.

In particular, I have worked with the End-of-Day edition because I generally do not need the functionality of the real-time versions. Regardless, though, the quality and functionality is outstanding. The software is on version 10 now, which gives you an idea of its longevity. And only a quality product will go on that long.

I have recently shifted from using the standalone version of the software, with a subscription to the DataLink feed to going with the subscription version. In talking with the rep, who was very helpful, I found it to be a better deal. Because I look at a massive number of different securities on a daily basis (stocks, forex, futures, indices) the subscription version made more sense as it includes everything. If you only need a limited number of data items, you might be better off going in a different direction. Either way, you’ll be happy with what you get.

Don’t just take my word for it, though. Metastock has been the recipient of numerous industry awards year in and year out. You can learn all about the different versions of the software – available in both online and offline editions – by going to www.metastock.com.

That said, though, when The Essentials of Trading was released back in April, 2006 the promotion included a special deal from Metastock. That deal is still available. You can check it out here.