As I got started into active trading and started to develop my trading style and specific strategies, I spent hundreds of hours and read dozens of books on the subject. Here are two traders that have some great resources out there in the form of books and websites.
How Markets Really Work: A Quantitative Guide to Stock Market Behavior, by Larry Connors.
All traders wonder if the setups they use actually make you money...breakouts, momentum, trend, counter-trend, sentiment, volatility, high volume days....how well do these setups really work and do they lead to better trades? Connors takes years of data, and debunks lots of the investing myths and backs it up with years worth of data and backtesting.
Connors also co-founded TradingMarkets.com, which has great active trading resources -- articles on new research and ideas, some very good subscription services for trading indicators and data which provide short-term edges, and some very good trading courses and books.
Trade Like a Hedge Fund, by James Altucher. Altucher is a contributor to TheStreet.com, managing partner for Formula Capital (a fund of hedge funds), writes a weekly column for the Financial Times , and runs the website stockpickr.com (which is part of the The Street.com network).
In this book he shows 20 different, non-correlated trading strategies -- and he backtests these ideas on the Wealth-Lab Pro platform. Altucher also picks strategies that go against the conventional wisdom and they are backed by data and testing.
On stockpickr.com there are lots of ideas for picking winning trades. In particular I like the Active Trader section of the website. It has signals for each of the systems they trade, historical results, and even the Wealth-Lab pro code. Good stuff....
Sunday, June 15, 2008
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