How do you become a successful trader? There is no "Holy Grail", no secret formula that always works. You must develop your own style and methodology, but you should always be open to learning from others.
With that in mind, I get numerous questions about recommended reading and resources related to trading. Here are the resources that have made the biggest impact on my trading - specifically in helping me develop my own methodology.
1.) The T.A.D. Principle - read my post here.
The right mindset is critical to your trading success.
Fibonacci made simple, as opposed to Fibonacci made complicated. I am sure the complicated methods have their merit, but for me simple is always better. Fibonacci plays a large part in my trading - specifically in relation to support/resistance and profit targets. I credit TRADEthemove.com with "turning on the light" for me; the information I received from them led me to develop the ideas in my own methodology.
edit - see my TRADEthemove.com update here.
3.) Stan Weinstein's Secrets For Profiting in Bull and Bear MarketsStage analysis, moving averages, momentum. What more could you ask for? Actually, Weinstein provides a sound methodology for longer-term investing (which can be refined for shorter-term trading). But, all in all, reading the book will teach you how to spot what stage a stock is in, and help you understand the rhythm of how a stock moves. And, that hair KICKS ASS!!!
4.) Japanese Candlestick Charting
Steve Nison is the father of candlesticks (in the West at least). I use candlesticks, and have found many of the patterns consistently profitable. Nison does a good job of breaking down what individual candlesticks and certain patterns represent - and explaining the supply/demand and [trader/investor] emotions that help shape them.
5.) The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities
A good read, with a few nuggets "here and there". Alan Farley has been trading for years, and providing information and education through his website, books, and articles.
6.) Elite Trader*
ET bills itself as "The #1 Site for Active Traders". It can provide an entertaining outlet to read and post, but I would not look to it as a source of credible trading information. Don't get me wrong - there are some great traders that post and share on ET, but you have to weed through a multitude of "goof-balls", spam, and vendors trying to sell their wares. But, if you want an entertaining distraction and a forum to communicate with other people interested in trading, ET is worth a visit!
*edit - read this post for my latest thoughts on ET.
There are thousands upon thousands of "resources" on the Internet and in print - many free, and many for a price. I have gone through my share, and refined my "must read" list to the handful listed above.
If you are a glutton for punishment, TRADEthemove.com has a longer list here.
>TRADE-IDEAS - READ MY COMMENTS HERE
>RAMP TRENDLINE AND PATTERN RECOGNITION SCANNER
BLOGS THAT LINK TO ME*/BLOGS I READ:
070206 edit - I am now using BlogRoll on the right sidebar
Trader-X, Stocks, Fibonacci, Trading, Technical Analysis, Blogs
What’s In Your Web?
11 hours ago