Resources for Top Traders
The Psychology of Trading
The number one edge you can add to your trading journey is a top shot coach or mentor. That’s where you want someone who has lived the game and competed at the highest level.
Michael Barrett has over 10 years of experience trading at the highest level. He’s also been head coach for one of the best proprietary trading firms in the world. He’s helped many seven and eight-figure traders unleash their full potential.
Ray Dalio’s Principles
Ray Dalio founded Bridgewater Associates and is one of the greatest investors and traders of all time. He’s giving back to the trading community in a big way, with many free and cheap articles, books and videos.
Ray is a great starting point to learn about macroeconomic forces, world cycles, risk, strategies and much more. We recommend starting with his work on Principles, which helps us with how to think, and is a great starting point for our trading mindset.
Getting Funded
So you think you have what it takes to become a top trader? Your best chances of success are to get a prized seat with a top-tier proprietary trading firm. Unfortunately, there are as many scams as legit operations, and the attrition rate of these firms is extremely high.
To find the best fit of Prop form to assist in your journey think about:
The products/assets you want to trade. Most prop firms specialise in specific asset classes.
Look for longevity and reputation. The firms that have been around the longest are generally doing something right by their traders.
Look for a physical presence. The best results come from sitting in a room with other traders and learning from them face to face. Purely online trading firms are less interested in your individual success.
Look for trading firms that risk their own capital. If you are being asked to pay and upfront fee for the next level or to put down your own money as trading collateral then you are dealing with a trading firm that’s not legitimate. The whole idea of going with a Prop shop is to spread the risk. They are meant to help with funding, training and systems support. If that’s all put back on you then there’s no benefit in dealing with them.
Tools, charting and execution
Utilise all your senses with Pricesquawk. Why rely on just your eyes to know what’s happening with the market? Pricesquawk allows you to listen to the market with trading and order flow encoded as audible signals.
Once you get used to using the technology it will add an extra intuitive edge to your trading toolbox. Many top tier traders alway use audible price action tools.
Everything Technical
John J. Murphy’s Technical Analysis of the Financial Markets
Technical analysis can be a useful tool but there’s thousands of indicators to choose from. Understanding how to use the right indicators is essential. That’s where a good comprehensive guide comes in handy. So check out Technical Analysis of the Financial Markets by John J. Murphy. It’s a great reference book to have on hand.