Develop and embrace your own investment techniques.
The classic investment book, Reminiscences of a Stock Operator, relates the story of one of the simplest trading systems I have read.
The hero of the story tells of a successful stock trader who had one main rule. The speculator would pick his stock, take a position, and then sell whenever the stock went one dollar against him.
This system would probably work fine - but most people want to feel they are making decisions - they would go broke second guessing and overriding the system. You are not most people, there will be an investment style that fits your personal psychology.
The trick is to not go broke while you are searching for it. Make all of your initial investments small and manageable, recording all your thoughts and results. Don't get too comfortable; a rut is just a grave with the ends kicked out. Life will change, be ready to adapt with it.
Seek to find your currently most profitable trading style - one that works for you. You must plan your own trades and then trade your plans. Anything else (with a few exceptions of course) and you may as well throw darts.
create and protect your own wealth
It Is Your Money
No one cares more about your personal finances than you do - unless they plan on stealing your money.Everyone naturally cares first about their own personal finances. Financial advisers can feed their kids and perhaps buy a new yacht, if they help enough people part with their money for the financial products they so sincerely endorse.
Sincerity is the most important thing - once they can fake that they have it made.
The old generational generalization -- "shirtsleeves to shirtsleeves in three generations" is a memorable adage - but only because it is generally true. The first generation works to develop and protect their wealth - the second trusts that wealth to advisers - the third generation is back working in shirtsleeves
One of the ways this generalization is false is that it implies too long a time. The evening news frequently carries stories about movie, rock, and sports stars that have gone from poverty to wealth in a very short time - and then back again; frequently a financial adviser is blamed.
How To Make A Million Dollars Investing --
Start with two million dollars.
An old story talks about a broker talking to a client about the yachts anchored in the harbor. "That huge yacht belongs to our owner, that yacht there belongs to our top stock broker, that blue one is our economist's yacht." The client then asked; "where are the customer's yachts?"
As an observation -- most brokerage customer's yachts are anchored in their bath tub.
Joking aside, the time you spend learning about and managing your own money is very valuable time. A money manager will be concerned with how he gets paid, and then may be concerned with what investments he recommends.
No one cares more about your money than you do; unless they plan on using it or taking it from you.
If you are to succeed financially, realize it is you that needs to be in charge of your future. Yes, that is scary, but your life and your bank balance can expand as you learn to embrace and control risk rather than trying to avoid risk.
Just because an idea is scary does not mean it is a bad idea - often it is the best idea.
Learn how to manage risk.
The first major Zürich Axiom.
Worry is not a sickness but a sign of health. If you are not worried, you are not risking enough.
Top Investment books
The best investment books will help you develop your own style of investment
These are not free, but if you are going to make investments , they may save you thousands of dollars.
A book is always the best first investment; study the investment before you commit to your first small trade.
You are competing with experts, don't let a salesman earn a commission by convincing you he knows how to compete - he is trained to sell. The analysts he quotes are paid to help you move your money around. Move it when your own ideas indicate it is appropriate - not before or after.
You can prosper, but only if you lead.
If you are not the lead sled dog the view doesn't change.
Reminiscences of a Stock Operator (Wiley Investment Classics) by Edwin Lefèvre
recommended by many great traders, with good reaso more...1 point
Extraordinary Popular Delusions and the Madness of Crowds by Charles MacKay
"As with any true classic, once it is read it more...1 point
The Zurich Axioms by M Gunther
The Zürich Axioms is absolutely the best investme more...1 point
The Wall Street jungle by Richard Ney
Richard Ney may have been a better financier and & more...1 point
Market Wizards: Interviews with Top Traders by Jack D. Schwager
Inspiring catalog of interviews with über success more...0 points
The New Market Wizards: Conversations with America's Top Traders by Jack D. Schwager
More great interviews - look for the consistencies more...0 points
Hot Commodities : How Anyone Can Invest Profitably in the World's Best Market by Jim Rogers
If futures, commodities, or forex are your game, h more...0 points
The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham
Warren Buffet is Graham's most famous follower,0 points
Book Review - The Zurich Axioms by Max Gunther
If you are interested in finance, and what happens to your money, I'll assume you will read this book.
Max Gunther has done a great service to investors by not only making this list, but by putting it into a fun to read book full of interesting stories.
If you take a look at the Speculation Rules that I've compiled for my own, eventual, book; you will see the influence of Gunther's work in many of the rules.
I've had other influences, and hopefully my own experience and thought have added to the mix. That said, The Zurich Axioms is the best investment book I've read, out of hundreds of such books. I would not expect my own book to be as valuable.
The Zurich Axioms is one of the books I keep for reference, and also read over and over again.
Get it, read it, put it to use. If you want to be rich, don't buy into some silly scheme, manage your own money.
Why manage your own money?
Because no advisor cares more about your future than you.
The Zurich Axioms
Amazon Price: $13.59 (as of 07/26/2008)
List Price: $19.99
The Zurich Axioms is to investment books what the Bugatti Royal is to automobiles and Casablanca is to film. It is simply the best.
Experienced or novice, The Zurich Axioms will challenge the view you had of investing, and add fresh insights to how you approach life.
Yes, it is that good.
Avg. Customer Rating: 
Free Investor e-Book, Free Trading Tutorial, Free Socionomics Documentary, & More
There is enough here to keep you learning for months - and to teach you how to pick entry and exit points when you do pull the investment trigger.
1) The free Independent Investor eBook will show you the simple beauty of the relationships among financial markets, the economy, and human psychology.Topics include:
* What really Moves the Markets?
* The Myth of the "New Economy" Exposed
* The Biggest Threat to the "Economic Recovery"
* The "Efficient Market Hypothesis"
2) Elliott Wave International's tutorial is a comprehensive introduction to the Elliott Wave Principle. All ten lessons have been adapted from Prechter and Frost's Wall Street bestseller, Elliott Wave Principle - Key to Market Behavior.
To start your Elliott wave educational tutorial now, click here.
3) Doug Casey Research publishes the famous "International Speculator" and for now offers free the "What We Now Know" newsletter. His paid letters are well worth the money - a free one shouldn't be passed up. What We Now Know is a highly popular and very unique publication providing you with the latest on trends in investments, technology, science, health and more...
4) History's Hidden Engine is the result of more than three years of research and creativity by filmmaker David Moore. Moore traveled North America to capture the insights of 17 brilliant minds, then wove them into this film. In just 59 minutes and with the help of pop songs, news footage and cultural images that are familiar to everyone, this documentary shows how social mood drives trends in movies, music, fashion, finance, economics, politics, the media and war.
While available as a two DVD set, you can download the streaming video of History's Hidden Engine for free - click here.
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Take a look at the free trading lessons then get back to us.
Nobody is perfect, the goal is to make a lot more when you are right than you lose when you are wrong.
You can replace "lenders" with "We humans" in the following quote and still be quite accurate. "Lenders are herding creatures. They tend to think the same thoughts at the same time." - James Grant
For your safety -- back away from the stampede.
Any of the above books, the books at the Elliott Wave International bookstore, or the free speculation trading materials will help you set an allowable loss target before you pull the investment trading trigger.
What are your experiences?
Some great ideas - how about a little bit more.
Let's keep our focus on finance.
These business and investing lenses may give you that extra edge you need.-
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