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Goshawk Trades🔨 Profile picture
@GoshawkTrades
Jun 20 • 7 tweets • 3 min read Twitter logo Read on Twitter
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A lot of trading books are complete jokes.

But for every 5 terrible ones there is 1 with pieces of gold.

I am going to have a lot of time on my hands this week waiting while doing Jury service.

So here are the 5 books I'll be recapping to improve my trading: Image
One Good Trade

By: Mike Bellafiore Image
Designing the Mind

By: Ryan A. Bush Image
The Daily Trading Coach

By: Brett N. Steenbarger Image
Thinking, Fast and Slow

By: Daniel Kahneman Image
Inside the Black Box

By: Rishi K. Narang Image
If there's a book that you think I should check out or you're currently reading, reply to this thread. I would love to add more books to my digital shelf.

If you found this content valuable:

1. Follow me @GoshawkTrades for more content like this

2.Jump to the top & retweet!

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More from @GoshawkTrades

Goshawk Trades🔨 Profile picture
Jun 19
I'm stuck in jury service.

My first thought is how rusty I'll be when I get back to the market a week from now.

We are all taken away from the market at some point,

Here's how I'm planning on keeping up to date so I don't trade like shyt when I'm back:
1. Replaying the market

Simple yet effective advice.

You can now do this on multiple platforms, my 3 favorite ones are:

@TradingSim
@tradersync
@tradingview
2. Median Charts

Pulling the median price charts for all the gappers while I'm away, allows me to get a quick big-picture view of the price action recently.

Are we in a fading market currently?
Are we getting afternoon reclaims?
Read 5 tweets
Goshawk Trades🔨 Profile picture
May 24
The $12,000,000 Trader:

Tim Grittani @kroyrunner89

In the past decade he traded all aspects of the market: penny stocks, small caps, long, short.

Then he turned his strategies into algos, a move that cost him 800k in losses.

But he came back stronger.

Here's what he learnt: Image
Tim was drawn to algo trading because he desired to spend more time with his family instead of computer screens.

He expected it to be a smooth transition, but found it was a lot more complex than he thought.

"I thought it was going to much easier than it is"
Initially his first algo attempts were a huge success making over $900k in Jan / Feb 2021.

He felt like he cracked the code to algo trading, but over the next 6 months he lost over 800k of that profit.

The market environment changed, & he realized he had overfit his strategy.
Read 8 tweets
Goshawk Trades🔨 Profile picture
May 23
Most trading chatrooms failed to teach me how to make systematic strategies.

So I have been dusting off old strategies that I no longer pursue or trade.

I'm sharing them and the backtested results too.

But unlike a $200 chatroom, here is another one for free: Image
I introduce the Pre Market High Long strategy!

This is for all my long small traders out there.

I know it can be incredibly hard to create a systematic long strategy, and this took me over 30 attempts at finding one.
Strategy Criteria:

It centers around longing breaks of pre market high when there's a solid volume above 1000 on the candle break.

I also shared this strategy with my fellow traders in the How To Backtest Bootcamp, along with a few extra variables to consider. Criteria
Read 7 tweets
Goshawk Trades🔨 Profile picture
May 22
"I'm too discretionary to use data"

Is a common saying when talking about systematic trading.

Truth is you're not.

Here's how a discretionary trader used data to create 6 figure strategies: Image
Since late 2022 I've worked with @justinxflynn who was killing it in the market at the time.

He knew he lacked the skill to turn his discretionary edge into a statistical one.

So not wanting to burden himself with extra learning and tasks,

I came into the picture.
Justin had always believed in:

"focusing your time and effort on the things you are good at and outsourcing the things you're not"

With me doing the coding and spreadsheet formulas,

Together we were able to create 6 figure strategies.
Read 7 tweets
Goshawk Trades🔨 Profile picture
May 16
The Man Who Made An 892,000% Return In 2020:

Lukas Frohlich @TheShortBear

Over 12 months in 2020, that return would have made him over $200,000,000 starting with a PDT account.

Just featured on the @chatwithtraders podcast for 1.5 hours.

Here are the key lessons:
Lukas emphasizes the importance of "Social Spaces" for developing traders.

These allow you to watch other strategies without putting up the risk yourself.

Social Spaces he mentions:
-Discord
-Twitter
-Meetups

This will save you a lot of R&D funds in strategy development.
Lukas recommends creating a bucket of data for each play.

In practice this is often a scanner. This is a crucial step, he says this enables you to test if "you actually have edge".

If you aren't able to pinpoint what makes that trade viable, it's mostly likely random.
Read 10 tweets
Goshawk Trades🔨 Profile picture
May 15
Edge Edge Edge.

Everyone talks about it, including myself, but what does it actually look like?

And Most Importantly how can you spot it?

Here's How:
Equity Curves:

These show the cumulative returns of your particular strategy over time.

You are looking for a steadily upward sloping equity curve, while avoiding the ones look more like a heart beat or a nosedive. Image
Heatmap:

These are two-dimensional visual representation of returns using colors, where the colors all represent different returns.

You are looking for a consistent high return colors over the heatmap, with a clear direction of returns over time. Image
Read 5 tweets

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