Thread by @PriyanshuP1405

Trading Roadmap 2025🚀

Most of the people jump into trading without actually mastering all crucial topics hence I have divided the roadmap into few tiers with each tier having sub topics - if you already know any topic then feel free to skip to other topic.

->Tier 0–1: Basics, market knowledge & charting (for beginners)
->Tier 2–3: Risk, psychology & manual trading skills.
->Tier 4: Validating strategies (before risking real money).
->Tier 5–6: Python, algos, and building full execution systems.
->Tier 7: Quant research, alpha generation, prop-level scaling.

Bookmark this and don't forget to go through all the sub-parts🙌

Tier 0:- Orientation and Getting Started

1) Essential Beginner Portals (Zerodha Varsity, Investopedia, Coursera)

Most of the beginners overcomplicate things from day 1.
Before touching charts or code, learn the basics of markets, instruments, and trading concepts from structured sources.
These three will cover everything you need to build your foundation:

-> Zerodha varsity - It covers stock, futures, options, risk management and fundamentals of stock market in the most beginner friendly way. Even though it is written by Indian broker the concepts are universal

-> Investopedia (free reference library) - Think of it as a trading dictionary and concept explainer, best for understand fundamental and widely used technical and financial terms.

->Coursera free courses (optional but useful) - If in case you prefer video learning check out Financial markets by Yale and Trading basics by University of Geneva

2) Top Books to Understand How Markets Work (Global Perspective)

Before diving into strategies or indicators, you need to understand how markets actually function - the participants, instruments, and mechanics that drive price. These books will give you that foundation (without drowning you in theory):
-> A beginner's guide to stock market by Mathew Kratter

No non-sense intro about technical terms deals with more of the why behind market mechanism
->Reminescence of a stock operator by Edwin Lefevre

3) Classic trading book which teaches about market participants and how professionals think
-> Market wizards by Jack D Schwager - Interviews with legendary traders ( Seykota, Tudor )

Note:- You dont need to read all of them these are just for introduction so go ahead with either of them just to get a grasp of market mechanism

4) Free Platforms to Track Markets (TradingView, Yahoo Finance, Finviz)

Before you start analyzing or trading, you need tools to see the markets in real time - prices, charts, and basic data. These free platforms cover everything you need to stay updated globally:

-> Trading view is probably the most widely used charting tool with much to offer even for free versions, you can easily watch any chart for domestic, international markets and do basic strategy backtesting.

Yahoo Finance (News & Global Stock Data)
->Easy way to check prices, fundamentals, and financial news quickly.
->Covers US, Europe, Asia, and Indian markets.
->Useful for beginners to track earnings dates, company profiles, and historical data (can also export for analysis).
-> Most of the things on yahoo finance are free.
These tools can help you for basic ideation and market watch for multiple markets.

5) Choosing a Global Broker & Data Provider (Interactive Brokers, Binance, Zerodha)

The broker you choose determines what markets you can access, your costs, and your data quality. Here are the most widely used, reliable options for different needs:
Interactive Brokers (Global All-Rounder)

->Access to stocks, futures, options, and forex across the US, Europe, Asia.
->Professional-grade data feeds, APIs for algo trading, and low fees for active traders.
->Best choice if you plan to scale into multi-asset or algorithmic trading.
Binance (Crypto-Focused)

->Largest crypto exchange by volume, with hundreds of trading pairs.
->Offers free historical & live data APIs for building trading systems.
->Advanced traders can use Binance Futures for leverage (with caution).
Zerodha (Indian markets)

->For traders primarily active on NSE & BSE.
->Clean interface, low fees, and Varsity (its free learning portal).
->Offers Kite Connect API - useful if you plan to build algos for Indian markets.
Note:- Though brokers is not a very crucial part of trading learning it surely affects the trading experience as I have myself felt smoothness in trading ensures better psychology during trading.

Other things you can evaluated yourself while choosing other broker is market segments you want to trade, api automation facility and fees and regularisation ( try to avoid unlicensed brokers)

6) News & Economic Calendar Resources (Bloomberg, Reuters, ForexFactory)

Markets move because of news, events, and economic data - earnings, central bank decisions, and global events. Even if you’re a technical trader, staying aware of these is crucial to avoid surprises.
Bloomberg (Gold resource for global financial news)

->Website is free for most headlines, but Bloomberg Terminal (paid) is for serious professionals which is the best offering in the business.
->Great for tracking global equity, bond, and currency markets.
Reuters (Fast News Updates)

->Reliable source for real-time global news - faster than most mainstream outlets.
->Essential for major market-moving events like central bank announcements.
ForexFactory (Economic Calendar)

->The go-to economic calendar for traders worldwide.
->Lists upcoming data releases (CPI, NFP, rate decisions) with expected impact levels.
->Helps you avoid trading into high-volatility events unintentionally.
Note:- Even if you’re purely technical, these resources help you stay out of bad trades during high-risk events and understand why markets move when they spike unexpectedly.

Tier 1 :- Core Market Knowledge & Technical Foundation

1) Must-Read Books on Candlesticks & Charting (Nison, Murphy, McAllen)

Before you can analyze price action or patterns, you need a solid foundation in charting and candlestick behavior. These books are the absolute essentials:
Japanese Candlestick Charting Techniques – Steve Nison

->The original book that introduced candlestick analysis to the West.
->Explains the psychology behind candlestick patterns (dojis, hammers, engulfing).
->Learn how candles reveal market sentiment, not just shapes.
Personally it is my favourite book to study about candle stick and patterns
Technical Analysis of Financial Markets – John J. Murphy

->The bible of charting and technical analysis.
->Covers everything: chart patterns, indicators, trend analysis, and market structure.
->A must-have reference - most professional traders but optional if you have done Nison.
Charting and Technical Analysis – Fred McAllen (Optional)

->A shorter, simpler alternative if Murphy feels too dense at first.
->Focused on helping beginners build confidence reading charts quickly.
Note:- If you have already done Nison you can skip other books.

2) Books on Market Structure & Phases (Trends, Ranges, Breakouts)
Once you can read charts, the next step is understanding how markets actually move during different market regimes These books explain trends, consolidations, breakouts, and reversals in detail:-
Technical Analysis Using Multiple Timeframes – Brian Shannon

->Teaches how to analyze price across different timeframes (daily, hourly, intraday).
->Great for understanding trend context, breakouts, and where trades really make sense.
Come Into My Trading Room – Dr. Alexander Elder

->Combines chart reading with trading psychology and discipline.
->Explains how to identify ranges vs trending conditions and manage trades accordingly.
Street Smarts: High Probability Short-Term Trading Strategies – Linda Raschke & Laurence Connors (Optional)

->Focuses on practical setups for breakouts, pullbacks, and trend-following.
->Advanced, but extremely useful for developing your playbook.
Note:- If you have done Shannon you can probably skip the other books

They teach how to spot and adapt to market conditions instead of forcing one strategy everywhere. Knowing when a market is trending or stuck in a range is the difference between consistent profits and random losses.

3) Core Indicator References (Moving Averages, RSI, ATR) – Best Sources

You don’t need 20 indicators on your charts. Most professional traders rely on just a few core tools to measure trend, momentum, and volatility.
Initially in the beginner phase focus only on 3 types of indicators MAs (moving averages), RSI and ATR ( Average True Range).

These are the building blocks for most of the other indicators and once these are mastered you can move to any other complex indicators too.

4) Volume & Order Flow Learning (Books & Tools)

Price tells you direction, but volume shows conviction. Order flow and volume analysis help you understand how strong a move really is - crucial for spotting traps vs real breakouts.
A Complete Guide to Volume Price Analysis – Anna Coulling

->Beginner-friendly guide to using volume with price to confirm trends and reversals.
->Helps you spot when a breakout is genuine or fake.
Mind Over Markets – James F. Dalton (Market Profile Approach) Optional if you have done Coulling

->Advanced book for understanding market auctions and volume distribution.
->Teaches you how to read volume profiles and spot areas of heavy buying/selling interest.
Tools for Volume & Order Flow

->TradingView: Volume profile & VWAP indicators (free or Pro version).
->Bookmap (Paid, Optional): For real-time order flow heatmaps.
->Sierra Chart (Optional): Professional-grade order flow analysis platform.

5) Paper Trading Tools (ThinkOrSwim, TradingView, Interactive Brokers Sim)

Before you risk capital, practice execution and test your process risk-free. Paper trading helps you build confidence and test strategies without losing money.
ThinkOrSwim (TD Ameritrade) ->Ideal for US equities & options. ->Simulates real-time order execution and option chains.

TradingView (Paper Trading Mode) ->Works for stocks, forex, and crypto. ->Allows you to practice directly on live charts.
Interactive Brokers (Demo Account) ->Mirrors their live environment. ->Great for testing algo connections via their API.
Paper trading is always important before moving into any strategy on live execution so do remember to first paper trade your strategy to identify any nuances.

6) Backtesting Without Code – Platforms & Templates

You can still test your strategy ideas. Manual and semi-automated backtesting tools let you see if a concept has edge and test before going into real markets.
TradingView (Bar Replay & Strategy Tester)

->Use bar replay to manually step through setups.

->Built-in strategy testerfor Pine Script (no deep coding needed).
Amibroker (Paid, Powerful)

->Desktop platform for advanced backtesting without heavy programming.
->Large community with shared indicators and systems.
Excel Templates (Free)

->Track trades, calculate win rates, and test ideas manually.
->Many free pre-built templates available online (can customize easily).
Backtesting is similar to paper trading so you shall backtest first before moving to paper trading.

7) Building Basic Charting Skills – Free & Paid Resources

To analyze markets effectively, you need consistent practice reading charts - identifying trends, ranges, reversals, and key levels.

Free Resources:
->TradingView Community Scripts: Study open-source indicators and strategies.
->BabyPips School of Pipsology (Forex-focused but universal concepts).
->Zerodha Varsity (Technical Analysis Module).

Tier 2 :– Risk Management, Psychology & Journaling

1) Best Books on Position Sizing & Money Management (Van Tharp, Ralph Vince)

Most traders lose not because their strategies are bad, but because they risk too much or size trades poorly. Learn to survive first, then scale with these classics:-
Trade Your Way to Financial Freedom – Van Tharp

->The gold standard for position sizing and expectancy.
->Teaches how to set risk per trade and build systems that survive losing streaks.
The Mathematics of Money Management – Ralph Vince

->Explains risk of ruin, optimal bet sizing, and volatility-adjusted position sizing.
->A bit math-heavy but a must for serious traders.
This topic is very important and should not be skipped and you can read either of them it would be enough.

2) Risk-Reward & Drawdown Studies (Research Papers & Case Studies)
Managing drawdowns (equity curve drops) is what separates the profitable from the rest. Here’s where to understand it deeply:-
Key Reads & Papers:

->Optimal F by Ralph Vince – How to balance growth vs risk.
->CFA Research Paper: The Impact of Drawdowns on Investor Behavior
->QuantInsti Articles on Drawdown Control (practical tips for algo traders)
Case Studies:

->Jack Schwager’s Market Wizards series (how top traders manage risk).
->CTAs (Commodity Trading Advisors) performance reports - to see how professionals cap drawdowns.

3) Trader Psychology Classics (Mark Douglas, Brett Steenbarger)

Even with the best system, emotions can destroy discipline. These books are essentials for developing a trader’s mindset and understanding the importance of psychology in trading:-
Trading in the Zone – Mark Douglas

->Teaches how to think in probabilities, detach from individual trade outcomes, and trust your system.
That's it, this is the only trading book which I feel is enough for this topic ( it is my personal favourite too)

4) Journaling Templates & Tools (Notion, Edgewonk, Tradervue)
Every serious trader keeps a journal. It’s how you track mistakes, refine setups, and grow consistently.
From personal experience it helps me track my mistakes and everything:-
Tools & Templates:

->Notion Trading Journal (Free): Build your own, or use shared templates.
->Edgewonk (Paid): Powerful analytics for trade performance and psychology tracking.
->Tradervue (Paid): For detailed trade logs, especially useful for futures & options traders.
What to track:-

->Entry/exit screenshots, reason for trade, risk, P/L, emotional state.
->Patterns in your behavior (overtrading, late exits, ignoring stops).

Tier 3 :– Manual/Discretionary Trading Skills

1) Best Price Action Trading Books (Brian Shannon, Al Brooks)

Price action is the core skill for any discretionary trader. These books will help you read raw price behavior - without clutter:-
Technical Analysis Using Multiple Timeframes – Brian Shannon

->Shows how to align multiple timeframes (daily, 1H, 5M) for context.
->Explains trend structure, breakout points, and how to avoid bad entries.
Reading Price Charts Bar by Bar – Al Brooks

->Deep dive into candlestick patterns and microstructure.
->Teaches you to recognize traps, reversals, and continuation moves.
Note:- Don't leave this topic as it is one of the most important if you have done Shannon then leave other.

2) Swing Trading & Intraday Strategy References (Books & PDFs)
To start trading actively, you need reliable, structured approaches - not random signals. These resources give you proven swing and intraday frameworks:-
Swing Trading as a Part-Time Job – Alan Farley

->Covers technical setups and planning for part-time traders.
->Great for those balancing trading with other commitments.
High Probability Trading – Marcel Link

->Detailed breakdown of intraday and swing setups, risk controls, and execution rules.
Note:- These should be used only for reference and not to be used as real live trading strategies as nothing in public has alpha

3) Tools for Screening Stocks/Crypto (Finviz, TradingView, Screener. in) Use these tools to screen stocks, crypto, and forex pairs efficiently:-

->Finviz (US Stocks)
->TradingView (Global Assets)
->Screener. in (India)

4) How to Access Historical Data for Practice (Free Sources & APIs)
Practicing on real market history is key to building pattern recognition and testing setups.
Here’s where to get free (or affordable) data:-

->Yahoo Finance (Free OHLC Data)
->Binance ( Free crypto data)
->NSE/BSE/Groww ( Free Indian markets data)

Tier 4:- Strategy Validation & Options Basics

1) Manual Backtesting Templates & Platforms (Amibroker, Excel, TradingView)

TradingView (Bar Replay & Strategy Tester)
-> The pinescript is an easy way to strategy backtesting however I would suggest manual backtesting via python or other programming language.

Amibroker (Paid)
->Powerful backtesting software with AFL scripting (simpler than Python).

Excel Templates (Free)
->Track historical trade setups and outcomes manually.

2) Quantified Trading Edges – Must-Read Books (Larry Connors, David Aronson)

Most beginners rely on gut feel, but professionals rely on tested, repeatable edges.
These books show how to find and validate those edges:-

Short-Term Trading Strategies That Work – Larry Connors
->Simple quantified setups (RSI pullbacks, moving average filters).
->Shows how small statistical edges can add up.

Evidence-Based Technical Analysis – David Aronson
->Teaches how to avoid data-mining bias and false edges.
->Focused on testing technical indicators scientifically.

(Optional) Trading Systems and Methods – Perry J. Kaufman
->Encyclopedic reference for building systematic edges across markets.

Note:- If you have covered Connors other two are optional

3) Option Strategy Learning (Books & Tools – McMillan, Sensibull)
Options are powerful for hedging, income, and leverage, but only if you understand the basics first.

Books:
->Options as a Strategic Investment – Lawrence McMillan (the ultimate reference).
->The Options Playbook – Brian Overby (simpler, visual guide for beginners).

Tools:
-> Sensibull ( India-focused) - Optionns strategy builder, executioner and visualiser

They simplify options so you can learn covered calls, spreads, and protective puts without getting lost in Greeks right away.

4) Free Simulators for Options & Futures Testing

Testing strategies without risking real money is key, especially for options and futures where leverage can be dangerous.

Simulators:-
->ThinkOrSwim (TD Ameritrade)
->NSE Paathshala (India)

5) Websites for Seasonal & Statistical Market Studies (EquityClock, Quantpedia)

Seasonality and historical statistics can uncover repeatable edges in markets.
These sites help you find patterns you’d never spot by hand:-

EquityClock
->Free site showing seasonal patterns for stocks, indices, and commodities.
->Helps identify recurring trends (e.g., certain months for crude oil).

Quantpedia
->Catalog of quantitative trading strategies from academic research.
->Great starting point for finding statistically tested ideas.

Tier 5:- Entry into Algorithmic Trading

1) Best Python for Trading Books & Courses (Wes McKinney, Datacamp)

Python is the default language for trading and quant research because of its data libraries, APIs, and backtesting tools.
Start here to learn just what you need (without wasting time on unnecessary coding theory):-

Python for Data Analysis – Wes McKinney
->Written by the creator of Pandas (a core trading library).
Focus on data manipulation, cleaning, and analysis.

->(Optional) Mastering Python for Finance – James Ma Weiming
Covers trading-specific applications like fetching data, indicators, and portfolio analysis.

Note:- Since algo trading is complex I would recommend you to also cover the optional book.

2) Open-Source Backtesting Frameworks (Backtrader, Zipline, QuantConnect Lean)
Instead of reinventing things from scratch, use ready-made frameworks to test strategies in Python.

Backtrader (Beginner-Friendly)
->Easiest to start with - lets you load OHLC data, define entry/exit rules, and backtest quickly.
->Large community with tons of examples.

Zipline (Quantopian’s Legacy Framework)

->Used by Quantopian (now defunct) but still supported by community.
->Focused on equities and ETFs.

QuantConnect Lean (Advanced)
->Institutional-grade framework that supports equities, forex, crypto, and futures.
->Can backtest locally or in the cloud.

3) Broker APIs (Kite, Interactive Brokers, Binance)
Broker APIs let you connect your Python code to live markets for automation.
Here are the most widely used:-

-> Zerodha - best indian market api though paid ( 500rs/month), free alternative would be angel one
-> Binance - free for crypto
->Yahoo finance for other stock related data

4) Sample Algo Projects (Open-Source Bots to Learn From)
Studying working projects helps you learn faster than coding from scratch.
Here are a few open-source repos worth exploring:-

Backtrader Sample Strategies (GitHub)
->Dozens of public strategies for trend-following, mean reversion, and portfolio systems.
Link - github.com/mementum/backt…

Binance Trading Bot Templates
Ready-to-run bots using Binance WebSocket and REST APIs.
Link - github.com/jesse-ai/jesse

QuantConnect Lean Examples
Dozens of algo templates (momentum, options, futures).
Link - github.com/QuantConnect/L…

5) Paper Trading Platforms for Algos (Alpaca, Interactive Brokers, QuantConnect)
Before going live, you need to simulate trades in real-time with real market data.
These platforms make that easy:-

lpaca (US Stocks, Free)
->Free paper trading with a simple REST API.
->Perfect for beginners learning execution.

Interactive Brokers (Global)
->Demo accounts mirror the real IBKR environment.
->Great for testing multi-asset bots.

QuantConnect Cloud (Advanced)
->Backtest + paper trade + live deploy all in one.
->Professional-grade environment for serious algo traders.

5) Books on Building Your First Trading Systems (Ernest Chan, Andreas Clenow)
Once you know Python and basic APIs, these books show you how to design actual systems (not just indicators).

Algorithmic Trading – Ernest Chan
->The definitive beginner guide to building, testing, and deploying strategies.
->Covers risk management, data handling, and coding basics.

Trading Evolved – Andreas Clenow
->Focused on trend-following and systematic portfolio trading.
->Includes plenty of Python examples and backtesting workflows.

Quantitative Trading – Ernest Chan
->More on infrastructure and portfolio construction for serious quants.

Note:- Ernest Chan books are widely regarded in this field so I would suggest do these one

Tier 6 – Building & Running Full Algo Systems

Storing Market Data – Databases (PostgreSQL, TimescaleDB) Guides
When trading algos, you need to store tick and OHLC data efficiently for backtests and live systems.
Flat files (CSV) break down fast - use databases instead.

PostgreSQL (Most Popular Choice)
->Reliable and free relational database.
->Widely used in trading projects for storing OHLC and execution data.

TimescaleDB (Built on PostgreSQL)
->Time-series optimized - perfect for tick/price data.
->Handles millions of rows with minimal lag.

Python Libraries:
->Use psycopg2 or SQLAlchemy to connect.
->For streaming data: asyncpg for async inserts.

2) Live Streaming Data – WebSocket Tutorials (Binance, Kite, IBKR)
Algos need real-time data, not static snapshots.
WebSockets stream ticks and order book updates continuously.

APIs to Learn:
->Binance WebSocket (Crypto)
Real-time order book and trade data.

->Kite Connect WebSocket (Indian Markets)
Streams NSE/BSE ticks for stocks, futures, and options.

->Interactive Brokers TWS API
Streams global equity, futures, and forex data.

3) Execution & Risk Modules – Sample Code & Frameworks
Trading systems fail without proper order execution and risk controls.
Every algo needs modules for entries, exits, position sizing, and safety checks.

Sample frameworks:-

CCXT (Crypto, Multi-Exchange)
->Python library for unified crypto trading across exchanges.

IB_insync (Interactive Brokers)
->Simplified wrapper for IBKR’s API.

Risk Control Ideas:
->Max position size per trade.
->Daily loss limits (auto-shutdown).
->Trailing stops and volatility-adjusted sizing

4) Platforms for Hosting & Automating Bots (AWS, DigitalOcean, GCP)

Your algo can’t run 24/7 on your laptop.
Use cloud servers or VPS for reliability.

Popular options:-

->AWS
->Digital Ocean
->Google Cloud

Tier 7:- Quant Research Papers & Libraries (SSRN, Quantpedia, arXiv)

At the highest level of complexity, you’ll want to source, test, and replicate ideas from academia and industry research.

Where to Find Strategies & Studies:
->SSRN (Social Science Research Network)
Thousands of free research papers on trading strategies.
ssrn.com

->Quantpedia
Database of academic trading strategies, summarized and backtestable.
quantpedia.com

->arXiv Quantitative Finance
Cutting-edge research on machine learning, portfolio theory, and market microstructure.
arxiv.org/archive/q-fin

Note:- These sources give you institutional-grade ideas that can be coded, tested, and adapted.

2) Alpha Generation Platforms (WorldQuant BRAIN, QuantConnect Research)

If you want to generate signals and even earn by licensing alphas, these platforms are key.

WorldQuant BRAIN
->Lets you build alphas (predictive signals) using data and code.
->You can get funded or paid for profitable models.
platform.worldquantbrain.com

QuantConnect Research Environment
->Cloud IDE to build and test alphas using their datasets.
->Can connect directly to Lean for live deployment.
quantconnect.com

Numerai
Crowd-sourced hedge fund where you build predictive models and stake tokens.
numer.ai

Communities & Conferences for Serious Quants (QuantInsti, CQF, Online Forums)

At the final stage, networking and continuous learning keep you sharp.
These are the best places to connect with pros and grow:-

->QuantInsti (Education & Networking)

->CQF (Certificate in Quant Finance)
Not cheap, but connects you to global professionals and hedge funds.

->Online Communities:
r/QuantFinance (Reddit).
Quantocracy .com (aggregates top quant blogs).

->QuantConnect & WorldQuant Discords (direct interaction with other quants).

Miscellaneous:-

News Aggregators for Fast Market Updates
->Koyfin – Combines charts, news, and fundamentals.
->Benzinga Pro – Real-time market-moving headlines (paid)

Risk & Portfolio Analytics Tools
->Portfolio Visualizer – Free tool for backtesting asset allocation strategies.
->Riskfolio-Lib (Python) – Library for portfolio optimization and risk analytics.

Free Quant Tools & Data Repositories
->Quandl (now Nasdaq Data Link) – Free economic and financial datasets.
->Kaggle Datasets – Financial and alternative data for research.

This in entirety is the basic roadmap you guys need to start with your trading journey - obviously this would not mean that after all this you will surely become profitable, somethings can even be skipped as per your choice of trading.

Remember a few things - never think of yourself to be bigger than the market, learn to accept losses as profitable years are more important than profitable days, don't ever induldge in taking trades based on social media channels, keep learning and making notes about why did your trades go wrong and what better could you have done in your profitable trades too.

I hope this helps you guys - please share review and criticism.
If you like it then kindly share with others by reposting it!
Onwards and Upwards🙌🚀