The Single Best Book for Beginners

[rs1]

One book I always found interesting and containing some useful ideas is the free e-book "Phantom of the Pits". You can google it and get the link. I think there is a lot of sense in what he says with regards to trading and the general principles are sound, although I wouldn't necessarily recommend his particular style of trading.

 

[moa]

"The single best book for beginners"?

The Futures Game: Who Wins, Who Loses and Why, by Teweles and Jones

I'm always surprised that this book is mentioned so infrequently. IMHO perhaps it offers too realistic an appraisal of the individual trader's chances, and the amount of knowledge and effort needed, compared with other books that so often function as little more than a pep talk, a list of technical indicators, or a gloss on how you too can make a fortune in the markets using the author's pet system.

The range of topics is pretty comprehensive including the history of futures, basics of futures contracts, orders, fundamental analysis, basic technical analysis, options and option strategies, spreads, risk/money management and crucially (but missing in so many other introductory books which really sets this book apart) sobering sections on risk of ruin and the success rate of individual traders.

And if any beginner looks at this list and thinks it's boring or at 700 pages too much of a read (I've known one or two), well...

 

[montmorencyt2w]

"The single best book for beginners"?

The Futures Game: Who Wins, Who Loses and Why, by Teweles and Jones

I notice that it's in Google books. Not sure if the complete book is there, but as far as I looked, there must have been a lot of it there at least.

EDIT: OK, I see now, it's not the full text. Should be enough there for people to see if it's worth it to them to buy it.

 

[2be]

Robert Miner, Dynamic trading, very useful book also of the same author, High Probability trading strategies. John Murphy, Intermarket analysis, is another book worth reading especially at the present markets.

 

[Shuvalov]

Reminiscences of a Stock Operator is the best choice.

 

[kingfisher3210]

The best book is your own trading journal which tracks market each day along with daily charts and excel sheet keeping track of prices. Really, life by default is simple.

It is an immense struggle as you to learn any new skill/profession/business, brain plasticity is required. Brain Plasticity is your ability to learn, revise, memorize and synthesise information, patterns and data.

A doctor is a doctor because for atleast 7 years, he studies all concepts, theories and diagrams and then for next 3 years he undergo a practical training. A student doctor study for almost 8-10 hours a day.

8-10 hours a day studying is not required in trading but becoming a trader is not different from becoming a doctor- A journey of ups and down, immense struggle, frustration, loneliness (biggest problem as you work on your own trading method and approach)

 

[squall321]

Soft? Define soft? Perhaps you will find that your ego has been controlled? That's "soft" in my books.

it made the romans soft, then they got overrun by barbarians

anyway, i'd say the book for an absolute beginnner is alex alder, since it is very "nuts and bolts", ie" this is a chart, this is a futures contract, this is what open interest is etc. which is useful if you are starting from scratch. it also has a psychology section at the beginning, so before anything else your feet on put on the ground and some truths laid out, which stops crazy ideas about getting rich quick.

 

[davidwillson]

No, I simply meant it’s so bloody long and boring and pointless that you’ll be in the zone for anything….

Not a book, but a book with 12 parts......A study of History by Arnold Toynbee.........

...If one wants to know about trading then one should start to learn about history and psyche of civilisations....