What is better to read?

[GFSignals]

I was just thinking about the books about Forex trading and stumbled upon a very interesting idea. Usually every newbie is trying to read different books on financial topics, if he wants to get the understanding of the market. But as you know, 95% of the beginners lose their accounts. So, maybe the books are useless? Or maybe they are reading the wrong information? Or maybe 95% of people interpret what's written in the books in the wrong way? And is it really important to read books?

Of course, reading classical things is necessary, but should beginning traders delve into the books really hard? I remember my doing so. And if it is right, what books can you guys advice to a newbie-trader?

 

[anley]

No, many of the books are good the problems are always with the individual and it's always related to risk.

Many retail traders make lots of profitable trades, they don't have the reverse midas touch which is what people first think.

What let's them down is the 1-3 trades where they let losses get out of control, that can easily wipe 40%+ from an account. Once that happens they're dead-men walking because their confidence will have been shattered.

So how to make sure you don';t become one of them?

Approach the markets from the opposite to most people. The majority think it's all about winning and making money. But in reality it's all about losing and controlling the losses. Think risk first then worry about reward. Most though only ever think about reward (the game's about winning right??) and will worry about risk when and if it comes, and it will come..........

One of the best books on trading is -

The Money Game by Adam Smith (not the original one). Published in 1966 but it could have been yesterday as we humans don't change

 

[DionysusToast]

My opinion - 99.999% of trading books, particularly those that deal with TA driven entries are hogwash.

The OP is right - most people read all of these books and most people fail.

Many of the people writing books are not traders, they are book writers.

 

[Joules MM1]

http://www.thestreet.com/story/783358/why-breadth-matters.html

 

[tomorton]

The mechanics of TA, FA, trading, stock-picking etc. are not hard to learn. But beyond a fairly early point, knowing more and more and more about the subject does not equate to more and more and more profits. This is unlike most professions - usually the most highly paid members are those who know most about their field.

In trading, the major stumbling block is not ignorance of techniques or the game's mechanics, it is the would-be trader's own psyche. Therefore, read what you like re TA and trading, and you should be reasonably knowledgable after 3-5 standard texts. But absolutely definitely read Mark Douglas on the psychology required before putting any meaningful capital into trading.

 

[intradaybill]

95% want to make a lot of money with little money down and use leverage. Volatility comes and kills them. You can be right with timing yet lose it all.