What trading books would you recommend?

[Nowler]

Nowler,

I’ve been looking online for books I may want to order but I noticed that a lot of them contain chapters on candlestick charting. Is it really worth my time to learn candlesticks just to read these books? When I get back into trading I plan on using good old fashioned bar charts.

Have you or anyone else bothered to learn candlesticks just so you could read the newer books?

Good morning mate.

First thing that comes to mind is simply dont read those chapters if you are not fussed about candlesticks.
I would be quite happy to read a book only to get 1 or 2 nuggets of gold from them. The entire book doesnt need to be massively beneficial. For me anyway.

I try to remind myself that things like candlesticks, bar charts, oscillators, MACD, fundamental and sentiment are just methods people use to understand the markets. Neither are not a must in order to make money from the market.

I use candlesticks, but I know next to nothing about things like doji's and whatever. It's just what I am used to, plus I like the information that long wicks/shadows on the candles provide (though even that can be hit a miss).

I am going to learn a bit more on candlesticks, just for the sake of it. Like everything else, I can decide for myself whether it is a path worth continuing on once I learn more about it.

John Murphy's book on technical analysis is a very informative book apparently. I found a pdf and will trawl through that at some point. I can pass that on to you if you wish, but I am on the work computer right now.

 

[yurtrader]

Making Money In Bull and Bear Markets - I'm almost done reading this, and it's amazing that even though it's from the late 80's, it describes pretty much what I've seen in youtube investing tutorial videos, only it does it systematically. perfect for longer term investors who like technical analysis. I've actually bought a physical book ( like on real paper! )

 

[J Livermore]

Priceless!

You seem to not like reading books on the market. I’m curious, how did you first learn to trade and then improve yourself?

 

[J Livermore]

Good morning mate.

First thing that comes to mind is simply dont read those chapters if you are not fussed about candlesticks.
I would be quite happy to read a book only to get 1 or 2 nuggets of gold from them. The entire book doesnt need to be massively beneficial. For me anyway.

I try to remind myself that things like candlesticks, bar charts, oscillators, MACD, fundamental and sentiment are just methods people use to understand the markets. Neither are not a must in order to make money from the market.

I use candlesticks, but I know next to nothing about things like doji's and whatever. It's just what I am used to, plus I like the information that long wicks/shadows on the candles provide (though even that can be hit a miss).

I am going to learn a bit more on candlesticks, just for the sake of it. Like everything else, I can decide for myself whether it is a path worth continuing on once I learn more about it.

John Murphy's book on technical analysis is a very informative book apparently. I found a pdf and will trawl through that at some point. I can pass that on to you if you wish, but I am on the work computer right now.

Hi Nowler,

You sound like me. I slowly keep adding books to my collection over time. In the future I’ll probably hire a librarian to create a card catalog. (g)

You are right. Knowledge about the markets has to be obtained in pieces from a wide variety of sources and has to be assembled differently by each reader depending not only on their risk tolerance but by their style of trading.

I met several professional traders who would go back to the books whenever they hit a losing streak that was difficult for them to get out of. They did it not only to brush up on their techniques but specifically to get their minds excited about trading again rather than remaining down in the dumps.

 

[Nowler]

Hi Nowler,

You sound like me. I slowly keep adding books to my collection over time. In the future I’ll probably hire a librarian to create a card catalog. (g)

You are right. Knowledge about the markets has to be obtained in pieces from a wide variety of sources and has to be assembled differently by each reader depending not only on their risk tolerance but by their style of trading.

I met several professional traders who would go back to the books whenever they hit a losing streak that was difficult for them to get out of. They did it not only to brush up on their techniques but specifically to get their minds excited about trading again rather than remaining down in the dumps.

Thankfully my main source of educational material is either in audio form, or digital (mostly in cloud storage)... no piles of books for me to lug around when I move from place to place

Going back to books is something I have heard a few people say they do. Personally, I'll be going back to the audio-books I listened to when I first began. Without a shadow of a doubt there are things there I missed due to a lack of experience. Then again, can anyone ever truly understand and remember everything in a book, regardless of their experience? I doubt I could.
The books like The New Market Wizzards and Trading in the Zone are ones I am excited to go back to. Just finished Richard Thaler's Behavioural Economics... my brain hurt a few times (so need to re-listen), but other parts were a very easy listen, largely due to coming across it during my psychology adventures (People feel a loss of x-amount approximately twice as much as they feel a win for the same x-amount etc..).

Anyway, if you want the PDF of John Murphy's book, PM me your email and i'll send it over

 

[fibo_trader]

You seem to not like reading books on the market. I’m curious, how did you first learn to trade and then improve yourself?

No Jesse, that's not the way it was. I did start reading market/trading books. Read 'em all or almost all. that took some time. Then one day, just packed 'em all up and gave them to the Salvation Army. Every single one of them and never looked back. Have not bought a single market book since then.

Let's say 120 books in total. End result? 3 nuggets in total. These type of nuggets I can find on my own at the rate of 5 per year TOTALLY ON MY OWN IN DIRECT CONVERSATION WITH PRICE

There you have it.

At the very exact moment the boxes of books parted company from my hands (on a direct touch-basis) A wave of mellifluous music wafted across with the message ............ "You are my beloved Son, in thee I am well pleased!"

 

[Pat494]

Books are like pretty women. Get past the cover and their opening blurb and ignore the crap inside.

 

[scarlet jones]

Some great books i would suggest are :

Trade your way to financial freedom by Van k Tharp , Way of the turtle by Curtis Faith , Trading in the zone by Mark Douglas

 

[hatemypips]

Nowler,

I’ve been looking online for books I may want to order but I noticed that a lot of them contain chapters on candlestick charting. Is it really worth my time to learn candlesticks just to read these books? When I get back into trading I plan on using good old fashioned bar charts.

Have you or anyone else bothered to learn candlesticks just so you could read the newer books?

Candlesticks analysis is pretty subjective theory. When somebody claims that there is a working pattern it either has to be based on some simple logical principles or meet the criteria of statistical significance. Regarding the latter you have to test it on historical data to see what would be the winning ratio if you used this pattern on historical prices. The bigger the timeframe for testing and the higher the winning ratio the more reliable is the pattern.

 

[James turtle]

“How to make a living trading foreign exchange” by Courtney smith.
Another one is “Forex Trading : The basics explained in simple terms” by Jim Brown.

 

[nnash]

I have read hundreds of trading and finance books the last 20 years. If I started over I would go with:

The Darkside Of Valuation and Investment Valuation by Damodaran
Volatility Trading by Sinclair.
Advances In Financial Machine Learning by DePrado
Market Microstructure in Practice by Charles-Albert Lehalle (this use to be Trading and Exchanges: Market Microstructure for Practitioners but that book is completely outdated in 2019)

The biggest problem you face as a newb is that most retail trading books should be categorized as fiction.

 

[Daniel Jones]

No book teaches you to trade. You will find interesting and entertaining books,but don't bother with any making you profitable

That’s true. Trading can only be learned through practice and experience. Yes, books can help to some extent, but can’t rely solely on these.

 

[Daniel Jones]

‘Trading in the zone’ helped me a lot.

 

[Hudson Jack]

‘Trading in the zone’ helped me a lot.

How did it help you?

 

[hatemypips]

‘Trading in the zone’ helped me a lot.

Is it a trading book or a name for some trading strategy? Can you share with us?

 

[Nowler]

Is it a trading book or a name for some trading strategy? Can you share with us?

It's a book written by Mark Douglas
I found it to be quite good last year when I was very green.
I must read it again so I can extract more value from it.

Likewise for Dalio's book, Principles. (In fact, same goes for the Schwager book I read 8-10 months into trading - New Market Wizzards)

I remember coming across an audio book called One Good Trade, by Mike Bellafiore.
I avoided the book time and time again as I wasn't interested in "that one trade that makes you a fortune".

I eventually did listen to it, and booooy was I wrong about my assumptions
That wasn't what the book was about at all, and I loved it!

 

[hackmushroom]

Is it just me, probably a tight-wad, but are trading books waaay over priced?! Every book I've looked to buy on Amazon is like £40-60, even second hand! [emoji24]

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[fibo_trader]

Is it just me, probably a tight-wad, but are trading books waaay over priced?! Every book I've looked to buy on Amazon is like £40-60, even second hand! [emoji24]

Sent from my SM-G975F using Tapatalk

Next time you want to buy trading/investing books, the YMCA in Hollywood , California is the best place to call and have them email you the current list of books they are dying to unload as they take up valuable room in their limited storage. Traders have been known to unload their entire library of books after blowing a gasket trading. At the Y you can pick up an entire library for $20.

Besides that you get to spend the night there as a guest free of charge and swim in the pool and get a massage all on the house as a businessman signed up for their trading books purchases. Reminiscences of a stock operator goes for 50 cents good condition.

 

[J Livermore]

Is it just me, probably a tight-wad, but are trading books waaay over priced?! Every book I've looked to buy on Amazon is like £40-60, even second hand! [emoji24]

Sent from my SM-G975F using Tapatalk

Trading and investment books tend to be expensive. Probably because they don’t expect to sell as many books as fiction.

Also, as with any commodity it comes down to what the market will bear.

The authors have people over a barrel too. If you can’t find a professional trader to train you, your next choice is to buy books.

 

[Nowler]

The 1 Hour Trade: Make Money With One Simple Strategy, One Hour Daily. That's about trader Brian Anderson has been trading for years. He uses the varied day trading theories on the market and he believes you can use only simple strategies for making stable. You just have to stay focused and actually that's important for you to find some assets you will use for your everyday trading. I like how he tells about his experience and mistakes. I think he is on the same wave as most of us. This book is easy to read and can show you trading like way of life. It has lot of positive reviews and I'm sure you will read it on two or three days. I'm in love with this book.

So I assume you are a profitable trader, using this book?