The second thing i had to learn was that there are no written recipes in this field....., to try to anticipate a pattern based on a specific event can and will be a big mistake, the only thing that can ensure some degree of success is pesonal expertise, and that has to be earned at the hard way
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The second thing i had to learn was that there are no written recipes in this field....., to try to anticipate a pattern based on a specific event can and will be a big mistake, the only thing that can ensure some degree of success is pesonal expertise, and that has to be earned at the hard way
smokealarm
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i am also a new trader and i would love to know that books are really helpful or not .... i think that real trading will help in gaining more experience and books are not that much effective
Notorious P.I.P.
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Come Into My Trading Room is a favourite of mine, as it is amongst many others here. TAFM by Murphy is also an essential read for chartists
arigoldman
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Ari Kiev's books are also good to read.
NVP
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mixture of all is needed.............there are untold treasures locked in trading literature but you need to research/experiment/trade all the time
I like this answer. I have come to believe that there is no substitute for observing the markets for hours upon days upon weeks upon years.
I get a lot out of not working that hard at it but simply catching some charts once a week for the past 5 years. it is the best way to understand long term trends.
I remember the top in gold. and watched it come down over a long time. this has been most valuable.
I also watch the stock market go up and that has been very valuable.
although I think it is also good to read books to pick up good ideas.
Tinnaz369
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Currently I am reading The Market Wizards, I will read the new Market Wizards after. I read a minimum of one of the 'Wizards'' interviews each day. The actual content does not tell you what to do to improve itself and lots of the traders contradict each other or 'The Rules of Trading'. However it gives a great insight into the mindset required to achieve great results. I also tend to read something I don't fully understand in it, which I then research in my own time, widening my base knowledge of trading.
All in all I think this is one of the best books to start out. It doesn't get technical, it doesn't hurt your brain, but it will make you think more about the lifestyle, the mentality,the highs and the lows. It can open doors to things you have never thought were possible in trading.
After hearing from these pro's I do have to say, I take advice on here with a slight pinch of salt now. Every trader is different, advice is always great and appreciated, but sometimes that advice may work for them and not for you.
All in all I think this is one of the best books to start out. It doesn't get technical, it doesn't hurt your brain, but it will make you think more about the lifestyle, the mentality,the highs and the lows. It can open doors to things you have never thought were possible in trading.
After hearing from these pro's I do have to say, I take advice on here with a slight pinch of salt now. Every trader is different, advice is always great and appreciated, but sometimes that advice may work for them and not for you.
I started with Edwards and Magee 5th edition back in 1968. a long time ago. I think it was a great start. although I had read Reminiscences back around 1955. I consider Edwards and Magee as my first real serious book on trading.
there should be nothing different about forex trading from any other kind of trading.
arigoldman
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Agreed. Although pairs from different markets have different behaviors, the patterns are the same for each market instrument.
Thomas Bulkowski - Encyclopedia Of Chart Patterns
Constance Brown - Technical Analysis for the Trading Professional
Jingles the basis differ..., the more liquidity in the market the more volatility you´ll have to deal with, besides stock trading has to face with opening and closing hours
YouAreNotFree
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I've just read 'Talent is overrated'.
Must read for anyone imo.
Must read for anyone imo.
masonsevon
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turtle traders
0007
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I agree with you that there are some excellent recommendations in this thread. The books for various categories at # 1 and #2 are very good. For a complete beginner my recommendation would be those below and in that order. Be advised that they will only scratch the surface and give you a basis for further study. Tharp's book is good for making you understand the basics of risk and may well help to keep you out of trouble in the early days.
I think it's very important to realise how hard it is at the start: what becomes obvious with experience is sometimes a complete mystery at the outset. I don't recommend getting into the psychological side of things until you have some mastery of the basic mechanics. I particularly like the Dummies book.
- Trading FAQs by John Forman
- Trading for Dummies by Michael Griffis & Lita Epstein
- Trade Your Way to Financial Freedom by Van K. Tharp
SurtiTrader
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Nice Suggestions but I do prefer that rather than book you should gain knowledge through trading with Demo account and practice through it until you are ready to step into the real world of Forex.
arigoldman
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You won't learn as much.
Izzy Fuente
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The Economist. Weekly. Staying on top of things.
