Must Read List

[Mysticforex 13]

If a new and aspiring trader asked you what books they should read, and the aspiring trader can only get/afford/has room for 3, What would they be?

I am hoping that after a hundred or so posts we can put together and post a "Must Read LIST" for new traders.

[TheRumpledOne 14]

The Black Swan: The Impact of the Highly Improbable by

Nassim Nicholas Taleb

 

Fooled by Randomness by Nassim Nicholas Taleb

 

How We Decide by Jonah Lehrer

 

Animals in Translation: Using the Mysteries of Autism to

Decode Animal Behavior by Temple Grandin and Catherine

Johnson

 

Trading in the Zone: Master the Market with Confidence,

Discipline and a Winning Attitude by Mark Douglas

 

The Disciplined Trader: Developing Winning Attitudes by Mark

Douglas

 

Why Smart People Make Big Money Mistakes And How To

Correct Them: Lessons From The New Science Of Behavioral

Economics by Gary Belsky and Thomas Gilovich

 

Your Money & Your Brain by Jason Zweig

 

The New Drawing on the Right Side of the Brain by Betty

Edwards

[DNEELY777 10]

I love both the Mark Douglas books mentioned above but, in the interest of limiting ourselves to three books only, I would choose The Disciplined Trader: Developing Winning Attitudes, as my first and most important selection. Next I would suggest Van K. Tharp's, Trade Your Way to Financial Freedom.

The first two were quick and easy picks for me to make. Deciding on the third, from the dozens of worthwhile books available was a bit harder. I guess I'll go with Dr. Alexander Elder's, Come Into My trading Room: A Complete Guide to Trading, as my number three choice.

[Tradewinds 12]

There is also a "Reviews" section in Traders Laboratory. Under "Reviews" there is a section for Books. The reviews can be sorted by their rating, or the number of reviews.

[aversano 10]

Focus on order flaw analysis, T&S etc...

screen time is the key. Paper trade as long as you aren't sick of it and then paper trade some more.

it is a long journey.

[Ingot54 13]

As we are only putting three titles forward, my best pick would have to be:

 

Licensed to Profit by Trading in Financial Markets by Chris Shea (Market Coach and Psychotherapist)

 

Probably unknown to most traders, but offers a significantly different way of looking at trading, and this book started me on the road to better trading 3 years ago. The book is a 'no BS and feathers' revelation of what is needed to succeed in trading financial markets.

 

Shea also gives insights into probability ideas, and how to profit from outlier trades, while conserving capital during flat market conditions. A breezy easy read, full of practical and realistic trading help.

 

I will give some thought to my next two selections.

[Mysticforex 13]

The Black Swan: The Impact of the Highly Improbable by

Nassim Nicholas Taleb

 

Fooled by Randomness by Nassim Nicholas Taleb

 

How We Decide by Jonah Lehrer

 

Animals in Translation: Using the Mysteries of Autism to

Decode Animal Behavior by Temple Grandin and Catherine

Johnson

 

Trading in the Zone: Master the Market with Confidence,

Discipline and a Winning Attitude by Mark Douglas

 

The Disciplined Trader: Developing Winning Attitudes by Mark

Douglas

 

Why Smart People Make Big Money Mistakes And How To

Correct Them: Lessons From The New Science Of Behavioral

Economics by Gary Belsky and Thomas Gilovich

 

Your Money & Your Brain by Jason Zweig

 

The New Drawing on the Right Side of the Brain by Betty

Edwards

 

I really enjoyed Taleb's books. Did you ever read Gladwell's piece in The NewYorker about Taleb and Victor Niederhoffer?

[Mysticforex 13]

Focus on order flaw analysis, T&S etc...

screen time is the key. Paper trade as long as you aren't sick of it and then paper trade some more.

it is a long journey.

 

 

Aversano, Welcome to TradersLaboratory.

You may have posted this in the wrong thread, we are discussing book recommendations.

I can move it for you if you like?

[Mysticforex 13]

I love both the Mark Douglas books mentioned above but, in the interest of limiting ourselves to three books only, I would choose The Disciplined Trader: Developing Winning Attitudes, as my first and most important selection. Next I would suggest Van K. Tharp's, Trade Your Way to Financial Freedom.

The first two were quick and easy picks for me to make. Deciding on the third, from the dozens of worthwhile books available was a bit harder. I guess I'll go with Dr. Alexander Elder's, Come Into My trading Room: A Complete Guide to Trading, as my number three choice.

 

I picked three trying to keep the "Budget Conscious" in mind. When we have enough posts to compile our list, we can also list the "Runner's Up" in order of popularity.

 

 

And yes, Van K. Tharp is another good one. I have a couple of Elder's books. For some reason I was never able to get into them. Who knows, maybe I was in a different frame of mind at the time I bought them and should give them another look. Thanks.

[NickElliott 10]

I am reading Technical Analysis of the Financial Markets by John J Murphy and Come In to My Trading Room by Dr. Alexander Elder and am enjoying them both. I've been trading live for 2 weeks now and am enjoying the discipled approach to money management.

[TheNegotiator 13]

I think this is a difficult question as there is so much out there which is good but we can't incorporate it all into our own specific style or personality. I would get people to look at trading psychology first. Mark Douglas is good - Trading in the Zone. Brett Steenbarger is well thought of. The Daily Trading Coach and Enhancing Trader Performance. As far as technical analysis goes, for the complete noob I would recommend:-

 

NOTHING.

 

Really believe it's important to not concentrate on this in the beginning otherwise it can be difficult when you run into psychological issues.

 

TheNegotiator.

[TheNegotiator 13]

Btw, if you could take the time to add a short(like 1 paragraph) book review in our book review section, it would be very much appreciated. It helps everyone to have peer reviews that are easily accessible.

 

Cheers,

 

TheNegotiator.

[MadMarketScientist 11]

You guys nailed some of the ones I would say (Douglas, Van Tharp) and I'd throw in Alexandar Elder unless I missed him being mentioned earlier. In particular the Mark Douglas books that should be re-read several times as your trading progresses -- whether for the good or the bad -- it can sometimes get you back on track or keep you there. Then be sure you understand if nothing else the tables that Van Tharp shows on what you'll need to "make back" depending upon your drawdowns. It's completely eye opening and will get you to trade with far less risk/leverage than you would and most people think they can when they start out.

 

MMS

[GlassOnion 12]

I am reading Technical Analysis of the Financial Markets by John J Murphy and Come In to My Trading Room by Dr. Alexander Elder and am enjoying them both. I've been trading live for 2 weeks now and am enjoying the discipled approach to money management.

 

Hi Nick,

 

What instruments/market do you trade?

[Cory2679 11]

Stikky Stock Charts

[TheDude 10]

I think this is a difficult question as there is so much out there which is good but we can't incorporate it all into our own specific style or personality. I would get people to look at trading psychology first. Mark Douglas is good - Trading in the Zone. Brett Steenbarger is well thought of. The Daily Trading Coach and Enhancing Trader Performance. As far as technical analysis goes, for the complete noob I would recommend:-

 

NOTHING.

 

Really believe it's important to not concentrate on this in the beginning otherwise it can be difficult when you run into psychological issues.

 

TheNegotiator.

 

Enhancing Trader Performance. A must.

 

Along with Market logic by Peter Stedlymier (how do you spell his name??) which really puts common sense in to perspective against all the other rubbish.

 

Taleb is interesting - clever bloke but wont help you trade (but in fairness its not supposed to)

 

Of course, ROASO by Lafervee/ Livermore and any wyckoff. Dalton also.

[TraderWill 11]

I second (or third) Technical Analysis by John Murphy and Trading in the Zone by Mark Douglas. And for a more in depth look at technical analysis, Trading Systems and Methods by Perry J. Kaufman (this one is for us geeks).

[bpatel23 10]

My 3 would be:

 

1) Market Wizards

2) Brian Shannon's - Technical Analysis Using Multiple Time Frames

3) Reminiscences of a Stock Operator

[Mysticforex 13]

I second (or third) Technical Analysis by John Murphy and Trading in the Zone by Mark Douglas. And for a more in depth look at technical analysis, Trading Systems and Methods by Perry J. Kaufman (this one is for us geeks).

 

Hi TraderWill,

 

Just took a look ay Kaufman's on Amazon. Think I'll add it to my personal "Must Read" list. Thanks.

[StevenSJC 10]

A few that are on my list -- are actually many already mentioned -- amazing how we all have very similar influences.

 

I tried to think of some more that for better or worse influenced me.

 

Jeff Cooper (where has he gone?) Hit and Run Trading -- I never really made any money from it but it was one of the first books to make me realize that you can trade with systems/rules and not from the gut.

 

Larry McMillan "Options as a Strategic Investment" - - back in the early days I was all about the options.

 

And, sadly there was a book I cannot remember the title. I remember there was a guy at his desk with some trees or something in the background maybe in an office. It was about daytrading I believe the S&P eminis and it used keltner channels for sure. Just can't remember - was soft cover fairly thick -- if anyone that rings a bell with let me know the name. It was basically about making a living with the eminis.

 

And like others have mentioned of course Market Wizards. Gets you through dark times.