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Soultrader

New Interesting Trading Books?

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I like to keep myself updated with new trading insights and stragies constantly. So I make it a habit to continue reading trading books.

 

I was browing through amazon today and found an interesting book. (not available yet) Its called: "The Three Skills of Top Trading: Behavioral Systems Building, Pattern Recognition, and Mental State Management" by Hank Pruden. The review mentions alot on Wyckoff which grabbed my attention immediately.

 

Do you guys have any favorite trading books or any book you can recommend? Ive read a good amount of books so I am looking more related on strategies, concepts, etc... Thanks

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Soultrader,

 

Quick input. I'm always looking for helpful books myself. The only two worth mentioning to you that are current are John Person's updated, ever so slightly revised version of his original Candlesticks & P.Point Trading Triggers. If you know his strategies, the update is not worth a look. But, if you haven't run across James Atucher's Trade Like a Hedge Fund, he's got some proven trading strategies in that book, esp. regarding the use of Bollinger Bands.

 

I just discovered this cite and am awed at the resources here. I've already watched several of the videos and I can't tell you how much I appreciate them. I am 1,000% committed to becoming a consistently profitable trader and this cite will doubtless help. Thank you! If you can advise on how I can get videos to load that error out, I'm all ears. It seems to random: some open, some don't.

 

Again, many thanks for a superb resource and forum for people like myself determined to succeed at this facinating challenge called daytrading.

 

cheers,

 

chris

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I was browing through amazon today and found an interesting book. (not available yet) Its called: "The Three Skills of Top Trading: Behavioral Systems Building, Pattern Recognition, and Mental State Management" by Hank Pruden. The review mentions alot on Wyckoff which grabbed my attention immediately.
I found the Amazon link, but nothing about Wyckoff.

 

It would certainly be an unusual combination as Wyckoff is very much a nuts & bolts type approach to the basic mechanics of trading; volume and price action. I've not seen too much bracketing his work with the psychological aspects of trading. Certainly the last of the three 'skills' seem to relate to that and possibly the first two as well. Still, would like to get a more detailed review of the contents.

 

Although I have most of the mandatory 'psychology of trading' type titles (Douglas et al), I don't now believe it has anything like the weight that is sometimes ascribed to it. You see some people suggesting trading is 80% psychological. Well, it certainly is when you're on a losing streak...the trick is to concentrate on reading the market right, working with basic setups and keeping it simple. Avoid the long or large losing streaks. And that's not a Catch-22.

 

Do you guys have any favorite trading books or any book you can recommend? Ive read a good amount of books so I am looking more related on strategies, concepts, etc... Thanks
Always an issue to recommend anything - as what might be a great book for me could well leave you bored beyond belief. But I've yet to find a book that hasn't given me something. So, those that have helped me shape my strats and help me form better concepts than I had, and on a strictly caveat emptor basis, here goes.

 

Options as a Strategic Investment Lawrence McMillan

There's an awful lot of market savvy in this book that goes much deeper and far beyond mere options strats.

 

The Profit Magic of Stock Transaction Timing J.M. Hurst

I'm a bit of a cycles man and this really hits the spot. For those less inclined to what might be considered the more esoteric aspects of trading, there is also a good deal of basic insight into the mechanical structure of the markets. Such as the days of the week that favour Longs and Shorts - and standing on the sidelines. And even the best hours of those days.

 

Geometry of Stock Market Profits Michael Jenkins

Falls into the same category as the previous title. Possibly a little more 'out on the edge'!

 

All About Technical Analysis Constance Brown

Mind blowingly cool book. Almost didn't buy it as the title indicated it might be 'a bit basic'. It was, but in incredibly unexpected and useful ways. You sometimes need to go back a step to realise just how much you've never thought of thinking about when trading the markets. Definitely a concepts book primarily, but as with all major learnings at basic concepts level, it can't help but make you review your strats. Seriously, if you have to die at your screens clutching one book...Actually, I don't want anyone else to have this information. Rubbish book. Waste of time and money. Don't buy it.:D

 

The NASDAQ Trader's Toolkit M. Rogan LaBier

Pretty specific and pre-decimal, but good stuff on plays and spoofing.

 

The Market Maker's Edge Josh Lukeman

This is the book you want to be clutching in your other hand as the grim reaper comes for you at your screens. Absolutely priceless for micro-timing and enhancing existing strats.

 

Technical Analysis of the Financial Markets John J Murphy

Sorry, I know it's a 'standard' text, but so few who claim to have read it actually have. Even those that have it in their library. It's NOT a reference guide. It provides a solid basis in the underpinning of any trader's strategies and methods. Even if you want to go one step further and trade the traders' motives and intent, you still need to know what THEY are thinking to do that. This book tells you what the majority are thinking in any specific situation and you can then work your strat on the back of that.

 

James, it’s strange to go through my hardcopy and e-libraries and find so few that meet your very requirements of being strategy and concept specific. Maybe others can add?

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Do you guys have any favorite trading books or any book you can recommend? Ive read a good amount of books so I am looking more related on strategies, concepts, etc... Thanks

 

 

The Nature of Risk - Justin Mamis, this book reframed how I though about trading, much like how Slansky's books did related to Poker.

 

Trading Day by Day- Chick Goslin, First part of this book is the essence of how a professional futures trader should look at the market.

 

Enhancing Trader Performance- Brett Steenbarger, The real challenge with trading successfully over an extended period of time (consistently) is preparation and discipline. This book and the authors blog (traderfeed.blogspot.com) is the finest combination of resource one can find to explore this topic (and trading in general).

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TheBramble,

 

The book should cover Wyckoff stuff since that is Hank Pruden's forte. He's been teaching the Wyckoff way at Golden Gate University for years. Check out the following link for a couple Pruden articles.

 

http://www.traderslaboratory.com/forums/6/ant-what-do-you-think-about-865-2.html#post3596

 

Ant,

 

Is he connected with the Wyckoff course given by the Stock Market Institute? They have a course which has gotten some good reviews but is rather expensive. I thought Hank Pruden was somehow connected to them as well, but I could be mistaken.

 

They say Tom Williams took the course early in his career, (at least that is what they claim over at T2W):

 

Trade2Win Boards - Wyckoff

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Ant,

 

Is he connected with the Wyckoff course given by the Stock Market Institute? They have a course which has gotten some good reviews but is rather expensive. I thought Hank Pruden was somehow connected to them as well, but I could be mistaken.

 

They say Tom Williams took the course early in his career, (at least that is what they claim over at T2W):

 

Trade2Win Boards - Wyckoff

 

Dupaski, I doubt Pruden is associated with the SMI course. The Wyckoff SMI course was developed by Wyckoff himself with some recent updates by SMI. I own the course and it's excellent. I really like Unit 3 which are audio lessons. You can purchase the course in sections. The course takes about a year to complete, but the learning continues. Not sure if many Wyckoff students are actually trading profitably.

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Not sure if many Wyckoff students are actually trading profitably.
Ant, I'm sure that statement is true of any set of traders following any specific style or method. It's nothing to do with the style or method or the quality of training.

 

I guess that's one thing that a book or a course can't ever teach although it's often referred to.

 

If the SMI Wyckoff course takes a whole year to do then I have a feeling they've over-complicated it. Wyckoff doesn't need a year to explain. Takes years to accomplish expertise mind, but not learn the basics.

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well, well The Bramble - of Trade2Win shame. Still don't know what happened there -just saw you were struck off the register. I seem to remember you had some enlightening ideas - at least to me!

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well, well The Bramble - of Trade2Win shame. Still don't know what happened there -just saw you were struck off the register. I seem to remember you had some enlightening ideas - at least to me!
Hi, bobajob. Thanks for the kudos and for remembering some of the good stuff. I was apparently 'struck off the register' some time after I bid everyone a fond farewell. Seems they don't appreciate folk leaving of their own free will.

 

Still, being banned from t2w has a solid foundation here - almost a prerequisite I'd say.:cool:

 

Looking forward to particpating in this site as there are some quality topics and posters with which to work.

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The Three Skills of Top Trading looks interesting.

Anyone read Way of the Turtle yet? That and Taleb's Black Swan are next on my list.

The last new trader book i got was Evidence-Based Technical Analysis. I didn't even finish it, it seemed more a book about how "TA is nonsense" than what the title seems to suggest. Has some interesting primers on stats but that was about it.

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I wasnt too pleased with the reviews on Way of the Turtle.

 

I recently picked up Brett Steenbargers new book, Enhancing Trader Performance and I absolutely recommend it to all traders.

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There's a new book that is about to be published soon in US, "36 strategies for trading". I think it's similar to Art of War for traders but focus on market behavior and strategies to take different behaviors and conditions. I got a summary from a forum in Aussie and some in Amazon. I'm considering getting it unless someone already has a copy and can give us a review, much appreciated.

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Soul, I read "Way of Turtle", and to me it was an excellent book on Trend-following. It provides very realistic view on why Trend-following is hard to do and need a lot $$$$ to trade it right.

 

It is not as useful for intraday trader. But it did offer his view on different markets that is very useful to me.

 

Can you tell me what is the part that you do not like?

 

weiwei

 

PS: I like it personally, because I have spend mucho $$$$ from turtleXXXXX.com and end up have to toss it away.(look at how many $ sign, you can kinda guess the minimium price that i spend) Because it left out a few very important info until I find out that you need at least 200K to trade it succsessfully. The reason being that the account have to be able to withstand up to 40% draw down, and still have enough money to do position size up when the good signal comes in. Small account just can not do that. I hope this book will put those scammers out of business.

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Soul, I read "Way of Turtle", and to me it was an excellent book on Trend-following. It provides very realistic view on why Trend-following is hard to do and need a lot $$$$ to trade it right.

 

It is not as useful for intraday trader. But it did offer his view on different markets that is very useful to me.

 

Can you tell me what is the part that you do not like?

 

weiwei

 

PS: I like it personally, because I have spend mucho $$$$ from turtleXXXXX.com and end up have to toss it away.(look at how many $ sign, you can kinda guess the minimium price that i spend) Because it left out a few very important info until I find out that you need at least 200K to trade it succsessfully. The reason being that the account have to be able to withstand up to 40% draw down, and still have enough money to do position size up when the good signal comes in. Small account just can not do that. I hope this book will put those scammers out of business.

 

 

Hi weiwei,

 

Sorry.. I should of made it more clear. I have never read The Way of the Turtle. I was about to purchase it on Amazon but saw some negative review on it.

 

Im a little out of date with trading books. Havent been able to read as much as before lately. If anyone has a good recommendation please let me know. Thanks :)

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No worries man I forgot the LOL part. Kinda late for me to be posting. ha ha

 

I was just messing with you.

 

Have a good one, I have actually heard good things about that book myself.

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Beyond Greed and Fear

 

can't reccomend that book enough. I just started and it's primarily focused on traders, institutional managers (of all types) and investors. Basically the book goes over behavioral finance and all that psychological stuff we deal with everyday - and how the whole crowd deals with it as well. It's a far cry from an easy read, I consider myself a smart person and I plan on reading this book more than once to get the whole grasp but it is very intriguing.

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