Some advice on that book, read it start to finish. Atleast twice, when you understand the basic concept of the book you can re-read the 'interesting' chapters
Depends on the commods you want to trade. There are some great books out there but none that will 'teach' you how to trade in my opinion. Some are treasures once you understand how to trade but are looking to refine your edge etc. I have read so many that it's worthless naming them but just read the classics and take your time, as in, enjoy reading them rather than rushing through hoping to get an answer. A favorite of mine is 'reminiscences'. Things that worked for me: 1) Hours in the markets (over 10k) - over time you develop a connection to the markets. 2) Continual learning - reading investment notes from esteemed investors and traders, following some brilliant people on twitter, reading a selection of blogs that get me to think and teach me. 3) Understanding macro themes and economic principles - where are we in the business cycle - what are the underlying themes - what are the developing themes? From there you can go to smaller time frames. If you are interested in oil, start with following John Kemp on twitter. He is a Reuters journalist and is an incredible source of information.
I haven't. (I think it was published too recently to have been part of my learning-curve at the time.) I found many trading textbooks a real slog, though, partly because English isn't my first language, and I wasn't nearly as fluent then as (I hope) I am now. But the difference between the overall quality of information in established, mainstream, orthodox, peer-reviewed textbooks published by established, mainstream, orthodox publishers and that of online trading-related "information" is absolutely huge. My own experiences may be unrepresentative and/or idiosyncratic, but I don't actually know any successful traders who originally learned from online sources.
Traders of the New Era should be in most libraries. A winning trader interviews others who are winning in modern times. Many good points covered. Special plug: Trade execution is covered in a way no other book that I know of does. Strong trade execution is often critical and is a plus, regardless.
You should order it, you wont regret it I promise here are the chapters taken from a pdf on Van Tharps homepage. http://www.vantharp.com/table-of-contents-definitive-guide.pdf
I’ve read dozens and dozens of books on the markets possibly over 100 covering options, futures, stocks, bonds specific commodities. A lot of trading books are filled with fluff and aren’t written by profitable traders. So I take everything I read with a grain of salt. I think the OP should find a way to read about multiple aspects of the market, psychology, systems, Etc. I find that if a book even has a few ideas worthwhile it’s may have been worth exploring I suppose that’s where I come from. I really don’t use the systems in any of those books. I also don’t believe one book will be sufficient knowledge about the markets either. I forget the name one of the best books was I read on PA seemed very elementary almost insulting elementary but into it I was like this is actually so elementary it’s so understandable. Lol. I found some of those books useful as an example of how people use systems, being aware of different time frames, being aware of Asia, European, US sessions, different trading methods even almost opposite work, misconceptions people have about markets, psychology, technical analysis, price action, fundamentals. I had a hard time finding decent stuff about FX. I found some of mcmillans work nice even though it was very textbook and geared towards options, but the chapters about statistics and standard deviations could apply to all markets. I looked at your list as I’m always willing to read more, what’s another few thousand pages after 10s of thousands. “Naked Forex” “Trading the ross hook up” Sound very appealing as they seem closer to the way I trade. No indicators, except B.B. only to see where standard deviation is and ATR but that’s just info not trading decisions made for me. I can agree that web based services may not be the best. Depending on level of skill I thought babypips was interesting in teaching certain things for a newbie, same with books however it’s not going to make one successful. In all honesty I agree with you that if 95% fail not to follow the masses. However watching how they fail could be a learning experience. I do enjoy using stocktwits, and looking at some of the trading systems in babypips forums to see what others are doing. I think avenues that would fail are potential learning avenues to explore but not follow to show the inside of how mass retail traders think. Just curious what time frame do you trade? And are you using currency futures? or have you opened up to other asset classes as well? I visited your post
Exactly my experience and attitude, too. I'm really difficult to teach, though: I tend to accept only what I've independently examined and verified (which has both advantages and some disadvantages). I think I "hear you", there, even without your specifying the book. I'm not sure I have a "favouite trading book". Michael Shermer's books have probably (indirectly) helped me most, in "learning what and how to learn". Al Brooks' trilogy of textbooks has (directly) helped me most in making a living, though I found studying them in detail very time-consuming. And for what it's worth, if anything, I think Thomas Bulkowski's big Encyclopedia of Chart Patterns is widely underrated, as there's certainly some interesting stuff buried in there. I trade from constant-volume charts, not timed charts. I trade what I suspect might be a slightly unusual combination of instruments: mostly NQ (Nasdaq futures), CL (oil futures), 6E (Euro futures) and 6B (Pound futures). I originally traded EUR/USD and Cable, as spot forex, gradually switched to their corresponding futures so as to be able to use volume (which made a significant, positive difference), and from there added NQ and CL, both of which I now prefer, overall.
AL BROOKS........His books and especially his updated video series. Absolutely the best material I have ever come across ! What he charges for it is peanuts compared to the wealth of knowledge he is providing ! Brutal to learn and takes a lot of time and dedication.....and 99% won't get through it.....but if you stick with it...you are richly rewarded.
Al Brooks material is the best. And the videos are the most accessible. Just don't expect trading with consistent profits to be learned in a few months. It's a journey that probably involves a substantial amount of personal change.