All the books mentioned here are great, but I should mention that a person with little experience will not be able to fully appreciate the details that lie within each book. Before I started trading actively I read Reminiscences... and The Disciplined Trader on the advice of another trader and personally I didn't gain much from reading. I thought they had some good advice, but without any actual experience I just couldn't relate to it. After trading several months and losing money, I went back and reread those same books. I was amazed by how much new info I picked up that I simply didn't understand the first time I read them. In fact, I still reread Reminiscences regularly. I must have read the book like 100x but its just that good and has so many insightful comments.
This one can be read, studied, and reread periodically and never grows old for a market technician: How I made $2,000,000 in the Stock Market by Nicholas Darvas (and his other three books if you can find them).
That is one of the most astute revelations (and advice) that anyone can offer. Bravo. I agree with you 110%. And....that..... is the most probable answer to what is a great trading resource. A book that when one returns to it's pages, again and again... yields another hidden pearl, a more brilliant jewel that previosuly went undiscovered, unnoticed or as you say... not fully understood or comprehended for the simple richness and depth of enlightenment contained therein. I don't think my seeming hyperbole is far from the truth. And... the probable reason is found in our own life experience wherein most have come to know that... the more wisdom one gains the more one realizes how little we knew (or admitted) to ourselves before, and 2. how very much more we still can learn in this life. But frankly, I think either Socrates or Confuscious might have said something like that before me. :eek: Iceman
Yeah, let's get it straight. You read through a whole book, and maybe you get one idea that you can work into your life. Sometimes it's exactly opposite of what the author thinks. The Disciplined Trader changed my whole life. I read it after I had gone broke. That's where I first realized that how I think affects my profits. See, I was taking trades based on how much pain I could stand, not on how much profit I could gain.
1. Lose money first. I mean it-- I didn't figure out anything until I had actually traded some, and gone back to the books.. Philosophy, etc: Fooled by Randomness, Nassim Taleb Education of a Speculator, Niederhoffer (and after you finish it, go read about his blowups) General: International Financial Markets, J. Orlin Grabbe Capital markets Revolution, Patrick Young TA: 1. Design, Testing, and Optimization of Trading Systems, Robert Pardo 2. Campaign Trading, Sweeney 3. Trading for a living, Elder 4. Master Swing Trader, Farley -- His 'Polonius' authorial voice is bewildering, but after a couple of reads I started to get it. In terms of $$ effect, this was the big one.
"THE INNER GAME OF TRADING", by Robert Koppel and Howard Abell. I think this is a very good book on the psychology of trading, very practical, and not so theoretical, with many interactive, workbook-like sections.