another interesting one is "God in the Pits" ... by Mark Ritchie, always gets good reviews. Good story and anecdotes. I
My 2 cents: "Making Dough in Futures without really trying" by Hillary Rodham Clinton (best seller) "How I lost One Million Dollars for Dummies" by G&H publishing Hope this helps
Again, good list. The books that I have read and still refer to from time to time are: 1. The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities - Alan S. Farley; Hardcover . You can also get some free articles are his web site: http://www.hardrightedge.com/tw.htm 4. High Probability trading - Marcel Link; Hardcover 10. Trade Your Way to Financial Freedom - Van K. Tharp, K. Tharp; Hardcover 12. How to Take Money from Wall Street: Learn to Profit in Bull and Bear Markets - Tony Oz 15. Japanese Candlestick Charting - Second Edition - Steve Nison; Hardcover 16. Reminiscences of a Stock Operator 17. The New Market Wizards "How I Made $2,000,000 in the Stock Market" by Nicolas Darvas. In this book, it is not the trading method itself that is important, but how Darvas methodically developed his own trading method to fit his personality and risk tolerance. "Trading in the Zone" by Mark Douglas "The Psychology of Trading" by Brett N. Steenbarger "Come Into My Trading Room" by Dr. Alexander Elder has some good points. I use the 80-20's Strategy from "Street Smarts" by Laurence Connors and Linda Bradford Raschke from time to time. Charles
In my opinion, either that book or Dr Elder's earlier book "Trading For A Living" (better yet, read both) should be required reading for anyone who is dreaming about making it as a private trader - not because of his Triple Screen system or his proprietary indicators, but for his hard-headed advice about the psychology of trading and the buckets of cold water he pours on the heads of those who are unrealistic about what it takes to make it in this business. Start there, then spend some time reading everything else you can get your hands on about trading. Figure out what style appeals to you - discretionary or system trader? Trend follower, swing trader, scalper, stock picker, spreader? Do you picture yourself digging into serious math and developing intricate option strategies, or sitting glued to a screen throughout the day following every tick? What is your personal tolerance for risk? What kind of returns are you looking for? How much capital do you have? Do you want to make a living from trading or will you be doing this on the side? Once you've focused on a particular style, read more specialized books that pertain to that area. And at some point you actually have to put some money down and trade, and take some losses. It's like sex - you can't master the subject just by reading about it.
Hi Diode, I bet you also read the posts of a rather serious ET-guy of a few days ago saying that Elder's algorithms didn't make money. What I learned is that if you don't have the right algorithm and the right "proprietary indicators", buckets full of cold water and the best psychology are not going to make up for it. FWIW, my advise, don't read Elder's pipedreams before you found and tested working algorithms and "proprietary indicators" as mentioned by Diode. nononsense
If your objective is entertainment...books are fine.... However...not one...not one of the authors will be able to prove that they have ever made any money... The only proof is in daily blotters..monthly statements..... Books are worth prices relating to theatre tickets...the entertainment lasts about the same length of time...depending on how fast you read... You must spend your time seeking out someone who makes money now...who is willing to help you... This is a tough task...but it is just the way it is.... You can buy hope cheap..but hope can turn out to be very expensive for you....
OTOH, drprotrader's advice might carry a bit more weight if there were some evidence that he were making money as well. Otherwise, he may only be someone who was unable to translate the contents of a book into profits, as many traders have done. Trading requires study. The "book larnin'" is part of it.
OTOH, drprotrader's advice might carry a bit more weight if there were some evidence that he were making money as well. Otherwise, he may only be someone who was unable to translate the contents of a book into profits, as many traders have done. Trading requires study. The "book larnin'" is part of it. Just another bit of trite information...although the prior commentor suggests that books are useful...because many traders have turned their information into profits...is something that he cannot prove..... Again...the only real proof that you will find....is when you actually see the blotters/statements of someone who is actually trading...tough to do...but necessary... Imagine spending your future time, money and thoughts along a thought process that has never been proven or actually implemented...
Once one has traded for a while, he learns to determine the truth. Sometimes that truth comes from professional traders, sometimes from amateur traders, sometimes from recreational traders, sometimes from people who don't trade at all (e.g., behavioral finance). Whether one shows a profit or not is largely immaterial. Van Tharp is not a trader. He doesn't make a living off trading. Does that make all his views irrelevant? Of course not. Livermore made and lost several fortunes. Do his losses indicate that he knew nothing about trading? You sound like a very disappointed newbie who took bad advice because you didn't have the courage of your convictions. But that's hardly the guru's fault. Determine the truth on your own. Much of it can be found in books.