Which trading book should I get?

Discussion in 'Educational Resources' started by V-Viper, Jan 17, 2004.

  1. V-Viper


    Well I am new to this trading thing so I have been looking for some good books to buy. I checked the review section of the site and came upon the book:

    Trade Your Way to Financial Freedom

    I went on Amazon to check out the price and found out there is another verson:

    Financial Freedom Through Electronic Day Trading

    The first one got great reviews on this site, but the Electronic Day Trading one is not reviewed. I was just wondering if the Electronic Day Trading one is any better, as I'll be using the computer for trades. Just want to make sure its not a lemon.

  2. Vishnu


    Buy, "Trade Like A Hedge Fund" by James Altucher (me) coming out in March, 2004. Quite possibly the worst book about trading ever (gratuitous self-effacing) but each technique in the book I have used successfully (perhaps I am "Fooled by Randomness" as Nassim Taleb's book would suggest).

    I also don't think you can go wrong by studying the Gil Blake or Monroe Trout chapters in "New Market Wizards". "Wiped Out" by Anonymous in 1965 also not so bad. Best biography: "My Story" by Baruch. Maybe second best is "Pit Bull" by Schwartz (although people say its no longer possible to do what he did I don't believe that). Up there also is "Confessions of a Street Addict" by Cramer. "You can be a stock market genius" by Greenblatt is great but more of an investing book than a trading book. To trade the best thing to do is master the psychology and don't lose too much money when starting out. Always know you can make it back later if you cut your losses right now and wait for a fat pitch. Use my book to find a fat pitch (shameless, shameless!).
  3. V-Viper


    LoL, ok I'll think about it.

    BTW those 2 books are from the same author thats why I'm so :confused: of which one to pick.
  4. dbphoenix


    Don't buy any of them. Get them from your library or through interlibrary loan. If you find one you can't do without, buy it. Otherwise, use the money to fund your account.
  5. mokwit


    Buy High Probability Trading by Marcel Link - its the book I wish I had when I started out. Financial Freedom is not bad but HPT is better IMHO
  6. GGSAE


    Since you're starting off...."The Compleate Guide to Trading Stocks" (that is how it's spelled) by Jack Bernstein will get you started
  7. The first books a NEW trader should read are

    Stan Weinstein - Bull/Bear markets

    William O'Neil - how to make money in Stocks (good idea to at least see his views on fundamentals, whether you use it or not is up to you)

    Nick Darvas

    Jesse Livermore

    Market Wizards 1, 2

    Pit Bull

    John Murphy - Tech Analysis of Fin. Markets - required textbook for CMT exam and good overall book for tech. analysis principles

    STAY THE F*&& AWAY from titles that closely sound like "Day Trade tactics", "daytrader secrets" or anything else, all garbage

    start with the above titles

    just my opinion
  8. dbphoenix


    :D LOL!! Like I said . . .
  9. I agree with the books billpritjr listed. I would also add (off the top of my head):

    "Investment Psychology Explained" -- Martin Pring

    "A Beginner's Guide to Short-Term Trading" - Toni Turner

    "Stock Market Wizards" - Jack Schwagger

    "Battle for Investment Survival" - GM Loeb

    "Trader Vic - Methods of a Wall Street Master" - Victor Sperandeo (sp?)

    Ultimately, you're going to learn the most from actually trading but some of these books may at least give you some base of knowledge.

    steinberg likes this.
  10. If you get 1 idea from a book, then I consider it worth reading. For example, some people aren't big fans of Velez & Capra but I felt I did get some ideas from reading their book. Here are some other books that I have found at least somewhat useful:

    "Tools and Tactics for the Master Day Trader" -- Oliver Velez & Greg Capra

    "How to Trade in Stocks" -- Jesse Livermore

    "Reminiscences of a Stock Operator" -- Edwin LeFevre

    "Trading for a Living" -- Alexander Elder

    "Timing the Stock Market" -- Colin Alexander

    "Big Trends in Trading" -- Price Headley

    "Technical Analysis of the Financial Markets" -- John Murphy

    "Exceptional Trading: The Mind Game" -- Ruth Barrons Roosevelt

    "12 Habitudes of Highly Successful Traders" -- Ruth Barrons Roosevelt

    "How I Made $2,000,000 in the Stock Market" -- Nicolas Darvas

    "Trading in the Zone" -- Mark Douglas

    "Japanese Candlestick Charting Techniques" -- Steve Nison

    "Trend Watching" -- Ron Insana

    "The Mind of a Trader" - Alpesh B. Patel

    "Investment Madness: How Psychology Affects Your Investing . . . And What to Do About It" -- John R. Nofsinger

    "Guerilla Investing" -- Peter Siris

    "The Right Stock at the Right Time" -- Larry Williams
    #10     Jan 17, 2004
    steinberg likes this.