I have spent the last few days searching the forum for good books to read and I know this topic has been published already many times, but I was hoping to find kind of books I'm looking for in this thread. I don't believe in fib,eliiot waves,harmonic ,.. etc , i'd like to learn more in-depth about price action especially scalping. I have already read books about trading psychology and "Naked Forex: High-Probability Techniques for Trading Without Indicators" this book was amazing. However, it wasn't enough! I found a book called "Marcel Link - High probability trading" which many recommended in this forum, but I kinda lost faith in oscillators after reading some statistical records that proved that indicators don't actually work "self-fulfilling prophecy ". I'd really appreciate some good books to strengthen my knowledge into reading charts.
This thread might help/interest you: https://www.elitetrader.com/et/threads/day-trade-books-indications-price-action.319725/#post-4632211 And welcome to ET.
thanks, I have already got "Bob Volman - Understanding Price Action_ Practical Analysis of the 5-minute" based on your recommended books ( a comment of you I saw on a thread about your favorite books) I can't find any details about joe ross books content! and do they discuss the whole price action techniques or just a sub-category like breakouts?
There are very few books that talk about day trading. Perhaps I didn't look hard enough. So far I have seen one book that talked about day trading stocks. I can't remember the publisher and author's name I don't use any indicators for my day trading. I focus on price action
The reason that there is no effective day trading book is that there is not enough material -- it would be a daytrading *memo*. A day trading *pamphlet*. The bullet points in the day trading pamphlet would have -- be patient; cycle in; keep cash; No Free Lunch: reward follows risk. -- bracket-trade; insure reward*reward% > risk*risk% -- Telescope: know the news; know the market; know the underlying YoY,MoM,DoD,HoH -- T/A: Know price; know volume; know trend; know oscillations; long wicks = weak trends. That's it!
Volman, Brooks, Ross, and every other "price action" guru trade bars (or candles), not price, and bars are, like indicators, derivatives of price. If you want to trade price, then trade price, not bars or candles. If you'd rather trade bars or candles or even indicators, then you will more likely than not find yourself tumbling down the rabbit hole. The usual fallacies regarding cause/effect and correlation apply to "favorite books", i.e., I read/studied this book and my results improved and/or I became a successful trader, etc. However, the "success" may have had far less to do with the book than with the period spent studying the market -- and price action -- as a result of reading or having read the book. IOW, reading the book but not going through the stage of studying price action itself is not likely to make much difference with regard to one's results (which is often the chief cause of complaints about having read such and such and tried it for a few days and had no success with it at all). And given the torture than some of these books represent, the beginner is far more likely to achieve a successful result -- and a more enjoyable one -- if he studies the object of his quest, i.e., price movement, than if he spends/wastes a lot of time slogging through book after book. You're going to have to study the actual price movement anyway, eventually, so the sooner you get to it, the better. Yes, a book or books can guide you and show you what to look for, but this needn't take hundreds of pages and truckloads of gobbledygook. The most important elements of what to look for can be covered, like Tom says, in a pamphlet. If you have no idea what the difference is between trading price and trading bars, I suggest you read this thread. It's short, sweet, clear, and painless. And you'll understand far more about what it means to "trade price" than most beginners do. And you won't be spending hundreds of unnecessary dollars on books. As for how to study price, I suggest you consult the pdf attached to the bottom of this post. It too is short and painless.
"The Adventures of Pinocchio" by all means. It was a prototype of all trading books where to young inexperience morons someone explains how to raise a tree of the gold coins.
The best book imo is not a book per se but trading software where you can code algorithms and perhaps perform backtesting. Books will give you tips here & there but learning to code will allow you to experiment on theories and create your own buy / sell / selection criteria. I own scores of trading books plus have borrowed from the public libraries scores more, but this I can say, most books I have only read once and then put aside, but in my case Amibroker, I have never got tired of creating algos which have taught me how to become a more efficient trader. There is a downside, a book may cost me $50-$100, trading software will be maybe a few hundred and data each year will be probably another few hundred $.