This section is actually more important than most traders realise; which books have impacted your trading the most? Here are a few that I consider indispensable to me and my trading journey.
Not in any particular order- just all great reading, that changes the way you think about things:
- “Naked Forex” is a book about forex trading that focuses on the use of simple, price-based trading strategies without the use of indicators or complex chart patterns. The authors, Alex Nekritin and Walter Peters, present a step-by-step approach to analyzing forex markets, identifying high-probability trade setups, and managing risk. The book emphasizes the importance of understanding market structure, including support and resistance levels, trend lines, and price action patterns. The authors also provide practical guidance on trade entry and exit, stop loss placement, and trade management. “Naked Forex” is written in a clear and concise style, with numerous examples and charts to illustrate the concepts and strategies presented. Overall, the book offers a refreshing and straightforward approach to forex trading that can be helpful for both novice and experienced traders.
- “Thinking in Bets” by Annie Duke is a book about decision-making and risk-taking that applies the principles of poker to real-life situations. The author, a former professional poker player, discusses how to make better decisions by considering probabilities and uncertainty, and by being open to changing course when new information arises. She offers practical techniques for overcoming cognitive biases, making sound decisions in high-pressure situations, and learning from both successes and failures. The book is written in an engaging and accessible style, with numerous examples and anecdotes drawn from the author’s experiences as a poker player and consultant to businesses and organizations. Overall, “Thinking in Bets” provides valuable insights and strategies for making better decisions in all areas of life, including business, personal relationships, and financial planning.
- “Pit Bull” is a book by Marty Schwartz, a successful trader who made his fortune in the futures market. The book is a memoir of Schwartz’s trading career and provides insights into his trading philosophy and strategies. The author discusses his early experiences in the market, his approach to risk management, and his techniques for analyzing market trends and identifying profitable trades. The book is written in an engaging and personal style, with numerous anecdotes and examples drawn from the author’s experiences. Overall, “Pit Bull” offers valuable lessons and inspiration for traders looking to improve their skills and achieve success in the market.
- “Long-Term Secrets to Short-Term Trading” is a book by Larry Williams, a well-known trader and author. The book provides practical guidance on how to make profitable trades in the short term while still keeping a long-term perspective. Williams emphasizes the importance of risk management, and provides strategies for identifying market trends, using technical analysis, and making sound trading decisions. The book also includes detailed examples and charts to illustrate the concepts and strategies presented. Overall, “Long-Term Secrets to Short-Term Trading” is a useful resource for traders looking to improve their skills and achieve success in the fast-paced world of short-term trading.
- “The Complete Turtle Trader” by Michael Covel is a book that tells the story of a group of novice traders who were trained by legendary commodities trader Richard Dennis. The book provides insights into the trading philosophy and strategies of Dennis, as well as the experiences of the traders he trained, who became known as the “Turtle Traders”. The author discusses the importance of discipline, risk management, and trend-following strategies, and provides practical advice on how to apply these principles in the markets. The book is written in an engaging and accessible style, with numerous anecdotes and examples drawn from the experiences of the Turtle Traders. Overall, “The Complete Turtle Trader” offers valuable lessons and inspiration for traders looking to improve their skills and achieve success in the markets.
- The “Market Wizards” series is a collection of books by Jack Schwager that feature interviews with some of the world’s most successful traders and investors. The books provide insights into the trading philosophy and strategies of these traders, as well as their experiences and lessons learned in the markets. The interviews cover a wide range of topics, including risk management, technical analysis, and market psychology. The series includes several volumes, each focusing on a different group of traders, such as commodity traders, hedge fund managers, and stock market traders. The books are written in an accessible and engaging style, with numerous examples and anecdotes drawn from the experiences of the traders interviewed. Overall, the “Market Wizards” series is a valuable resource for traders and investors looking to gain insights from some of the most successful practitioners in the markets.
Each one of the books brings a different aspect to the entire process of trading, from psychology to technical analysis, to simply seeing how others do it.