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Some highly recommended books
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Some highly recommended books

  #131 (permalink)
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for the uninitiated its better to start with auction theory books like Steidlmayer on Markets Amazon.com: Steidlmayer on Markets: Trading with Market Profile, 2nd Edition (9780471215561): J. Peter Steidlmayer, Steven B. Hawkins, Peter Steidlmayer, Steve Hawkins: Books before moving on to other stuffs.By the way Al Brooks book "Reading Price Charts Bar By Bar" is a good one for sure but a little advanced for the beginner.

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  #132 (permalink)
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Fat Tails View Post
To start with: All books are definitely worth reading and can be considered as classics.


Market Wizards

"Market Wizards" and "New Market Wizards" by Jack Schwager are both excellent books that give an overview of the biographies and trading methods of some of the top traders. Most astonishing is how different these guys and their methods are. Absolutely recommended reading. I have read the books twice.

However, these are not books on psychology.


Trading in the Zone

In my opinion the books "The Daily Trading Coach" and "Enhancing Trader Performance" by Brett Steenbarger and the books "The Disciplined Trader" and "Trading in the Zone" by Mark Douglas are amongst the best books that have ever been written on trading psychology.

So if you want to buy books on trading psychology, these are the books you are looking for. Fight the demons that prevent you from following your rules.


Reminiscences of a Stock Operator

This is a wonderful book written in 1923, something to read during a week-end, but again it is not a book on trading psychology.



Thanks... I always value your info....


AJ
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  #133 (permalink)
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tderrick View Post
I just picked up the Al Brooks book, "Reading Price Charts Bar By Bar". I think that will keep me busy for a while
studying the technical side of things.

I would like a book, also, for my mind.



What would be the better psychology book...


"Market Wizards" by Jack Schwager or...

"Trading in the Zone" by Mark Douglas or...

"Reminiscences Of A Stock Operator" by Edwin LeFevre


I eventually will have all of the above, but I need a good book for my trading mind now...


tia

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This thread has been merged into the existing Recommended Books thread.

-- Big Mike



BTW, I did not care for Trading in the Zone but many do. Market Wizards, and Market Wizards II, and Reminiscences of a Stock Operator are all must-reads.

Mike

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  #134 (permalink)
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Big Mike View Post
BTW, I did not care for Trading in the Zone but many do. Market Wizards, and Market Wizards II, and Reminiscences of a Stock Operator are all must-reads.

You know I was going to say the same thing but then I thought it must just be me. I didn't get much out of Trading in the Zone. Maybe I need to read it again. I saw Douglas on some WiseTrade TV and it really turned me off that he'd be associated with them. Plus he wasn't impressive. I've traded in the zone when everything goes well and I trade off intuition. IMHO it comes with lots of practice, not from reading a book. I could write about it but it's something someone has to experience. People can experience it in plenty ways, not just in trading. Giving a presentation to a large group, performing in a concert, playing a video game, playing in a sports game, etc. Sometimes I get into the zone just playing piano. I can play without making any mistakes and everything goes well. Then I snap out of it, and I start questioning what I'm playing and wondering which finger goes well and then the song falls apart. I play much better when I don't think and just play. And trading is similar.

And the comment about Market Wizards & the Reminiscences of a Stock Operator not being about psychology.. I think there is a lot of psychology in those books. It's been at least a year since I've read them, 2 years for Market Wizards. I think I'll read them again before reading any "new" books on trading.

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  #135 (permalink)
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cunparis View Post
And the comment about Market Wizards & the Reminiscences of a Stock Operator not being about psychology.. I think there is a lot of psychology in those books.

Agreed, they can have profound impact on how you view the market. There are many profound implications on strategy and psychology in the books. It is true, they are good entertaining stories as well, but there are so many profound sentences and statements in the books, it's just.. well... profound!

Mike

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  #136 (permalink)
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There are actually 3 Market Wizard books:
Market Wizards - first printed in 1989
New Market Wizards - 1992
Stock Market Wizards - 2001

This thread had me looking at them again and I've decided to re-read them (it's been so long I don't remember them!)
Has anyone come across the first one in digital format? Amazon only has #2 and #3 in kindle format.


Big Mike View Post
Moderator Note
This thread has been merged into the existing Recommended Books thread.

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BTW, I did not care for Trading in the Zone but many do. Market Wizards, and Market Wizards II, and Reminiscences of a Stock Operator are all must-reads.

Mike


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Something else

Even though completely non trading related.

From my point of view,
a book every trader should have read is DOSTOEVSKY, "THE GAMBLER".

It gives you a compelling inside in the mind of a gambler and serves as perfect warning to what your trading
and emotions while your trading should not be like.

Locust

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  #138 (permalink)
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Books by Ralph Vince on Money Management

As Dostoyevsky's book this one also deals with the risk of ruin, albeit in a slightly different fashion. Recommended read:

Ralph Vince: The Handbook of Portfolio Mathematics


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Thomas Oberlechner - The Psychology of the Foreign Exchange Market

It opened my eyes, showing the big players traders have no inherent advantage, except of the market manipulation for a very limited time.

Amazon.com: The Psychology of the Foreign Exchange Market (Wiley Trading) (9780470844069): Thomas Oberlechner: Books

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  #140 (permalink)
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Big Mike View Post
Moderator Note
This thread has been merged into the existing Recommended Books thread.

-- Big Mike



BTW, I did not care for Trading in the Zone but many do. Market Wizards, and Market Wizards II, and Reminiscences of a Stock Operator are all must-reads.

Mike

I found Trading In The Zone to be excellent for the psychological aspects of trading (the importance of truly thinking in probabilities and not just paying lip service to it). However it is repetitive and contains lots of needless waffle. I condensed the book into 6 pages of A4 which I sometimes re-read.


I don't much care for technical trading books. The Market Wizards books are great. Reminiscences of a Stock Operator (annotated edition very helpful for those aged under 100) is next. I'm gonna get Pit Bull on the strength of recommendations here. Beat The Forex Dealer also sounds like it might be a good read.

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