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Some highly recommended books

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  #301 (permalink)
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Have to say that I greatly oppose many things Taleb has said, and for the same reason, I've never bought any of his books.

Don't really understand how you can oppose an author if you haven't read his books.

However, Taleb did mention in Antifragile that he had a number of academic enemies/detractors, which he had never, ever experienced in business. As you are located in Cambridge, you may be one of them.

But it would be a shame if someone who knows nothing about Taleb read your review and because of it, decided not to read Antrifragile. It is among the best books I have ever read in my life.

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  #302 (permalink)
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plethora View Post
Don't really understand how you can oppose an author if you haven't read his books.

However, Taleb did mention in Antifragile that he had a number of academic enemies/detractors, which he had never, ever experienced in business. As you are located in Cambridge, you may be one of them.

But it would be a shame if someone who knows nothing about Taleb read your review and because of it, decided not to read Antrifragile. It is among the best books I have ever read in my life.

@plethora: I do understand the comments of @artemiso. Although I enjoy reading the book, I do not always agree with the author. He glorifies practitioners and vilifys all sorts of academics, maybe with the exception of the serious ones who have engaged in physics and not such occult pseudo-sciences as economics. By doing this his own approach is very academic. There is no Greek or Latin philosopher who is not cited in order to show the superiority of the ancient culture to modernism. In fact he uses his superior education to bedevil education, is n't this hypocrite?

Nevertheless, I enjoy reading the book and do recommend it, because it is thought provoking. It has simply lot of good stuff to think about. When thinking about it, I find that part of Talebs findings are exaggerated or lack the riguor that I had expected. Some of the examples chosen are rather exceptions than the rule, and he only leaves me half convinced. Taleb uses associations in a very undisciplined way. Transposing his concepts into all corners of economic and academic life does not really work, and the challenge when reading the book is to separate the wheat from the chaff.

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  #303 (permalink)
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plethora View Post
Don't really understand how you can oppose an author if you haven't read his books.

However, Taleb did mention in Antifragile that he had a number of academic enemies/detractors, which he had never, ever experienced in business. As you are located in Cambridge, you may be one of them.

But it would be a shame if someone who knows nothing about Taleb read your review and because of it, decided not to read Antrifragile. It is among the best books I have ever read in my life.

I have read his papers.

Most finance and economics professors that I am connected with are involved in industry and policymaking on a day-to-day basis, so I think the distinction between "academicians" and "practitioners" is inappropriate. There's also a good portion of "academicians" who were previously "practitioners", but quit because they were tremendously successful; feel they've had achieved their monetary goals, and wish for the autonomy and intangible reward of educating young minds.

Sure, one should read whatever he likes and form his own critical judgments.

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  #304 (permalink)
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I know this thread is about highly recommended books, but people coming to this thread may also be open to hearing negative reviews. With that in mind, I just finished Amazon.com: Market Mind Games: A Radical Psychology of Investing, Trading and Risk (9780071756228): Denise Shull: Books

It approaches the subject of trading psychology from the point of view that emotions and feelings must be understood and analyzed. Rather than other books which approach it from the perspective of overcoming and conquering feelings and emotions. Although I agree with the premise, I was really disappointed with the book for a few reasons:
  • A big pet peeve of mine. Constant grammatical errors. I dont care if it's just a book about trading rather than a novel. If you're publishing a 'proffessional' piece of literature to the world. Make sure it gets edited properly
  • Instead of a book filled with insights and advice on trading psychology, the author jumps between sections of advice and telling a vague story which is suppose to illustrate her theories, but just adds unneccesary fat to the book and takes away from the advice itself
  • I tend to make notes when reading these kinds of books so at the end im left with a summary of the key concepts. I could count on one hand the number of times I picked up a pen to make notes. This book could have been 20 pages. The rest is fluff.
  • I was left at the end of the book wondering if it was suppose to be a (badly) written novel or a book written for serious traders. Instead it tried to do both but missed the mark on both accounts. I kept on waiting to get to the meat of the book, but it never happened.

With all of that said, Denise knows her stuff and has some good ideas. But I feel this book is a terrible attempt at putting those ideas into writing.

If you're looking for a book on trading psychology (either that approach it from suppressing emotions, or from embracing them), there are better books out there.

Just my opinion.

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  #305 (permalink)
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DarkPoolTrading View Post
With all of that said, Denise knows her stuff and has some good ideas. But I feel this book is a terrible attempt at putting those ideas into writing.

Harsh but fair. Like my missus.

I was even tempted to offer my (non-existent) editing skills!

Still, I do feel the key idea of being aware of feelings rather than trying to block them is now a fundamental. All the latest brain stuff does tend to show we got a lot wrong in the last 50 years regarding between the ears functioning.

Now just how do I get access to them.... darn it.

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  #306 (permalink)
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DarkPoolTrading View Post
I know this thread is about highly recommended books, but people coming to this thread may also be open to hearing negative reviews. With that in mind, I just finished Amazon.com: Market Mind Games: A Radical Psychology of Investing, Trading and Risk (9780071756228): Denise Shull: Books

It approaches the subject of trading psychology from the point of view that emotions and feelings must be understood and analyzed. Rather than other books which approach it from the perspective of overcoming and conquering feelings and emotions. Although I agree with the premise, I was really disappointed with the book for a few reasons:
  • A big pet peeve of mine. Constant grammatical errors. I dont care if it's just a book about trading rather than a novel. If you're publishing a 'proffessional' piece of literature to the world. Make sure it gets edited properly
  • Instead of a book filled with insights and advice on trading psychology, the author jumps between sections of advice and telling a vague story which is suppose to illustrate her theories, but just adds unneccesary fat to the book and takes away from the advice itself
  • I tend to make notes when reading these kinds of books so at the end im left with a summary of the key concepts. I could count on one hand the number of times I picked up a pen to make notes. This book could have been 20 pages. The rest is fluff.
  • I was left at the end of the book wondering if it was suppose to be a (badly) written novel or a book written for serious traders. Instead it tried to do both but missed the mark on both accounts. I kept on waiting to get to the meat of the book, but it never happened.

With all of that said, Denise knows her stuff and has some good ideas. But I feel this book is a terrible attempt at putting those ideas into writing.

If you're looking for a book on trading psychology (either that approach it from suppressing emotions, or from embracing them), there are better books out there.

Just my opinion.

Thanks @DarkPoolTrading ! It's on my list to get this book but now I will remove it.

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  #307 (permalink)
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I just finished the book and am very impressed by the author's work. I was afraid the book would serve mainly as an advertisement for his proprietary Weis Wave but that is not the case. Mr. Weis has created an extremely useful guide to market interpretation using the methods of Richard D. Wyckoff. The book covers Wyckoff both in the original and as adapted by modern charting technology. The main emphasis is attempting to discern the tale the market tells by price and volume and the book abounds with detailed examples. The goal is to find which side, buyers or sellers, is gaining control and to spot points where trades can be enterd with minimal risk and maximal potential reward. Anyone who is interested in using Wyckoff analysis to trade the markets should consider adding the book to his library. The Look Inside feature at Amazon offers a good glimpse of the book if you want to get a feel for the material: Amazon.com: Trades About to Happen: A Modern Adaptation of the Wyckoff Method (Wiley Trading) (9780470487808): David H. Weis, Alexander Elder: Books

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Trades About to Happen by David H. Weis

David Weis will be on futures.io (formerly BMT) for our 4-year anniversary in June, along with around 15 other speakers. We will be giving away 10 autographed copies of his newest book.



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  #309 (permalink)
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Did anyone here read the book recommended by FT71 - The Power of Habit.

I'm

This has been the best book I've read about how our minds work.
I believe it's safe to say it's even better than Steenbarger's books.
For those that for some reason just can't stop making the same mistakes over and over I highly recommend this book.

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  #310 (permalink)
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arnie View Post
Did anyone here read the book recommended by FT71 - The Power of Habit.

I'm

This has been the best book I've read about how our minds work.
I believe it's safe to say it's even better than Steenbarger's books.
For those that for some reason just can't stop making the same mistakes over and over I highly recommend this book.

Good to hear. Ill be starting the book in a week or so. Just busy finishing off the one im currently busy with.

Looking forward to it. Im a HUGE fan of Steenbarger. If trading psychologists had groupies, it's safe to say I would be one. lol. So if you say this book is on par or better, that's very intriguing.

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  #311 (permalink)
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arnie View Post
Did anyone here read the book recommended by FT71 - The Power of Habit.

I'm

This has been the best book I've read about how our minds work.
I believe it's safe to say it's even better than Steenbarger's books.
For those that for some reason just can't stop making the same mistakes over and over I highly recommend this book.

We are giving away ten autographed copies of this in FT's June webinar.

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  #312 (permalink)
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DarkPoolTrading View Post
Good to hear. Ill be starting the book in a week or so. Just busy finishing off the one im currently busy with.

Looking forward to it. Im a HUGE fan of Steenbarger. If trading psychologists had groupies, it's safe to say I would be one. lol. So if you say this book is on par or better, that's very intriguing.


Yeah, Steenbarger's books are mandatory. They are the best trading psychology books I've ever read.

The Power of Habit goes a bit deeper, or better said, it can go to our most ingrained behavior, why we do the things we do and gives actually examples how to solve some of those behaviors (ie. habits).

If you can find the cue, that thing that triggers your nasty habit, you'll be able to change the routine that leaves to the reward that you get from your habit.

Biting nails, smoking, drinking, all example of habits. For each of them there's a cue, that one thing that triggers the routine of biting, drinking or smoking. Identifying that cue, you'll be able to act on it and change it.

It's not a question of you "delete" a habit you have. It will be almost impossible to do that, but you can certainly change it.

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New poll, please vote and discuss.

How many trading books have you read?

Total votes: 256
 


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  #314 (permalink)
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21-50, unfortunately would only recommend a handful to a new trader: fwiw
1) Rollo Tape by Wyckoff
2) Steenbarger (any title, take your pick)
3) Trading in the Zone, Mark Douglas

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arnie View Post
Did anyone here read the book recommended by FT71 - The Power of Habit.

I'm

This has been the best book I've read about how our minds work.
I believe it's safe to say it's even better than Steenbarger's books.
For those that for some reason just can't stop making the same mistakes over and over I highly recommend this book.

Arnie,

I note your 'in a meditative state' so couldn't resist suggesting an even better book than The Power of Habit for you! Nothing much wrong with book really, but like so many other pop psychology books I have read it follows the typical rehash of findings/anecdotes/etc that New York Times bestsellers are made of. And not really deep enough for lasting value IMHO.

The book I would recommend to you and all deals with mindfulness which is the tool you can use to tackle a wide range of trading obstacles, like bad habits, and the book contains a wealth of knowledge on such. Here's the book link. A very cheap book with an amazingly high return on investment if anyone puts in the effort. Or, like those NYT bestsellers you can read through once and get on with the next one.

Mindfulness: An Eight-Week Plan for Finding Peace in a Frantic World

My vote for most highly recommended book of all time! Read the Amazon reviews. And Goldie Hawn has made good use of book for her wonderful mindfulness in schools charity work. Mindfulness is very relevant to trading.

Richard
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New poll, please vote and discuss.

I just did a quick tally. I've read 27 books that are strictly trading related. However since those 27 i've moved onto other things. I've found myself going through the journey that most traders are aware of when it comes to trading books:

- I initially started with technical and indicator focused books.
- I then moved onto system, algo, auto-trading etc books
- I then moved onto trading psychology
- Im now reading books on general self improvement (and self awareness) which are not specific to trading. As well as biographies or history books which focus on successful people and what they did in their lives to become successful.

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  #317 (permalink)
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Arnie,

I note your 'in a meditative state' so couldn't resist suggesting an even better book than The Power of Habit for you! Nothing much wrong with book really, but like so many other pop psychology books I have read it follows the typical rehash of findings/anecdotes/etc that New York Times bestsellers are made of. And not really deep enough for lasting value IMHO.

The book I would recommend to you and all deals with mindfulness which is the tool you can use to tackle a wide range of trading obstacles, like bad habits, and the book contains a wealth of knowledge on such. Here's the book link. A very cheap book with an amazingly high return on investment if anyone puts in the effort. Or, like those NYT bestsellers you can read through once and get on with the next one.

Mindfulness: An Eight-Week Plan for Finding Peace in a Frantic World

My vote for most highly recommended book of all time! Read the Amazon reviews. And Goldie Hawn has made good use of book for her wonderful mindfulness in schools charity work. Mindfulness is very relevant to trading.


Many thanks Richard

It's already on my Kindle
Looking forward to start reading it, after I finish the Power of Habit.

Yeah, I'm in the process of slowing myself down since things health wise have not been great lately.
Been losing weight month after month.
Been at the hospital doing exams day in day out and all seems to be fine.
Apparently it's all about my nervous system and my high metabolism that is messing with my stomach and intestines, putting them in such an acidic state far above the body was build to deal with. I'm not been able to absorb the necessary nutrients and that's why I'm in the state I am, go figure.

It's not been easy. There are days that all you eat seems to make you feeling worst.

So I'm trying to slow down but it's not been easy. How in gods name to you control your nervous system when you have no sense that you are nervous?

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  #318 (permalink)
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arnie View Post
Many thanks Richard

It's already on my Kindle
Looking forward to start reading it, after I finish the Power of Habit. ... ...
... ...
So I'm trying to slow down but it's not been easy. How in gods name to you control your nervous system when you have no sense that you are nervous?

Arnie, download the guided meditation MP3s from the website link in book and get started. You can do the 'Three Minute Breathing Space' meditation many times a day as needed. You control your nervous system by being aware of how it is working. Slowing down, yes, and being mindful (more aware) in the process.

Too much New Age for most (although very old in fact), but look up some books on Internal Family Systems and Jungian Archetypes (parts psychology) that may help too.

Wishing you well. Good health is a prerequisite for trading too of course.

Richard
Hong Kong
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  #319 (permalink)
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The rule of thumb is less is better.

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  #320 (permalink)
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Has anyone read The Intelligent Investor by Benjamin Graham? I don't remember it being mentioned in the previous posts in this thread. If you're one of the people who has read it, would you recommend it?

PS: A lot of the posts that use only images of the book cover in the earliest posts don't seem to work for me...so no clue what those books are ><

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ZarethKnyght View Post
PS: A lot of the posts that use only images of the book cover in the earliest posts don't seem to work for me...so no clue what those books are ><

That is why I created the image cacher (see changelog thread), so externally hosted images will now be cached and saved on futures.io (formerly BMT) servers so that they never expire, go missing, etc. Can't fix what's in the past, but can prevent it going forward.

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ZarethKnyght View Post
Has anyone read The Intelligent Investor by Benjamin Graham? I don't remember it being mentioned in the previous posts in this thread. If you're one of the people who has read it, would you recommend it?

PS: A lot of the posts that use only images of the book cover in the earliest posts don't seem to work for me...so no clue what those books are ><

I read The Intelligent Investor about 3 years ago. It's a heavy read. Not something I would advise reading just before bed. I found it interesting but mostly I struggled to get through the very dense and boring style of writing.

I have since completed a 2 year certification in investment analysis and portfolio management. So if I had to read it again I would probably appreciate it a lot more than what I did back then. Unfortunately back then, I probably didn't gain a whole lot from it. And would expect a similar result from anyone who hasn't had some level of basic study in the world of investing.

ps. This forum is generally focused on trading. So I would be surprised if you find very many people that have read it.

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  #323 (permalink)
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If your talking about psychology books, then The Willpower Instinct: How Self-Control Works, Why It Matters, and What You Can DoTo Get More of It should definitely be on your radar.
Quoting 
[Written by] a health psychologist at Stanford School of Medicine where she teaches a course called "The Science of Willpower" that quickly became the most popular classes ever offered by Stanford.

It's written in the format of the course, meant to be a replacement to it. There is no fluff here, everything is backed by research, citing many very interesting experiments. This book turned me on to the correlation between HRV (heart rate variabililty) readings and our ability to control ourselves, and what what we can do to improve that metric. I bought a HRV monitor for the eventual purpose of an additional quantifiable trading psychology metric, now I just need to find the time to trade .

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  #324 (permalink)
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@Mike

Would it be possible/make sense to conduct a poll on the most popular books/authors....can have different categories...would provide easier clarity....though easier said than done.
trading strategies
price action
technical analysis
trading psychology
etc

I realise that different people have different opinions, approaches and strategies but could be useful, fun and also quite interesting.



p.s.
I have gone through the thread and it serves a useful purpose to understand the scrutiny and reasoning behind the recommended books. I just have to go through the books now! Thanks to everyone who contributed their views.

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There was already a "poll", it is part of our futures.io (formerly BMT) Best of Trading. There were nominations and votes.

https://futures.io/bmt-best-of-trading/

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  #326 (permalink)
Legendary Market Wizard
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The problem with most of the books about trading (primarily the how-to) is that they are all directed at the inexperienced , undercapitalized, and risk/ loss averse, retail trader - written in the most part by individuals who make their living from their book royalties, and not from trading. Most of these books reinforce a very anachronistic retail mindset that is certainly not relevant to today's markets. Of course, these books are full of charts that show glaring examples of chart patterns, trendlines, and lagging indicators, all drawn ex post, that demonstrate the validity of their methodology, but fail to mention the times they don't work or the very real effects of bias. If one is to read a book about trading I would recommend one that details the methodology, strategies, and mindset, of extremely successful and proven traders. Learn how to think like a professional trader, and then learn how to trade like one

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  #327 (permalink)
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I would recommend one that details the methodology, strategies, and mindset, of extremely successful and proven traders. Learn how to think like a professional trader, and then learn how to trade like one

Such as?

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  #328 (permalink)
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Any recommendations for forex for newbies?

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  #329 (permalink)
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Hi,


rjh18 View Post
Any recommendations for forex for newbies?

This one:

No explanation about how FOREX market works, but some trading ideas.

Nicolas

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  #330 (permalink)
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Is this for newbies or more seasoned traders?

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  #331 (permalink)
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My plans for the weekend:




.
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My plans for the weekend:





And then continue with this one next week (sorry I was too lazy to take a photograph) ....



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  #333 (permalink)
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I just finished the book and am very impressed by the author's work. I was afraid the book would serve mainly as an advertisement for his proprietary Weis Wave but that is not the case. Mr. Weis has created an extremely useful guide to market interpretation using the methods of Richard D. Wyckoff. The book covers Wyckoff both in the original and as adapted by modern charting technology. The main emphasis is attempting to discern the tale the market tells by price and volume and the book abounds with detailed examples. The goal is to find which side, buyers or sellers, is gaining control and to spot points where trades can be enterd with minimal risk and maximal potential reward. Anyone who is interested in using Wyckoff analysis to trade the markets should consider adding the book to his library. The Look Inside feature at Amazon offers a good glimpse of the book if you want to get a feel for the material: Amazon.com: Trades About to Happen: A Modern Adaptation of the Wyckoff Method (Wiley Trading) (9780470487808): David H. Weis, Alexander Elder: Books

Very good book indeed, I enjoyed it.
A nice completion or followup on Wyckoff is Hank's Pruden - The 3 skills of Top Trading - brilliant read as well.

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  #334 (permalink)
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Has anyone read Mike Bellafiore's new book: The Playbook

I have a lot of respect for SMB Capital and am an avid consumer of anything they produce whether it be blog posts, webinars, books etc. Mike's prior book 'One Good Trade' was excellent.

Im trying to decide whether to get his latest book on Kindle or hard cover. I would prefer to get it on kindle but am worried that if it has a lot of charts and diagrams in it, it would be better getting the hard cover. I try to avoid kindle books if I know they're going to have charts in them.

If it's anything like his prior book, I would expect it to be predominantly text.

Thanks.

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  #335 (permalink)
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DarkPoolTrading View Post
Has anyone read Mike Bellafiore's new book: The Playbook

I have a lot of respect for SMB Capital and am an avid consumer of anything they produce whether it be blog posts, webinars, books etc. Mike's prior book 'One Good Trade' was excellent.

Im trying to decide whether to get his latest book on Kindle or hard cover. I would prefer to get it on kindle but am worried that if it has a lot of charts and diagrams in it, it would be better getting the hard cover. I try to avoid kindle books if I know they're going to have charts in them.

If it's anything like his prior book, I would expect it to be predominantly text.

Thanks.

I bought the hardback version as a sample I read had charts. Would not recommend Kindle for this one, as plenty of graphics.

Still working through book but can certainly recommend it. Lots of relevant material for trading and invaluable experience sharing on Bella's part.

I stopped reading book for now only because I had to read a library book before return. This book, also by an ex SMB guy is actually also extremely valuable - maybe the most valuable trading book I have ever read!! NO exaggeration.

The Art and Science of Technical Analysis by Adam Grimes. A very thick book that needs detailed study, but very well written indeed. Did I say it was recommended? Some may baulk at cost but just a few ticks on the ES. I have my own copy on order.

Richard
Hong Kong
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  #336 (permalink)
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When you guys come across good books like this, post about them here:



Specifically any help you can offer in that thread with the author's contact info (sometimes I can get it from publisher, sometimes not). I try to invite them on for webinars.

Mike

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  #337 (permalink)
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I want to thank you all for your great book recommendations and of course @Big Mike for making all this happen.

I don't have a new book to add so I'll just say that the books with the greatest impact on my thinking and trading were those of Al Brooks. I have read the classical books of technical analysis (Edwards/Magee, Pring, Murphy) so I had some basic knowledge but Al Brooks really changed the way I approach markets.
After that, it all comes down to psychology. This thread has provided me with a list of excelllent books on psychology and I would recommend "trading in the zone" (douglas) and "psychology of trading","Enhancing trader performance" from Steenbarger. Next in my reading list is "daily trading coach" and a dozen other books about psychology that I found here.

So, my contribution is a list with all the books that have been suggested in this thread and it can be found here:

Goodreads.com : futures.io (formerly BMT) members' Recommendations

There are 167 books and I tried to keep the order the books appeared in the thread, but due to some casted votes the order may have change.

Thanks again guys!!

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  #338 (permalink)
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I have read a couple of the books on the list (High Probability Trading Strategies by Robert Miner). I have Trading in the Zone and The Disciplined Trader (Douglas), and Fibonacci Trading (Boroden) to read. Does anyone have any good suggestions for candlestick trading?

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  #339 (permalink)
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mem2013 View Post
I have read a couple of the books on the list (High Probability Trading Strategies by Robert Miner). I have Trading in the Zone and The Disciplined Trader (Douglas), and Fibonacci Trading (Boroden) to read. Does anyone have any good suggestions for candlestick trading?

If you are into candlesticks, check out any of Steve Nison's books.

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  #340 (permalink)
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Thanks I will check out his books. Also, I have seen a Steven Bigalow with some books on Ebay. Any thought on his books?

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  #341 (permalink)
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DarkPoolTrading View Post
Has anyone read Mike Bellafiore's new book: The Playbook

I have a lot of respect for SMB Capital and am an avid consumer of anything they produce whether it be blog posts, webinars, books etc. Mike's prior book 'One Good Trade' was excellent.

Im trying to decide whether to get his latest book on Kindle or hard cover. I would prefer to get it on kindle but am worried that if it has a lot of charts and diagrams in it, it would be better getting the hard cover. I try to avoid kindle books if I know they're going to have charts in them.

If it's anything like his prior book, I would expect it to be predominantly text.

Thanks.

Be quick... as despite its less than perfect view in Kindle, $0 is a very good price. Will complement my hardcopy nicely. On freebie promotion for who knows how long:

The Playbook - Free Kindle Version - Limited

Richard
Hong Kong
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  #342 (permalink)
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.
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  #343 (permalink)
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Two novels by Ayn Rand (Ayn rhymes with mine):

"The Fountain Head" and "Atlas Shrugged". Not about trading but the ideas explored can inspire the bloody minded determination needed to stick with your plans come what may.

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  #344 (permalink)
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I'm planning to study 'fear' and wondered if anyone has any recommendations. I am am not necessarily just after those titles dealing with fear/greed in trading & investing, but throwing the net wider.

Thanks in advance for any replies.

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  #345 (permalink)
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Hi all,

I've been playing around with forex on a daily chart over the last couple of months. Was wondering if there are any good books about trading on a daily timeframe. (price action, technical analysis, candlestick charting, etc.)
I've read through this whole thread and some other book threads and couldn't find anything that stood out specifically for daily chart analysis.
Any help would be appreciated. The daily chart looks foreign to me compaired to the intraday stuff I'm used to looking at.

Thanks,
BlackSwan

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  #346 (permalink)
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I'm planning to study 'fear' and wondered if anyone has any recommendations. I am am not necessarily just after those titles dealing with fear/greed in trading & investing, but throwing the net wider.

Thanks in advance for any replies.

Sources of power: how people make Decisions - Gary Klein
https://books.google.com/books/about/Sources_of_Power.html?id=NWkGhHiOQQEC&hl=en

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  #347 (permalink)
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@shodson



You mentioned this book in another thread. Have you read this book yet? How much detail does it go into about diversification and correlation of products?

Mike

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  #348 (permalink)
Market Wizard
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Big Mike View Post
@shodson

You mentioned this book in another thread. Have you read this book yet? How much detail does it go into about diversification and correlation of products?

Mike

Not too much. I mean, he lays out his trading plan as trading a basket of 50+ futures contracts and currency pairs. Diversification and correlation avoidance is via asset types. He doesn't say you really need to watch the correlations across asset types, but in panics they will all merge towards 1.0, in which case, you can still make a lot of money (2008 was his best year). The rules are based on a simple Turtle Trader style trend-following system.

He recently wrote an article in the August edition of Active Trader where he reversed engineered the returns of major trend-following hedge funds and showed they all pretty much used the same system (Donchian(50), with EMA trend filters and an ATR-based trailing stop) but their differences are just the amount of leverage they use and how they are weighted (interest rate-weighted, commodities-weighted, equities-weighted, or some sort of mix, etc). Just more proof that entries and exits don't matter as much as position sizing, diversification, and the power of small losses and large runners.

Active Trader: Pay no attention to the man behind the curtain

I'm giving a talk next month which highlights and expands upon a lot of these concepts. I'll probably record it and make it available online.

https://www.meetup.com/Orange-County-Traders-Association/events/148068922/

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  #349 (permalink)
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Thanks Scott. Echo's my own findings as well using baskets of stocks. I may still pick the book up since his findings are so close to my own.

I laughed a bit on the reverse engineering segment because I have found a simple moving average and oscillator to be all that is needed for this type of trading. My systems hold for days or weeks using this method.

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  #350 (permalink)
Market Wizard
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Big Mike View Post
Thanks Scott. Echo's my own findings as well using baskets of stocks. I may still pick the book up since his findings are so close to my own.

I laughed a bit on the reverse engineering segment because I have found a simple moving average and oscillator to be all that is needed for this type of trading. My systems hold for days or weeks using this method.

The author would say just trading stocks is too correlated, even if you are using commodity ETFs (which don't track underlying commodities well over time), indexes, trying to diversify across sectors, but maybe your experience proves otherwise. He would want you exposed to bonds, treasuries, currencies, ags, softs, metals, energy, etc.

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  #351 (permalink)
Market Wizard
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While we are talking about diversification, The Ivy Portfolio is a good book about how top Ivy League endowments invest by diversifying across asset types as well. They tend to use a relative strength approach: only hold positions in sectors or types that are performing the best of the past x days, then re-adjust every y days, switching into other asset types if something else emerges stronger. This approach is hard to backtest with Ninjatrader since NT doesn't support portfolio features in their backtesting, so I had to do it all with SQL

The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets: Mebane T. Faber, Eric W. Richardson: 9781118008850: Amazon.com: Books

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  #352 (permalink)
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Probably the most useful technical book i have read in 20+ years:

Amazon.com: The Art & Science of Technical Analysis: Market Structure, Price Action & Trading Strategies (Wiley Trading) eBook: Adam Grimes: Kindle Store

author's blog gives an idea of the tone:

"Every edge we have is driven by an imbalance of buying and selling pressure. From a technical perspective, every edge we have is generated by a disagreement between buyers and sellers. When they are in balance (equilibrium), market movements are random.

The job of traders is to identify those points of imbalance and to restrict their activities in the markets to those times.

Since we cannot profit consistently (i.e., above the probability of a coin flip) in random markets, it makes sense that we should limit our exposure to times where there is a clearly-defined imbalance of buying and selling pressure. When this occurs, which is often visible in certain patterns in prices, we now have the possibility of creating trading profits. Thus, identifying the imbalance, is the first step in any technical trading.

So, ask yourself some hard questions: Do you understand how to identify points of imbalance in the market, and do your trading patterns respect this reality? Do you believe that markets are usually random? Do you understand that no profits are possible in random markets—that nothing will help? Not money management, exit strategies, or positions sizing. You must wait for an imbalance to emerge on your timeframe, and, only then, take action in the market.

What is your edge in the market? How do you know? If you are going to be successful trading, you absolutely must have an edge in the market. Money management is not an edge. Psychology is not an edge. An edge is something that lets you pull profits out of an extremely competitive market environment, that gives you some edge over the randomness that dominates price movements. How do you know what your edge is? If you can’t answer these questions, you don’t have any business putting risk on in the markets. You do not have an edge because you bought a book or took a training course, no matter how much money you paid or who taught you. You must have sufficient math skills to understand probability and randomness and truly understand your edge in the market."


I have no connection to the author.......i have read much and this felt a little bit good.

phip

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  #353 (permalink)
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@phip >Probably the most useful technical book i have read in 20+ years:
Amazon.com: The Art & Science of Technical Analysis: Market Structure, Price Action & Trading Strategies (Wiley Trading) eBook: Adam Grimes: Kindle Store author's blog gives an idea of the tone:<

+1 on above comments. i did mention this book earlier but was too lazy at the time to grab the Amazon link!

Anyone into Al Brooks' PA and similar will enjoy the writing style here as book is really, really clear and easy to read. A most impressive range of topics, and likely the only book most may need.

Well done Adam Grimes. Mike would do well to entice him onto a webinar here.

Richard
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  #354 (permalink)
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Sounds a fine idea Richard re: Mike having him on here....

I only came across him a few days ago......but have been reading his stuff.....and so far, I am quite impressed.

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  #355 (permalink)
Naperville IL
 
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phip View Post
Probably the most useful technical book i have read in 20+ years:

Amazon.com: The Art & Science of Technical Analysis: Market Structure, Price Action & Trading Strategies (Wiley Trading) eBook: Adam Grimes: Kindle Store

author's blog gives an idea of the tone:

"Every edge we have is driven by an imbalance of buying and selling pressure. From a technical perspective, every edge we have is generated by a disagreement between buyers and sellers. When they are in balance (equilibrium), market movements are random.

The job of traders is to identify those points of imbalance and to restrict their activities in the markets to those times.

Since we cannot profit consistently (i.e., above the probability of a coin flip) in random markets, it makes sense that we should limit our exposure to times where there is a clearly-defined imbalance of buying and selling pressure. When this occurs, which is often visible in certain patterns in prices, we now have the possibility of creating trading profits. Thus, identifying the imbalance, is the first step in any technical trading.

So, ask yourself some hard questions: Do you understand how to identify points of imbalance in the market, and do your trading patterns respect this reality? Do you believe that markets are usually random? Do you understand that no profits are possible in random markets—that nothing will help? Not money management, exit strategies, or positions sizing. You must wait for an imbalance to emerge on your timeframe, and, only then, take action in the market.

What is your edge in the market? How do you know? If you are going to be successful trading, you absolutely must have an edge in the market. Money management is not an edge. Psychology is not an edge. An edge is something that lets you pull profits out of an extremely competitive market environment, that gives you some edge over the randomness that dominates price movements. How do you know what your edge is? If you can’t answer these questions, you don’t have any business putting risk on in the markets. You do not have an edge because you bought a book or took a training course, no matter how much money you paid or who taught you. You must have sufficient math skills to understand probability and randomness and truly understand your edge in the market."


I have no connection to the author.......i have read much and this felt a little bit good.

phip



I bought it, read couple of chapters, this is a basic PA book for beginners, he just uses a lot Al Brooks method, but has better writing, nothing special.

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  #356 (permalink)
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yes supermht that may be so.....

perhaps it is because: he has been able to put into words, my own thoughts and observations gathered together over the years........that made an impression on me.

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  #357 (permalink)
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I am new to trading, but was an investor for years. I am a big fan of daytradingradio.com which provides a simple way to trade. Anyway, I started studying like a madman about a year and half ago and only started trading recently to pretty good profits --- who cannot make money in this market, I am no genius ---. I read a lot of different authors, elder, williams, person, .... I read a lot of esoteric, very technical stuff from wiley publishers. I have come back to re-reading some of these books, and find that the jesse livermore book, pesavento trade what you see, are good. For the most part, though you just have to put the time in watching the markets that you trade. Like today, there was a trade at 9:45 in the es. I got almost 4 points. It was simple, oversold stochastic, in a rising market. I did not have to read a lot of books to understand that. There is no holy grail.

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  #358 (permalink)
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supermht View Post
I bought it, read couple of chapters, this is a basic PA book for beginners, he just uses a lot Al Brooks method, but has better writing, nothing special.

Not really worth the high price tag, lucky i was able to sell mine back to amazon for 30

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  #359 (permalink)
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Not sure if this has been mentioned, but a great read is "The hour between dog and wolf" by John Coates is excellent. Very trading related.

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  #360 (permalink)
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Yukoner View Post
Not sure if this has been mentioned, but a great read is "The hour between dog and wolf" by John Coates is excellent. Very trading related.


This books looks really interesting...Might pick it up for the holidays...I'll report back.

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  #361 (permalink)
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Boomer34 View Post
This books looks really interesting...Might pick it up for the holidays...I'll report back.

@Boomer34 would love to know what you think of the book.

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  #362 (permalink)
Czech republic
 
 
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Hi, I'm looking for a book containing information about exchange itself. Not indicators, not strategies, not psychology, not money management. I've been reading information about those things but I need to understand the principles of exchange. Well I understand them but not in a way I would like to. I really want to know what is happening on exchange and how it all works in real. Not just see charts, lines etc. I would like to know for example how banks trade on exchange or what influence has FED on exchange, what exactly is happening when I go "short", etc.. I hope you understand me what I'm looking for :-)

Thank you

P.S. sorry for my english :-)))

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  #363 (permalink)
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I like Toni Turner's books especially for beginners.

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  #364 (permalink)
los angeles, ca., u.s.a.
 
 
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I believe the following books have been very useful to me. Perhaps they may be to you.
1. Logical trader by Mark B. fisher
2. Candlestick and pivot point trigger by John Person
3. Mastering the trade by John Carter
4. Works by James Dalton
5. Dr. Al Brook's Books
6. Peter Steidlemayer's book
7. Frank Ochoa's Secrets of Pivot Boss

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  #365 (permalink)
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After almost 5 years of trading, I bought my first book. (audio)
Mark Douglas' Trading in the Zone

To be honest, I received it free through audible.
I couldn't pass up the free trial.

After years of trading, I've experienced all of the pitfalls he talks about.
If you are a novice, you may understand what he's saying, but you
really don't know until you handle the trials and tribulations from years
of trading yourself. I'm not sure you can actually avoid these pitfalls
until you've felt the pain they bring to begin with. Either way, it's a great
read (listen) for novices and advanced traders alike.

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  #366 (permalink)
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Hi guys, can you recommend some good books about selling options? Preferably in electronic format for kindle. There are lot of them on amazon, but I am not sure which one (or 2-3) is the best. I am newbie and would like to find out more about this topic. The book (´s) should contain some basics + the basic strategies used (Iron Condor etc.). Thanx in advance.

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  #367 (permalink)
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On basics I'd have to say John Hull is a classic very clear and concise on the basic strategies and the details behind them. more theoretical, I'd go that way first and then look for something more advanced. Otherwise there's a lot of free websites online, of course that's a little more time consuming.

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  #368 (permalink)
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I have read many trading books from market wizards to the daily trading coach and it's interesting that I have learned more about trading from books and other sources which are not about trading. Trading books are good for basic trading education and inspiration, but that's it. The most valuable understanding is easier to get from other books (psychology, human mind, thinking, biology, peak performance) because you have to think the subject more deeply and how it affects trading.

Daniel Kahneman: Thinking fast and slow
Jonah Lehrer: How we decide
Dan Ariely: Predictably irrational
Eric Ries: The lean startup
Simon Sinek: Start with why
Simon Sinek: Leaders eat last
Wikipedia: list of cognitive biases, list of fallacies, behavioral economics, neuroeconomics, decision making, irrationality

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  #369 (permalink)
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Peke5 View Post
I have read many trading books from market wizards to the daily trading coach and it's interesting that I have learned more about trading from books and other sources which are not about trading. Trading books are good for basic trading education and inspiration, but that's it. The most valuable understanding is easier to get from other books (psychology, human mind, thinking, biology, peak performance) because you have to think the subject more deeply and how it affects trading.

Daniel Kahneman: Thinking fast and slow
Jonah Lehrer: How we decide
Dan Ariely: Predictably irrational
Eric Ries: The lean startup
Simon Sinek: Start with why
Simon Sinek: Leaders eat last
Wikipedia: list of cognitive biases, list of fallacies, behavioral economics, neuroeconomics, decision making, irrationality

A lot of traders find the emotional/psychological part tough.
The best way to reduce that problem that I've seen many many professionals use is to focus on technique and to make trading a mechanical process and to stick to that process consistently. It is then largely free of psychology, well as much as it can be when you have your own money on the line :-)

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  #370 (permalink)
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iamdave View Post
Hi, I'm looking for a book containing information about exchange itself. Not indicators, not strategies, not psychology, not money management. I've been reading information about those things but I need to understand the principles of exchange. Well I understand them but not in a way I would like to. I really want to know what is happening on exchange and how it all works in real. Not just see charts, lines etc. I would like to know for example how banks trade on exchange or what influence has FED on exchange, what exactly is happening when I go "short", etc.. I hope you understand me what I'm looking for :-)

Thank you

P.S. sorry for my english :-)))


A lot of this can actually be found on the actual exchange website. Just need to dig in there deep and read the long boring stuff......

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  #371 (permalink)
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The best book for my trading was:

"The Power of Habit" by Charles Duhigg

I also have an affinity for traders who made money before the computer:

Richard Wyckoff's original courses (they are free):

https://cdn3.traderslaboratory.com/forums/attachments/131/17907d1263785828-wyckoff-resources-wyckoff-method-tape-reading.pdf

https://cdn3.traderslaboratory.com/forums/attachments/131/29677d1341085619-wyckoff-resources-tape-reading-active-trading.pdf

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  #372 (permalink)
Market Wizard
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Both worth reading and entertaining:





https://www.nytimes.com/2014/04/06/magazine/flash-boys-michael-lewis.html

Flash Boys Meets Evolutionary Game Theory - Forbes



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  #373 (permalink)
Legendary Market Wizard
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Fat Tails View Post
Both worth reading and entertaining:


Lewis book is very one sided/biased and tries to categorize an entire industry based upon one (relatively small) strategy.
I believe this is the sixth book Lewis has written about financial markets. While all 6 are entertaining reads, they all have demonized the financial markets. I expect future books will do the same.

The WSJ's Scott Patterson's 2012 book Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market is much better.


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  #374 (permalink)
Market Wizard
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SMCJB View Post
Lewis book is very one sided/biased and tries to categorize an entire industry based upon one (relatively small) strategy.
I believe this is the sixth book Lewis has written about financial markets. While all 6 are entertaining reads, they all have demonized the financial markets. I expect future books will do the same.

For Lewis as a writer, this has been a brilliant strategy, pandering to the reader's prurient interests. It's put him on the top of the heap.

It's kind of like Bear Grylls. I don't remember anything about the episodes of his wilderness survival show -- except the money shot that occurs in every show where he bites into some disgusting insect or eats a snake or bat raw.

"This is the most disgusting thing I've ever eaten. But it's got a lot of protein." He says.


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  #375 (permalink)
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suko View Post
For Lewis as a writer, this has been a brilliant strategy, pandering to the reader's prurient interests. It's put him on the top of the heap.

It's kind of like Bear Grylls. I don't remember anything about the episodes of his wilderness survival show -- except the money shot that occurs in every show where he bites into some disgusting insect or eats a snake or bat raw.

"This is the most disgusting thing I've ever eaten. But it's got a lot of protein." He says.


LOL that's an incredible comparison, yet it somehow has legitimacy.

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  #376 (permalink)
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I haven't read through this entire thread to see if this book has been mentioned. But what are some opinions about
"Hedge Fund Market Wizards"
His earlier books seemed to have extremely useful lessons/overall themes, I am not finished with this one yet, but so far it seems great.

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  #377 (permalink)
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This is a very beautiful book on the history of how many of the ideas central to finance came about. No charts, nor formulas, but just a captivating write up from the renaissance period till modern day surrounded by colourful personalities in their individual pursuit of ideas but tied in the randomness of the world and the games of chance. It makes one much more appreciative of the numbers and concepts we use.

One of may favourite excerpts in the book :
"This experiment led Galton to propound a general principle that has come to be known as regression, or reversion to the mean: "Reversion," he wrote, "is the tendency of the ideal mean filial type to depart from the parental type, reverting to what may be roughly and perhaps fairly described as the average ancestral type. If this narrowing process were not at work - if large peas produced ever-smaller offspring - the world would consist of nothing but midgets and giants. Nature would become freakier and freakier with every generation, going completely haywire or running out to extremes we cannot even conceive of."

I was never really that interested in the normal distribution until I saw a Galton quincunx machine. Here's one to enjoy - just mute and play your favourite trading music and hope for the best during the trading day!


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  #378 (permalink)
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Limitless100 View Post
I haven't read through this entire thread to see if this book has been mentioned. But what are some opinions about
"Hedge Fund Market Wizards"
His earlier books seemed to have extremely useful lessons/overall themes, I am not finished with this one yet, but so far it seems great.

You can watch Jack Schwager's futures.io (formerly BMT) webinar about the book here:

https://futures.io/webinars/june30_2012/jack_schwager_qa_hedge_fund_market_wizards/

Mike

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  #379 (permalink)
Legendary Market Wizard
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Ming80 View Post
I was never really that interested in the normal distribution until I saw a Galton quincunx machine. Here's one to enjoy - just mute and play your favourite trading music and hope for the best during the trading day!

Galtonboard / Galtonbrett Simulation (or Bean machine or quincunx or Galton box) - YouTube

Really interesting how much a difference the size of the balls make.

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  #380 (permalink)
Market Wizard
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SMCJB View Post
Lewis book is very one sided/biased and tries to categorize an entire industry based upon one (relatively small) strategy.
I believe this is the sixth book Lewis has written about financial markets. While all 6 are entertaining reads, they all have demonized the financial markets. I expect future books will do the same.

I agree, but Scott Patterson's book comes to the same conclusion, see chapter 22 "A RIGGED GAME". I enjoyed the read of both books.



suko View Post
For Lewis as a writer, this has been a brilliant strategy, pandering to the reader's prurient interests. It's put him on the top of the heap.

It's kind of like Bear Grylls. I don't remember anything about the episodes of his wilderness survival show -- except the money shot that occurs in every show where he bites into some disgusting insect or eats a snake or bat raw.

"This is the most disgusting thing I've ever eaten. But it's got a lot of protein." He says.



Love that comment!

Of course Lewis is a writer first and the reader is taken out for a walk through the financial landscape. The book points to some flaws of the electronic markets and exaggerates them.

However, the book is informative. I was not aware

- to which extent the stock market is fragmentated
- how the stock markets are now competing for high frequency traders by creating collocation space and admitting dirty order types
- to which the complex order routing can be exploited by "plumbers" under Reg NMS to front run the orders coming from dumb money
- that dumb money now represents the entire buy side

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  #381 (permalink)
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Big Mike View Post
You can watch Jack Schwager's futures.io (formerly BMT) webinar about the book here:

https://futures.io/webinars/june30_2012/jack_schwager_qa_hedge_fund_market_wizards/

Mike

Thanks I haven't seen this one yet.

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  #382 (permalink)
Legendary Market Wizard
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This is what amazes me.

Fat Tails View Post
- that dumb money now represents the entire buy side

You only have to read the first chapter of Lewis's book to realize the buy side does not understand how their own market works.

I initially made this revelation reading Haim Bodek's book The Problem of HFT - Collected Writings on High Frequency Trading & Stock Market Structure Reform. While very dry and boring, the book does explain very clearly how order types like "Hide Not Slide" allow you to jump to the front of the order queue and how HFT take advantage of that. It also points out though that these are not private orders only available to the selective few. They are available to anybody, but the buy side understands so little how the market has evolved, they have little idea what is going on, but continue to whine anyway.

For those of you not aware of "Hide Not Slide" and other such orders WSJs Scott Patterson wrote an article For Superfast Stock Traders, a Way to Jump Ahead in Line in 2012. Like Lewis's book, he paints a picture of big bad HFT but in the second half of the article the guts of the order types are discussed.


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  #383 (permalink)
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I'm currently reading
Fixed Income Securities: Tools for Today's Markets by Bruce Tuckman
Amazon.com: Fixed Income Securities: Tools for Today&#39;s Markets (9780470891698): Bruce Tuckman, Angel Serrat: Books

and
Currency Strategy: The Practitioner's Guide to Currency Investing, Hedging and Forecasting
https://www.amazon.com/Currency-Strategy-Practitioners-Investing-Forecasting/dp/0470846844/ref=sr_1_1?ie=UTF8&qid=1411731479&sr=8-1&keywords=currency+strategy

Both are wonderful so far and I realize what huge holes in my understanding of markets I have as we tend to be almost obsessed with equities as retail traders.

I'm pretty much banning myself from reading any book that has to do with equities.

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  #384 (permalink)
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The links in the original post from Big Mike are almost all dead, the pictures are not displaying the covers either.
Any chance they could be re-posted in the original splendor?

BTW, this is a great thread.
Unfortunately my reading list has now swollen to unmanageable size. Oh well, it's a sweet kind of misery.

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  #385 (permalink)
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One good trade by Mike Bellafiore, manager of a NY equities prop firm. It gives great insight into how professional traders think, most importantly their attitude to the market - the need to be resilient, to put in the work and always focus on making "one good trade, after one good trade"rather than focus on the results. If you are looking for a book that teaches you how to trade however, you wont find this useful, its language is very technical when discussing setups and unless you have a decent amount of experience with trading these parts probably wont make sense to you. It is still a worthwhile and useful read for novices, and quite entertaining, but be aware of this.

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  #386 (permalink)
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So what are the other books that Mike posted in the first post?

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  #387 (permalink)
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TennisOrDie View Post
So what are the other books that Mike posted in the first post?

Newer book

Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology

I like. I have read it once and now work begins

Amazon.com: Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology (Wiley Trading) (9781118445617): Gary Dayton: Books

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  #388 (permalink)
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The Power of Consistency: Prosperity Mindset Training for Sales and Business Professionals
by Weldon Long

I read this wonderful book last weekend! Although it's not directly related to trading but it has lot to teach about trading for me!

My biggest challenge with trading is having proper mindset, this book talks about a very practical plan to develop proper mindset. Easily this book can be categorized under life changers.

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  #389 (permalink)
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I read another awesome book :

The Inner Game of Tennis by Timothy Gallwey

Here are few insights from the book:

We have two selves, self 1 and self 2.
self 1 is our typical emotional ego thing, which jumps to judge, worry and carried away by emotions
self 2 is our calm inner self, which is vastly competent in getting things done.

self 1 never trusts self 2 and always interferes from getting things done.

Even having a checklist and trying to 'give instructions' is self 1 interfering with self 2.

Think if a violinist, starts giving instruction and following checklists, when he plays, absolutely that will screw up the performance. He simply switches to self 2 and completely trusts self 2 get the job done!
I think this is very true in trading too!

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  #390 (permalink)
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I recommend the following:

The E-Myth Revisited - we have three personalities: The Entrepreneur, The Manager, and The Technician. One is the dreamer, one is the do-er, the last is the nerd that wants to get technical.

Summary here:
The Entrepreneur, The Manager, and The Technician : Sources of Insight

Mastery - Becoming a Master is more than just 10,000 hours and dedication - it takes being comfortable with not knowing the future.

Amazon link here:
https://www.amazon.com/Mastery-Robert-Greene/dp/014312417X

-Jimmy
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  #391 (permalink)
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I would recommend Mind Power by James Borg. There are many psychological traps in trading.

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  #392 (permalink)
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(Forgot link). Mind power by James Borg. https://www.amazon.com/Mind-Power-2nd-edn-thinking-ebook/dp/B00FS7TY70/ref=sr_1_1?s=books&ie=UTF8&qid=1438794189&sr=1-1&keywords=mind+power+borg

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  #393 (permalink)
Market Chamois
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FABRICATORX View Post
I recommend the following:

The E-Myth Revisited - we have three personalities: The Entrepreneur, The Manager, and The Technician. One is the dreamer, one is the do-er, the last is the nerd that wants to get technical.

Summary here:
The Entrepreneur, The Manager, and The Technician : Sources of Insight

Mastery - Becoming a Master is more than just 10,000 hours and dedication - it takes being comfortable with not knowing the future.

Amazon link here:
https://www.amazon.com/Mastery-Robert-Greene/dp/014312417X


Denise Shull has said that the 10,000 hrs criteria spoke about by Gladwell has been proven false. Her book... Not sure if she says this in her book but I heard her say it in a webinar. https://Market%20Mind%20Games:%20A%20Radical%20Psychology%20of%20Investing,%20Trading%20and%20Risk%20www.amazon.com/dp/0071756221/ref=cm_sw_r_awd_UlKWvbKRN0SHN


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Buy Low And Sell High (read left to right or right to left....lol)
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  #394 (permalink)
San Tan Valley, AZ/USA
 
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Blash View Post
Denise Shull has said that the 10,000 hrs criteria spoke about by Gladwell has been proven false. Her book... Not sure if she says this in her book but I heard her say it in a webinar. https://Market%20Mind%20Games:%20A%20Radical%20Psychology%20of%20Investing,%20Trading%20and%20Risk%20www.amazon.com/dp/0071756221/ref=cm_sw_r_awd_UlKWvbKRN0SHN


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That is correct! Which is why it isn't taught in the aforementioned book. I guess I implied that it did matter when I wrote that, my bad.

The 10,000 was more of an anecdotal observational correlation, not causality.

-Jimmy
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Market Chamois
Chicago, IL
 
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I just had a realization. And an further rationalization for trading the bigger time frames as opposed to the tiny ones where the normal wiggles take out the stop. I will die. I will have to pay taxes. Longer time frames allow for more accurate predictions. Albeit general ones.


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...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #396 (permalink)
Sydney, NSW, Australia
 
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rocktrader View Post
The Power of Consistency: Prosperity Mindset Training for Sales and Business Professionals
by Weldon Long

I read this wonderful book last weekend! Although it's not directly related to trading but it has lot to teach about trading for me!

My biggest challenge with trading is having proper mindset, this book talks about a very practical plan to develop proper mindset. Easily this book can be categorized under life changers.

I am halfway through this book, it is superb, one of the most helpful books ever. The big point for me so far, is that in the end, our beliefs are at the root cause of our actions, and therefore create our circumstances in life. Beliefs cause emotions cause thought cause action. Something similar was said my Rande Howell on a webinar he did on overtrading, like we might have a deep set belief that we "have to DO something, MAKE something happen and if we are not doing something we are lazy" and that produces a sense of anxiety and urgency, especially if the market is quiet, and we start forcing trades. In this sense, mindfulness will disrupt the emotion-action causal link but it will not change the root cause - beliefs. Ypu still have to "manage" your state and the detracts from trading. Better to form new beliefs.

Another eye opener for me was "mindset" by carol dweck. The difference between a growth vs a fixed mindset, how we are often conditioned into fixed mindsets and how they are extremely limiting.

Understanding yourself is just as important as understanding markets.
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  #397 (permalink)
Amherst
 
 
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I have finally got down to reading Thinking, Fast and Slow by Daniel Kahneman .

Just unbelievably good and should be an absolutely mandatory recommendation for traders.

I have always assumed the 10,000 hour idea was a placeholder for "a really long amount of time".

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  #398 (permalink)
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Why we do what we do: understanding self-motivation (Edward L Deci).

Its about Intrinsic vs Extrinsic motivation (activity for the sake of activity, vs activity as a vehicle for results).

How the latter ironically produces decreased performance, decreased interest and can lead to burnout (i.e, it is often assumed
people will produce better results when "motivated" by a higher pay, prize etc), and can diminish intrinsic motivation.
Intrinsic motivation is linked to autonomy and individual choice, extrinsic motivation is perceived to be controlling/manipulative.
There's quite a bit more material in the book, these are the main ideas.

Good read, plenty of experimental evidence to back its claims. Reinforces why we should be process oriented and not "think about the money". I have been too focused on getting results and I realize it is burning me out. I remember first starting out, being introduced to the xtrader DOM and trying out various trading drills, it was really fun and enjoyable. There was no goal and ironically I was performing better than I have in the past few days. Trying to hit certain targets or "quotas", or fretting about losses, that has ground me down a lot and seriously impacted performance, so I'm taking a break and getting back at my roots.

Understanding yourself is just as important as understanding markets.
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Big Mike View Post
Here is a short list of books I've read and recommend. I am not a big reader of books in print, I tend to prefer on-line methods... but nonetheless, these are great reads and contain a lot of information that helped me.


My favorite to read, and the one where I tended to relate the most, was Martin Schwartz's "Pit Bull". The other books are on every trader's "must have" list, so if you haven't read them already, then do yourself a favor and pick them up. The last one is a compilation of chart patterns and how to trade them by Suri Duddella, it is a fantastic reference to understand what is going on behind your favorite indicators.

Mike

Hey BM! Any chance of you posting the title of the 4 middle books referred to above? The old images no longer show. No worries if you can't recall.

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  #400 (permalink)
ITAJAI SC/BRAZIL
 
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Smalltime View Post
Hey BM! Any chance of you posting the title of the 4 middle books referred to above? The old images no longer show. No worries if you can't recall.

Unless correctly addressed, he wont be able.
I think the correct form is
@Big Mike

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futures io Trading Community Traders Hideout > Some highly recommended books


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