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Some highly recommended books
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Some highly recommended books

  #401 (permalink)
Trading Apprentice
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@Big Mike

Any chance of you posting the title of the 4 middle books referred to in your first post? The old images no longer show. No worries if you can't recall.

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  #402 (permalink)
Trading Apprentice
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I already have books on technical analysis on the way. What about fundamental analysis, economical anlaysis, stuff like this... can anyone recommend a book or two that help with this?

When i say this i mean something that is more broad than just covering news trading, but for currencies for example something political or economical that affects the currency. Is there a book that teaches this kind of stuff?

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  #403 (permalink)
Normal Wizard
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wallo101 View Post
I already have books on technical analysis on the way. What about fundamental analysis, economical anlaysis, stuff like this... can anyone recommend a book or two that help with this?

When i say this i mean something that is more broad than just covering news trading, but for currencies for example something political or economical that affects the currency. Is there a book that teaches this kind of stuff?

Theres a PDF Ray Dalio wrote "how the economic machine works", google it its free. On an unrelated note, his other work "principles" is also excellent. I also think "the history of money" by Jack Weatherford is a good read.

Understanding yourself is just as important as understanding markets.
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  #404 (permalink)
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wallo101 View Post
I already have books on technical analysis on the way. What about fundamental analysis, economical anlaysis, stuff like this... can anyone recommend a book or two that help with this?

When i say this i mean something that is more broad than just covering news trading, but for currencies for example something political or economical that affects the currency. Is there a book that teaches this kind of stuff?


There are a few books that cover these subjects:

-> Jack D. Schwager: Schwager On Futures: Fundamental Analysis
Futures, Textbook and Study Guide: Fundamental Analysis: 9780471133667: Economics Books @ Amazon.com

-> Bernard Baumohl: The Secrets of Economic Indicators
Amazon.com: The Secrets of Economic Indicators: Hidden Clues to Future Economic Trends and Investment Opportunities (3rd Edition) (9780132932073): Bernard Baumohl: Books

-> John J. Murphy: Intermarket Analysis
Amazon.com: Intermarket Analysis: Profiting from Global Market Relationships (Wiley Trading) (9780471023296): John J. Murphy: Books

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  #405 (permalink)
Normal Wizard
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Trading in the Zone (Mark Douglas). Many excellent insights in trading psychology.

The beliefs winning traders have about markets vs losing traders, and how these beliefs/expectations determine
how we will perceive and react to market movement.

E.g. One point I find quite useful. winning traders accept risk. Many traders think they are risk-takers but don't really accept the realization of that risk as an acceptable outcome. To accept the risk means to accept taking a loss as an acceptable part of your plan, accepting being wrong, accepting to be imperfect. It is different to simply placing a stop, it is being psychologically comfortable with taking the stop. If we do not accept the risk, our minds will block any market information that is contrary to our position because it represents a threat and we are wired to avoid pain, physical or mental. We can feel tense or afraid. If we do get stopped out, we become emotionally hurt because we had unrealistic expectations in the first place, because we did not acknowledge that getting stopped out was an acceptable outcome. You can see how emotional management is inadequate if your beliefs/expectations set you up for constant emotional volatility; you aren't really getting to the heart of the problem.

A ton of other great insights. I think this is a book best read a few times.

Understanding yourself is just as important as understanding markets.
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  #406 (permalink)
Trading for Fun
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Hi guys,

Reminiscences of a Stock Operator, this has to be one of the best books on how a trader thinks.
Phantom of the Pits, this is a series of essays and lessons on technique, it can be found on the net.
The Essential Elements of Trading, by Robert P Rotella.
The Amazing Story of Risk, I forget the author. This is a journey through the history of risk starting thousands of years ago until now. As traders we are risk managers, having a good grasp of our craft is essential.

Cheers John

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  #407 (permalink)
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Johno1 View Post
Hi guys,

Reminiscences of a Stock Operator, this has to be one of the best books on how a trader thinks.
Phantom of the Pits, this is a series of essays and lessons on technique, it can be found on the net.
The Essential Elements of Trading, by Robert P Rotella.
The Amazing Story of Risk, I forget the author. This is a journey through the history of risk starting thousands of years ago until now. As traders we are risk managers, having a good grasp of our craft is essential.

Cheers John

Thank you for the list.

A quote from Phantom of the pits: Those who don't learn are their own enemy.

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  #408 (permalink)
Trading for Fun
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MrTrader View Post
Thank you for the list.

A quote from Phantom of the pits: Those who don't learn are their own enemy.

So true, and the markets will keep giving us the lessons we need to learn.
Cheers John

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  #409 (permalink)
Trading for Fun
Geelong Victoria
 
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TickedOff View Post
Trading in the Zone (Mark Douglas). Many excellent insights in trading psychology.

The beliefs winning traders have about markets vs losing traders, and how these beliefs/expectations determine
how we will perceive and react to market movement.

E.g. One point I find quite useful. winning traders accept risk. Many traders think they are risk-takers but don't really accept the realization of that risk as an acceptable outcome. To accept the risk means to accept taking a loss as an acceptable part of your plan, accepting being wrong, accepting to be imperfect. It is different to simply placing a stop, it is being psychologically comfortable with taking the stop. If we do not accept the risk, our minds will block any market information that is contrary to our position because it represents a threat and we are wired to avoid pain, physical or mental. We can feel tense or afraid. If we do get stopped out, we become emotionally hurt because we had unrealistic expectations in the first place, because we did not acknowledge that getting stopped out was an acceptable outcome. You can see how emotional management is inadequate if your beliefs/expectations set you up for constant emotional volatility; you aren't really getting to the heart of the problem.

A ton of other great insights. I think this is a book best read a few times.

Excellent comments, further to this is that just as drugs such as Ice can re hardwire the brain, the impact of trading, winning and losing can eventually re wire our brains, once this occurrs a lot of the emotional issues will no longer exist. In The Essential Elements of Trading the author alludes to this process and asks the question " is the reader ready and willing to undergo this change" with it's potential consequences, if not then don't waste your time and money and risk marriages and family. In David Grahams' book about becoming a Golfing champion he talked about the players who fell by the wayside over the years, many had far greater apptitude and skills, yet they just couldn't succeed. Generally, they were not prepared to forgo the things they wanted and to develop the internal belief systems required to create the Golf machines that the legends are, I've also observed this phenomenon first hand in champion Snooker players. It took him 10+ years to break through, 10 long hard years of just scratching by, risking everything, that is what it took him, each aspiring trader needs to ask themselves the same questions. If you are not prepared to roll the dice and do whatever is necessary then I humbly suggest that you keep your day job and stick to just investing. I am not trying to have a crack at anyone, I'm simply trying to express a market reality.
Cheers John

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  #410 (permalink)
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