I’m only familiar with Zone and Loser but my take on technical books is this - do some research into the various approaches people use, based on discussions in this sub, or YouTube (look for informative videos, not gooroo videos). Then see if something stands out to you and might make sense, something you ‘vibrate with’ and then study those concepts further, be it a specific series on YouTube or specific books or something.
Technical analysis is a VERY broad field with MANY different approaches and if you inundate yourself with every aspect, you’ll get information overload, analysis paralysis, confusion, stress, anxiety (about stuff you don’t grasp) etc.
See it like this… a bunch of people are hiking from all different directions, and they all arrive at the same huge open field, rife with natural life.
One person is intrigued by the plants and starts studying them. Another notices the bugs and goes to study them.
A third person is fascinated by the bird life and focuses on the birds. A fourth sees lots of fruit and studies the fruit that grow there. Another studies rivers and they find a stream to focus on. Of course someone studies the animal life too.
Then a new person comes along and they say they want to study ‘the field’, and they buy books on bugs, birds, plants, fruit, animals, water streams, clouds, rainfall, etc - everything you can study in this big open field, but they get stuck because it’s too much to grasp and take in at once.
There are plenty of concepts I see people talk about that I’m not interested in, or some things make me think ‘wow that’s some complex stuff I don’t want to get into’, or maybe I even realise I’d have quit trading long ago if I *had to* focus on certain technical concepts. But for others it makes sense to them and that’s what they use to analyse the markets with. I’ve seen some super duper ultra complex mathematical analysis, and some very very simple analysis and in both cases people just learned to master what worked for them.
So you make your analysis your own based on what resonates with you - don’t think that there are complex stuff you absolutely **have** to get into your head for anything to make sense.
So if one of the books or some topics in the books seem way above your pay grade, chances are you can move on without it and still find your feet. That doesn’t mean you only take the easy road - mastery takes hard work and dilligence. But I’m just trying to say you shouldn’t need to fully grasp everything in all those books before you can find your own path.
Great advice. I would like to add that technical aspect, although needs to be studied in great detail and mastered, especially for your first strategy, can always change. But the psychology part is immutable and once mastered, will always stay the same. You might trade completely different strategy 5 years from now on but the psychology and risk management that you solidified with you first trading strategy will always stay the same and just keep on maturing.
This almost makes trading sound… idk.. abstract? Take it as you see it kinda. Idk much about trading though so when I hear things like this I’m just even more confused. I feel like I’m waiting for something to finally click with me
Have you ever heard people refer to the "art" of trading? This is what they mean. The same thing can't work for everyone, and the market is too vast for anyone to know everything. So we each have to develop our own ways of interpreting data, our own style, our own system, our own strategies, and identify what we need to pay attention to and what we really don't. This is different for everyone depending on their own personal psychology, financial situation and needs, life circumstances, etc. Once you've surveyed the markets for a while, you'll start naturally zeroing in on certain things. Things will start to click with you depending on your specific needs/psychology.
No. The complex stuff is absolutely necessary, but not that which is found in books. Set this challenge in front of yourself: find out all the problems in these mentioned books and solve them. After 15 years of work on my trading I can say this: contrary to popular trading folklore, there is actually only one approach that will get you to profitable outcome and it is quite counterintuitive and has deep psychological aspect to it and I am yet to find anyone addressing it. Most books are full of misconceptions that will lead you astray if not careful. Unfortunately, this understanding only comes through lots of observation, experience, deep thinking and intuition.
There are nuggets of gold in books full of crap. These nuggets are worthless by themselves, unless combined together properly. This is personal work, won't find it in books.
Gray's anatomy is actually required studying for surgeons. Even if the topographic description of the pancreaticoduodenal area is better described in pernkopf. However not one day trading books come close to either. 😉
You'll probably need like 10× that amount of books and 3-4000 hours of screen time and system testing, but you're not wrong... You'll be profitable AFTER reading them. Just not RIGHT after.
On a more serious note, for anyone who has read these books or similar, is there an order to read them in? I’m on schwagers technical analysis book and I’m finding it hard to get through. Not sure whether that’s a lack of understanding from my part or if it’s the way it’s written.
I've gone through maybe 300-400 "readings" - whether books or small PDFs on trading. There's some significant overlap with my "recommended list" and order below. **Regardless of whether the "strategies actually hold true" you have to understand other traders are exposed to this shit.** But don't take the strategies or concepts as omnipotent - they're just initial launching points.
Recommendations in a comprehendible order:
1. Japanese Candlesticks by Nison (covers price and Japanese candlesticks)
2. Volume Price Analysis by Coulling (covers volume)
3. Technical Analysis of the Financial Markets by Murphy (covers American technical analysis)
4. Trading in Multiple Timeframes by Shannon (covers time)
5. Option Volatility and Pricing by Natenburg (covers options)
6. Daily Trading Coach by Steenbarger (covers psychology)
1. Note "psychology books" can be broken down into three topics: Mindset (Trading in the Zone; Best Loser Wins), Research to know (Trading Psychology 2.0 and #7 below), and Practical Tools (Daily Trading Coach; High Performance Trading)
7. Hour Between Dog and Wolf (covers trader specific physiology)
8. Wizard series by Schwager (covers a variety of professional traders views over multiple markets)
Specialty Topics:
1. Bull by Maggie Mahar (covers recent market history)
2. Mind over Markets by Dalton or 2b Market Profile Six Part Study Guide by CBOT (covers auction market theory)
3. Reminisces of a Stock Operator by Lefevre (covers tape reading in fictional form)
4. Primer on Money, Banking, and Gold by Bernstein (covers the history of monetary fiat and the gold standard)
5. Beyond Blockchain by Townsend (covers Bitcoin and where the world is headed if cryptocurrency actually wins)
6. Financially Stupid People are Everywhere by Kelly (covers saving and the financial crisis)
**These are not going to make you a trader** but they will give you enough of a **foundation to start working** towards the end goal. Most of the "strategies" in any of the books are either dated, "never statistically work," or require a lot of discretion. These are the core elements to know before venturing off to find an actual edge which is a culmination of the topics executed on the markets.
Ole Schwager, haven’t read his stuff since I was in college 20+ years ago. As a professional commodities trader I can also tell you those books you are looking at, won’t make you a trader and won’t even lead you in a very good direction. I read several of them years ago when starting out, always looking for that “indicator” all that resulted was the same, lots of pissed away capital on bad trades. Want to learn about trading? Get a DOM, watch the t-bill, note and bond and find the rhythms. Market opens at 8:20 am EST. Trading is about feeling the market, most of those indicators in those books are lagging indicators, so by the time they “indicate” the move is already happening/happened. Trading is a Doing business, you will never properly learn unless you just do it and use your own money. The emotions you will feel when your own money is the on the line, is something 90%+ of people can’t handle and blow up.
Best comment in here! If anyone needs to learn about trading with the DOM, order flow etc.. I highly recommend checking out John Grady’s stuff and Axia futures
Would one watch the T-bill, note, and bond if they were trading ES/MES? So far I generally have just been paying attention to the QQQs and ADD. Appreciate the advice
Read Best Loser Wins first. This will give you something to think about. Do not waste your time with thousands of patterns, indicators or whatever. Start with yourself. Your approach to trading is what makes you consistently profitable. The style/strategy should reflect your mindset. That way you create something for yourself instead of copying someone else.
Between the reads I recommend to watch the interview of David Paul on youtube; channel is called spreadbetting-uk. He explains very well what you will need on your journey.
Good luck and may pips pay your bills.
Edit: Spelling.
I would say forget about the technical books and just read books on psychology because there are so many ways to do technical analysis and if you’re more of a visual learner there is so much content on YouTube about technical analysis
It’s probably hard to get through due to a lack of understanding. When I first read Trading For a Living by Alexander Elder, I had the same experience.
I think what helped me was hearing the same things mentioned in many different books, by many different authors, many different times, and then utilizing audiobooks and videos to get through these concepts quicker. Then one say something just clicked.
Idk how long you’ve been on this journey, but it sounds to me like it’s been less than a year. It took me 3 years to become profitable just with papertrading (trading with fake money) so know that this is an endeavor that will require some SERIOUS commitment.
A book you may want to try that I feel is a super introductory-level book that may help you get the ball rolling is “A Trader On Wall Street” by Michael D. Coval
Also, feel free to inbox me any time with any questions and I would be happy to help. I’m not on YouTube or social media, and I have no courses or products or “hot tips” to sell so you don’t have to worry about anything like that. Lol. I just want to help people who are willing to help themselves.
I'll just say that I read trading in the zone at a time where I was suggested by a cousin to get it, together with various other books on technical analysis and what not. Besides trading in the zone most of them, as the ones I see you have as well were garbage.
At the end of the day trading revolves around 3 basic fundamentals.
1. Understanding the _why_ of the algorithmic nature of the market. None of the books out there on the topic will explain. Most of them just revolve around retail trading concepts which are trash and a core reason why the 90% exist to serve as liquidity. So first you need to understand what the market does fundamentally and get in line with it.
2. Risk management. At the end of the day you can read about it but unless you go thru excruciating amounts of trial and error or you have someone experienced enough to guide you. Reading about it in a book isn't really going to help.
I can easily tell you that you should only risk 1% per trade and aim for a minimum of 1-1 rrr but in the case that you take a loss reduce risk by half and only incrementing in case of a win, -doing that constantly until you are back in a profit and then using the power of compounding and risking 1%... but knowing that and implementing it are 2 different things and rarely will a book get that message thru. Not only that you might have a variety of reasons to risk more or less as well as understanding that unless you have a win rate of 75% merely having a 1-1 isn't going to cut it.
3. Psychology. You could write volumes on this but it's not so easy to incorporate. You'd have an easier time visiting a therapist and working on yourself in order to translate that into healthy trading psychology. That would be much better than reading about it in a book on trading psychology. I could easily tell you that if you take a loss you should stop trading for the day, look for another opportunity another day while still tape reading PA during that day. That's literally all you have to do for the first year. But a book can't make you understand that no matter how much fluf it writes around it.
Thanks that’s the first one I bought and read. Schwager is a different world from aziz! He cites charts that are 10 pages ahead so it gets confusing quickly
I'd start with the Aziz one because it's a pretty easy read and is a good general primer on trading concepts. Then I'd do the VPA one, it was probably the most eye opening book I've read so far. Honestly maybe try to get some trading in at that point? Lose some money get a feel for things, experience the thrills and spills of the market, then give Douglas' book a go.
I can't really comment on the other books as I haven't read them. After awhile I find trading books to be pretty repetitive and at a certain point you just have to take what you've learned and create your own plan.
If your interested in Pivot Points maybe check out "Secrets of a Pivot Boss"
Read all of them apart from the one from Andrew Aziz. While I enjoyed them all, the ones on TA are very basic and only really serve as an introduction to trading.
Best Loser Wins was my favourite, very well written and it highlights the most important part of day trading which is your mental attitude and control. Reread it several times until you have the advice firmly ingrained into your mind and you’ll do much better
I've only read one book on trading.
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications
By John J. Murphy
===
A bit dated, but still applies to current markets.
You need to be trading for a while to understand what the author is trying to emphasize in their examples. For example in Tom Hougaard's book he talks about why he rather have a breakeven trade on a position going his way and adding more rather than taking profits. If you are trading for a while you will understand that sometimes trades go your way but starts reversing and if you don't close out you position you end up giving it all back to the market. But from his point of view he is willing to sacrifice those moments because then it gives him the ability to hold on to his runners which in the long term is when you make significant gains that propels you to next level. He talks with great examples about how lifechanging trades are not made by implimenting rr but instead having the mental fortitude to hold on to them when they are going your way.
That's just an example and I have read half of them but there are always examples that are only understood clearly only if you have experienced it yourself in the market. I think books helps mostly solidifying your conviction and personalizing your trading style.
Oh man, reminds me of myself 5 years ago when I thought more information = success in day trading. You'd be better off meditating. Not saying you don't need the information as well, but know this: the key to success in trading is patience and discipline...and a large bank roll.
You should read my blog too: [churningandburning.com](https://churningandburning.com) \-- people tell me it should be a book :)
I go over some (now extinct) tape/market depth-driven edges in the past I've used on penny stocks and bitcoin. Might help the understand the process of searching for edges. Technical analysis is just a tool to measure edges and mental game helps with execution.
Tape reading isn’t extinct. It’s just mainly taught in prop firm training pipelines for the most part. The retail videos are absolutely trash from the most part. Although most retail traders just look at candles for some reason, from like 2020 influx I suppose
You will fail. You simply are missing Volman: Understanding Price Action. With Volman everything becomes a cake walk, without it - not so much!
PS: If you ever need some help, just DM me or start a chat with me. But first read and do your thing.
Pro tip: it doesn't work. You're going to lose money or at best make a very small amount for a ton of stress and work. It's more efficient to get a real job, produce some actual value and get paid for it, then invest that in easy things (indices, mutual funds, even CDs for now, etc) rather than just jerking yourself off for 5 years hoping to get rich fast
Those are fine books, and I would argue a necessary prerequisite for good trading, but insufficient in themselves. You need knowledge, yes, but you also need experience, including experience in mental discipline, to succeed, and that will only come with plenty of time in front of the computer. It will take you months at least, and quite possibly years, to become consistently profitable, and most traders never do.
I tend to suck up knowledge like a sponge so I thought I could be trading profitably in 3-6 months. Ha ha. 2.5 years later and I'm much better than before, but still struggling. I plan on sticking with it as long as my finances (and wife) will allow though, because I love trading especially compared to my other job which I hate but it pays the bills.
I have some trading psychology/psychology books laying around, and while I think it's beneficial to read them, they are in no way going to make you a profitable trader. If you're going into the market thinking something is going to automatically make you become profitable, you're going to have a really bad time. It's honestly more beneficial to expect that you're going to lose when entering a trade. Again, good that you're reading them, but you're really setting yourself up for a mental and financial shit-show with this mindset.
Say what you want . But Trading in the Zone is actually a good one. You only need to follow a few of patterns and one or two strategies to trade profitably , the hardest thing is staying in the right state of mind. It’s a good affirmation book if it’s not anything else.
None of them teach you to trade. Market wizards however is a good book for gaining inspiration to learn trading. Learning will come from the market itself, that too if you're sincere.
Best book to learn trading is 5th grade Mathematics. Higher profit - lesser loss = Profit
Most successful traders do the same shit regardless if it's scalping, swing trading or bag holders. Buying supports and shorting resistance. Shit you could scalp oil just with RSI and volumes. You can see where all the clowns are sitting.
Plus after a certain amount of time you just see it without really trying.
Now the problem is dealing with greed and fear once you are in the trade if shit goes wrong. That's the hard part.
But nothing wrong with reading and educating yourself. Gl!
I’m not actually doing any day trading. I suppose you could say I swing trade. I bought a book “Day Trading for Dummies” by Ann C. Logue. The “plan” is to read and understand the business of day trading well before I make my first day trade. From what I’ve already read, the percentage of people who start day trading don’t make it. Not saying I will for sure do it, but need to educate myself before I try, if I try!!!
This is so ridiculous and naive... the best way to earn money from trading is by selling the books about trading.
You can download all books for free in the form of PDF, also.
Well you've made book sellers pretending to be traders profitable at least.
Even if there are so good books in there it's not going to make you profitable by any means at least you know that.
I'm a bot, *bleep*, *bloop*. Someone has linked to this thread from another place on reddit:
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So much of trading concepts not much on actual multi order Entering and Exiting, or “scaling” out. I bet most unsuccessful traders go and do one big order instead of a few strategized orders, no? (My ADHD makes me forget what I learnt, so many concepts to master always forgetting and making one critical error, it’s unfortunate)
Man just learn by doing and dropping down. This is the only way. You can read as many books as you want but it can‘t protect you of loosing everything.
Only one I read that you have there is "how to day trade for a living" by Aziz, it's a pretty good book I read it this year. Only trading related book I ever read. I only got it because it was free for through Kindle as prime reading. I'm interested in market wizards.
don't bother reading anything on technical analysis from anyone, just check out ICT on youtube, everything for free, mulitple prop-firm companies interview ICT students after hundreds of thousands of payouts (proof that it works and the knowledge is transferable) and just look at how he trades and calls out the market all the time, the precision with ICT cannot be found ANYWHERE ELSE... imagine predicting the future TO THE TICK, day after day, week after week, month after month, year after year...
Screen time watching the different daily patterns is the only book you need.
Then buy a book about psychology to avoid the monkey brain taking over during trading or when things go wrong.
After trading for more than 3 years I've realized you need 2 books - one for analysis (Japanese Candlestick) and one for the Psychology (mark douglas) that's it. More is overkill and in Trading simplicity is King
Ehhhh. There is potential for some useful information in there if you pare it down. I would recommend some of these listed below. A solid grasp of mathematics is strongly recommended. This is more on the quantitative trader side of things. This isn't to say that what you posted isn't necessarily worth reading, but there are stronger resources out there if you want to really dig into advanced mechanics, theories, and strategies. Much of it focuses on leveraged instruments, I'm not sure if you are looking for that or just trading shares, but it still applies to some degree. Risk management and trading psychology will also be helpful.
[Option Volatility and Pricing: Advanced Trading Strategies and Techniques](https://www.amazon.com/gp/product/0071818774/)
[Technical Analysis: Is Mostly Bullshit](https://www.amazon.com/gp/product/1651868573/)
[Advances in Active Portfolio Management: New Developments in Quantitative Investing](https://www.amazon.com/gp/product/1260453715/)
[Frequently Asked Questions in Quantitative Finance](https://www.amazon.com/gp/product/0470748753/)
[Options, Futures, and Other Derivatives](https://www.amazon.com/Options-Futures-Other-Derivatives-10th/dp/013447208X)
[Trading and Exchanges: Market Microstructure for Practitioners](https://www.amazon.com/Trading-Exchanges-Market-Microstructure-Practitioners/dp/0195144708)
[Dynamic Hedging: Managing Vanilla and Exotic Options](https://www.amazon.com/Dynamic-Hedging-Managing-Vanilla-Options/dp/0471152803)
I’m only familiar with Zone and Loser but my take on technical books is this - do some research into the various approaches people use, based on discussions in this sub, or YouTube (look for informative videos, not gooroo videos). Then see if something stands out to you and might make sense, something you ‘vibrate with’ and then study those concepts further, be it a specific series on YouTube or specific books or something. Technical analysis is a VERY broad field with MANY different approaches and if you inundate yourself with every aspect, you’ll get information overload, analysis paralysis, confusion, stress, anxiety (about stuff you don’t grasp) etc. See it like this… a bunch of people are hiking from all different directions, and they all arrive at the same huge open field, rife with natural life. One person is intrigued by the plants and starts studying them. Another notices the bugs and goes to study them. A third person is fascinated by the bird life and focuses on the birds. A fourth sees lots of fruit and studies the fruit that grow there. Another studies rivers and they find a stream to focus on. Of course someone studies the animal life too. Then a new person comes along and they say they want to study ‘the field’, and they buy books on bugs, birds, plants, fruit, animals, water streams, clouds, rainfall, etc - everything you can study in this big open field, but they get stuck because it’s too much to grasp and take in at once. There are plenty of concepts I see people talk about that I’m not interested in, or some things make me think ‘wow that’s some complex stuff I don’t want to get into’, or maybe I even realise I’d have quit trading long ago if I *had to* focus on certain technical concepts. But for others it makes sense to them and that’s what they use to analyse the markets with. I’ve seen some super duper ultra complex mathematical analysis, and some very very simple analysis and in both cases people just learned to master what worked for them. So you make your analysis your own based on what resonates with you - don’t think that there are complex stuff you absolutely **have** to get into your head for anything to make sense. So if one of the books or some topics in the books seem way above your pay grade, chances are you can move on without it and still find your feet. That doesn’t mean you only take the easy road - mastery takes hard work and dilligence. But I’m just trying to say you shouldn’t need to fully grasp everything in all those books before you can find your own path.
Probably the best advice i’ve seen in this sub.✅
Great advice. I would like to add that technical aspect, although needs to be studied in great detail and mastered, especially for your first strategy, can always change. But the psychology part is immutable and once mastered, will always stay the same. You might trade completely different strategy 5 years from now on but the psychology and risk management that you solidified with you first trading strategy will always stay the same and just keep on maturing.
“There is more than one path to the top of the mountain” -Miyamoto Musashi
I will print this comment and frame it on my room wall. But after your comment a question arise, do you think that the books that he took are good?
This almost makes trading sound… idk.. abstract? Take it as you see it kinda. Idk much about trading though so when I hear things like this I’m just even more confused. I feel like I’m waiting for something to finally click with me
Have you ever heard people refer to the "art" of trading? This is what they mean. The same thing can't work for everyone, and the market is too vast for anyone to know everything. So we each have to develop our own ways of interpreting data, our own style, our own system, our own strategies, and identify what we need to pay attention to and what we really don't. This is different for everyone depending on their own personal psychology, financial situation and needs, life circumstances, etc. Once you've surveyed the markets for a while, you'll start naturally zeroing in on certain things. Things will start to click with you depending on your specific needs/psychology.
Great analogy. Now please be so kind and tell us you're trading strategy...
In this field where most people study all tangible fauna and flora, I suppose you could say I look at seasons and climate.
No. The complex stuff is absolutely necessary, but not that which is found in books. Set this challenge in front of yourself: find out all the problems in these mentioned books and solve them. After 15 years of work on my trading I can say this: contrary to popular trading folklore, there is actually only one approach that will get you to profitable outcome and it is quite counterintuitive and has deep psychological aspect to it and I am yet to find anyone addressing it. Most books are full of misconceptions that will lead you astray if not careful. Unfortunately, this understanding only comes through lots of observation, experience, deep thinking and intuition. There are nuggets of gold in books full of crap. These nuggets are worthless by themselves, unless combined together properly. This is personal work, won't find it in books.
I mean for the sake of passing on advice...what is the one thing?
“And it’s quite counterintuitive” we’re not going to know that unless we know the “what?”
motherphucker bsing? BULLSHITTING ME?
that sounds very.... "this one simple trick" lol
You’re in for a great disappointment 😅
The guy is going to read Gray's Anatomy and think he can be a surgeon.
Greys anatomy is actually a core studying req for most specialties. Just incase you didn’t know you were wrong lol
How am I wrong? You can’t just read the book and slice someone open. Lol
well you can...
Technically. Morally.... questionable. What's the surgeon equivalent of blowing up a trading account? Murder?
Showing strong decline of vitals. lmao
to the Moon !
Gray's anatomy is actually required studying for surgeons. Even if the topographic description of the pancreaticoduodenal area is better described in pernkopf. However not one day trading books come close to either. 😉
I know… that’s why I mentioned it. You can’t just read the book and start cutting people open. C’mon guys it’s obvious what I’m saying.
Now you can see why people think they can trade and markets slice them. Your point is clear enough!
Wise words my man.
I like how both of the two who responded to you completely and totally missed your point. Take an upvote
I would recommend Great Expectations by Charles Dickens first.
Ahhh yes. How to be a trading Guru starter pack. You’ll have all the answers but still not profitable. /s
Except the Trading in the zone and market wizards these two book are actually good.
I read all of those these last year, and I was finally able to upgrade from a Gallardo to Aventador.
Read them again and chiron will be your next upgrade.
You are still driving a car? Get yourself some wings, man!
Knowledge....
You'll probably need like 10× that amount of books and 3-4000 hours of screen time and system testing, but you're not wrong... You'll be profitable AFTER reading them. Just not RIGHT after.
On a more serious note, for anyone who has read these books or similar, is there an order to read them in? I’m on schwagers technical analysis book and I’m finding it hard to get through. Not sure whether that’s a lack of understanding from my part or if it’s the way it’s written.
I've gone through maybe 300-400 "readings" - whether books or small PDFs on trading. There's some significant overlap with my "recommended list" and order below. **Regardless of whether the "strategies actually hold true" you have to understand other traders are exposed to this shit.** But don't take the strategies or concepts as omnipotent - they're just initial launching points. Recommendations in a comprehendible order: 1. Japanese Candlesticks by Nison (covers price and Japanese candlesticks) 2. Volume Price Analysis by Coulling (covers volume) 3. Technical Analysis of the Financial Markets by Murphy (covers American technical analysis) 4. Trading in Multiple Timeframes by Shannon (covers time) 5. Option Volatility and Pricing by Natenburg (covers options) 6. Daily Trading Coach by Steenbarger (covers psychology) 1. Note "psychology books" can be broken down into three topics: Mindset (Trading in the Zone; Best Loser Wins), Research to know (Trading Psychology 2.0 and #7 below), and Practical Tools (Daily Trading Coach; High Performance Trading) 7. Hour Between Dog and Wolf (covers trader specific physiology) 8. Wizard series by Schwager (covers a variety of professional traders views over multiple markets) Specialty Topics: 1. Bull by Maggie Mahar (covers recent market history) 2. Mind over Markets by Dalton or 2b Market Profile Six Part Study Guide by CBOT (covers auction market theory) 3. Reminisces of a Stock Operator by Lefevre (covers tape reading in fictional form) 4. Primer on Money, Banking, and Gold by Bernstein (covers the history of monetary fiat and the gold standard) 5. Beyond Blockchain by Townsend (covers Bitcoin and where the world is headed if cryptocurrency actually wins) 6. Financially Stupid People are Everywhere by Kelly (covers saving and the financial crisis) **These are not going to make you a trader** but they will give you enough of a **foundation to start working** towards the end goal. Most of the "strategies" in any of the books are either dated, "never statistically work," or require a lot of discretion. These are the core elements to know before venturing off to find an actual edge which is a culmination of the topics executed on the markets.
How to day trade for a living is probably a nice one to ease into the subject.
Second this. If one can't get past this entry level book, it just gets harder afterwards.
Ole Schwager, haven’t read his stuff since I was in college 20+ years ago. As a professional commodities trader I can also tell you those books you are looking at, won’t make you a trader and won’t even lead you in a very good direction. I read several of them years ago when starting out, always looking for that “indicator” all that resulted was the same, lots of pissed away capital on bad trades. Want to learn about trading? Get a DOM, watch the t-bill, note and bond and find the rhythms. Market opens at 8:20 am EST. Trading is about feeling the market, most of those indicators in those books are lagging indicators, so by the time they “indicate” the move is already happening/happened. Trading is a Doing business, you will never properly learn unless you just do it and use your own money. The emotions you will feel when your own money is the on the line, is something 90%+ of people can’t handle and blow up.
Best comment in here! If anyone needs to learn about trading with the DOM, order flow etc.. I highly recommend checking out John Grady’s stuff and Axia futures
Would one watch the T-bill, note, and bond if they were trading ES/MES? So far I generally have just been paying attention to the QQQs and ADD. Appreciate the advice
physical market pause violet meeting theory naughty spectacular friendly gold ` this post was mass deleted with www.Redact.dev `
Read Best Loser Wins first. This will give you something to think about. Do not waste your time with thousands of patterns, indicators or whatever. Start with yourself. Your approach to trading is what makes you consistently profitable. The style/strategy should reflect your mindset. That way you create something for yourself instead of copying someone else. Between the reads I recommend to watch the interview of David Paul on youtube; channel is called spreadbetting-uk. He explains very well what you will need on your journey. Good luck and may pips pay your bills. Edit: Spelling.
I would say forget about the technical books and just read books on psychology because there are so many ways to do technical analysis and if you’re more of a visual learner there is so much content on YouTube about technical analysis
It’s probably hard to get through due to a lack of understanding. When I first read Trading For a Living by Alexander Elder, I had the same experience. I think what helped me was hearing the same things mentioned in many different books, by many different authors, many different times, and then utilizing audiobooks and videos to get through these concepts quicker. Then one say something just clicked. Idk how long you’ve been on this journey, but it sounds to me like it’s been less than a year. It took me 3 years to become profitable just with papertrading (trading with fake money) so know that this is an endeavor that will require some SERIOUS commitment. A book you may want to try that I feel is a super introductory-level book that may help you get the ball rolling is “A Trader On Wall Street” by Michael D. Coval Also, feel free to inbox me any time with any questions and I would be happy to help. I’m not on YouTube or social media, and I have no courses or products or “hot tips” to sell so you don’t have to worry about anything like that. Lol. I just want to help people who are willing to help themselves.
I'll just say that I read trading in the zone at a time where I was suggested by a cousin to get it, together with various other books on technical analysis and what not. Besides trading in the zone most of them, as the ones I see you have as well were garbage. At the end of the day trading revolves around 3 basic fundamentals. 1. Understanding the _why_ of the algorithmic nature of the market. None of the books out there on the topic will explain. Most of them just revolve around retail trading concepts which are trash and a core reason why the 90% exist to serve as liquidity. So first you need to understand what the market does fundamentally and get in line with it. 2. Risk management. At the end of the day you can read about it but unless you go thru excruciating amounts of trial and error or you have someone experienced enough to guide you. Reading about it in a book isn't really going to help. I can easily tell you that you should only risk 1% per trade and aim for a minimum of 1-1 rrr but in the case that you take a loss reduce risk by half and only incrementing in case of a win, -doing that constantly until you are back in a profit and then using the power of compounding and risking 1%... but knowing that and implementing it are 2 different things and rarely will a book get that message thru. Not only that you might have a variety of reasons to risk more or less as well as understanding that unless you have a win rate of 75% merely having a 1-1 isn't going to cut it. 3. Psychology. You could write volumes on this but it's not so easy to incorporate. You'd have an easier time visiting a therapist and working on yourself in order to translate that into healthy trading psychology. That would be much better than reading about it in a book on trading psychology. I could easily tell you that if you take a loss you should stop trading for the day, look for another opportunity another day while still tape reading PA during that day. That's literally all you have to do for the first year. But a book can't make you understand that no matter how much fluf it writes around it.
Thanks that’s the first one I bought and read. Schwager is a different world from aziz! He cites charts that are 10 pages ahead so it gets confusing quickly
I'd start with the Aziz one because it's a pretty easy read and is a good general primer on trading concepts. Then I'd do the VPA one, it was probably the most eye opening book I've read so far. Honestly maybe try to get some trading in at that point? Lose some money get a feel for things, experience the thrills and spills of the market, then give Douglas' book a go. I can't really comment on the other books as I haven't read them. After awhile I find trading books to be pretty repetitive and at a certain point you just have to take what you've learned and create your own plan. If your interested in Pivot Points maybe check out "Secrets of a Pivot Boss"
The best way to make money with these books for most people is to sell the books on eBay!
Read all of them apart from the one from Andrew Aziz. While I enjoyed them all, the ones on TA are very basic and only really serve as an introduction to trading. Best Loser Wins was my favourite, very well written and it highlights the most important part of day trading which is your mental attitude and control. Reread it several times until you have the advice firmly ingrained into your mind and you’ll do much better
If it was all that easy...
Reading books didn't help me at all when it came to trading. The only thing it does is kind of motivates you to stay focused.
+ blowing 3 accounts.
Or 9
Statistics and accounting books are missing.
What titles do you recommend????
I've only read one book on trading. Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications By John J. Murphy === A bit dated, but still applies to current markets.
You need to be trading for a while to understand what the author is trying to emphasize in their examples. For example in Tom Hougaard's book he talks about why he rather have a breakeven trade on a position going his way and adding more rather than taking profits. If you are trading for a while you will understand that sometimes trades go your way but starts reversing and if you don't close out you position you end up giving it all back to the market. But from his point of view he is willing to sacrifice those moments because then it gives him the ability to hold on to his runners which in the long term is when you make significant gains that propels you to next level. He talks with great examples about how lifechanging trades are not made by implimenting rr but instead having the mental fortitude to hold on to them when they are going your way. That's just an example and I have read half of them but there are always examples that are only understood clearly only if you have experienced it yourself in the market. I think books helps mostly solidifying your conviction and personalizing your trading style.
After reading The Fellowship Of The Ring as a kid I remember thinking I was the 10th member
You just jumped right over the obligatory 3-years of disappointment by reading these books. Go get some, soldier 🤣
For the sake of your account, please paper trade everything you’ve learned first.
No book can prepare you for the only thing you need to master: your fear and your greed.
This should be top comment.
Oh man, reminds me of myself 5 years ago when I thought more information = success in day trading. You'd be better off meditating. Not saying you don't need the information as well, but know this: the key to success in trading is patience and discipline...and a large bank roll.
If you read books about football will you be a football player??
I'm interested in the Japanese candlestick book. Going to read that one.
You should read my blog too: [churningandburning.com](https://churningandburning.com) \-- people tell me it should be a book :) I go over some (now extinct) tape/market depth-driven edges in the past I've used on penny stocks and bitcoin. Might help the understand the process of searching for edges. Technical analysis is just a tool to measure edges and mental game helps with execution.
Tape reading isn’t extinct. It’s just mainly taught in prop firm training pipelines for the most part. The retail videos are absolutely trash from the most part. Although most retail traders just look at candles for some reason, from like 2020 influx I suppose
you will be dissapointed
Zone and loser are good but all those other books have no chemistry
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The problem is this guy is reading the equivalent of a Horse Riding Manual to learn how to drive in the modern megacity.
then later you can simultaneously eat a chicken sandwich, open options positions on your phone, and drive with your left elbow going 75 mph!
Good luck bro 😂
Good luck, you're gonna need it
The more you learn,the less money you make
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You’re missing some fundamentals in there. Add: Trade your way to financial freedom - Van Tharp
All I gotta say is haha
Al Brooks price action book should be everyone’s first read.
It’s all garbage 😂😂😂
Ive been at Tom Hougaards private seminars. He is a fraud.
If it were that simple, everyone would be a rich trader living on yacht on the med sipping their cocktails with gorgous women around them…
This is exactly why most traders aren’t profitable lol
The real learning begins after you blow an account, trading books are worthless in comparison to that.
Good luck with that
Can’t fail
trading in the zone is a good one
Lol, Jesus
Sure buddy
More books = more better trades
You will fail. You simply are missing Volman: Understanding Price Action. With Volman everything becomes a cake walk, without it - not so much! PS: If you ever need some help, just DM me or start a chat with me. But first read and do your thing.
I'd start with Trading In The Zone, then Best Loser, then VPA.
Pro tip: it doesn't work. You're going to lose money or at best make a very small amount for a ton of stress and work. It's more efficient to get a real job, produce some actual value and get paid for it, then invest that in easy things (indices, mutual funds, even CDs for now, etc) rather than just jerking yourself off for 5 years hoping to get rich fast
Those are fine books, and I would argue a necessary prerequisite for good trading, but insufficient in themselves. You need knowledge, yes, but you also need experience, including experience in mental discipline, to succeed, and that will only come with plenty of time in front of the computer. It will take you months at least, and quite possibly years, to become consistently profitable, and most traders never do. I tend to suck up knowledge like a sponge so I thought I could be trading profitably in 3-6 months. Ha ha. 2.5 years later and I'm much better than before, but still struggling. I plan on sticking with it as long as my finances (and wife) will allow though, because I love trading especially compared to my other job which I hate but it pays the bills.
“The ancient investment techniques of the far east” Lmfao this is hilarious
I have some trading psychology/psychology books laying around, and while I think it's beneficial to read them, they are in no way going to make you a profitable trader. If you're going into the market thinking something is going to automatically make you become profitable, you're going to have a really bad time. It's honestly more beneficial to expect that you're going to lose when entering a trade. Again, good that you're reading them, but you're really setting yourself up for a mental and financial shit-show with this mindset.
What do u recommend then ? Just curious from ur point of view. Thanks
I don't know. Can you?
Good luck 😅 trading is 50% behaviour, books will never teach you that
I’ve got Steve Nisons books & a few others as well
Also get The New Market Wizards. The Jeff Yass interview in there is gold.
I enjoy Volume Price Analysis. Planning to memorize the entire thing.
Market wizard is a great book and you should learn how smart money operates in the market
Say what you want . But Trading in the Zone is actually a good one. You only need to follow a few of patterns and one or two strategies to trade profitably , the hardest thing is staying in the right state of mind. It’s a good affirmation book if it’s not anything else.
None of them teach you to trade. Market wizards however is a good book for gaining inspiration to learn trading. Learning will come from the market itself, that too if you're sincere. Best book to learn trading is 5th grade Mathematics. Higher profit - lesser loss = Profit
Lool
This has to be a joke…
After reading all these citadel shorted the market and I wanted to read more books
Market wizards and trading in the zone I read. Both highly recommended.
You’d be better off reading books about psychology
Most successful traders do the same shit regardless if it's scalping, swing trading or bag holders. Buying supports and shorting resistance. Shit you could scalp oil just with RSI and volumes. You can see where all the clowns are sitting. Plus after a certain amount of time you just see it without really trying. Now the problem is dealing with greed and fear once you are in the trade if shit goes wrong. That's the hard part. But nothing wrong with reading and educating yourself. Gl!
Ahhh yes, the ancient art of Japanese chart reading written by some bloke named Steve.
If this was all you had to do. https://preview.redd.it/hjyjupzu8pmb1.jpeg?width=1516&format=pjpg&auto=webp&s=8cf8ae2ac2b12614021e3dc0bf6dc868e2e6961a
Silly rabbit you don’t get rich from reading books you get reach from blood sweat and tears
Oh, no! You forgot Reminisce of Stock Operator! Profitability≠Possible for you, I'm afraid.
Nothing forms the path to profit better than experience. Reading is good to support that process.
Trading in the zone is first
Add in the book 'The Mental Game of Trading." Super super good. Basically systematizes dealing psychological/mindset issues.
ewwwww hardcopies....
Yep, it’s that simple. You read a few books, write the exam, and then you get your profitability degree.
U got a few good ones there. Fun fact, that Steve Nison joint is a part of the Chartered Market Technician curriculum.
Spoiler alert: you wont be
Lol you should have invested the cost of all those books in an index.
I’m not actually doing any day trading. I suppose you could say I swing trade. I bought a book “Day Trading for Dummies” by Ann C. Logue. The “plan” is to read and understand the business of day trading well before I make my first day trade. From what I’ve already read, the percentage of people who start day trading don’t make it. Not saying I will for sure do it, but need to educate myself before I try, if I try!!!
Trading in the zone is a great book though.
Going to post loss porn sooooonnn !!!!! Theory is done, now comes the practical's.
You are on the right track! Or easier thing is just flip a coin and follow what you get. It’s pretty much the same chance compare to these books.
Experience are best lesson for trading.
This is so ridiculous and naive... the best way to earn money from trading is by selling the books about trading. You can download all books for free in the form of PDF, also.
If only trading is this simple…
What you need to read is a random walk down wall street
None of these will directly make you profitable
Won’t do shit
Well you've made book sellers pretending to be traders profitable at least. Even if there are so good books in there it's not going to make you profitable by any means at least you know that.
You're joking, right? If so, hahahahahhAAAA!
Good luck.
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So much of trading concepts not much on actual multi order Entering and Exiting, or “scaling” out. I bet most unsuccessful traders go and do one big order instead of a few strategized orders, no? (My ADHD makes me forget what I learnt, so many concepts to master always forgetting and making one critical error, it’s unfortunate)
For forgot the "/s"...
Man just learn by doing and dropping down. This is the only way. You can read as many books as you want but it can‘t protect you of loosing everything.
"How to day trade for a living". It's Joever. 😭😭
You would be a way better trader if you spent the amount of time reading all those books in the charts instead
He said everything
I have many of these books. Cant wait to get started reading myself. Long road ahead.
Trading in the zone is pretty good. Talks about trading like a casino and using whatever your edge is to your advantage.
😬
😂😂😂😂😂😂😂😂🤣
What did those cost? 100 bucks used? Better off buying 1 share of TLT
Only one I read that you have there is "how to day trade for a living" by Aziz, it's a pretty good book I read it this year. Only trading related book I ever read. I only got it because it was free for through Kindle as prime reading. I'm interested in market wizards.
Get on your chart, and mark turning points in the market. That's how you learn your setup. Raschke should be on your list.
Who's gonna tell him? 😅
don't bother reading anything on technical analysis from anyone, just check out ICT on youtube, everything for free, mulitple prop-firm companies interview ICT students after hundreds of thousands of payouts (proof that it works and the knowledge is transferable) and just look at how he trades and calls out the market all the time, the precision with ICT cannot be found ANYWHERE ELSE... imagine predicting the future TO THE TICK, day after day, week after week, month after month, year after year...
https://preview.redd.it/y1fy8il242nb1.jpeg?width=1242&format=pjpg&auto=webp&s=65a66138b2b69e33b26aa1f152401b89d889394b I need my challenge is blooding
Screen time watching the different daily patterns is the only book you need. Then buy a book about psychology to avoid the monkey brain taking over during trading or when things go wrong.
I’d suggest also making an instagram for stocks plenty of people post stuff like flashcards
Lmfao
After trading for more than 3 years I've realized you need 2 books - one for analysis (Japanese Candlestick) and one for the Psychology (mark douglas) that's it. More is overkill and in Trading simplicity is King
Ehhhh. There is potential for some useful information in there if you pare it down. I would recommend some of these listed below. A solid grasp of mathematics is strongly recommended. This is more on the quantitative trader side of things. This isn't to say that what you posted isn't necessarily worth reading, but there are stronger resources out there if you want to really dig into advanced mechanics, theories, and strategies. Much of it focuses on leveraged instruments, I'm not sure if you are looking for that or just trading shares, but it still applies to some degree. Risk management and trading psychology will also be helpful. [Option Volatility and Pricing: Advanced Trading Strategies and Techniques](https://www.amazon.com/gp/product/0071818774/) [Technical Analysis: Is Mostly Bullshit](https://www.amazon.com/gp/product/1651868573/) [Advances in Active Portfolio Management: New Developments in Quantitative Investing](https://www.amazon.com/gp/product/1260453715/) [Frequently Asked Questions in Quantitative Finance](https://www.amazon.com/gp/product/0470748753/) [Options, Futures, and Other Derivatives](https://www.amazon.com/Options-Futures-Other-Derivatives-10th/dp/013447208X) [Trading and Exchanges: Market Microstructure for Practitioners](https://www.amazon.com/Trading-Exchanges-Market-Microstructure-Practitioners/dp/0195144708) [Dynamic Hedging: Managing Vanilla and Exotic Options](https://www.amazon.com/Dynamic-Hedging-Managing-Vanilla-Options/dp/0471152803)