I have read a lot of trading books. I just love reading about those who are successful in their trading, it is inspiring and motivating. Most trading books are not specifically about Forex trading (they are usually about stock trading) but the principles contained in each publication are universal and can be applied to Forex trading, stock trading, commodity trading and any other form of trading.
Below is a list of my top 10 Forex and other trading related books...
Trading Book #1: Reminiscences of a Stock Operator - Edwin Lefevre
My all-time favourite trading biography. The book follows the trading life of Jesse Livermore, a stock trader that made his way from 'bucket shops' to Wall Street. It is an incredible story and there is so much to learn from it's contents, the book was first published in 1923... it has really stood the 'test of time'.
I have many favourites quotes from this book, one of my favourites includes 'It sounds very easy to say that all you have to do... [is to] establish your resistance points and be ready to trade along the least line of resistance as soon as you have determined it. But in actual practice a man has to guard against many things, and most of all against himself - that is, against human nature'.
Trading Book #2: How I Made $2,000,000 in the Stock Market - Nicholas Darvas
My all-time favourite autobiography. This trading publication has also stood the 'test of time'. It was first published in 1960 and is about Nicholas Darvas, a world class dancer who became a world class trader and investor. Darvas was once paid in shares for a gig at a club in Canada, this was the start of his fascination and interest in the financial markets. Just like all of the world's best traders, Darvas went through a tough losing period until he found a systematic way of profiting from his investments.
One of my favourite quotes is 'I cannot merely take chances. First, I have to reduce my risks as far as humanly possible'.
Trading Book #3: Pit Bull - Martin Schwartz
Another great trading autobiography. Martin Schwartz was a major stock, futures and options trader on the American Stock Exchange and is one of the very few short-term day traders that has knowingly made a fortune from this style of trading.
'The markets are no place to be trying to impress people. The only way to impress anybody is to stay on your toes, be consistent, and trade within your means'.
Trading Book #4: Market Wizards, Interviews with Top Traders - Jack D. Schwager
Market Wizards is one of the most famous trading books of the late 20th Century. It contains a series of interviews with successful traders and is a very interesting read, each trader has their own trading advice and it can be a real eye opener for most readers. The interviewees include Michael Marcus, Richard Dennis, Gary Bielfeldt, Larry Hite, William O'Neil, David Ryan, Martin Schwartz, Mark Weinstein, Brian Gelber, Tom Baldwin, Tony Saliba, Ed Seykota, Bruce Kovner, Paul Tudor Jones, Michael Steinhardt, Van K. Tharp and James B. Rogers.
'To me it is like a giant treasure hunt. Somewhere in here [he pats the... chart book] there is going to be a big winner, and I am trying to find it'.
Trading Book #5: Come Into My Trading Room - Dr. Alexander Elder
What I remember most about this trading book is Elder's 3 M's; Mind, Method and Money Management. I also believe that the 'formula' for successful trading is also Mind + Method + Money Management = Profitable Trading. The book also has many other great insights.
'Good traders keep records. They keep them not just for their accountants but as tools for learning and discipline'.
Trading Book #6: Naked Forex - Walter Peters
I love Naked Forex as it is far the most practical and 'hands on' trading publication that I have ever read and it is specifically for Forex trading. The book covers a simple but extremely effective approach to trading Forex using price action.
'One way to gain confidence in your trading system is to back-test it'
Trading Book #7: Trading Beyond the Matrix - Dr Van K. Tharp
The book focuses on position sizing and it's importantance in trading, as well as psychological advice and other minor trading tips.
'A trading "mistake" is defined as not following your rules. Trading mistake-making allows me to achieve the expectancy of my system'
Trading Book #8: The Greatest Trade Ever - Gregory Zuckerman
The biography of John Paulson, the hedge-fund manager that made $15 billion for his fund in 2008 - the year that most funds suffered or even closed.
'Paulson's personal cut was nearly $4 billion, or more than $10 million a day. That was more than J.K Rowling, Oprah Winfrey and Tiger Woods put together. His trades...made him one of the richest people in the world, wealthier than Steven Spielberg, Mark Zuckerberg. and David Rockefeller Sr'.
Trading Book #9: How the Trading Floor Really Works - Terri Duhon
This book is slightly different to the rest as it does not provide direct advice, guidance or insight into profitable trading. The book explores how trading floors operate and covers such topics as the relationship between sales and trading, the difference between equity and debt markets and supply and demand.
Trading Book #10: Hot Commodities - Jim Rodgers
I have read a few commodity trading books, Jim Rodgers' 'Hot Commodities' is my top-rated. It has a similar fashion to 'Come Into My Trading Room' and covers a number of aspects of trading.
'The next bull market is here. It's not in stocks. It's not in bonds. It's in commodities'.
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