best books you've read on trading

Quote from jpcedotal:


I have about 8k invested in non retirement accounts and can liquidate only about 5k, so apparently I have no idea what I am doing...only been playing with it for about a year.
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Not real interested in day trades but would like to tweak my account on a weekly/bi-weekly basis. My goal is to make 500 bucks a month...for starters... with what I have invested.
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A 5k account, making 500/month, which is 10%. And = 120% a year. For starter.

I admire your ambition.
 
K, just bought a pretty cool book, I hope. It comes as an ebook as well.

High Powered Investing all in one for Dummies.


10 books in 1 so at least I got a good value.
 
Quote from Random.Capital:

Reminiscences of a Stock Operator - Lefevre

Manias, Panics and Crashes - Kindleberger

Dynamic Hedging - Taleb

Devil Take the Hindmost - Chancellor

The PDF floating around documenting the Turtles trend-following strategy in excruciating detail - Curtis(?)

If what you're looking for is a cookbook - forget it - none of them "work", are filled with gross inaccuracies, and will lead you down the rose garden path to damnation. You are far better off minimally-funding an account and trading until you blow up. Pay attention, keep notes, reflect before setting up the next account, and you will be miles ahead of the cookbook crowd.

Remember: there is no spoon.
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Agree with this. And would also add that the greatest hurdle to consistant success is psychological: overcoming emotional impulses that will distort your view of the situation and force you to make irrational decisions. By the way, I do not think , in my limited knowledge of the area writing automated trading systems is the way to go. You can spend years 'chasing shadows' and spend a fortune. Trading is not that difficult if your emotions are in check and human intelligence will always be superior to stupid robots that cannot adapt to rapidly changing market sentiment. Like the great segovia (spanish guitarist) said 'like the great oak tree, my roots are deep (mental discipline) but I can express myself with the fluid motion in the higher branches (adaptation and market reaction). Just my friday night (UK) thoughts.
 
I totally agree with yall.

My question is - wouldn't it be good to at least know what a "trailing stop" is or what is the difference between an exchange and an index?

That's the book I am looking for...not the "how to make cash in 3 easy steps" book, but the "what the heck does that mean" book.
 
How to trade in Stocks by Livemore.

Quote from DonDinero:

The intelligent investor, Benjamin Gram
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I have his Security Analysis ; it put me into sleep every time i read it. the language just felt like a gospel.
 
Quote from number22:


I have his Security Analysis ; it put me into sleep every time i read it. the language just felt like a gospel.
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That's how I felt about Malkiel's "A Random Walk Down Wall Street"
 
"Trading for a Living" by Elder
"Mastering the Trade" by Carter
"Forex Patterns and Probabilities" by Ponsi
"Trading in the Zone" by Douglas
anything by Jack Schwager
 
Here is a little gem that I find to be very helpful for selecting rational targets on any time frame. It is short, but worth every penny IMHO. You have to be able to clone a trend line with your software for ease of use. It does not get the target right every time, but gets you out near the peak often enough to make it worthwhile.

You can get it online, but I bought it directly from the author, who will send you an autographed copy.

"Precision Trading with Stevenson Price and Time Targets" by J.R. Stevenson

If you go to the author's website, you can get an idea how the technique works and buy directly from him:

http://ptt.50webs.com/method.html

Or you can buy it at Traders Press for the same price.

http://www.traderspress.com/detail.php?PKey=380
 
Quote from lilduckling:

99.99% of all books out there if followed closely will ensure you end up with a million dollars!! .............. providing you start out with 2 million.
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I really agree with you:)
 
I want to get started in the forex trading market, but I don't know where to start. I want to buy one of those programs that will do the trading for you. I found a website that has a bunch of them on it. The site is www.rightnowreview.com Can someone please tell me which program is best for me?
 
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