Single most important book for a trader

Quote from Daal:

In your opinion, what is the most insighful and important book a trader must read?
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A Strategy for Daily Living by Ari Kiev (Not his trading books)
 
Quote from ScaleOut:

This one can be read, studied, and reread periodically and never grows old for a market technician:

How I made $2,000,000 in the Stock Market by Nicholas Darvas (and his other three books if you can find them).
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I agree. The best book about stock trading - and funny to read, too.
 
Whilst many books people have mentioned may be interesting, I'd hazard a guess that more insight could be gained from a sound knowledge of statistics. So I'd say an undergraduate statistics textbook.

With this knowledge, one can read those other books and find out if they really are insightful. Or if, they're simply interesting stories.
 
I have read hundreds of books on trading (literally), and the three that I found to be most valuable are the Market Wizards books.

In fact I have sold nearly all back on Amazon and have kept only these three plus Elliot Wave Theory by Neely
 
Quote from LongView:

billgates,

Interesting view. You could be correct.

However, I was not implying that you should do exactly what the book said.

Here is what I gathered out of the book:

1)Backtested results mean, shit.
2)The backtested results of that fancy trading system could, in fact, be random luck.
3)You better take a real close look at any system you design and run it through a series of very strenuous stress tests before you decide that it is a tradeable system.

That was my take on the book.

Any thoughts?
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....eeeerr

why #3? doesnt that kind of go against # 1 & 2?

:confused:
 
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