Best trading book

[rowes]

Mark Douglas "Trading in the Zone"


The book is designed to establish the right mindset for traders, and has to do this for a range of people - hence the latter segments may not appear as riveting as the first half, but the positive effects are often subtle, and it is vital to read the book cover to cover to get the full psychological benefit in sequence.

Then try re-reading it once you’ve read it cover to cover. It’s only later when you see the effect on your trading that you will really be able to get a feel for the full effect on your psychology.

Douglas I believe was very clever in how he constructed “Trading in the Zone”, and while it’s not the same as seeing him personally and having a tailored psychological session, as far as books go, it’s very effective across a range of different trading mindsets, and I suspect ultimately addresses most people's core needs.

Try to persevere; the ending is important as it brings together a range of aspects vital to establishing a “probabilistic mindset”.

I still have the "Five Fundamental Truths" and the “consistent winner” axioms stuck to my computer screens (and have had these for a few years now), and you wouldn’t believe how often I’ve looked down at them and applied the wisdom (especially “I pay myself as the market makes money available to me”).


Hope this helps.


Regards,


Magdoran

It is a book i feel i have currently gained alot from (so far), and it is also a book that as i have read it it triggers little things in my head that make me think hang on and i go back a paragraph or to and reread. i will finish the book and yes i think that in the future i will reread it and i do think that i will gain more the next time round and probably pick up on alot of things that i have missed. the Tech books i have read i love and can easily switch of my surroundings and take it all in, some mornings i take the oppurtunity and put in some reading while my boys are watching the wiggles in the background lol, but i need a complete different enviroment to take in the messages and lessons to be learnt in a book such as trading in the zone... maybe thats half the problem.

 

[Gar]

Can anyone recommend a book on Technical Analysis? I am thinking of buying Chart Your Way to Profits: The Online Trader's Guide to Technical Analysis by Tim Knight

I found louise bedfords book charting secrets to be pretty damn good.

make sure you have a run through this too http://www.incrediblecharts.com/technical/easy_guide.htm
if you havent already

 

[josh_in_a_box]

The Essays of Warren Buffett
Lessons for Investors and Mangers

Lawrence A. Cunningham

ISBN-10 0-470-82078-0
ISBN-13 978-0-470-82078-0

 

[Temjin]

Curtis Faith's latest book, "Way of the Turtle"

I agree with Dr Tharp on this comment on this book, this was to be ONE OF THE TOP 5 GREATEST TRADING BOOK OF ALL TIME!

It "almost" completely summarises what I believed (and that other experts believed like Van Tharp) in what it takes to trade successfully in the past 12 months+.

 

[nizar]

Curtis Faith's latest book, "Way of the Turtle"

I agree with Dr Tharp on this comment on this book, this was to be ONE OF THE TOP 5 GREATEST TRADING BOOK OF ALL TIME!

It "almost" completely summarises what I believed (and that other experts believed like Van Tharp) in what it takes to trade successfully in the past 12 months+.

Temjin.
Thanks for that.

Have a look at Curtis Faith's interview on youTube, he admits that hes lost all his money?? Weird -- i dunno if it was from his trading or something else.

And from what I read it seems to be conflicting if Jerry Parker or Curtis Faith was the most successful turtle?

Jerry Parker manages more than $1billion.

The best trading book I have read, by far, has to be:
Michael Covel - Trend Following

Highly Recommended.

 

[wayneL]

Temjin.
Thanks for that.

Have a look at Curtis Faith's interview on youTube, he admits that hes lost all his money?? Weird -- i dunno if it was from his trading or something else.

And from what I read it seems to be conflicting if Jerry Parker or Curtis Faith was the most successful turtle?

Jerry Parker manages more than $1billion.

The best trading book I have read, by far, has to be:
Michael Covel - Trend Following

Highly Recommended.

Curtis lost all his money on a business venture, not trading.

 

[Joules MM1]

Richard D Wyckoff The Day Traders Bible

a must for newbies........a good introductory

a book about thinking through the process of trade..........a book that invites the trader to encompass all the facets of the trading arena, that is, all the players involved.........assists the trader to reason each transaction as the evidence presents, rather than simply make a formulaic approach............afterall, price movement is a dynamic activity in the present, not the past.........one cannot trade a historical chart, one can only ever trade the present price..........

J

 

[explod]

Temjin.
Thanks for that.

Have a look at Curtis Faith's interview on youTube, he admits that hes lost all his money?? Weird -- i dunno if it was from his trading or something else.

And from what I read it seems to be conflicting if Jerry Parker or Curtis Faith was the most successful turtle?

Jerry Parker manages more than $1billion.

The best trading book I have read, by far, has to be:
Michael Covel - Trend Following

Highly Recommended.

Could not agree more, picked this text up over 12 months ago and the changes to my trading apporoach and philosophy has had a profound effect on my profits. This book helps you see the big picture and makes you realise that you do not need sophisticated systems. An eye opener.

 

[tech/a]

that you do not need sophisticated systems.

Now where is a book that encapsulates this!

Just one step further on is that you DO NEED a system/method that can be proven to be positive in expectancy and measurable in performance.

 

[CanOz]

Now where is a book that encapsulates this!

Just one step further on is that you DO NEED a system/method that can be proven to be positive in expectancy and measurable in performance.

Quantitative Trading Systems - Howard B Bandy

http://www.quantitativetradingsystems.com

I think this book is right up your ally, he is totally focused on testing.

Cheers,

 

[Kauri]

Don Scotts book "Winning"... not that it has anything to do with shares but rather with horse racing. It was the first time I realised that with logic, research, dedication, passion, discipline, a plan/method, ensuring that the odds and expectancy were in your favour, and all those other oft trotted out cliches, you could actually beat something seemingly as random and corrupt as the races... then reading Nicks "Adaptive Analysis" over 20 years later the penny finally dropped... happily the pennies continue to drop daily....
Currently reading "Alice in Wonderland".... think there may just be a parallell between that and some of the market participation currently .

 

[tech/a]

CAN
Yes Ive seen that mentioned a few times.
Had a look at it and see while its Amibroker based it does give you a progressive re enforcement as to whats required in the testing process.
David Samborsky's Tradesim MANUAL is really excellent and along these lines---of course you need to purchase Tradesim.
This will do me and has done me well.

Kauri
Radges Adaptive Analysis also hits the nail on the head re "Being Right".
Following his thinking and methodologies in "The Chartist" is also a great way to get in sync (I think). I dont need Nick's analysis but I do need his "thinking" its in sync with what I have found the hard way.An excellent mentor without needing to have him sit next to me!
With the implementation of some new and excellent training features within "The Chartist" Nick just seems to be rising to the top and growing as an educator.

I can and have adapted it to my own trading methods and of course thinking.

 

[CanOz]

CAN
Yes Ive seen that mentioned a few times.
Had a look at it and see while its Amibroker based it does give you a progressive re enforcement as to whats required in the testing process.
David Samborsky's Tradesim MANUAL is really excellent and along these lines---of course you need to purchase Tradesim.
This will do me and has done me well.

Kauri
Radges Adaptive Analysis also hits the nail on the head re "Being Right".
Following his thinking and methodologies in "The Chartist" is also a great way to get in sync (I think). I dont need Nick's analysis but I do need his "thinking" its in sync with what I have found the hard way.An excellent mentor without needing to have him sit next to me!
With the implementation of some new and excellent training features within "The Chartist" Nick just seems to be rising to the top and growing as an educator.

I can and have adapted it to my own trading methods and of course thinking.

I think it was Bandy's intention in a way to do what you say has been done for TradeSim. He wanted a manual that you could use both to learn AB and apply it to systems development. He is now writing a users manual for Amibroker that is less 'raw' than the Amibroker manuals.

On Adaptive Analysis, he takes it further in his course "Using technical analysis to develop profitable trading plans"....its like the long version of the first 50 odd pages of the book. A bargain at $500, i made that back already...and its still going!

Cheers,

 

[explod]

Could not agree more, picked this text up over 12 months ago and the changes to my trading apporoach and philosophy has had a profound effect on my profits. This book helps you see the big picture and makes you realise that you do not need sophisticated systems. An eye opener.

The operative word "...sophisticated..." perhaps should have said "complicated". Good book anyway

 

[It's Snake Pliskin]

Don Scotts book "Winning"... not that it has anything to do with shares but rather with horse racing. It was the first time I realised that with logic, research, dedication, passion, discipline, a plan/method, ensuring that the odds and expectancy were in your favour, and all those other oft trotted out cliches, you could actually beat something seemingly as random and corrupt as the races... then reading Nicks "Adaptive Analysis" over 20 years later the penny finally dropped... happily the pennies continue to drop daily....
Currently reading "Alice in Wonderland".... think there may just be a parallell between that and some of the market participation currently .

Let us know how Alice turns out Kauri. Too funny I must admit

 

[>Apocalypto<]

Curtis Faith's latest book, "Way of the Turtle"

I agree with Dr Tharp on this comment on this book, this was to be ONE OF THE TOP 5 GREATEST TRADING BOOK OF ALL TIME!

It "almost" completely summarises what I believed (and that other experts believed like Van Tharp) in what it takes to trade successfully in the past 12 months+.

I would not put your all into Van Tharp Temjin, he failed at the one thing he claims to be in expert in teaching! Maybe that's the egde you need to be a great teacher.

Great books on Real Traders and how they made it from bottom to top is Market Wizards and New market Wizards. ( yes i know van tharp has a section in there.)

 

[>Apocalypto<]

Temjin.
Thanks for that.

Have a look at Curtis Faith's interview on youTube, he admits that hes lost all his money?? Weird -- i dunno if it was from his trading or something else.

And from what I read it seems to be conflicting if Jerry Parker or Curtis Faith was the most successful turtle?

Jerry Parker manages more than $1billion.

The best trading book I have read, by far, has to be:
Michael Covel - Trend Following



Highly Recommended.

That explains why he came out with the book way of the turtle, Capital raising! ha ha ha just a harmless dig Turtle followers!

 

[Temjin]

I would not put your all into Van Tharp Temjin, he failed at the one thing he claims to be in expert in teaching! Maybe that's the egde you need to be a great teacher.

Great books on Real Traders and how they made it from bottom to top is Market Wizards and New market Wizards. ( yes i know van tharp has a section in there.)

Where did I even mention I am putting "all" into Van Tharp??

I've read ALL the market wizards series books, as long as some of the other popular and highly recommended trading/investment books mentioned in this forum and from other sources.

My belief is still Van Tharp's work summarise the FOUNDATION of what it takes to be succeed in trading. There are tons of other books out there which elaborate more on the details, such as system design, testing, optimisation, evaluations and down to simple technical indicators.

Essentially, it's your belief on what it takes to succeed and I wouldn't blame anyone else if I fail on the road to it, just need to learn from the mistakes.

That explains why he came out with the book way of the turtle, Capital raising! ha ha ha just a harmless dig Turtle followers!

I recommend you read his book in whole before making that comment, and also read WayneL's reply in a few posts up.

He lost his money due to a business venture, not on trading. He had never intended to become super rich through trading because he has his own perspective of being successful. In addition, he does not give a s--t about anybody else who judge "success" differently.

That, in my opinion, demonstrate extreme high self-esteem and the make up of a very successful trader.

 

[>Apocalypto<]

Where did I even mention I am putting "all" into Van Tharp??

I've read ALL the market wizards series books, as long as some of the other popular and highly recommended trading/investment books mentioned in this forum and from other sources.

My belief is still Van Tharp's work summarise the FOUNDATION of what it takes to be succeed in trading. There are tons of other books out there which elaborate more on the details, such as system design, testing, optimisation, evaluations and down to simple technical indicators.

Essentially, it's your belief on what it takes to succeed and I wouldn't blame anyone else if I fail on the road to it, just need to learn from the mistakes.



I recommend you read his book in whole before making that comment, and also read WayneL's reply in a few posts up.

He lost his money due to a business venture, not on trading. He had never intended to become super rich through trading because he has his own perspective of being successful. In addition, he does not give a s--t about anybody else who judge "success" differently.

That, in my opinion, demonstrate extreme high self-esteem and the make up of a very successful trader.

Don't get your panties in a knot, did you miss the part of it was a joke.

Are you trading yet Temjin?

Seems like you know a lot about what it takes to be a good trader, you must be going well.

 

[Temjin]

Don't get your panties in a knot, did you miss the part of it was a joke.

Are you trading yet Temjin?

Seems like you know a lot about what it takes to be a good trader, you must be going well.

Hehe sorry then, I probably didn't get it.

And no, at least not fully live yet. I have been treating it as almost like a diploma course for the past few months, Just about read every recommended books I could get my hands. Had to make sure I have a good understanding of what it takes to succeed.

It's quite enlightening to know that once you opened up yourself to many ideas out there, you can differentiate the "better" ideas that are more "followed" by the more popular and successful traders out there. Does help alot with trading confidence in one way or another.

I'm still in the process of designing the system. It's a lot more complex than I previously thought as it involves ALOT of programming. At the minimum, I wanted a semi-automatic mechanical ADAPTIVE trading system that integrates everything from entry, exit, position sizings and overall portfolio management.

The biggest advantage would I do not have to worry about the psychological downside of executing the trades (because everything are automated) and only have to focus my effort on building and evaluating my system. The only thing I had to deal with is the psychology involved in actually having the confidence to use the system, which is something I have not fully tested myself yet.

Still a fairly long road ahead.