Australian (ASX) Stock Market Forum

Books for beginners

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Re: Recommended Readings

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb

The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb

Seeking Wisdom: From Darwin to Munger, 3rd Edition by Peter Bevelin

When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein

Liar's Poker: Rising Through the Wreckage on Wall Street by Michael Lewis

Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street by William Poundstone
 
I'd recommend picking up "Come into my Trading Room" by Dr.Elder. Its a good overall book that covers parts of technical analysis and money mangement.

If you want to delve more into "Technical Analysis Explained" by Martin Pring is fairly complete.

As for money management (i.e. position sizing), "Trade your way to Financial Freedom" by Van Tharp is an excellent book. I recently purchased "A trader's Money Management System" by Bennett McDowell as well. I skimmed through the book at Dymocks, and liked what I read. Still waiting on delivery from Amazon.
 
Daryl Guppy's 'Share Trading' is my bible. I sleep with it beside my bed and still refer back to it. its one of the best newbie books i have read. it contains not only the basics but well developed strategies and advanced risk managment. Beginner does not mean simple. The part on risk managment is what has kept my alive and profitable in the market.

has anyone read the Stuart McPhee "share trading in a nutshell"?
 
One I found very enlightening, which I don't think has been mentioned is:

Trading in the Zone by Mark Douglas


MongrelSun
 
Mastering the Trade by John Carter for a real one stop shop to get an idea for what you require.

Trading the SPI by Brent Penfold is also similar to that extent.

Adaptive Analysis (first few chapters as said already).

A couple charting sites (stockcharts) etc for basic static T/A patterns. Double tops, bottoms, H&S, triangles, flags, wedges, pennants, blah blah, a few candlestick patterns.

VSA e-book which you can get for free online (end goes into tradeguider a bit much for me).

Lots of time and application to find your niche and create your own style in that niche.
 
It's been said but I'll say it again...

Trade Your Way to Financial Freedom 2nd Ed., by Van Tharp is a must, IMO, for the beginner. Nick Radge's book Adaptive Analysis, covers similar stuff in a more summarised way in the first few chapters but the remainder of the book is focused on Elliott Wave theory so that lowers its reader usefulness.

Any of the Market Wizards series by Jack Schwager are very highly recommended. They are interviews with top traders across very different markets. Their value is in seeing what highly successful traders in very different areas all emphasise as important.

Also already mentioned, Trading in the Zone by Mark Douglas, is great for beginners. It was less use to me as I have Van Tharp's Peak Performance Trading Course which covers the psychology in more detail.

If you don't understand the money management/risk/psychology basics first, you greatly increase your chances of loss. Once you get a handle of these basic concepts, then worry about what method and system you will devise. Then read a cross section of books on different types of trading and different markets.

Beginners focus on the method: how, when and what to buy. This is one of the least important parts of a system. It takes some of us a lot of costly mistakes to learn that. So, beginners, do yourselves a favour and focus on the important things from the start (...said knowing that 99% of beginners will ignore this advice anyway).

Trading/investing directly in Australian shares is not necessarily less risky than other markets such as commodities, forex, CFDs. The greatest risk in the market is YOU.
 
What books do you recommend?

Hi All,
I have a keen interest in trading shares and have read a few book about the subject. I am not confident in my knowledge base to start trading yet so would be grateful of any recomendations any active traders mignt be able to offer. So far I have read:

Charting Secrets - Louise Bedford
Way of the Turtle - Curtis M Faith
Share Trading - Daryl Guppy

I have just started 'Trade your way to financial freedom' by Van K Tharp.
 
Re: What books do you recommend?

Hi
A couple of books I have read that relate to trading that may hold your interest are Sell and Sell Short–Elder and The Disciplined Trader-Douglas. I’am also a couple of chapters into Trading In The Zone-Kiev, and its looking interesting.BTW I don’t consider myself to be a full on share trader in the true sense but I am always fascinated by the dynamics of the market.:)


EDIT>> Sorry i just read post #2
 
Re: What books do you recommend?

1. Reminiscences of a Stock Operator - Edwin Le Fevre
2. Reminiscences of a Stock Operator - Edwin Le Fevre
3. Reminiscences of a Stock Operator - Edwin Le Fevre
 
Re: What books do you recommend?

kam75 said:
1. Reminiscences of a Stock Operator - Edwin Le Fevre
2. Reminiscences of a Stock Operator - Edwin Le Fevre
3. Reminiscences of a Stock Operator - Edwin Le Fevre
Click to expand...

just got it for me bday reading it as we speak
 
Re: What books do you recommend?

kam75 said:
1. Reminiscences of a Stock Operator - Edwin Le Fevre
2. Reminiscences of a Stock Operator - Edwin Le Fevre
3. Reminiscences of a Stock Operator - Edwin Le Fevre
Click to expand...

One of Livermore's classic statements from that book...

'I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.'

.
 
Hey fellahs,

Does anyone know any good books on trading with volume? I've already read master the markets (VSA ebook).

Thanks.
 
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