Shares & Technical Analysis book recommendations

[SaberX]

Hi guys, with all books there's always the good and the not so good. Rather than getting out there and paying for every book under the sun I thought I'd ask for the best recommendations as I'm sure many have read alot of titles and will by now have distinguished the better from the rest.

I would appreciate if the titles are available from the borders.com.au online site, but if it's an absolute gem then i'm sure i could amazon it some time.

Currently some quick googling I've got one or two authors and titles i'm curious of picking up (pref by midnight as there's a 30% off online borders books voucher i have).

These are namely by Steve Nison and Dr Alexander Elder:

Steve Nison : Japanese candlestick charting techniques
Alexander Elder: I was eyeing "Come into my trading room" but his "trading for a living" book seems to get quite the fanfare. However I'm not sure if trading for a living is abit too old/outdated, in the sense that does come into my trading room supercede trading for a living? Or would buying both books bring two sets of completely diff experiences/knowledge?

I have also seen some recommendations out there for:

Trade Chart Patterns Like the Pros by Suri Duddella


I currently only purchase shares in and out of work. I am trying to gain knowedlge both from a beginners to a more advanced level as I'm interested in putting in the hard yards to equip myself with 1) the right psychology and awareness of this 2) technical and whatever fundamental analysis skills and theory i need and 3) i'm interested in learning how to understand and develop my own trading system, strategies etc.

That said any books you'd recommend? If there are any that also work for other forms of investing not just shares e.g. forex or cfds (e.g. more so the technical analysis space) I'd be more than welcome to hear them as one day when i have mastered one area reasonably e.g. shares, i'd like to move onto forex etc.

 

[1337trader]

System development I recommand "Trade your way to financial freedom" by Van Tharp.

Technical analysis I recommand "Secrets of profiting in a bull and bear market" by Stan Weinstein.

I think those two are excellent and has tools that can adapted to different systems.

I've personally spent a lot of time studying candlesticks and Nison's work. I went through "Profiting with Jap. Candle charts", "Secrets to samurai trader" and "Candlesticks reignited". I do not think they help me time entries, it got too overwhelming and I switched back to bar charts and simpler pattern formations. However that is not to say it will not work for you so you could get his first book and see if candlesticks appeal to you.

I would say stay AWAY from anything to do with Gann and Eliott Wave. They are novelty tools and I have not met any real trader that utilizes them in real world trading.

Goodluck !

 

[joea]

Hi guys, with all books there's always the good and the not so good. Rather than getting out there and paying for every book under the sun I thought I'd ask for the best recommendations as I'm sure many have read alot of titles and will by now have distinguished the better from the rest.

I would appreciate if the titles are available from the borders.com.au online site, but if it's an absolute gem then i'm sure i could amazon it some time.

Currently some quick googling I've got one or two authors and titles i'm curious of picking up (pref by midnight as there's a 30% off online borders books voucher i have).

These are namely by Steve Nison and Dr Alexander Elder:

Steve Nison : Japanese candlestick charting techniques
Alexander Elder: I was eyeing "Come into my trading room" but his "trading for a living" book seems to get quite the fanfare. However I'm not sure if trading for a living is abit too old/outdated, in the sense that does come into my trading room supercede trading for a living? Or would buying both books bring two sets of completely diff experiences/knowledge?

I have also seen some recommendations out there for:

Trade Chart Patterns Like the Pros by Suri Duddella


I currently only purchase shares in and out of work. I am trying to gain knowedlge both from a beginners to a more advanced level as I'm interested in putting in the hard yards to equip myself with 1) the right psychology and awareness of this 2) technical and whatever fundamental analysis skills and theory i need and 3) i'm interested in learning how to understand and develop my own trading system, strategies etc.

That said any books you'd recommend? If there are any that also work for other forms of investing not just shares e.g. forex or cfds (e.g. more so the technical analysis space) I'd be more than welcome to hear them as one day when i have mastered one area reasonably e.g. shares, i'd like to move onto forex etc.

Hi
I have read Elders book you mentioned. However he has a small well presented book
called "Sell and Sell Short".
This has more covered, than most books. Do not let the name put you off. It is almost like a precise on trading in one book. Best value for money I have read. Try Fishpond to buy. Check Amazon to look at the contents and look inside the book.


Stan's book is based on the 4 stages of a stock movement and relative strength comparison. So if you have software without RSC then you have wasted some of your money. Elder actually looks at a stock having only three stages.

Cheers

 

[SaberX]

@1337trader - thanks for the reply. I bought Van Tharp's Super Trader around x'mas. Haven't had time to read it. How is trade your way to financial freedom? is the content diff to super trader and recommended?

Any reason for the Stan Weinstein recommendation for TA?

I noticed Nison had a few diff books out on candlestick technical analysis. "the Candlestick course' was on the top 10 list of : http://www.forex-book.org/top-10-forex-books/

Is this book or any others (i think there's a beyond candlesticks book or something along that lines?) by Nison better starting spots? I thought "Japanese Candlestick charting techniques" was his main book/introduction into the field, hence why I thought of buying that.

I went looking for your: ""Profiting with Jap. Candle charts", "Secrets to samurai trader" and "Candlesticks reignited"." are these also by Steve Nison? I can't find them on quick amazon uk searches.

Ahh i see, so you found candlesticks confusing over bar charts etc? All are forms of technical anaylsis am I correct?

I have honestly never heard of Gann. But Elliott Wave - noted. Anyone care to back this up? And fibronacci trading?


Thanks for the suggestions. To be honest I'm just trying to find a good bookw hich can 'guide' me in a 'map out' wha ti need to go forth and read/research into. At the moment I know a good trader needs systems, rules, psychology, so I'm hunting for books on those.

I know techniacl analysis is used to analyse so I'm hunting for that. But short of that I don't have a book that almost acts as a mindmap as to the progress/stages of what to learn. For example people always say DYOR (do your own research) but i've always wondered where do I start off? Do i just start searching up a company, its projects, then start rolling out the technical analysis?

Basically I guess i need to be spoonfed abit as to the process of analysing good investments out. If i know where ii'm heading I'm more than willing to hunt the books/knowledg required e.g. if part of researching/picking out good companies would be fundamental analysis e.g. NPV's and DCF calcs etc, and TA i would go out an dhunt books specialising or coverign these areas.

I hope this all makes sense? I guess I've talked and bought books but am yet to read them so it will make more sense then. But at the momen tI know i'm hunting technical analysis but just don't have the mindmap to link everything in the great scheme of things together to get onto the path of trading greatness. Even if it takes 5, 6, 7 years as they say it does, as long as I know i've got the right map and instructions for the steps /journey i have to take....

THat said if anyone therefore has any more suggestions on books that will help me progress/understand stage by stage better that would be great. Till then I will focus on systems development books, technical analysis, psychology/human behaviour, and as many introductory books to broad topics until I know just waht specialised area to look at

 

[SaberX]

Hi
I have read Elders book you mentioned. However he has a small well presented book
called "Sell and Sell Short".
This has more covered, than most books. Do not let the name put you off. It is almost like a precise on trading in one book. Best value for money I have read. Try Fishpond to buy. Check Amazon to look at the contents and look inside the book.


Stan's book is based on the 4 stages of a stock movement and relative strength comparison. So if you have software without RSC then you have wasted some of your money. Elder actually looks at a stock having only three stages.

Cheers

So would you recommend i start with trading for a living or come into my trading room prior to this sell and sell short book? Which would be a better introduction? I note that some reckon that Elder's 'trading for a living' may be slightly outdated in some aspects..

I also came across these titles based on amazon reviews/general web surfing and checking ou what pplz were getting ahold of:

Let me knwo if you recommend or are against any:

Trend Trading for a Living by Thomas Karr
echnical Analysis of Stock Trends [Hardcover] by Robert Edwards, John Magee
Trading in the Zone by Mark Douglas
High Probability Trading Strategies by Robert Miner
Trading with Ichimoku Clouds: The Essential Guide to Ichimoku Kinko Hyo Technical Analysis by Manesh Patel (bit unsure of this one as i've never come across Ichimoku Clouds)
Tools and Tactics for the Master Day Trader by Oliver Velez - Not sure abotu this one too, has some bad reviews at places claiming the authors are theorists (don't actually trade etc) and that the book is very generalised/basically not that great.

Sounds like a silly question but you do get some authors who are motivationists or are specialised in areas such as psychology etc who do wealth or like trading books based on applying this knowledge, versus actual traders/investors. I'm assuming it's preferably to go for trader/investor authors?

And if so are there any specific names or a list of names someone could spam off that I could take down to hunt for their books? Do recommend specific trader/investor author's books if you know of any that are really good.

Thanks heaps! And sorry for the many simplistic questions... hopefully one day I'll be answering someone else's question from an experienced pov.

 

[PDonks85]

Just wondering how your going with your readings? I am in the same place you were/are, read a few books needs some more now.

Have you got an recommendations its been a few months since this has been updated.

 

[joea]

Just wondering how your going with your readings? I am in the same place you were/are, read a few books needs some more now.

Have you got an recommendations its been a few months since this has been updated.

HI.
When people ask for an opinion, it is hard to give an answer if we do not know where their interest lie.

Different authors have a trading method that they continue to refine. Elder uses indicators with Force Index being a prominent one.

Elder has two books, 1 Sell and Sell Short, 2 The New Sell and Sell Short.
The second book has pages 57 to 151 directed at "Selling".
The second book asks you questions and gives answers etc.
If you are interested in Books go to Amazon where you can see inside the book for contents.

I see on this forum people talking about trends(daily).

To be interested in a stock to trade I look at three things to get me interested in a stock.
TREND, SUPPORT & RESISTANCE and VOLUME.
To look at trend, by utilising weekly to check the first two items, then revert to daily etc. Always look at the trend in one higher time frame than the one you trade etc.

Elliott waves are interesting to understand the wave formation.
Bob Miner has a book "High Probability Trading Strategies" where he use 5 basic Elliott waves and Fibonacci to project price and time. He also sells a software thats uses his criteria. He uses on indicator "DTOSC" which is a combination of Stochastic and RSI.
But he also shows how to use a couple of common indicators.

He explains Dual Time frame momentum, which is looking at two time frames.
Trade in the direction of the larger time frame, but excute the trade following the smaller time frame momentum reversal.
However to get the best from his book, I would suggest you read it in conjunction with Fibonacci Trading from Carolyn Boroden as she explains that part realy well.

Tech/a is putting forward a couple of charts in another thread, with some of his concepts.

So at the end of the day, there maybe no book with everthing you want or need.
But you have to form a trading plan somewhere to control risk etc. 2% and 6% rule.
So if you listed what you want to learn, the people on the forum maybe able to answer more precise.

For interest I have a A4 page checklist. It covers 5 checks for entry, Risk Management, Trade Management, Note section, Exit reason, Profit & Loss, MTD results, ROI etc.

Each trade, one of these is attached to a printed chart for record keeping and review.
I am currently updating this list with some ideas from this forum.

I hope I have not confused anyone.
joea