Pipcrawler's Favorite Trading Books

[edacsac]

Great, now I have to order $250 worth of books! lol...

[Pipcrawler]

Originally Posted by edacsac

Great, now I have to order $250 worth of books! lol...

Haha! Well, try going through one at a time...and get them in paperback if you can! So, much more cost friendly

[dpaterso]

Here's my list:

For the psychology:

New Concepts In Technical Trading Systems by J. Welles Wilder Jnr.

For the money and money management:

New Concepts In Technical Trading Systems by J. Welles Wilder Jnr.

For the method:

New Concepts In Technical Trading Systems by J. Welles Wilder Jnr.

For the entertainment:

New Concepts In Technical Trading Systems by J. Welles Wilder Jnr.

For the frustration:

New Concepts In Technical Trading Systems by J. Welles Wilder Jnr.

Ok now REALLY:

Firstly: nobody answered your question about Trading Chaos. It's Bill Williams' Trading Chaos and there are three volumes / versions. I have all three and with each volume / version the system gets 'stripped down' further and further. He's been around a long time as you now so there is some good information in the books aside from the system itself. I don't trade his system even although I have the books because I only trade the systems in New Concepts In Technical Trading Systems by J. Welles Wilder Jnr. (I may have mentioned that earlier)!!!

The best book on the pshychology of trading (for me anyway) is 'Mastering The Trade' by John F. Carter. Most of the book is dedicated to the pshychology of trading. As for his systems: they just don't work for me and have only cost me money (but that's my fault not his I assure you). Having this book has never generated profit for me but it's made me feel better about my losses i.e. at least I know the reason WHY I've lost money!!!

Steve Nison of course. My problem is that I can quite clearly see the formations when looking at a chart over the weekend when the markets are closed but not for love nor money can I see these formations as and when they are forming which, of course, also has done me no good!!!

Long story short: I use all the other systems to mess my accounts up and then trade Wilder to cover up my mess and then the cycle starts all over again!!!

LOL!!!

Edit:

Geez: I forgot to mention 'The Delta Phenomenon' by (you may have guessed it): J. Welles Wilder Jnr. (and no we are NOT related although if he wanted to adopt me I'd be only too happy to oblige)!!! This is a fascinating book but it's a bit too 'inexact' for my liking i.e. I need to trade systems that tell me exactly when and where to place orders and leave NOTHING to my imagination or interpretation. I do believe that the information in this book has merit and I try to follow the concept through on the Dow on a daily basis but I don't have the 'guts' to trade it. Mr Wilder has made a small fortune out of the concept (and paid a small fortune for it too) but it's just not for me.

Regards,

Dale.

[rahiman]

Dear Dale,
We might share the same sinking boat. The frustration really make me become a melancholy person for a few month...then after recover from it what I have realize it is so much about the psychology & discipline.

The price of the Education FEE (Real Money in Real Trade) it is very expensive. I believe it is worth to pay as long we are still keep on pursue the dream in Forex.

Just share of thought. The remedy & the prescription that work for me so far and getting better in trade. It is every single day, I call it "Traders Prayer" I read out loud this before I login to the trade station:-

Make Pips,
Keep It,
Repeat It!

“I AM A CONSISTENTLY SUCCESSFUL TRADER”
“I AM A CONSISTENT WINNER BECAUSE:
1. I OBJECTIVELY IDENTIFY MY EDGES.
2. I PREDEFINE THE RISK OF EVERY TRADE.
3. I COMPLETELY ACCEPT THE RISK OF OR I AM WILLING TO LET GO OF THE TRADE
4. I ACT UPON MY EDGES WITHOUT RESERVATION OR HESITATION.
5. I PAY MY SELF AS THE MARKET MAKES MONEY AVAILABLE TO ME.
6. I CONTINUALLY MONITOR MY SUSCEPTIBILTY FOR MAKING ERRORS.
7. I UNDERSTAND THE ABSOLUTE NECESSITY OF THESE PRINCIPLES OF CONSISTENT SECCESS AND, THEREFORE, I NEVER VIOLATE THEM”

“FUNDAMENTAL TRUTH OF TRADING”
1. ANYTHING CAN HAPPEN.
2. I DON’T NEED TO KNOW WHAT IS GOING TO HAPPEN NEXT IN ORDER TO MAKE MONEY.
3. THERE IS RANDOM DISTRIBUTION BETWEEN WINS AND LOSSES FOR ANY GIVEN SET OF VARIABLE THAT DEFINE AN EDGE.
4. AN EDGE IS NOTHING MORE THAN AN INDICATION OF A HIGHER PROBABILITY OF ONE THING HAPPENING OVER ANOTHER.
5. EVERY MOMENT IN THE MARKET IS UNIQUE.
“NOW MOMENT OPPORTUNITY FLOW”
Source : Trading in Zone by Mark Douglas

“THE 23 WINNING TRADING HABIT OF TRADER ”
1. Act Instantly .
(Pull the Trigger)

2. Hold a Winning Investment Until there is a
pre-determined reason to sell .
(Know when to sell before I buy it)

3. Follow your system Religiously.
(Never have Second Guess Your system)

4. Admit My Mistakes & Correct them immediately .
(Admit my Own mistakes)

5. Turn Mistakes into learning Experience.
(Learn from mistakes)

6. Pay My Dues .
(Wishing won't make it so)

7. Never talk about what I'm doing .
(Keep your mouth Shut)

8. Know how to delegate .
(Phony! Phony! Phony!)

9. Live far below your Means .
(Whatever you have spend less)

10. It is not about the Money.
(We should being pay to do this Job)

11. Love What I do, Not What I own.
(Master his own Craft)

12. Live and Breathe Investing 24 hour a Day.
(This is My life)

13. Put your Own Net Worth on the Line.
(Eat your own Cooking)

14. Preservation of Capital is Always Priority.
(Keep what I Have)

15. Passionately Avoid Risk.
(George Soros Doesn't take Risk?)

16. Develop My Own Unique Investment Philosophy .
(The Market is always Wrong)

17. Develop My Own, Personal system for selecting,
Buying & Selling investment.
(Your are what you measures)

18. Diversification is for the Birds.
(You call that a position?)

19. Focus on After-Tax return.
(A penny save is a dollar to earned)

20. Only invest on what I understand.
(Stick to Knitting)

21. Refuse to make Investment that do Not meet My Criteria.
(If I Don't know when to say "Yes." Always say "No.")

22. Do you Own Research.
(Start with the A's)

23. Have Infinite Patience.
(When there's nothing to do, Do nothing)

Source : The Winning invesment Habit of Warren Buffet & George Soros by Mark Tier

Hope it might help & work for you too!

Regards,
Rahiman

P.S.
All this is on my PC Wall Paper in order to make sure I never forget it.

[dpaterso]

VERY nice!!! Thank you!!!

Dale.

[rahiman]

Dear Dale,
You are welcome. Hope this "Traders Prayer" will right daily ritual before we enter the Trading Zone.

I hope, we can listing the book title, Extract the core key point in the book & discuss more about the understanding so everyone could get brief idea about the book.

[martin01]

Originally Posted by rahiman

Dear Dale,
We might share the same sinking boat. The frustration really make me become a melancholy person for a few month...then after recover from it what I have realize it is so much about the psychology & discipline.

The price of the Education FEE (Real Money in Real Trade) it is very expensive. I believe it is worth to pay as long we are still keep on pursue the dream in Forex.

Just share of thought. The remedy & the prescription that work for me so far and getting better in trade. It is every single day, I call it "Traders Prayer" I read out loud this before I login to the trade station:-

Make Pips,
Keep It,
Repeat It!

“I AM A CONSISTENTLY SUCCESSFUL TRADER”
“I AM A CONSISTENT WINNER BECAUSE:
1. I OBJECTIVELY IDENTIFY MY EDGES.
2. I PREDEFINE THE RISK OF EVERY TRADE.
3. I COMPLETELY ACCEPT THE RISK OF OR I AM WILLING TO LET GO OF THE TRADE
4. I ACT UPON MY EDGES WITHOUT RESERVATION OR HESITATION.
5. I PAY MY SELF AS THE MARKET MAKES MONEY AVAILABLE TO ME.
6. I CONTINUALLY MONITOR MY SUSCEPTIBILTY FOR MAKING ERRORS.
7. I UNDERSTAND THE ABSOLUTE NECESSITY OF THESE PRINCIPLES OF CONSISTENT SECCESS AND, THEREFORE, I NEVER VIOLATE THEM”

“FUNDAMENTAL TRUTH OF TRADING”
1. ANYTHING CAN HAPPEN.
2. I DON’T NEED TO KNOW WHAT IS GOING TO HAPPEN NEXT IN ORDER TO MAKE MONEY.
3. THERE IS RANDOM DISTRIBUTION BETWEEN WINS AND LOSSES FOR ANY GIVEN SET OF VARIABLE THAT DEFINE AN EDGE.
4. AN EDGE IS NOTHING MORE THAN AN INDICATION OF A HIGHER PROBABILITY OF ONE THING HAPPENING OVER ANOTHER.
5. EVERY MOMENT IN THE MARKET IS UNIQUE.
“NOW MOMENT OPPORTUNITY FLOW”
Source : Trading in Zone by Mark Douglas

“THE 23 WINNING TRADING HABIT OF TRADER ”
1. Act Instantly .
(Pull the Trigger)

2. Hold a Winning Investment Until there is a
pre-determined reason to sell .
(Know when to sell before I buy it)

3. Follow your system Religiously.
(Never have Second Guess Your system)

4. Admit My Mistakes & Correct them immediately .
(Admit my Own mistakes)

5. Turn Mistakes into learning Experience.
(Learn from mistakes)

6. Pay My Dues .
(Wishing won't make it so)

7. Never talk about what I'm doing .
(Keep your mouth Shut)

8. Know how to delegate .
(Phony! Phony! Phony!)

9. Live far below your Means .
(Whatever you have spend less)

10. It is not about the Money.
(We should being pay to do this Job)

11. Love What I do, Not What I own.
(Master his own Craft)

12. Live and Breathe Investing 24 hour a Day.
(This is My life)

13. Put your Own Net Worth on the Line.
(Eat your own Cooking)

14. Preservation of Capital is Always Priority.
(Keep what I Have)

15. Passionately Avoid Risk.
(George Soros Doesn't take Risk?)

16. Develop My Own Unique Investment Philosophy .
(The Market is always Wrong)

17. Develop My Own, Personal system for selecting,
Buying & Selling investment.
(Your are what you measures)

18. Diversification is for the Birds.
(You call that a position?)

19. Focus on After-Tax return.
(A penny save is a dollar to earned)

20. Only invest on what I understand.
(Stick to Knitting)

21. Refuse to make Investment that do Not meet My Criteria.
(If I Don't know when to say "Yes." Always say "No.")

22. Do you Own Research.
(Start with the A's)

23. Have Infinite Patience.
(When there's nothing to do, Do nothing)

Source : The Winning invesment Habit of Warren Buffet & George Soros by Mark Tier

Hope it might help & work for you too!

Regards,
Rahiman

P.S.
All this is on my PC Wall Paper in order to make sure I never forget it.

Hello Rahiman,

Great this prayer is very nice and good for traders. they should remember these points and trade further.

[rahiman]

Dear Matin,
Thanks for your Gratitude!

Rahiman

[smallvillerep]

Originally Posted by rahiman

P.S.
Any listing for Movie?
What about Movie & TV series worth to watch for trader?
I would prefer...Pursuit of Happyness

My favorite is NickB Method.

How about a listing for song. I like Starlight by Muse.

[rahiman]

Dear smallvillerep,
"My favorite is NickB Method."
My question, is it a movie or book?

"How about a listing for song. I like Starlight by Muse."
I will find a way to get the MP3 file it must be something special & great about it... The most inspire for me is "My Way by Frank Sinatra"