Newbie Book Recommendations!

Beginner Questions
1

Hello all,

I’m new here and am embarking on a great journey by starting to learn forex. My plan for the next 6 to 8 months is to just sit back and READ all I can about forex, nothing else. I’ll be doing the School of Pipsology but I’d also like to read books too. Here are some book recommendations I got, and if you think there are better ones or any of these are bad, please feel free to edit my list below. I’m going to get some demo accounts that I’ve read about on these forums just to see how they work, but not a dime of my set aside capital is going in for at least a year or so until I feel relatively comfortable, ‘knowledgeable’ (I get that no amount of books can REALLY prepare you), and most importantly mentally prepared.

This is a great little forum, I look forward to participating more! :slight_smile:

My book list:

John J. Murphy “Technical Analysis of the Financial Markets”

“Market Wizards” (2 editions) by Jack Schwager

“How to Make Profits in Commodities” by W.D. Gann

“Getting Started in Futures Trading” by Mark Powers

“Technical Analysis of Stock Trends” by Edwards and Magee

2

Hi Piptrip

You may be interested in Jays unofficial book club, a thread that was started by eremarket.
The intention I think was to start a book club that would meet every once in a while in the chat room and discuss chapters of whatever book was chosen before hand.
I’m not sure if any of this has happened, but the thread has been moved to the third or 4th page, meaning its not so active(???)
Anyways, check it out, because from what I remember “Market Wizards” happens to be the first book they are looking at.
Here’s the link to it.
http://forums.babypips.com/newbie-island/41814-jays-unofficial-babypips-book-club.html

edit:
Its been moved to the 6th page.

3

Thanks your book list. It’s so useful for newbie as me :smiley:

4

Hi piptrip, Thanks to share book list here with us. Technical Analysis of the Financial Markets and How to Make Profits in Commodities is really good book.

5

Alexander elder is a good author. Also trading in the zone and high probability entries and exits for forex futures equities ( I dont remember the exact title cause it’s really long)

Also open up a demo account. If you read for 6/8 months but haven’t seen a chart move or just tried to put on some trades the texts make less sense. I have realized that the more I traded and saw the way markets move that the books became much clearer. It’s like Trying to read books to learn to swim but never even seen a swimming pool before. Also the book club and chat room is great ask questions there and see the thought processes that other more experienced traders go through when they decide to put on a trade or unwind it.

6

I’ll also add “Trading in the Zone” by Mark Douglas

Great book to get your trading psychology in order.

7

No problem, I shouldn’t take all the credit though…I randomly emailed an author of some commodities article once and it’s the list he sent me. :stuck_out_tongue:

Good luck, I’m starting pre-school tonight! :smiley:

8

Great analogy, I will definitely open up some (demo) accounts then! Thanks :slight_smile:

9

A book I found to be a good read was “Fooled By Randomness” By Nasim Taleib it doesnt deal with forex directly but relates to all markets and teaches a trader how to gain some mental habits and skills that will keep you
ontop it was great and it will help everyone who reads it so check it out.

10

Hi. Piptrip, forex ,futures,commodities.ect.=100 metres,mile and marathon.Specialise.Get the hang of forex first.When your making money you can branch out.That will take some time.Good luck-SK.

11

Steve Nison "Japanese Candlestick Charting Techniques "
Constance Brown " Technical Analysis for the Trading Professional "
J. J. Murphy " Intermarket Analysis "
Frost&Prechter " Elliot Wave Priciple "
kind a basics
have fun and patience