Wonder what is some peoples favorite financial book? Regardless of the Market it deals with...
Mine so far are...
1. Steve Nison's - Japanese Candlestick Charting Techniques
I mainly like this because it is written like a story, about how he stumbled upon the Technique and his venture with trading and setups he noticed that repeat alot with them.
2. Oliver Valex & Greg Capra - Tools & Techniques of a Master Daytrader.
Think mainly I like people's geniune stories, which this book goes into his first days as a professional fulltime daytrader and being annihalted on that first day. Then having to recoupe on his ideologies towards realistic goals and starting to get serious about actually learning to become profitable.
3. Charles Mackay - Extraordinary Popular Delusions and the Madness of Crowds cough 1841
This was recommended on another blog I read, here is the guys generalization of the book. Thought it was really a good story about the craze that can get to people in a bullmarket regardless of what the underlining instrument is.
This well written account of 'Tulipomania' is the classic description of the madness that goes into highly speculative markets and the results afterward And no trader can afford to not read and understand the signs of a speculative bubble.
The story is short. By the mid 1600s a very developed futures market had developed in Holland for tulip bulbs. Speculators rich and poor got into the game. It was easy to make money speculating in tulip bulbs, in January 1637 alone, tulip bulb prices rose twenty fold! By the time of the inevitable crash, tulips brought less than 5% of their value at the peak.
Such belief in easy money and ruinous money management are hardly confined to the 17th century.