Buying my first book. Need some advice

took you 17 years to find his other great book? :slight_smile:

credit where credit is due @westbam

Apparently I do already have it ! - lol

2 Likes

Falstaff
Ok - I downloaded it from @MrDE s link and it came up fine - well what I actually did was to “open with Acrobat” then did a “Save as” - but the first few charts etc are all good.

Yeah, the first pages are ok, but once you go to page 39 or something, where there are some different styles of charts, things get strange!

Some new traders lost motivation when reading Fx books , I suggest for them video courses that available in online especially YouTube.

Yes - so they do

Well there are not that many Figs affected like that - so you just need to make a decision - either read it as it is and Google charts of the pictures missing like “Breakaway gap” - or just buy the real thing…

What a lovely thought - people without the attention span to read a “whole book” - trying to learn this, what Wyckoff called "The greatest game in the world " !

Perhaps they should just play with their Lego sets, until they grow up :laughing:

1 Like

To his defense, youtube is underrated… Still, I agree… You pretty much need to read books at some point!

I’m probably just going to buy the physical copy of it… More inspiring to have it on my table. I get more invested in things if I have it physically. Besides, reading on the computer is a pain.

Too bad it’s quite expensive though… Will be around 50-60 gbp to get it…

If you look on Amazon uk you can get a second hand one for £20-30.

Or if you want to pm me I’ll sell you mine around that price.

Just keep learning and learning because this is the only way to succeed in Forex.
Regards

I agree - I use You-tube all the time - a video of someone changing an engine sensor in my type of car is very useful.

Watching some “trader” going through a load of blurb and trying to get you onto his / her website “To learn the real secrets” somewhat less so - especially when many of them are just showing “stuff” they don’t understand and which is often hijacked from others.

The first type are just either showing off, or getting paid by advertisers a tiny amount of money - that is fine. The latter usually want some “Monthly payment” to access their “secrets” - just playing to the very natural human instincts to “Follow a leader” and to “Have someone to blame” because they can’t take responsibility for their own actions.

You may hear the proverb that by buying book you won’t be bankrupted. So I will say that each book is unique and a trader can actually gain some unique sorts of ideas from each book since pro traders are sharing their own views about forex market in their own way. Go through all the necessary books, and Babypips" s reviews also.

U works very hard!
I have this book.

Did you not buy this one then ?

https://forums.babypips.com/t/how-about-jim-brown-and-his-books/136085/2

I read some of the reviews on that book you show here and I think there are better onesif you want to be a trend follower to be honest. One reviewer wrote ;

"…I wasted time and money on both of Covell’s books. He doesn’t give up the good stuff in either, you have to buy his Trend Following course for that.You will not “learn to make millions in Up or Down Markets”. I don’t understand the mass of positive reviews for this book. It tells the story about Richard Dennis and the Turtles but not their methods, that will cost you $1,200.I made a mistake buying this book, don’t you repeat it.
Just started Curtis Faith’s book from which I am already getting more facts…"

Certainly, the title is at least misleading, The “Turtles” were taught to trade a set of strict rules and did not “Become millionaires over night” - The thought of losing 9 out of every 10 trades, does not set well with my psychology, but I know there are some here who manage to make it work on a modest scale - but if it works for you that’s good. :slight_smile:

I readed part of Jim Brown’s book .not very bad,not very good.

And…
Richard is a great trader.I dont think so any words about wasting time on his story.
This book is great.U know,someone can achieve anything,so another can do it too.It s great!
Two books are good showing the great story and hard realities.

Learning how to trade is the easy part. Or find a successful room or trader/mentor. Controlling your emotions, your need to be right, your need to avoid being wrong when money is on the line is why most fail. Brett Steenbarger has written several books. He only works for Proprietary Trading Firms for hire. He has however written a book to train us to be our own Trading Psychologist and Performance Coach. I found more practical Trading Advice than any of over 150 trading books I have read. Don’t risk your money on trading before checking out his site and books. He has interviewed many of the top traders, owners of trader websites, trade rooms etc and included their best practices and what to avoid in his book. The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist. Google his name Check out the reviews on Amazon. The best Trading Books in the Psychology category are not free and are among the most expensive I have come across. He has several other books I have purchased. He does offer all the advice free on his blog of 4,000 + post here traderfeed.blogspot dot com. He only charges Proprietary Trading Firms to keep Multimillion dollar 6 & 7 figure year earners, over hurdles and increasing their performance.
The Talent Code by Daniel Coyle and The Little Book of Talent (52 tips for skill improvement) by Daniel Coyle. The Summary Guide for The Talent Code "Unlocking The Secret of Skill in Sports, Arts, Music, Math and Just About Anything Else. This last one I think is $.99 yes 99 cents a real steal if your looking for a bargain but if your with a team get all three.

1 Like

Thanks for the suggestions! I’ll write it down!

here a free book:

very inspiring one as well. Almost 100 years old it holds value today as it did back then in 1923.

this was one of my very first books i ever read (about financials and trading etc). and it inspired me to learn how to agressively scale in into winning trades. nobody will teach you how to scale in into winning positions and nobody does teach that as it seems its a long forgotton wisdom. anyways. enjoy the book, you will like it.

1 Like

Tapping The Power Of Mental Rehearsal
by Brett Steenbarger , Contributor to Forbes Magazine

Why should I read this and what does it have to do with trading. Give me an Example of Psychology’s impact or problems I will face Trading.

This is an excerpt from the Forbes article and points to why you may want to start with the psychology of trading first.

Let’s take an example from my recent work with traders in financial markets. A young trader has experienced early success and is now encouraged to increase her returns by taking larger positions in markets. Although this makes sense to the trader, she finds herself fearful of taking more risk and thus undersizes her market positions. She subsequently feels frustrated when her ideas work out and she makes little money, undercutting her confidence. The more she pushes herself to take increased risk, the more she falters when it comes time to enter positions.

He then gives you advice that is in the book and can be used for lots of other similar issues. Olympic athletes use it and Veterans with stress disorders use it.

This happens to everybody. When your position starts to make you money but does a normal retracement you get skittish and close to early missing out on the long run. There are also times you move your stop loss and stop following your game plan. Why? its in the book along with all the other reasons

2 Likes

Sweet, thanks! It’s already on my list… nice for nighttime reading perhaps

Neuro Linguistic Programming - Yes it sort of works - but it is not a “read, learn and forget” system - You have to follow extensive repetitive procedures for a LONG time. (the rest of your life) Paul McKenna does the same stuff - as do all the “Self-help books” - don’t spend a lot of money on stuff you can have from multiple sources.

https://en.wikipedia.org/wiki/Paul_McKenna

Here’s another practitioner you may have heard of ;

https://www.washingtonpost.com/lifestyle/style/tony-robbins-self-help-guru-is-larger-than-life/2014/12/01/4253e516-75ae-11e4-bd1b-03009bd3e984_story.html?utm_term=.f2ed50dddb2d

This one is great for showing you what we do wrong (and therefore how to do it right)

Some of the reasons the human mind is so fallible and our decisions so bad;
https://www.amazon.co.uk/How-Know-What-isnt-Fallibility/dp/B0155M0UX4/ref=sr_1_2?ie=UTF8&qid=1519499811&sr=8-2&keywords=how+we+know+what+isnt+so

Behavioural Economics is a valid subject for study, but I don’t have a book to recommend - Mine was written by Thaler, but I can’t find it on Amazon or lay my hands on my copy atm. (It is NOT the “Misbehaving” one - that is quite disappointing.

Then there’s this one - which actualy explains how the “Monetary System” really works ; It will blow your mind and sadly it is true !

https://www.amazon.co.uk/Grip-Death-Slavery-Destructive-Economics/dp/1897766408/ref=sr_1_1?s=books&ie=UTF8&qid=1519501226&sr=1-1&keywords=grip+of+death

Amazing book - I thoroughly recommend - It contains the only convincing explanation of “The business cycle” I have ever found and his expose of the origin of the wealth of the “Rothschilds” is very interesting. It also explains why organisations such as IMF are totally destructive to third world economies (And don’t care ! ) - The explanation of the title - is scary !

Oh and back to “strictly on topic”, here’s one I am reading just now ;

https://www.amazon.co.uk/Understanding-Price-Action-practical-analysis/dp/908227860X/ref=sr_1_1?s=books&ie=UTF8&qid=1519501615&sr=1-1&keywords=volman+5+minute

There’s an awful lot of peripheral stuff which affects our trading !

2 Likes