Pipcrawler's Favorite Trading Books updated

[Pipcrawler]

“The New Market Wizards” by Jack D. Schwager
"Millionaire Traders" by Kathy Lien and Boris Schlossberg
"Jesse Livermore: World’s Greatest Stock Trader"​ by Richard Smitten
"One Good Trade"​ by Mike Bellafiore

For me, looking into the minds of successful traders and how they work is a great way to learn and gain different perspectives.

“Hedge Fund Masters” by Ari Kiev - A look on how a psychiatrist examines and picks apart top traders psychological weakness and how he would fix them to increase trading performance.

“Enhancing Trader Performance” by Brett N. Steenbarger - Awesome book and unless you have your own trading mentor or coach, this should be read even BEFORE demo trading. Actually, just read it regardless.

“The Complete Turtle Trader” by Michael W. Covel - A great story and a great example on the realities of systematic trend trading. Also, a great study on how psychology affects trading systems.

“Intermarket Analysis: Profiting From Global Market Relationships” by John J. Murphy - definitely required reading for those into fundamental analysis and discretionary trading. A good basis to understand these globalized markets.

These are just a few of the books I’ve read, but they are some of my favorites as they have had the biggest impact. You may notice that most of them are psychology related in one way or another as I feel understanding yourself is the biggest obstacle to success in trading.

This list will grow over time and I invite everyone to add their favorite books to the list. Thanks!

The links in this post are Amazon affiliate links, which means purchases through the links above helps BabyPips.com keep the lights on and coffee stocked…thanks!

[Piphacker]

These are just a few of the books I’ve read, but they are some of my favorites as they have had the biggest impact. You may notice that most of them are psychology related in one way or another as I feel understanding yourself is the biggest obstacle to success in trading.

‘‘PipHacking Secret’s By PipHacker’’ lol:D
I have read some books when i strart my carrier as a forex trader and it’s also true that every Arthurs(Traders) Views , Thought’s & focing point is different from each. Some focus psychology related things, Some on price action and some focus on just technical aspect and others on just fundamentals. Which was a confusing situation for me. I learn alot from them but this is also true that i find myself in a reasonable position as forex trader by the help of my own made stratigies and skills. It takes sometime which was a crucial time for me but i considers this as main key to success not for just an individual but for everyone i guess.
PipHacker:)

[Soccerman]

My favourite trading book is Tradin Chaos…

[Mennon]

My favourite book: the Candle analysis. S.Nisson.

[Pipcrawler]

I haven’t read “Trading Chaos” … who is that written by?

Steve Nisson’s books are great for getting into in depth candlestick chart analysis!

[sam111]

Finished reading and liked this one- Foreign Exchange Handbook by an Indian Author HP Bhardwaj

[johnnykanoo]

Well ive heard good things about Zurich Axioms: Investment Secrets of the Swiss Bankers by Max Gunther.

Its about manageing risk, Ill give it a review when i comes in from amazon and i read it.

I like Trade Your Way To Finacial Freedom by Van K. Tharp. This is a book about self discovery and developing a system that works with your style. It also examines risk and money management.

Paper Money by Adam Smith. Although it was written in the 70’s it is as if it was written last year. It is about the relationship between oil, banking and money.

A must read if you look at the markets like a battle between bulls and bears would be The Art of War by Sun Tzu. This book is Sun Tzu’s philosophy on successfully wining war. This is an excellent read and can help shape you as a trader to fight for victory.

[rahiman]

This are my textbook

For Mind
Trading in Zone by Mark Douglas
The Disciplined Trader by Mark Douglas
The Winning Invesment Habit of Warren Buffet & George Soros by Mark Tier
Trading for Living by Dr. alexander Elder

For Money
The Trading Game by Ryan Jones

For Method
Japanese Candlestick by Steve Nison
Day Trading the Currency Market by Khaty Lien
Technical Analysis of the Financial Markets by John J. Murphy
The New Science of Technical Analysis

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

[quicksilver03]

A very good book for beginners is “The Essentials of Trading” by John Forman (who has posted as rhodytrader on this very site for a while): I liked the systematic approach to testing systems, though I would have appreciated if there had been an appendix with a better explanation of the math behind the statistics used.

I concur also on the Van Tharp’s “Trade Your Way To Financial Freedom”, there are some gems in it that changed the way I evaluate a system and manage trades.

[Hope80]

Books of Victor Niederhoffer influance my view greatly. Agree that Steve Nisson’s books are really helpful.

[edacsac]

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

[Pipcrawler]

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]

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]

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

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”