Pipcrawler's Favorite Trading Books updated

Hello everyone . Do anyone have recommendations for a book for day traders and also are these books about getting to know successful forex traders the best or there are even better ones ? “The New Market Wizards” by Jack D. Schwager
"Millionaire Traders" by Kathy Lien and Boris Schlossberg

I recommend the 2 movies of Wall Street for Micheal Douglas.I love the main theme.

I have found John Carter’s “Mastering the Trade - Proven Techniques for Profiting from Intraday and Swing Trading Setups” to be invaluable. John really puts forth the brutal honesty of the importance of leaving your emotions and psychological tendencies outside your trading den. I have been able to pinpoint several “flaws” in my trading behavior due to my own emotions taking hold mid-trade. The second half of this book is packed with real, usable setups that fit my style and the trading system I am putting together.

Another nice book for those of us that love currencies (for me, this is why I picked Forex rather than stocks) is “Currency Wars” by James Rickards. Though not a trading book, there are many concepts presented that apply to the analysis and understanding of what makes markets move. Great side reading, check it out if you haven’t done so yet.

You rate a book (Ed Ponsi’s) 1/10 and put it as a must read? Any typo?

The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading) by Wayne McDonell

I read this book before discovering babypips and I’m glad I did. I’m now going through the school, and so much more of it makes sense the first time round. The book is deep enough to deserve another read (after I finish school of course). There are a few shameless plugs for his online private forum (which is something crazy like a couple hundred USD per month). Other than that though, it is doesn’t waste much time with many analogies and jumps straight in to ultra-conservative trading methods.This is just entertainment — it won’t improve your trading. It’s in the same category as the Michael Douglas movie “Wall Street”, except that the t.v. series is about real people.

Reading books might help. However the most important in my experience is to spend hours and hours scrolling back in time and trying different indicators and see what would have worked. If you want to succeed in forex, you will eventually have to develop your own personal strategy. The sooner you get started, the better.

Hi Hi All!

Looking at picking up a copy of this book, wonder if anyone has read it/heard anything about it? To give you an idea I am pretty new to trading so go easy on me!

Diary of a Currency Trader - Samuel J Rae

Thanks! :slight_smile:

And also MarginCall Movie

Hi,
I’ve been looking for books on price action analysis for swing traders. Found books written by Al Brooks, but it seems he’s been focusing on lower time frames and scalping. It would be really appreciated to get your recommendations.
Thanks!

Hi Pipcrawler.

I definitely agree with the ‘New Market Wizards.’ - what an awesome book.

My all time favorite and a must have for every trader is ‘Trading in the Zone’. In my opinion,the best ever book written on psychology!

Also another is the ‘Quants’ by Scott Patterson. Gives you a great insight on the potential of the trading industry and the great quant traders like Jim Simmons who earns a ‘US$1 billion’ every year.

And also like ‘Trade your way to financial freedom’ by Van K Tharp.

Thanks for starting the thread Pipcrawler!

Guys if your goal is to make money, I’d seriously consider getting out of the currency game.
It’s a fallacy and by far most people lose money or break even.

For about 3 years I’ve learned and demoed FX trading, trying many different trading methods.
Sometimes I make money, sometimes I lose. Using good money management I come out ahead but never enough to make a real difference in my life. Making a few thousand here and there over a year doesn’t do anything for my life.
I need to make significant gains, hundreds of thousands or more per year and trading FX seems to unrealistic to make those gains unless you’ve already got millions to risk.

For incredible returns I HIGHLY suggest you guys learn to trade penny stocks.

You can easily double, triple, and more in penny stocks.

I’m still learning how to zero in on the high gainers but I have some great ideas in mind I need to test.
I’ve already had some great wins and a couple losers which I’m holding onto.

FX is dead. Penny stocks are where profit is.

Sorry to know this … But Naadhan strongly disagree’s with u … Naadhan might be a beginer and yet to make money but Naadhan’s friend makes a living out of forex. He is a real life example and an encouragement . He left his job as a computer netwrok Admin at the age of 27 and started trading forex and now he is happy and he is married and having 2 kids as well. He is able to make surplus out of forex. U might not posses the right skill or if u do , u might not have the right mindset/discipline to do this ! U cannot generalise and say that forex is dead. Do u mean that all the the people who make money in forex are ghosts/zombies ?..LOL :slight_smile: !

Hi there !
Naadhan can disagree all he wants but Naadhan is wrong or prove me wrong :slight_smile:
I understand your feelings but the truth is traders don’t make the huge returns on their money in FOREX like they do in penny stocks.

‘Making a living’ isn’t my goal.
My goal is to become wealthy so I no longer have to ‘make a living’.

I may actually trade both FOREX and penny stocks but honestly the gains in penny stocks are much larger but they can take longer. That’s one thing FOREX can do better, is it’s fast. You can make money very quickly in FOREX if you’re willing to sit there at the computer and do it. My penny stock speed isn’t very good yet but I’m still new. I’m hoping to get better at picking winners so I can do it regularly.

That is great that he’s making a living trading FOREX and that he’s happy but is he wealthy?
No.
How much money does he make and how much money did he start with?

How long did it take him?

How long will it take him to get wealthy trading FOREX?

Let’s define wealth by having net $1,000,000.00 (One million dollars USD).
To be honest one million USD isn’t wealthy but if you’ve made net $1,000,000.00 by trading then you’re doing great :slight_smile:

Some questions for Naadhan’s friend :
Have Naadhan ask his friend to share his trading style?
How much money does he regularly make in a year ?
How much money does he make on his typical trade and how much money is being used?
How many hours a day he needs to work studying charts, sentiment, fundamentals, placing traders, etc?

A lot of traders spend less than 30 minutes a day which is great.

Saying he makes a surplus out of FOREX doesn’t mean much.
That just means he makes more than his bills cost. Meaning, if he has a low cost of living say, $1,000 USD a month then he could be making $1,001 USD a month.
Given that he’s only surplus $1 a month doesn’t mean anything worthwhile.

I know FOREX traders who make a living trading full time FOREX but they don’t make very much money.
By the end of the year they net about $50k to $70k.

                                        Ok, who would you rather be?

The guy slamming his head into the wall over and over making $100.00 a hit and at the end of the year make 200% on your money [FOREX]

OR

The guy sitting back relaxing taking his time and making 800% at the end of the year?

Or over the next 3 years 2,000% on your money?
[Penny stocks]

In FOREX it’s not likely to double your money or more in a single trade.
In penny stocks this is not unusual.

Sometimes in penny stocks you can make more than 5 times your money in a single trade without having to really work for it. Sure you need to take time to find the company and then place the trade, but after that it’s a sitting game.

In FOREX when you are wrong, you’ve lost money and you’d better stop the bleeding get out and take the loss. Only fools allow their accounts to get drained because they hope the market will turn around.

In penny stocks when you are wrong you can sit and hold and let time work for you. Does it really matter if it takes years to make hundreds or thousands of percent gains on your money invested when you are wrong? How about just breaking even instead of taking losses? You aren’t working for it. It just happens over time.

In FOREX you’d have to trade a hell of a lot to make 1000% gains. The potential for doing this in one trade and letting time pass is not realistic.

In FOREX most of your money is not used. It’s just sitting there. Typically I’ve never heard of any good trader trading more than 30% of his account in FOREX. That means 70% or more of your account is dead money. New traders should not even use 5% of their account.

In Penny stocks you can use every cent thereby increasing your potential for gains by diversifying or increasing your gains by using every cent you have to trade.

Take a look at these recent penny stock plays.
Some of which I’ve traded. Others I was too new and too scared to take a chance.

Chart em up.

AAMRQ, FARE, JRCC, SIRI, S ,ZNGA, RSH, MJNA,SPWR, and many many more :slight_smile:

You tell me how much work you’d have to do in FOREX to make those kinds of returns.

Penny stocks you can buy, hold and sit and profit if you like or you can day trade / short term trade them.

Penny stocks are stocks and the companies and traders want them to go up when they are low.
Everyone’s working for you, unlike currencies where they work against you.

FOREX traders look at those returns and realize they came with only 1 trade.
How many FOREX trades and and how many hours of analyzing would you have to do for you to make those returns?
How many $$$ lost in paying spreads, etc.?
How many hours of your life trading FOREX would you have to give up to make those returns?

Answer honestly please.

Sorry my man Atlantis…

Nothing was writen here to offend you my friend ! Felt like u were trying to generalise FX as a zero sum game ! Sorry if any of the things hurt you ! About my friend … u have no idea if he is rich or not and all your claims that $1 more is surplus and all is ok for discusion . In the end we are happy trading forex and wealthy enough :slight_smile: ! No one needs to acknowledge our happiness and even if you don’t , its not gonna runway from us !

Forex trading keeps us wealthy and we are happy n alive ! May be penny stocks trading might make us wealthier … we dont deny that as well ! This is what we feel honestly ! Sorry if something writen here hurt you !

Hi Naadahan.

No, not at all ! You didn’t offend or hurt me at all. It was not my intent to sound that way either.

Everything’s all good my friend and my goal is to find the best way to make money consistently be it FOREX or penny stocks or whatever. It’s when we traders / people discuss things openly and honestly that we help each other achieve our goals. :slight_smile:

I am very glad that you guys are happy with your FOREX success and results, that is awesome !

I have to admit I haven’t completely ruled out FOREX trading but I haven’t paid it any attention for many months since I’ve discovered the penny stocks. I may indeed start trading FOREX to pick up some profit. - Maybe only day trading or only long term trading with small positions depending on the setups and whether or not I can successfully day trade/short term penny stocks. Haven’t decided yet.

Btw, would your friend be willing to share his FOREX trading success methods?

If anyone is consistently successful trading FOREX then please share your trading methods - Usually people don’t.

Thanks guys.

Hi Atlantis :slight_smile:

Have been asking my friend to teach his techniques and he agreed to that … Once Naadhan learns that … will start a thread to share that system. Not interested in scalps or intraday as of now bcoz of the day job… SO planning to learn and trade long ones… Will definetly update things as n when it happens and as n when we learn. We Love this babypips site :slight_smile: … Will be here for a long time :)…

Where do you get these books from?

Somewhere that sells books, amazon, Traders’ Library two places I have bought books.

Michael N. Kahn - Technical Analysis Plain & simple

This is good intro book and has some nice stuff, nothing over complicated.

There are number of books available in the market as well as on the internet for forex trader. To become a successful trader what all matters is having a good strategy before trading in the market. The knowledge you can fins from these books.