Hey what up guys, I am wanted to know what type of books are out there so I can learn how to trade like a pro. Right now I am been reading baby pips and I took a 8 day course with Fxcm for twentry dollars. I want know more information to make a better trader and make this as my second income generating more then 100k a year.
I am in the same situation except that I am considering the $20 course from fxcm. Do you mind providing some feedback on it? Did you learn something more/better than babypips?
Have you read all the free resources on the Net? Kinda doubt it. Read all that and then decide if and what you want to buy.
I think the really good stuff is still in the books. Searching for quality material on the web is not easy. I have gone thru a lot of them (the ebooks etc.) and maybe 25% of the matter is sometimes relevant and makes sense. What I’d like is one good book on technical analysis and one on fundamental. However, if somebody was to post a similar question:confused:
, there are 10 different people who recommend 20 diffrent books. So the question remains: Which book is the best?
right then, this goes without saying that extracting different material will give you slightly different perspectives on the topic…which is what you want. What you will find is that you will come to your own conclusions on said topic from reading about and learning about others perspective, combine that with your own experience, and voila, you are now thinking for yourself and coming up with your own conclusions.
There isn’t just one book that will give you all the answers, and that’s common sense…so you read several different ones from reputable sources and people who recommend them which benefited there trading. If you like, you can do some experimentation and just plow through lots of material from diff authors and learn of the commonalities, but I would go with the 1st option becuz its easier.
lol, i reread the last question and I can’t help but laugh at the arogance…no offense dude, but seriously…damn, nevermind. just know that you will need to read several different good and great books if you want to succeed in this bizzness
Back to my point again: “What are those several different good and great books?”
Out of all the “great” and “good” books, I just need to know just 2 best books for now (one on technical and one on fundamental). Sorry, I’m not prepared to buy 20 books at a time.
I think you guys need to understand that the beginners have to begin from somewhere. And I would prefer to start with the best resources available on the subject. Yes, I am continuously researching the web as well, however I would still like to get a couple of “good and great” books written by successful traders that I can refer to regardless of whether I’m sitting in front of my computer or not.
2 books?!?!?!? That’s funny.
I personally spent alot of time with alot of books and they ALL helped me
A few good ones to get started are:
- Trade Your Way To Financial Freedom (Van Tharp)
- Market Wizards and the New Market Wizards (Jack Scwager)
- Psychology of Trading (Brett Steenbarger)
- Enhancing Trader Performance (Brett Steenbarger)
- Day Trading The Currency Market (Kathy Lien)
- Trading in the Zone (Mark Douglas)
- The Disciplined Trader (Mark Douglas)
- Come into My Trading Room & Trading for a Living (Alexander Elder)
- Adventures of a Currency Trader (Rob Booker)
- Technical Analysis Explained (Martin Pring)
These are the books that i got a fantastic perspective of trading from. I think any trader could greatly benefit from reading these.
As far as web sites go. I spend alot of time on various forums and reading through the thousands of threads. Many many different opinions but it also helps you find your own. One such forum is forexfactory.com
I also did a lot of googling around sites i can’t remember. But basically anything to do with trading psychology & money management. In any case, if you read through the above books you won’t really need the web sites on these 2 topics. The books do a great job of covering them.
Hope this helps
Thanks for your reply. Yes, this would definitely help. Again, let me clearly explain why “2 books”:
I can only read a maximum of two books at at time, sometimes three. I would prefer not to purchase 20 books together. If I was to do that, I would still start with a couple and the other books would just be lying on my shelf.
Also, I would prefer to decide AFTER reading the “2 books”, which ones I would be buying next. Also, I prefer not to spend so much money at once on more than 2 books.
I hope this clearly explains why “2 books”.
Thanks again!
Ok, I understand but nobody is saying you have to buy all 20 books at a time. But in the list i gave you, pick 2, then move on to the rest. Simple, no??
You have to understand that most experienced traders have gained a wealth of knowledge through dozens and dozens of books. To recommend the “best” 2 can be hard.
That’s an really good list pipbull.
I’ve read a fair few of them. Currently I’m reading Enhancing Trader Performance by Brett Steenbarger ( it’s on your lists also ) And i can’t put the thing down, IF i had to recommend only 2 books ( and i think that’s nuts, spending money of good books is cheap insurance, read everything you can get your hands on ) that would have to be one of them.
Reading one book after another is not “nuts”. It’s just logical. We have to start from somewhere. Right?
I have another question:
The books that are written mainly for futures and stocks, do they generally apply to currency market as well? For example, if I was to buy a book on
Candlesticks in general, would that pretty much apply to any market or should I look for something specifically written for forex?
The specific book that I’m considering is “Japanese Candlestick Charting Techniques, Second Edition” by Steve Nison.
If somebody has read this book, can you provide some feedback on it?
Thanks
Unless is specifically states otherwise, you can pretty much assume any book on technical analysis or a specific technical method (like Candlesticks) is applicable in forex as well. You might find little differences in application when you start working with the material, but nothing overly significant.
In stead of spending 60$ for this over-rated book, you can google “candlestick” for a free, excellent, endless resources about candlestick techniques…
This is fantastic! I can’t believe that I’m getting this kind of support and it’s free! Thanks to everyone for your suggestions. I have already started to feel like being a part of the family.
Just want to second the sentiment this website/community continues to be a great resource and is greatly appreciated by the demo-account newbies like myself. Just hope i can succeed and contribute as well. Best luck all.
oh yeah and left out that having just finished babypip school this was my #1 question, thanks for the info all
I Got some of those books. So far I read over 15 books that only in stocks I have to start reading about the forex market.
Are you already making 6 figures a year? Or wanting to add trading to your box to get to 6 figures a year? If you already do, then I would be hunting a money manager. If not, then good luck trading!
Well as right now I am in the process of learning how to trade to make a 6 firgue income. I am trying to learn the best that I can when it comes to this stuff.
Oh ok, I understand. Well best of luck to you! Hope you get there!!