Good book for beginner?
- Thread starter lliw
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There's a lot of good books but for me the best handful in no particular order include:
1. Reminiscences of a stock operator - Edwin Le Fevre
2. How i made 2 million in the stockmarket - Nicolas Darvas
3. Secrets for Profiting in Bull & Bear markets - Stan Weinstein
4. Pitt Bull - Martin 'Buzzy' Schwartz.
5. Trading in the Zone - Ari Kiew
1. Reminiscences of a stock operator - Edwin Le Fevre
2. How i made 2 million in the stockmarket - Nicolas Darvas
3. Secrets for Profiting in Bull & Bear markets - Stan Weinstein
4. Pitt Bull - Martin 'Buzzy' Schwartz.
5. Trading in the Zone - Ari Kiew
Timmy
white swans need love too
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Kam, can you check this one?
You talking about Ari Kiev Trading To Win
or
Douglas Trading in the Zone?
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Hi Timmy,
Yeah Ari Kiev has also written a book called Trading In The Zone, it's actually a good read.
Yeah Ari Kiev has also written a book called Trading In The Zone, it's actually a good read.
Timmy
white swans need love too
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Thanks Cutz, wasn't aware of that - thanks for clarification.
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Lol I got my copy from Penguin Paperbacks for $9.95...
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I think I may have an E-book of it if anyone wants a copy, PM me and I will see if I can find it.
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Okay, not so much a book as a documentary, but I reckon a trader could glean a lot from the excellent doco "When We Were Kings", about the Ali versus Foreman "Rumble in the Jungle" title fight.
The Rope-A-Dope technique is literally as close to the torture you will feel during a long and protracted drawdown. Seriously. Think of being pounded round after round, and how you might move into a defensive mode to survive. Every trade is just another blow. How do you keep coming back week after week when you're on that losing streak. Your mind starts to mess with you (no, I'm not schizophrenic) and you question your plan and your ability to trade correctly.
Even in these times, Ali knew the edge required to win that fight. He adapted to the conditions; he had to bide his time until the moment was right.
He had energies (capital) in reserve. Those energies were unleashed at precisely the right moment, where the risk was least.
Its about survival. The wins come if you survive. Perfect defence; the moment of attack correctly executed; well planned and well timed.
You will even take heart from the correlation that you will lose most rounds but still be able to win big at the end.
And I won't even start on your opponents trying to psych you out. How easy are you swayed from your plan? How well do you know yourself and your ability to take a punch in the face week after week.
Ah yes the glamorous life of a trader.
The most bittersweet lesson is embarking on your own "ali foreman" fight.
Protect what you have!! Mega amounts of patience and belief in your edge (know your edge)! Strike when the market provides the right risk/reward opportunity.
The Rope-A-Dope technique is literally as close to the torture you will feel during a long and protracted drawdown. Seriously. Think of being pounded round after round, and how you might move into a defensive mode to survive. Every trade is just another blow. How do you keep coming back week after week when you're on that losing streak. Your mind starts to mess with you (no, I'm not schizophrenic) and you question your plan and your ability to trade correctly.
Even in these times, Ali knew the edge required to win that fight. He adapted to the conditions; he had to bide his time until the moment was right.
He had energies (capital) in reserve. Those energies were unleashed at precisely the right moment, where the risk was least.
Its about survival. The wins come if you survive. Perfect defence; the moment of attack correctly executed; well planned and well timed.
You will even take heart from the correlation that you will lose most rounds but still be able to win big at the end.
And I won't even start on your opponents trying to psych you out. How easy are you swayed from your plan? How well do you know yourself and your ability to take a punch in the face week after week.
Ah yes the glamorous life of a trader.
The most bittersweet lesson is embarking on your own "ali foreman" fight.
Protect what you have!! Mega amounts of patience and belief in your edge (know your edge)! Strike when the market provides the right risk/reward opportunity.
Okay, not so much a book as a documentary, but I reckon a trader could glean a lot from the excellent doco "When We Were Kings", about the Ali versus Foreman "Rumble in the Jungle" title fight.
The Rope-A-Dope technique is literally as close to the torture you will feel during a long and protracted drawdown. Seriously. Think of being pounded round after round, and how you might move into a defensive mode to survive. Every trade is just another blow. How do you keep coming back week after week when you're on that losing streak. Your mind starts to mess with you (no, I'm not schizophrenic) and you question your plan and your ability to trade correctly.
Even in these times, Ali knew the edge required to win that fight. He adapted to the conditions; he had to bide his time until the moment was right.
He had energies (capital) in reserve. Those energies were unleashed at precisely the right moment, where the risk was least.
Its about survival. The wins come if you survive. Perfect defence; the moment of attack correctly executed; well planned and well timed.
You will even take heart from the correlation that you will lose most rounds but still be able to win big at the end.
And I won't even start on your opponents trying to psych you out. How easy are you swayed from your plan? How well do you know yourself and your ability to take a punch in the face week after week.
Ah yes the glamorous life of a trader.
The most bittersweet lesson is embarking on your own "ali foreman" fight.
Protect what you have!! Mega amounts of patience and belief in your edge (know your edge)! Strike when the market provides the right risk/reward opportunity.
Well said.Maybe you should write a book.I like it!!
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Haha. I know what it will be called: " The Markets: you want a piece of this...huh? OH SO you do want a piece of me!!...take that..and that...how do you like that...oh, you want some more of that huh..."
It's rather long winded but I already have some blurbs:
MegaRichy - Great read. Not much in there about trading. Actually, I'm not sure if the book is actually about boxing, Melbourne's street violence or if it's some fanciful allegory about the state of the economy. Nonetheless, it did make me feel better about losing all that money. Of course, this book was one of the only things my wife let me keep when she cleared out".
DollarsPouringIn - when I started in this game, I was so naive. I thought I would be raking it in. With the help of this book, I was able to turn 50K into 51K over the last 10 years. Not bad...I'm waiting patiently for that perfect moment..I''m not sure when that is exactly. You have to buy the sequel for that information and I can't afford that kind of drawdown right now.
You need to make sure that whatever investing or trading method, system, vehicle etc you choose matches your psychology - if you try something that goes against your brain then you will be doomed unless you change your psych (very hard) or pick something that matches your brain (much easier).
I can't think off the top of my head what books or tools help you figure that out (perhaps it's just an ongoing process) but the others more knowlegable than me could make suggestions? ...
I can't think off the top of my head what books or tools help you figure that out (perhaps it's just an ongoing process) but the others more knowlegable than me could make suggestions? ...
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Good post shoes.
Your style of investing will influence they types of books you are interested in.
My first book was 'Share Trading' by Darryl Guppy, fairly basic but gave a good grounding.
If you are looking at a business book, I liked 'Winning' by Jack Welsh and being into engineering, you may like 'Who says Elephants cant dance' by Louis Gerstner Jr about his time at IBM.
Brett
My first book was 'Share Trading' by Darryl Guppy, fairly basic but gave a good grounding.
If you are looking at a business book, I liked 'Winning' by Jack Welsh and being into engineering, you may like 'Who says Elephants cant dance' by Louis Gerstner Jr about his time at IBM.
Brett
beginner books,
seriously have a look at Twilight in The Desert,
It is the most important book ever written on the topic of oil...It clearly explains that the Saudia Arabian Oil industry is not a super power going foward, and I believe it because their oil fields are aging super giants that are not performing like the used to 4 decades ago...
and going forward they go into sharp decline (which is already happening, anyway, the sweet ones)... all thats left is heavy oil that needs more refinery, and higher cost to produce and refine...
more in the book...
very interesting read indead...
seriously have a look at Twilight in The Desert,
It is the most important book ever written on the topic of oil...It clearly explains that the Saudia Arabian Oil industry is not a super power going foward, and I believe it because their oil fields are aging super giants that are not performing like the used to 4 decades ago...
and going forward they go into sharp decline (which is already happening, anyway, the sweet ones)... all thats left is heavy oil that needs more refinery, and higher cost to produce and refine...
more in the book...
very interesting read indead...
Why not start at the beginning?
You may wish to consider "Understanding the Sharemarket" by Nick Renton. Costs about $40.
Also "The Intelligent Investor" by Benjamin Graham. Get the annotated version. Again about $40.
Then "Against the Gods, the remarkable story of risk" by Peter Bernstein. About the same price.
The browse some articles at this site. They have only been in business for about 80 years so I don't know how trustworthy or relevant their information may be.
http://www.tweedy.com/
You may wish to consider "Understanding the Sharemarket" by Nick Renton. Costs about $40.
Also "The Intelligent Investor" by Benjamin Graham. Get the annotated version. Again about $40.
Then "Against the Gods, the remarkable story of risk" by Peter Bernstein. About the same price.
The browse some articles at this site. They have only been in business for about 80 years so I don't know how trustworthy or relevant their information may be.
http://www.tweedy.com/
Nope.
And I'm not too keen on Murphy either.
I agree and apparently im one of very few who feel this way. I found Elder's book to be a hard read and full of pretty useless and overcomplicated indicators. Sure his veiws on trading psychology are good and also money mangement, but I didnt find the gem set ups in his book that I thought I would given all the hype.
IMO Charles D kirkpatrick's book on TA is a far better book to refer to for basic (and advanced TA) than Murphy's. It's well set out and easy to read.
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Here are my recommendations... (reading The Intelligent Investor ATM)
The Four Pillars of Investing - William Bernstein, 2002 - Portfolio strategy
The Intelligent Investor - Benjamin Graham, 1949 - Stock selection and value investing
One up on Wall Street - Peter Lynch, 1989 - Growth style investing
Reminiscences of a Stock Operator - Edwin Lefevre, 1925 - it's a fiction but most people believe it was (somewhat of) an autobiography - Speculating
Devil Take The Hindmost - Edward Chancellor, 2000 - History repeats itself, repeats itself
The Four Pillars of Investing - William Bernstein, 2002 - Portfolio strategy
The Intelligent Investor - Benjamin Graham, 1949 - Stock selection and value investing
One up on Wall Street - Peter Lynch, 1989 - Growth style investing
Reminiscences of a Stock Operator - Edwin Lefevre, 1925 - it's a fiction but most people believe it was (somewhat of) an autobiography - Speculating
Devil Take The Hindmost - Edward Chancellor, 2000 - History repeats itself, repeats itself
Wysiwyg
Everyone wants money
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Same price as the book store here.
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Erm...am I reading this correctly or did you make a mistake? 1K over 10 years???
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