Must Read Books According To Famous Traders Of Our Time
Everyone who wants to become a trader has to start somewhere. For retail traders that is often a book or a course on trading. After writing many reviews on trading books, an interesting idea sparked in my mind, what if I contact the well known traders of our time and ask them sincerely for their recommendations on the books they consider as must-read for the aspiring traders?
I have contacted many famous traders since. Following is the first compilation of the must-read books for trading. It is not just a list of books to read. You will also find the personal insights about trading from these well known traders.
Ms. Linda Raschke, LBRGroup
Ms. Raschke names the top three trading books she would recommend to aspiring traders. She also provided her reasons behind for choosing these books.
Technical Analysis and Stock Market Profits by Schabacker
- The importance of chart formations
- Has withstood the test of time
- Served as the foundation for all other Technical Analysis books, such as Edwards and McGee
Profits In The Stock Market by H. M. Gartley
- Has withstood the test of time
- The important of volume
- Good writing style, no nonsense mish mash stuff
The Taylor Trading Technique by George Douglas Taylor
- Withstood the test of time
- The importance of staying in the moment, taking one day at a time, each day has own type, the important of the play around precious swing highs and lows
- Excellent look into one person’s "process" that allowed for them to trade within a structured framework
Ms. Raschke states clearly that everyone must find their own consistent process.
(Notes: The books listed above are books published from long time ago. They can be quite expensive to purchase. One good way to get those books is to borrow it through either the public library system or the inter-university library system.)
Ms. Constance Brown, Aerodynamic Investments
Ms. Brown indicates that she does not read trading or technical books per se. She prefers books that teach you to think outside the box. She provided an example, The Joy of Thinking: the Beauty and Power of Classical Mathematical Ideas by Prof. Michael Starbird and Prof. Edward Burger from The Teaching Company.
Ms. Brown finds that, "People she teaches have lost the connection between defining a question and seeing it as an opportunity to go find the answer. Most cannot be bothered and shrug their shoulders and move on to the next thing. Then the opportunity to learn has been lost."
Tim Knight, Slope of Hope
Mr. Knight has a recommendation list of books to read for aspiring traders.
Two books stand out from the rest that Mr. Knight recommends are:
Market Wizards by Jack Schwager
Trading in the Zone by Mark Douglas
Al Brooks, Brooks Trading Course
Mr. Brooks think that there were no books out there that does a satisfactory job of explaining price action and that all of the books lacked insight. His opinion is that the best trading books are the ones he wrote.
This is the first round-up of trading books and personal insights in trading from some of the well known traders of our time. At this point in time, I have not heard back from the other traders I contacted over the past few weeks yet. When I can gather more responses, I will have the information organized and published.
One thing worth talking about is that trading success comes in all forms and sizes. The diversity of recommendations I gathered here proves the point. Do not put a mold on the image of trading success. It is something heavily depends on who you are and what you capable of in extracting profit from the markets.