Must Read Books According To Famous Traders Of Our Time #2
This is a follow up to my quest asking the famous traders of our time what they think aspiring traders must read and learn. My idea is simple – these famous traders are the ones whose accomplishments have inspired many to pursuit trading. Why not ask them directly for their recommendations?
I am still waiting for more replies so I guess there will be more follow up articles. This project has officially turned into a series.
Mr. Volman likes to convey this message to the beginning traders:
"The best advice any trader could give another is to first invest in a decent charting package with historical data. The amount of information to be found in, say, a year’s worth of price action on the 5-minute (on any reasonably active instrument of choice) is simply priceless, no book could top that. In the end, when a trader is all by himself, facing his charts, his only tool of relevance is his own price technical insight.
As far as trading books are concerned, I never recommend on the matter. It really is a personal thing and what is helpful for one may not do for another. Studying charts, though, will help all traders."
Mr. Volman is the author of the book, Forex Price Action Scalping: An In-Depth Look into the Field of Professional Scalping
Vadym Graifer, Reality Trader
The 3 trading books that Mr. Graifer recommends to beginners:
Reminiscences of a Stock Operator by Lefevre
- All-time classic, as true as ever
The Nature of Risk by Justin Mamis
- One of the best explanations how to understand, perceive and incorporate risk in trading, delving into the very nature of the markets
Trading in the Zone by Mark Douglas
- As far as trading psychology is concerned, this is one of the best
Mr. Graifer likes to tell beginning traders that,
"The most important thing to focus on is themselves. Everyone starts and continues with trying to learn the best setup, chart formation, execution trick etc. etc. – but all this is simple stuff. Real and most difficult to overcome obstacle on a trader’s path is trader himself – his discipline (or rather lack of), incorrect mindset, inability to trade in accordance with his system while not allowing emotions to dictate his actions."
Mr. Graifer is the co-author of the book, Techniques of Tape Reading
Thomas Bulkowski, The Pattern Site
Mr. Bulkowski has written two books with beginners in mind:
Mr. Bulkowski thinks that beginners should read his Evolution of a Trader series to learn how he was able to retire at 36. His advice is to start with buy and hold then progress up to position trading, swing trading, or day trading to find a style that works for you.
You can find all the books written by Mr. Bulkowski at Amazon