After a lengthy conversation with one of my associates about some of the most interesting books on trading we have read,Although I have not read a lot of trading books however in selecting this list I used the same data I used to buy books for my own small collection.Main criteria was the author ,the intention of the book and lastly the general reviews so here is my take on the top 5 must have trading books
5.Control Your Inner Trader-LR Thomas *is a very simple straight forward book that gives you tips on reeling yourself in when you get too far out when it comes to trading discipline.It is one of the most practical pieces I have come across and is definitely a must have for all trader of all levels.
4.Trading For a living – Dr Alexandra Elder* This is was my very first audiobook although it tells a very inspiring story filled with golden nuggets I wished it could have been a bit more elaborate.This title makes it to number 4 because of its content ranging from trading psyche to basics of money management and charting.It doesn’t cover only one particular aspect but blends quite well all the necessary fundamentals for trading.I also love the fact that it’s pretty simple and doesn’t have all the technical jargon that the normal trading book usually has.
3.A Man For All markets – Ed Thorpe * Ed is said to have invented card counting in casinos with a couple of friend once he had a large enough stake headed to wall street where he applied the same methods of probability to consistently beat the markets. This is exciting for the mathematician and really hammers the concepts of probability which govern the markets.
2.Daily Trading Coach- Brett Steenberger* While I left out one of the most highly acclaimed book on trading (Trading In the Zone by Mark Douglas) I have done so because of simplicity for the more sophisticated trader/investor Trading In The Zone would be a better fit.However The Daily Trading Coach has 101 practical lessons that are easy to follow and basic enough for the newbie to include in their tool set.The Daily Trading coach Also had a blog which I will leave a link for below
1.Market Wizards – Jack Schweger * although this is not a single title but the entire series of interviews of the best traders and or investors of our time .From Richard Dennis who “borrowed $1,600 and reportedly made $200 million in about ten years”plus other impressive traders like Ed Thorpe ,Blair Hull and Bill Lipschutz.This to me is the ultimate book to own because it highlights a number of trader pitfall like how ,now billionaire ,Stanley Druckenmiller lost it all in a single trade because firm was about to go bankrupt after losing all the firms money only to see the market go in his direction,aggresively, a few days later.This series takes you through the journeys of some of the most idolized traders of our time and will leave you with a renewed sense of the markets and success in general.
Bonus books would also include Reminiscences of a Stock Operator by Edwin Lefèvre ,The Complete TurtleTrader by Micheal Covel, How I Made $2,000,000 in the Stock Market by Nicholas Darvas