Some best trading books
I received quite a few requests to recommend some good technical books, especially on candlesticks. As you perhaps already know I use candlesticks and volume only. Simplicity is a beauty in trading. I do not use any oscillators, Elliot waves, Bollinger Band, Price channels, Andrews pitchforks. Fibonacci retracement etc… Not saying that those indicators are not good. I have heard that some traders are really good at using those indicators.
You do not think that you need to spend thousands of dollars to attend some seminars. I never did. The really useful stuff you need to spend money on some best trading books. Reading a few books alone is not enough. But it will make you prepared to practice trading. In summary, a few good books + extremely hard working = a successful trader. There is no shortcut. Do not attempt to look for it. There isn’t. Or everyone around you would be a trader.
Originated from Japan. I heard that a Japanese trader took 100 trades using candlesticks alone. All were winners. That is a legend. You and I are not going to have that kind of accuracy in real trading. But I do think it is a very effective indicator. I included the book Candlestick Charting For Dummies. It is a good book for beginners. The best for people who already a little about candlesticks, is Japanese Candlestick Charting Techniques (the yellow one) by Steve Nison, which is a classic. Please read the reviews on Amazon.
Candlesticks alone are not enough. You need some comprehensive and in-depth readings. The classic book here is Technical Analysis of Stock Trends by Robert D. Edwards, aka the black Bible. This book is already in its 10th edition. That is how popular it is. Nevertheless, I have to warn you that this book is absolutely not for beginners. As you can see from the reviews on Amazon, a lot of readers think it is a very tough book to digest although almost everyone raves about it.
I believe 50-60% of your trading success depending on your psychology. The following books might help you learn one single most important thing in trading, “cut the losers and let the winners run”.
Here is a collection of books written by Alex Elder, a practicing psychiatrist, and professional expert trader. I have every single one of his textbooks. I don’t have the study guides.His books are a must read for everyone. You do not need to agree with what I am saying. Just go check what others say on Amazon. I started with his Entries and Exits.
For the detailed list of Books to become the master of trading Read these books. These are one of the best trading books in the world.