Trader’s bookshelf

Here is some reading we recommend for better understanding of the market

Success in stock trading or investment is directly dependent on such factors as your experience and your understanding of the processes taking place in the market. There is only one way to gain experience, and that’s by constant practice. And the best way to get knowledge is by reading specialized literature.

A lot of literature is currently being published on Forex, stocks and derivatives market. Books dedicated to the intricacies of investment activities and many other aspects of stocks trading come out all the time – and invariably cause excitement among the target audience. At the same time, some publications remain relevant for years and even decades – these bestsellers are what we want to talk to you about.

Here are some books most valuable in terms of information and useful for developing “market thinking”.

Larry Williams. Long-Term Secrets to Short-Term Trading

Larry Williams is a trading legend come alive: to date, nobody can beat his record set at the World Championship of Futures Traders (Robinson Cup) in 1987. The figure is indeed impressive – more than 100,000% p.a. on a deposit! Even though Williams specializes in derivatives market, his advice – particularly related to psychology – is suitable for stock traders and forex traders alike.

Edwin Lefevre. Reminiscences of a Stock Operator

This is a classical masterpiece no trader can afford not having in their library. The book is written as a fictional story, but it was a result of the journalist’s long conversations with the famous stock trader of the 1920s and 1930s Jesse Livermore. Of course, today’s stock exchange is very different from those times... But after reading the “Reminiscences”, you will understand how little has changed in the past 100 years.

Laurence Connors and Linda Raschke. Street smarts

An invaluable book offering a host of knowledge for those who look for patterns in market movements. The authors, renowned futures traders, share their observations. “Street Smarts” describes short-term trading strategies that still work today and describes their underlying mechanisms in utmost detail. This gives the reader a key to building their own effective strategy.

Michael Douglas. The Disciplined Trader

This is the real “Forex traider’s textbook”. However, this knowledge is applicable to any market trading: the author talks largely about psychological issues. The information presented in a clear and concise language will help you avoid typical mistakes, overcome your fear and acquire a more confident trading style, while learning to adequately interpret the results of your transactions and create your own system.

Jack Schwager. New Market Wizards

The book’s second name – ‘Conversations with America’s Top Traders’ – speaks for itself. Schwager interviewed a number of universally recognized trading gurus – Joe Ritchie, Linda Raschke, William Eckhardt, and many others. This publication gives you as much information as visiting a Forex seminar would. Celebrities reveal some of the secrets that can have a positive impact on your trading performance.

George Soros. The Alchemy of Finance

Unlike the previous books, this one is more of an investor’s manual, rather than a trader’s one. However, wise words from one of the richest men on Earth will definitely be of use for those trading in the stock exchange. Soros explains in simple terms the reasons for some phenomena in the market and provides simple advice. As a rather excentric personality, the billionaire presents his thoughts in a very original manner.

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