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sub5mango

Book Recommendations

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Hi all

 

Can anyone recommend some good books that would take me to the next step?

 

This is my status:

 

I would like to start trading futures.

 

So far I have a basic understanding of:

risk (3-5% of my principle on any 1 trade - use stop orders), the ratio of profitable to loss trades (4:6), protecting my principle (trade 20% of margin at any one time), profit ratios (1:1.5-2).

 

I intend to focus on using technical analysis BUT I don't have any entry, exit strategies formulated.

I have time to day trade but thought it better to start out with swing trading.

I have a small principle (that's why I chose futures over stocks).

 

I thought the next step would be learning to read charts and I was considering these books:

Schwager, Jack D Technical Analysis (Schwager on Futures)

Schwager, Jack D Study Guide: Technical Analysis (Schwager on Futures)

John J. Murphy Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)

John J. Murphy Study Guide: Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)

Richard J. Teweles (Author), Frank, J. Jones The Futures Game: Who Wins, Who Loses, & Why: Who Wins, Who Loses, and Why

 

Thanks in advance for any advice.

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Thanks for the prompt reply, I will check Fraser out now.

 

Do you rate the Schwager Technical Analysis book (not the study guide)? It seems to come highly rated...same with the John Murphy (not the study guide)?

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By technical analysis do you mean indicators oscillators etc. or more generally how to read a price chart?

 

There is a bit of a catch 22 when starting out. Its hard to know what approach is going to resonate with you without looking at bunch of different approaches. Furthermore it is hard to evaluate the veracity of various approaches without having some knowledge already.

 

Check out the book review section here as a start.

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John Murphy's books are very solid work, really recommend them. No comment on Schwager's technical books as haven't read them, only Market Wizard series.

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Zen and the Art of Poker by Larry W. Phillips

ISBN 0452281261

 

High Probability Trading: Take the Steps to Become a Successful Trader

by Marcel Link (although it can be summarized in 10 pages) - 0071381562

 

Art of Contrary Thinking (Paperback) - by Humphrey B. Neill

087004110X

 

Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the New Science of Behavioural Economics by Gary Belsky

0684859386

 

Techniques of Tape Reading

by Vadym Graifer

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Any recommendations for books on daytrading in the stockmarket?? I have a clear understanding of how I want to enter and exit and what indicators I will use. I need something thats pass the beginners stage. Any suggestions????

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The Undeclasred Secrets of the Stock Market - Tom Williams

 

The Wyckoff/SMI Course

 

Studies in Tape Reading - Rollo Tape (aka Richard Wyckoff)

 

Reminiscenses of a Stock Operator - Lefevre

 

More than You know - Michael Mauboussin

 

The last book is a nicely written work that covers a lot of ground regarding trading/investment psychology and behavioral finance.

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