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umfan92

What Are Some Really Good Books to Read?

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Ok well I'm a beginner trying to learn everything. Like everyone else, I really want to be successful. But I know that I can't do that until I learn everything. So what good books have you guys read that have directly related to your improved trading. People have recommended many books to me but I don't know which ones to choose.

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There are many great online places to learn and the best way is to practice trade or watch the market.

 

I think Elliott Wave Principle by Prechter and Frost is a must read along with Technical Analysis of the Financial Markets by John Murphy

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Here we go...,

 

 

Now I know that some of you rookies out there will not put up the money for this book. I've personally heard all the excuses out there why you'll wait just a little bit longer before you put out this kind of money for a book?

 

You can do it the easy way or you can do it the hard way. It's up to you.

 

Back in the mid 1990's I stumbled across a book cowritten by Raschke (one of Schwager's "new market wizards") along with Laurence Conners entitled Street Smarts.

 

I "cook booked" a setup clearly explained in the book called "Turtle Soup Plus One" in the pork bellies market shortly after I bought the book.

 

Long story short and after a couple of limit down days, I exited the trade with $9,930 profit on a 3 cars.

 

I won't even go into how much MORE money I've made off the info in that gem.

 

Now you can read Prechter or Murphy if you want, but if you want to stand a modicum of a chance of surviving as a rookie...

 

Spend the $175 or whatever its come down to and get your hands on Street Smarts before its too late.

 

 

Luv,

Phantom

 

p.s. I hand you this info on a silver platter only because you asked...

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Like any other trader, I have a book cart full of books. A favorite that helped me when starting out was "Come Into My Trading Room" / Dr. Alexander Elder. It's a simple read, about 300 pages. The book will provide you with a general sense of the markets, different trading styles, psychology, and risk management. A good place to start.

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umfan92-- you don't have to learn everything. And I would say that books on the trader mind-set are much more important than books about markets, strategies, and indicators The Mark Douglas books are good. I also found High Probability Trading (Marcel Link) to be valuable in discussing the things a trader needs to be successful. Van Tharp's book also may be helpful.

 

Keep it simple. Have it written down. Follow it religiously. Easier said than done. :)

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