My top 5 books for aspiring traders offer inspiration and practical lessons on how to improve trading skills. Essential reading for traders.
Market Wizards
Jack Schwager’s book is comprised of a series of interviews with the high profile trading titans of the day and his observations about their experiences as traders. The book chronicles each trader’s journey from nothing to the pinnacle of the profession. Inevitably, each trader’s path takes them through devastating losses and near death experiences. In addition to finding the book informative, I found it to be highly inspirational.
Schwager has done a series of books covering different eras. They’re all good, but I liked the first book the best. I highly recommend Market Wizards.
Find it on Amazon: HERE
Reminiscences of a Stock Operator
First published in 1923 by Edwin Lefevre, the book documents the trading experiences of Jesse Livermore. For those that are unaware, Livermore is generally regarded as one of the best pure traders the market has ever seen. The book shares Livermore’s timeless wisdom in a friendly, readable way . Your first reading of the book, especially if you are new to the markets and to trading, may not mean much to you. With experience and time, it will and should mean EVERYTHING to you. The wisdom is profound and, if followed, will lead you to a higher level in your trading. I have devoted a complete section of my blog to “Lessons from Livermore”. Find it HERE.
Find it on Amazon HERE
Pit Bull – Marty Schwartz
Marty “Buzzy” Schwartz takes the reader through a time when he was becoming and was one of the biggest players on Wall Street. Although set in a bygone era of open outcry and Quotron machines the lessons shared are still relevant today, like the time Buzzy made $1M in a month and lost it all in a day. This is an entertaining read about a time when blood, sweat and sheer determination in the pits were more important than the code of an algo. Read this at the beach or in front of the fireplace, i think you’ll like it.
Find it on Amazon HERE
Trading for a Living – Alexander Elder
Dr. Elder gives the aspiring trader a great playbook for success with a great blend of tactics, risk control and technical analysis. The book also touches upon trading psychology , which to me, is the key to the whole thing. Elder has done several follow ups to this book and also has workbooks that accompany the books. I find his work very well done. I think they’d be a benefit to both new aspiring traders and seasoned ones as well. Lots of useful information here.
Find it on Amazon HERE
How I made $2,000,000 in the Stock Market – N. Darvas
This is a personal recollection by Nicholas Darvas on his journey as a trader. This entertaining read shows you how following a simple set of rules can result in extraordinary gains. It also shows aspiring traders that you don’t necessarily need to have a strong finance background in order to be successful on Wall Street. Darvas you see, was a professional “dancer”. If a dancer can be a great trader, so can we.
Find it on Amazon HERE
Do you have a favorite book on trading that is not on my list? Let me know!
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Happy hunting and good trading!!
