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In this very engaging video, VRD Sir takes you through the top 5 books every budding trader must read.
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TRANSCRIPT
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In this article, we’re gonna talk about 5 books that every trader must read.
Now, these books are not “nice to haves” or one of those that you would read during the next vacation.
No. These are mandatory textbooks for you, if you are a serious trader. And you have to read them with the same rigor with which you read back in your school days. Unfortunately, I read some of these books later in my trading career. I wonder how much time and money I would have saved had I read these books earlier.
Alright, let’s dive into the list.
1 “TRADING IN THE ZONE” by Mark Douglas
This is by far one of the best books on trading. And it’s ideal for beginners because it’s written in a very easy to understand language.
It covers a lot of ground, for example:
-It explains why consistency is more important than being right.
Why it’s important to take full responsibility of all the trades the good, the bad and especially the ugly. Believe me, it’s hard.
-Why our perception of the market and ourselves matter
-How to develop understanding and appreciation of risk management.
-And how to find your edge
#2 "MARKET WIZARDS" by Jack Swagger
Jack Swagger interviews some of the world’s savviest and most high-profile traders and what comes out is a non-stop stream of wisdom and insights.
Here are some of the gems:
“I have two basic rules about winning in trading as well as in life: (1) If you don’t bet, you can’t win. (2) If you lose all your chips, you can’t bet. In other words, finding that middle ground between greed and fear.
I don’t think you can consistently be a winning trader if you’re banking on being right more than 50 percent of the time. You have to figure out how to make money being right only 20 to 30 percent of the time. Win big lose small.
#3 "THINKING FAST AND SLOW" by Daniel Kahneman
Technically speaking, it is not a trading book. It is actually a book about inner workings of the brain.
The reason it is a must-read is because trading is essentially decision making under pressure and unless we understand how the mind arrives at decisions, we will never be be in full control.
The book is written by Nobel Laureate Daniel Kahneman and just loaded with insights. When I started reading the book, I thought of highlighting the important points. After 3 or 4 pages it became obvious that if I keep doing that the whole book had to be highlighted- it is that good.
#4 "TRADING FOR A LIVING" by Dr. Alexander Elder
Dr. Elder’s book is broadly recognized as a practical guide of getting started with trading. He is an actual doctor by the way. HE Worked as a Psychiatrist in New York and then taught at Colombia university.
He talks about 3 Ms: Mind, Method and Money and how they influence each other.
Not just psychology, in this book, we also learn about techniques like “Elder ray”, development of a trading system, understanding crowd mentality, spotting high probability trades etc.
A lot of good stuff!
#5 “REMINISCENCES OF A STOCK OPERATOR" by Jesse Livermore
This book was published almost 100 years back but still the most popular book among professional traders. Jesse Livermore was a high-stake trader who made and lost his fortunes several times in the stock market.
His story is amazing and every word coming out of this book is pure gold.