Some of these
books are pretty expensive. Check your local library before you
spend a lot of money, or buy a used copy at Amazon.com from somebody
who already gave up trying to be a trader. ;>) If you do buy
new, please use the links below rather than going straight to Amazon.
They say they'll send us 5%, which would help pay the expenses of
running this website.
Disciplined Trader: Developing Winning Attitudes, by
Mark Douglas. Read this book first; it will save you a lot of money!
Most traders have to learn the hard way that you are your own worst
enemy. That's why 90% of would-be traders fail, not because the
odds are stacked against us.
Your Way to Financial Freedom,
by Van Tharp. Corny name, but a lotta good stuff here: proof that
most popular indicators are pretty useless; why trading someone
else's system doesn't work, and how to come up with a system that
does work for you, "expectancy" concept for evaluating
Vic: Methods of a Wall Street Master,
by Victor Sperandeo. Vic is da man with his cold, hard rules for
identifying tops and bottoms. He coined the terms 1-2-3 top/bottom
and 2B top/bottom. We usually see at least one of these reversals
every day in the e_mini index futures. The 2B reversal is my all
time favorite trade entry.
Tzu's Art of War for Traders and Investors, by Dean Lundell
Day Trader: From the Pit to the PC,
by Lewis Borsellino. A teamster in his youth, Borsellino has become
one of the biggest "locals," or private traders, ever
to work the S&P pit at the Chicago Mercantile Exchange, trading
1,000 lots of the big S&P contracts. Aside from the fascinating
story of his life and his rise from working poor to multimillionaire,
this book provides unique insights into the inner workings of pit
trading and the ongoing transition to electronic trading.
Wizards: Interviews With Top Traders,
by Jack D. Schwager. Great motivation here. It's good to know just
how far trading can take you, and how many different ways there
are to get there.
New Market Wizards: Conversations With America's Top Traders,
by Jack D. Schwager. More fascinating interviews with regular people,
many of whom you'll never hear about anywhere else.