As a stock trader, we are constantly searching to learn more about our craft. Over the years, we have all read books that have made a tremendous impact on our lives which consequently will impact our trading. Below is a list of books we would recommend to all of our traders. Some of these books are not “trading specific” but will help deal with emotional issues and road blocks that can also hinder us from reaching our desired success. While this list is not conclusive by any means, it is a great starting point. Please trust me when we say these books are on this list for a reason. We hope you enjoy them!
The Disciplined Trader: Developing Winning Attitudes
by Mark Douglas
One of the first books to address the psychological nature of how successful traders think ~ The Disciplined Trader™is now an industry classic. In this ground-breaking work published in 1990 ~ Douglas examines the causes as to why most traders cannot raise and keep their equity on a consistent basis ~ and brings the reader to practical and unique conclusions as to how to go about changing any limiting mindset. The trader is taken through a step-by-step process to breakthrough those queries ~ and begin to understand that their very thoughts may be limiting their ability to accumulate and succeed at trading.
Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the “probabilities” of market movement that governs all market speculation.
In Think and Grow Rich, Hill draws on stories of Andrew Carnegie, Thomas Edison, Henry Ford, and other millionaires of his generation to illustrate his principles. This book will teach you the secrets that could bring you a fortune. It will show you not only what to do but how to do it. Once you learn and apply the simple, basic techniques revealed here, you will have mastered the secret of true and lasting success.
If How-To’s Were Enough We Would All be Skinny, Rich and Happy
by Brian Klemmer
Brian Klemmer explores what is missing and real reason why most people do not succeed. The secret is found in seven paradigm that will change the course of your life. It has produced dramatic lasting change in a short period of time for tens of thousands of people and can for you, too.
In One Good Trade: Inside the Highly Competitive World of Proprietary Trading, author Mike Bellafiore shares the principles and techniques that have enabled him to navigate the most challenging of markets over the past twelve years. He explains how he has imparted those techniques to an elite desk of traders at the proprietary trading firm he co-founded. In doing so, he lifts the veil on the inner workings of his firm, shedding light on the challenges of prop trading and insight on why traders succeed or fail.
Market Wizards, Updated: Interviews with Top Traders
by Jack D. Schwager
How do the world’s most successful traders amass tens, hundreds of millions of dollars a year? Are they masters of an occult knowledge, lucky winners in a random market lottery, natural-born virtuosi—Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In Market Wizards Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he distills their responses down into a set of guiding principles you can use to become a trading star in your own right.
Reminiscences of a Stock Operator: With New Commentary and Insights on the Life and Times of Jesse Livermore
by Edwin Lefèvre (Author), Jon D. Markman (Author), Paul Tudor Jones (Foreword)
Reminiscences of a Stock Operator is the fictionalized biography of perhaps the most famous financial speculator of all time-Jesse Livermore. This annotated edition bridges the gap between Edwin Lefevre’s fictionalized account of Livermore’s life and the actual, historical events, places, and people that populate the book. It also describes the variety of trading approaches Livermore used throughout his life and analyzes his psychological development as a trader and the lessons gained through hard experiences.
Proverbs: Wisdom from Above
by King Solomon
Here are kingdom revelations, words to live by, And words of wisdom given To empower you to reign in life, written as proverbs by Israel s King Solomon, David s son. ²Within these sayings will be found The revelation of wisdom and the impartation of spiritual understanding. Use them as keys to unlock the treasures of true knowledge. The book of Proverbs is packed with incredible secrets of wisdom that awaken our hearts! We can expect a download of heavenly insights into our destinies, relationships, careers, finances, and every other aspect of our lives. Loaded with footnotes that clarify the sacred text, this translation will unfold the meaning of the proverbs written by King Solomon. The gift of wisdom from above is given by a generous Father who is ready to fill our hearts with all that we need to succeed in life and reign in Christ. Solomon was supernaturally infused with God s wisdom, and when God writes a book, it is more than meets the eye! A greater understanding awaits us as we read Proverbs: Wisdom from Above.