Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
This thread has been merged into the existing Recommended Books thread.
-- Big Mike
BTW, I did not care for Trading in the Zone but many do. Market Wizards, and Market Wizards II, and Reminiscences of a Stock Operator are all must-reads.
You know I was going to say the same thing but then I thought it must just be me. I didn't get much out of Trading in the Zone. Maybe I need to read it again. I saw Douglas on some WiseTrade TV and it really turned me off that he'd be associated with them. Plus he wasn't impressive. I've traded in the zone when everything goes well and I trade off intuition. IMHO it comes with lots of practice, not from reading a book. I could write about it but it's something someone has to experience. People can experience it in plenty ways, not just in trading. Giving a presentation to a large group, performing in a concert, playing a video game, playing in a sports game, etc. Sometimes I get into the zone just playing piano. I can play without making any mistakes and everything goes well. Then I snap out of it, and I start questioning what I'm playing and wondering which finger goes well and then the song falls apart. I play much better when I don't think and just play. And trading is similar.
And the comment about Market Wizards & the Reminiscences of a Stock Operator not being about psychology.. I think there is a lot of psychology in those books. It's been at least a year since I've read them, 2 years for Market Wizards. I think I'll read them again before reading any "new" books on trading.
Agreed, they can have profound impact on how you view the market. There are many profound implications on strategy and psychology in the books. It is true, they are good entertaining stories as well, but there are so many profound sentences and statements in the books, it's just.. well... profound!
There are actually 3 Market Wizard books:
Market Wizards - first printed in 1989
New Market Wizards - 1992
Stock Market Wizards - 2001
This thread had me looking at them again and I've decided to re-read them (it's been so long I don't remember them!)
Has anyone come across the first one in digital format? Amazon only has #2 and #3 in kindle format.
From my point of view,
a book every trader should have read is DOSTOEVSKY, "THE GAMBLER".
It gives you a compelling inside in the mind of a gambler and serves as perfect warning to what your trading
and emotions while your trading should not be like.
I found Trading In The Zone to be excellent for the psychological aspects of trading (the importance of truly thinking in probabilities and not just paying lip service to it). However it is repetitive and contains lots of needless waffle. I condensed the book into 6 pages of A4 which I sometimes re-read.
I don't much care for technical trading books. The Market Wizards books are great. Reminiscences of a Stock Operator (annotated edition very helpful for those aged under 100) is next. I'm gonna get Pit Bull on the strength of recommendations here. Beat The Forex Dealer also sounds like it might be a good read.