Some time has passed since my last post about interesting books. The last time I listed 10 investing books you absolutely need to read. Today I want to share with you 5 (+1) awesome books that I suggest you to read before trading.
As you probably know I’m not a trader at all, but I’m studying this topic because one of my goal is to be able to make money through trading. I know it’s hard, maybe it’ll take many months or years, but I’m well intentioned.
Start this journey with me!
The Complete Turtle Trader (by Michael W. Covel)
This incredibly interesting book tells the story of how Richard Dennis and his students (called Turtles) became millionaire through trading. Dennis taught them few simple rules that they used to make a lot of money in Wall Street.
The most important thing that this book tries to teach is that trading is a skill that could be taught to anyone. It’s not an “elite” skill that only few can learn. We just need commitment, hard work and many hours spent analyzing graphs.
I truly suggest you to read this book because it’s very inspiring. I believe that reading stories like this can motivate us to do our best and help us to achieve our financial goals.
Market Wizards (by Jack D. Schwager)
Jack D. Schwager interviewed many professional traders from all over the world, and asked them their secrets. Each one of them gave a different answer, and this book contains all these super interesting interviews.
Trust me. We all have a lot to learn from these top traders, and having all their secrets in one book is an opportunity we cannot miss.
By reading this book you will learn that trading success comes from a solid methodology and a proper mental attitude. This is very simple to say but very diffucult to put into practice because we are all different and there no exists a method that works fine for everyone. In Market Wizards you will have the opportunity to know different methodologies and mental attitudes and to choose the most appropriate for you.
Diary of a Professional Commodity Trader (by Peter L. Brandt)
Diary of a Professional Commodity Trader explains what no one has before: how a professional trader can trade for a living. This means that by reading this book you will discover the best aspects of the life of a trader but also the worst ones, because the author tracked his daily life and wrote this impressive diary.
I think that for a person that aspire to be a professional trader this book is a must-read, because very few people talks about the bad aspects of being a full-time trader.
The Intelligent Investor (by Benjamin Graham)
This is a more technical book, but I always share it with you because it’s a sort of Bible for the investing world. It’s also not so easy to understand, but it’s really worth the effort. It is full of useful concepts and lessons.
Benjamin Graham is considered the greatest investment advisor of the twentieth century, and we all should learn from him. This book can truly improve and inspire your life, and protect you from substantial mistakes.
Moreover, the copy that you can buy today contains modern commentary by financial journalists that make it suitable for today’s stock market.
One Up on Wall Street (by Peter Lynch)
In this book Peter Lynch explains the advantages that average investors have over professionals and how they can use these advantages to achieve financial success. Financial success is not only for professional traders or investors.
The fact that average investors can beat professionals is for sure a good news, and I think we should take this opportunity.
Bonus: Technical Analysis of the Financial Markets (by John J. Murphy)
Finally, after having suggested 5 books to read before trading, I want to recommend you a very technical book. As the cover says, this is a comprehensive guide to trading methods and applications. This means that in this book you will find an incredible amount of teachings that every trader should have.
It covers the main important topics: technical tools, indicators, candlestick charting, intermarket relationships, stocks and stock rotation and so on.
If you’re looking for a book that contains all you need to know in order to start trading, this is the book for you. Trust me.
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That’s all guys. These are 5 (+1) books that I truly suggest you to read before trading. Let me know in the comments if you already know these books and in case if you enjoyed reading them.