Trading

The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
$60.00
Having read dozens of books on trading, this one stands out as one of the top 5 I would keep in my library, and very likely, the single one I would start with when it comes to day trading. What Josh Dipietro does extremely well in his book is first, he provides a cautionary tale that every aspiring day trader should read (even multiple times) before venturing out into the day trading jungle. Almost no one within the trading industry describes with such candor, the day-to-day struggle, the internal battle of learning how to lose (both emotionally and financially) before finally figuring this thing out. Most books just give tactics and then "throw you to the wolves" which as Josh tells, trading tactics are only a small part of winning this game. What I truly enjoyed from this book is the focus on consistent profits and risk management. Most people getting into this business naively think that all you need is a few trading tactics and then you're on your way to fortune. He lays out a realistic trading program that begins with his own story, and then lays it out the way you should go about making money in this business (slowly but surely) by focusing on the baby steps necessary to get there (and then goes a step further by showing you how to drastically reduce your risk and how many small profits can really add up to a sizable daily income. (I don't know any other approach that lays it out this way making this one a gem) Additionally, I appreciate the discussion on different classes of stocks, daily preparation (what a good day vs. a bad day looks like), and the difference between pay-per-trade vs. pay-per-share (this is HUGE and worth the price of the book by itself!) - he blows the whistle on many of the prominent trading educators who strictly focus on charging huge amounts for tactics and then leave out many of the steps to a trading plan that would make one successful (psychology, risk management, and how to effectively run this as a primary source of income) In short, if you're frustrating at not getting ahead in the world of intra-day trading, scrap everything else you've tried and start over with Josh's book!

Trend Trading for a Living: Learn the Skills and Gain the Confidence to Trade for a Living
$39.95
I am almost done reading this book. It is fantastic! Dr. Carr writes like he is your friendly neighbor that is sharing wisdom with you in hopes that you will be able to profit from his lessons learned. The order arrived quickly and in perfect condition. I highly recommend.

High Probability trading
$39.95
If your an advanced trader who has a system down, making lots of money and no bad trading habits then you don't need this book.

If you are a trader wantta be, beginning trader or an intermediate trader and can't afford $200/hr for a trading coach or $500 per trading seminar then this book is the best solution and could save you a lot of trading PAIN!

Written by a trader who has made all the mistakes you can imagine, yet had the courage and persistance to learn from his mistakes. This is the best, self-help, trading book I have found to date.

If you have a capacity for honesty and want to get better at trading, this author's experience will help you spot your trading defects. You can then take action to correct short comings so you might become a better trader.

Come Into My Trading Room: A Complete Guide to Trading
$65.00
I work with several colleagues of mine in late 30's and early 40's studying their MBA. They spend quiet a bit of money, time and family time ( cases where kid's tv addiction linked to parents doing their MBA). Few of them managed to get promotion,some had their titles changed, some moved to different companies doing similar jobs etc. I asked some of them what was their objective of studying MBA at this age. Most have a vague objective,but as Dr.Elder quotes "A caged animal trying to grab it's tail"!. All of them have invariably tried their hand in stock market, got burnt and move back to the comfort of 'cubicle jungles'.

Had they spend the $20,000 or $30,000 they spend on MBA with proper training on trading, losses, trial and error in stock market, software many would have come far ahead in trading and 'self reliance' and 'early retirement' . Instead they fear the corporate layoffs and meaningless promotions that involve travel and less family time and divorce and rebellious kids. I have started the trading career like most others and lost money and thankfully got access to Dr.Alexander Elder's materials before a wipe off!

So now, we have a better way of self graduating to "MBA of trading' where you can be self reliant and retire by simply digesting Elder's books, his suggested reading materials, software ( ex : Metastock , tradestation), bite the painful bullet of losses, enjoy the pleasure of successful trade and slowly evolve to a mature trader. If you are a working professional, you will spend as much ( or more) time as a regular MBA Course, but at least if you happen to be a person fit for becoming an "MBA In Trading", you will be far better off than a MBA in a corporate culdesac.


Here is the suggested order to graduate yourself to an "MBA in Trading".

1. Trading for a Living: Psychology, Trading Tactics, Money Management ( You will need to read it twice)
2. Start making journals and learn from your on trading experiences
3. Come Into My Trading Room: A Complete Guide to Trading (Masterpiece...Read 4 or 5 times to absorb the spirit and content of the book.)
4. Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading) (Read couple of times)
5. Sell and Sell Short (Wiley Trading) (Read couple of times)
6. Read the books mentioned by other full time traders in "entries and exits" ( ex: Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude)
7. Understand Metastock, Tradestation, esignal type tools.
8. Attend his seminar if you can afford it.

Think about all the time ,money and effort you are going to put into it, it will be similar to the money spent on an MBA...and your title might be "Work from home CEO" with your job description like Self reliant full time trader who looks forward to Monday Mornings and for whom work is an everyday vacation and will work during a vacation also. He is available when kids need him

Reviewing his book in solitude will not serve the reader since it is a sequence of learning material in a tough world and should be treated as such.

I would call Come Into My Trading Room: A Complete Guide to Tradingas his masterpiece,but Trading for a Living: Psychology, Trading Tactics, Money Management is highly recommended because of the sections like all technical indicators explained. Some tools might be tailor made for you. In Come Into My Trading Room: A Complete Guide to Trading, the book has narrowed down to exact trading tools Elder uses which is great,but for a newbie , it is better to read the entire menu ( Trading for living) and then chose your dinner ( Come Into My trading room). In trading parlance, The above two books will have to be your "core" positions .

Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading) And Sell and Sell Short (Wiley Trading) are the perfect desserts.E and E is a classic which walks through some sample trades and also a glimpse of tools those users use. All of the traders are trading for living, some with less than 250k equity . Elder looks at their trade and see how simple he makes his trading decision . Sell and Selling short is more like an addendum to his previous books with focus on exit strategies.

I know there are plenty of readers who read financial (and wealth making) books for entertainment. If you are one of them ( The way to check is if you read financial books constantly AND do trading BUT do not have proper records), still this book will fit your case. Choice of words all along the book and subtle comedy makes it an equally interesting read.

EXAMPLES of some punch lines (not verbatim):
> A person who pees against the wind has no right to complain of laundry bills
> Newbies swarm to options to get more bang for their bucks,but it is usually their head that gets banged.
> What beginners call gut feel is usually an urge to gamble, and i tell them they have no right to a gut feel.
> If you pay high above EMA, you will find a greater fool who will pay even more
> Traders dream of profits but often freeze like deer in the headlight when a loss hits them

Whichever book you read in whatever order, make sure to read it, read again and read again .. tread carefully on stockmarket.You might win and in small and subtle ways it is happening to me!