Well, good that you created this thread! I think there are books describing specific techniques (like the Elliot waves, Rainbow trading etc.). Other than that, I would recommend reading articles on technical analysis in well known print publications in the financial field, like the The Journal of Finance for example.
I found a list of books for beginner traders on the earnforex forum:
Candlesticks For Support And Resistance — The basics of trading with candlesticks charts by John H. Forman. Online Trading Courses — Course #1 lesson #1 by Jake Bernstein. Commodity Futures Trading for Beginners — by Bruce Babcock. Hidden Divergence — by Barbara Star, Ph.D. Peaks and Troughs — by Martin J. Pring. Reverse Divergences And Momentum — by Martin J. Pring. Strategy:10 — Low-risk, high-return Forex trading by W. R. Booker & Co. The NYSE Tick Index And Candlesticks — by Tim Ord. Trend Determination — A quick, accurate and effective methodology by John Hayden.
Hi guys, personally I am not reading any books about trading, but some of the best recommendations about Forex are:
1. Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets – by Ashraf Laidi 2. ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street – by Raghee Horner 3. Beat the Forex Dealer: An insider’s look into trading today’s foreign exchange market – by Agustin Silvani 4. Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups – by John F. Carter 5. Thirty Days of FOREX Trading: Trades, Tactics, and Techniques – by Raghee Horner
Van Tharp once wrote, trading success is 60 % psychology, 30 % money management and 10 % trading system. It is therefore imperative that our development mirrors such core requirements and not concentrate on those pesky indicators and TA ideas sold by scammers and educators.
As such I would recommend the following :
1)Phantom of the pits This is written by a trader who wish to remain anonymous. In my view, this is the best trading book ever written. The book only concentrate on three key concepts : cutting losses; pressing winners; and trade psychology. It is very instructive in taking these key concepts from a conceptual level to a practical dimension not seen in any trading books. I think it does a better job in bringing across these concepts than the Market Wizards series.
2)Beat the Forex Dealer: An insider’s look into trading today’s foreign exchange market – by Agustin Silvani This book is written by an institutional trader and explains the dynamics of the forex market from the institutional standpoint. if you wish to swim with the sharks, you need to understand how they operate and not get eaten in the process. the author provides an insightful view in particular on how to trade the news.
3)Naked Forex by Alex Nekritin & Walter Peters This book is useful because its scope is comprehensive in covering all the major areas in TA and so offers good content to the world of technical analysis and forex trading
4)jarratt Davies Jarratt Davies has written a trading book and is very active in expressing his views in professional trading publications. His views can be polarising because he is primarily a fundamental trader with some mix of technical input. He is one of the very few retail trader who has successfully transition to institution level and is consistently ranked one of the top currency trader by performance. I am primarily a technical trader and I credit him for opening my eyes to the role of fundamentals in forex trading and have adapted my trading strategy as a consequence.
5)One Good Trade by Mike Bellafiore This is a book on the world of professional prop trading. It is useful read because it provides an insight into the world of professional trading and the regime involved to be successful.
6)Sam Seiden He has written many articles on supply and demand and in my view is unequal in this area in enhancing your understanding of a very important subject in trading.
7)The Art and science of TA by Adam Grimes In addition to doing a good job on the science of TA, this book is very useful in discussing price action in trading.
8)High Performance Trading by Steve Ward It is book on trade psychology and its effect on performance. It is not just a conceptual discussion but practical steps involved to transform trading behaviour as after all trading is 60 % psychology.
@Dove_Services Thank you for your selection of books! It sounds quite interesting and promising. I would disagree on the TA part you mentioned as this is also a valuable aspect and ignoring it will simply cut part of your view to the markets. But it's up to everyone to decide whether to use technical analysis or not.
martinkolbe posted: @Dove_Services Thank you for your selection of books! It sounds quite interesting and promising. I would disagree on the TA part you mentioned as this is also a valuable aspect and ignoring it will simply cut part of your view to the markets. But it's up to everyone to decide whether to use technical analysis or not.
I don't believe I advocated ignoring TA in trading. The fact is I am a technical trader by choice from the beginning when I started in this business 16 years ago by obtaining a diploma in technical analysis from the Australian Technical Analysts Association. TA and trading though integrally bound are in effect different streams and in my journey I found eventually less is more. I don't use any indicator other then a couple of moving averages but rely on price action, EW for market structure and median lines for turns and exit points. Having said that, trade psychology is my biggest challenge not technical.
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