Top 10 Books To Become A Profitable Trader
When it comes to trading Education will make the difference between success and failure. After all, if you haven’t got a clue what you’re doing in the market then you’re gonna get a hammering. 90% of retail traders lose money, and a massive chunk of that money is lost because the trader do not know what they’re doing.
In this article we present to you our Top 10 books to help you become a profitable trader. We have selected a range of different books, which explain different strategies and methods to be successful in the market. Everyone has different traits and interests, as such it is important to get a rounded education and learn different methods. By doing this you can have a better understanding of what other traders are doing, giving you more market inisght. But more importantly it enables you to identify and use a strategy that best suits your personality and lifestyle. So without further adue, here are our Top 10 Trading Books to Become a Profitable Trader:
Number 10 — Market Wizards
Market wizards is an anthology of interviews with the world’s best traders, in which they reveal what it is that separates them from the masses. The book tells the stories behind their biggest trading gurus and key takeaways from their trading careers. These include the stories of a tea bond futures trader who turned $25,000 into $2 billion in a single day and a hedge fund manager who averaged an annual growth rate of 30% for 21 years.
Number 9 — How To Make Money in Stocks
William O’Neal founded Investor’s Business Daily a national publisher of daily financial newspapers and created the CAN SLIM system of choosing stocks, where each letter in the acronym stands for a key factor to look for when purchasing shares in a company. If you’re interested in stock picking How To Make Money in Stocks is a great place to start because it skips generalities to provide tangible ideas you can immediately apply to your research.
Number 8 — Trade Like a Stock Market Wizard
This book shows you how to find the best stocks before they make big price gains as well as how to avoid costly mistakes frequently made by most investors. Mark goes into detail on how to manage your losses and protect profits, how to avoid high risk situations, as well as precisely when to buy and when to sell. He goes on to discuss how to buy an IPO, and why traditional valuation doesn’t work for fast growing super performers that have the potential to make you a shed load of money. Mark also gives examples of his personal trades with his comments, helping you to better understand his methods.
Number 7 — The complete Turtle Trader
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires.
What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of hismoney. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.
In The Complete Turtle Trader, Michael W. Covel, bestselling author of Trend Following and managing editor of TurtleTrader.com, the leading website on the Turtles, tells their riveting story with the first ever on the record interviews with individual Turtles. He describes how Dennis interviewed and selected his students, details their education and experiences while working for him, and breaks down the Turtle system and rules in full. He reveals how they made astounding fortunes, and follows their lives from the original experiment to the present day. Some have grown even wealthier than ever, and include some of today’s top hedge fund managers. Equally important are those who passed along their approach to a second generation of Turtles, proving that the Turtles’ system truly is reproducible, and that anyone with the discipline and the desire to succeed can do as well as — or even better than — Wall Street’s top hedge fund wizards.
In an era full of slapdash investing advice and promises of hot stock tips for “the next big thing,” as popularized by pundits like Jim Cramer of Mad Money, the easy-to-follow objective rules of the TurtleTrader stand out as a sound guide for truly making the most out of your money. These rules worked — and still work today — for the Turtles, and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time.
Number 6 — New Trader, Rich Trader
In this great piece Steve Burns points out the huge differences between winners and losers in every area of the market. Each chapter takes up a pair of opposites such as New traders trying to prove they are right rich traders admit when they are wrong. Dozens of such pairs offer a psychological mirror to serious readers. Steve Burns wisdom and insight are a must for any new trader to explore, without his teachings and observations you may find yourself repeating mistakes of the 90% of retail traders who lose money.
Number 5 — How to Beat the Market Makers at their Own Game
How to beat the market makers at their own game gives professionals as well as those new to investing a behind the scenes look at the inner workings of the marketplace. The book also provides a comprehensive overview of basic trading techniques. The book explains how to apply the trading strategies of acclaimed trader Fausto Pugliese. Step by step the author covers the most common market maker setups, shows how to identify market maker traps and most importantly reveals how to follow the direction of the lead market maker and an individual stock.
Number 4 — The Complete Strategy Guide to Day Trading for a Living
This book by Mark Vogel shows you in plain English how day trading works, identifying it’s all too numerous pitfalls and gets you started with an action plan. From classic and Renegade strategies to the nitty gritty of daily trading practices. It gives you the knowledge and confidence you’ll need to keep a cool head, manage risk and make decisions instantly as you buy and sell your positions.
Number 3 — Trade Like a Casino
This reliable guide identifies and explains the key techniques and mental processes characteristic of successful traders. It reveals that successful traders operate very much like a casino in that they develop a method that gives them positive expectancy. The casino system means to unflappably implement the method in the face of changing and often times volatile market conditions. Page by page, this book explores the intricacies of methodology, mental control and flexibility that allows traders to develop and maintain the casino like edge.
Number 2 — Trade your Way to Financial Freedom
This trading masterpiece has been fully updated to address all the concerns of today’s market environment with substantial new material. This second edition features Tharp’s new 17 step trading model. Trade your way to financial freedom also addresses reward to risk multiples as well as insightful new interviews with top traders and features updated examples and charts.
Number 1— The Intelligent Investor
The undisputed father of value investing, Benjamin Graham’s the Intelligent Investor birthed ideas about security analysis that laid the foundation for a generation of investors, including his most famous student, Warren Buffett, who called this work by far the best book on investing ever written, published in 1949. This book teaches time tested principles that every investor can use
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