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We have split the best trading books into sections to make it easier to decide which books are best for you and your trading. Below is a list of our top 8 trading books.
By our top 8, we are referring here to the all-time classic books. The best books have stood the test of time. Any trader managing serious amounts of money or trading for others will have these on their bookshelf. When it comes to the all-time classic trading books, we like the ones that have a mixture of technique, structure, mindset and plenty of trading ideas.
You see, many of us know how to trade. We have our own trading systems and implement in the market on a daily basis. This is what our number 1 best trading book to recommend is the Market Wizards series by Jack Schwager. There is no better way to get hundreds of trade ideas except by interviewing the smartest traders of all-time. You also need to consider how many ideas will help save you from ruin. As a keen golfer, I know the importance of avoiding disaster around a golf course.
The worst shot a golfer can hit is Out of Bounds. This is the worst shot as you have to play your shot back on the tee and you drop as shot. It is a full 2-shot penalty. Letting a stop loss run and hoping it will come back is the equivalent of the worst mistake you can make. You just never know how long a position will run against you. When reading the best trading books, you will hear time and time again how the best traders wiped out accounts in their early years while waiting for a miraculous turn-around.
These categories represent the best value for your time. But when starting out, you are best focusing your attention on what we call the top three trading book categories. Here you will find the best books to help you improve with your trading the most. The reasons why this category comes in at number 1 is because the greatest number of traders focus on technical analysis.
Even if you hate the idea of using technical analysis, you must understand how others use it to find an edge with your trading. Let me explain a little further. As a fundamental trader, it pays to understand where the key technical levels are, even if you are not using them.
When you combine both fundamentals and technicals, you will greatly improve your chances of success in the market. The reason being is every decision you make is based on your thoughts and mindset around it.
The system you created is based on everything you have taken in around the markets up to this point in time. Have you ever read a classic trading book for a second time years later? The Turtle-Ops Profit Power guide book will be yours to keep and profit from forever! Futures and Options trading has large potential rewards, but also large potential risk.
You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. All trades, patterns, charts, systems, etc. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or Tradewins.
Customer Satisfaction Survey More images Click to enlarge. Remember not to risk money that you cannot afford to lose. The legendary story of the Turtle Trades. Pretty intriguing isn't it? If you don't know about the Turtles and the story behind them, you can read here.
My question always was, are the mechanical systems that they used still valid today? Are those systems still profitable? Are they applicable to Forex? The Turtles traded several markets with 2 systems System 1 and System 2. These systems didn't have any discretionary rule. Everything, from entries to exits, position sizing to money management, everything was clearly established to the very last detail. This document is the most comprehensive guide I have seen about the Turtle Trading Methods and I used all that information to automate System 2 in Metatrader.
I automated System 2 first as it is simpler to program. My plan is to eventually do the same thing with System 1. The Rules The system uses the daily timeframe and the rules are surprisingly simple.
These are the rules for entering Long positions: Buy when the current price is higher that any other high in the previous 55 days.
When the volatility is higher the Stop Loss will be set farther away and viceversa. The ATR used is evaluated over 20 days. Don't put any Target Profit on the orders.
The goal is to let them run as far as possible in your favor. So, if you have a farther away Stop Loss, the positions size will be smaller, and viceversa. Once inside the trade, if price moves in your favor by half the ATR, then add another long trade. And you do this until you have a maximum of 4 open trades in the same direction. Every time a trade is entered, move up the Stop Loss of the existing trades, to the same price of the Stop Loss calculated for the new trade just entered.
Exit all the trades when the current price is the lowest price of the last 20 days This may happen at a profit or a loss. Or exit when Stop Loss is hit. For short positions the rules are the same but the other way around. You enter when the price is the lowest it has ever been in the last 55 bars and you exit when price is the highest price seen in the last 20 bars.
This trading system has all the ingredients recommended by professional Forex traders: The Lazy Trader September 19, at 7: The Lazy Trader November 13, at 8: Tony April 17, at 4: The Lazy Trader April 17, at 4: Geoffrey February 4, at 7: The Lazy Trader February 4, at 7: The Lazy Trader September 22, at 9: The Lazy Trader September 22, at Gerardo Bustos June 16, at The Lazy Trader June 16, at