Book recommendations from a solid source

I often get asked for book recommendations and I usually point people the Market Wizards series but The Big Picture blog has a nice list of alternatives. I’ve read everyone one on the list and they’re all solid except Reminiscences of a Stock Operator which is entertaining but I always thought lacked a certain authenticity. Freakonomics is also more of a pop book than anything particularly interesting to a trader.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

10 Comments

  1. Adam, what are you doing up so late!
    Re your book comments, I’m surprised you don’t find ‘Reminiscences…’ good. Many consider it the best book ever written on trading, and I’d agree with that. It belongs to another era, the dawn of trading as we know it, so the terms and the contexts may be unfamiliar. But it gives the best account of the core psychology of trading. Human beings don’t change, crowds don’t change even if the technology changes and this book captures the essence of trading in the best possible way. And it contains lessons that will be valid as long as there are markets.

  2. ok adam,
    seems that no one reads books…
    here’s my first:
    technical analysis of stock trends by edwards, mcgee

  3. Something about it doesn`t ring true to me. But yes, it`s a classic and I`d call it essential reading, I just don`t have the love for it that others do. I`m covering for eamonn today so he can have a much-needed day off. Ryan will be in next and I`ll be back after a quick nap.

  4. Hi Adam,

    Any recommendation of books for newbies to the forex trade?

    thanks.

  5. One book on Forex trading I bought about three years ago that doesn’t use the run of mill strategies is
    Getting Started In Forex Trading Strategies by Michael Duane Archer who has been a trader over thirty years.

  6. Adam is trying to be polite, pandu. “…lacked a certain authenticity” is a euphemism for “Liar, liar; Pants on fire!” :D (In the old song, the next line is, “Your nose is longer than a telephone wire”.) Tell me I don’t bring back the memories, eh? Just tell me. :)

  7. Rich, all I can say about these kind of books/strategies, is that there is little new under the sun. :) Since J. Welles Wilder Jr., at least, I haven’t seen much. That guy, was a friggin’ genius. As has been pointed out, the HFT algos are not that sophisticated, but their platforms are fast. Really fast. Even if we had their algos, we couldn’t use them. But the equalizer is money management, IOW, risk management. You only have to be right a small percentage of the time. As long as you are *really* right when you’re right, and not very wrong when you’re wrong. That’s it, to me. But I think only a minority can trade like that. The majority can’t take X losers in a row waiting for the big winner. Capitalization issues; emotional issues. Ask any great trader, however, even Soros. The bulk, the overwhelming percentage of a year’s profit, comes from a very small percentage of trades. The rest are just exploratory garbage, soon disposed of right or wrong.

  8. @ Deus ex machina ,I agree with most of your points.Trading is a zero sum game.It in essence like a bell curve.A few win a lot of the pot.Some lose a lot of the pot ,and the rest are on different points on the curve
    If everyone was at the top the markets wouldn’t work that well.The markets sometimes do the unexpected.and don’t go according to logic.If you do what everyone else is doing and use the same indicators you will end up with less than stellar results.In the equity markets if you have too many positions you will have trouble beating the average as you are in essence the average,

  9. Here’s a good source for trading related books and aphorisms.
    http://zenfxtrader.wordpress.com/trading-wisdom/

  10. Cheers Pandu

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