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by Dave Landry
The following are a list of books that have helped me in trading and life. Now, don't expect to be blown away all of every one. Keep in mind that my litmus test for a "good book" is just one good idea. I believe if you can get just one good idea, the book has paid for itself 10x over.
Check Back Often!
Note: A few years back when I updated my website, my books to read page was lost. I thought I could quickly replace it, but I now realize that I have so many books to add that it might take a while. Also, I had books scattered throughout my office that I intended to read for my upcoming master trading psychology course. We had company on the way so my wife re-shelved them. I have since started a bin of to read to prevent this from happening in the future. I'll start adding these worthy ones to this list as I read them. Anyway, bookmark this book page since I plan on adding to it often.
A classic on technical analysis that everyone should have in their library. Do become familiar with all of the concepts and patterns, but do not try to apply all of them, all of the time. Find what makes sense to you and incorporate it into your own methodology.
As I often preach, intermarket technical analysis only matters when it matters. As Murphy himself says, there can be long lead and lag times. Nevertheless, it's worth understanding how different markets are related so you can recognize when they are currently correlated.
Okay, I once met a money manager who told me that he gives this book to all his clients. So, I immediately ordered and read it. The next time I saw him, I said, okay, the book sells you on the merits of trend following, but it really doesn't tell you how to do it. He looked at me with a big smile and said, exactly! Still, I think it's worth reading. Just don't expect to be well versed in trend following by the time you complete it. It takes many years to become a certified TFM.
I read this book shortly after taking my trading efforts full time. It was a big inspiration. The only caveat is that upon re-reading it, it seems like a lot of the traders risked way to much on trades that could have just as easily gone the wrong way. ALSO, I've actually met a market wizard or three in my travels. One flat out told me that he was in the right place in the right time and he could never repeat that in today's markets. And, he's NOT out there saying that you can! Nevertheless, there's a plethora of great lessons in trading psychology in there. Read the The New Market Wizards and Stock Market Wizards while your at it.
If you haven't read this book then stop trading immediately. Mine is dog eared, highlighted, and underlined. If you have read it, then read it again! Lefevre is widely believed to be a pen name for Jesse Livermore. Also read the Livermore biography by Smitten, but read Reminiscenes first.
The so-called "Turtles" made a lot of money trading a simple breakout system. I think they happened to be in the right place at the right time-SO, I wouldn't "try this at home." HOWEVER, you can't take that away from them! The "turtle books" were quite the rage a while back and I vowed not to bother reading them. Then at an American Association Of Professional Technical Analysts meeting, Larry McMillian was telling me about how they talked about how they played ping pong when the market's weren't moving. I was intrigued! It turned out to not only be a great book on trading psychology, but entertaining as well.
I was a speaker at a conference in which Dr. Maurer was also a speaker. I was blown away by his presentation and immediately ordered his books. It's not exactly a trading psychology book, but much of what's in it applies directly to trading. It's short read with tons of information. Mine is dogeared and underlined. This is one I definitely plan on outlining.
Okay, A quick Google search on Mr. Faith and you'll see that he's quite the character. Do a YouTube search on him too. The Amazon reviews aren't so hot, but a lot of this is attacking his personal character-and not the content. Like him or not, the book's a good read. It covers a lot of the things that I have been researching for my master trading psychology course (e.g., dopamine, physiology,left brain, right brain etc..).
I love the psychology section of this book. Maybe this is because I read it early in my career and didn't realize it was perfectly normal to struggle with the markets. I later learned that Rotella himself was dealing with some issues when he wrote it.
Inspiration, Life, and Idea Generation
In a typical Tim Ferriss style, this one's an idea generator. He asks dozens of successful people the same questions. They mention things that books that have inspired them and products that have helped them. Be prepared to work. One Tim Ferriss book will generate 100s of ideas.
This was my first introduction to Tim Ferriss. A massive idea generator for health and wealth. I have scribbled dozens of books to read on the inside cover. As I read them, I'll add them to this page.
In 2017, I lost over 40lbs. by following much of what I read in this book. My goal is to implement even more in 2018. I guess I might have to change my nickname from "Big Dave" soon. BTW, there's also a section on sex. Your partner will thank you.
I found myself in a second hand book store killing time (which, ironically, will eventually kill me). I've gotten a lot of fantastic ideas from this book such as Lotus Blossoms. These are a great pen and paper complement to digital mind mapping which I've recently been experimenting with. I've been applying the Lotus Blossoms to trading, business, and life.