Getting Started In Trading – Are Books Useful?
Reading is a great way to learn when you are new to a subject. Reading allows you to learn from the experience of others, find out what went right, what went wrong and how they learned from their mistakes. It allows you to save time and money that you may have spent yourself. Learning about trading is not different to learning about other topics that you may read about. You have to be careful though, you could spend years just reading and never actually trading. As there are so many books, it is important to know which ones to focus on. With that in mind, I asked a number of trading coaches for their suggestions on what books they recommend to read for trading just starting out.
The first point to consider is that trading books cover a very wide range of topics. You can find many books on topics including psychology, technical analysis, fundamental analysis, money management, risk management and many more. A good idea is to develop a plan of what you need to learn about and focus on the books that will help you with each topic. As well as books that focus on one particular area, there are also a number of 'classic' books that contain advice that is useful regardless of what stage you are at in learning about trading.
Even though some books have been around for decades, they are still popular and are regarded as classics. The ideas that are contained in them are still as relevant today as when they were published. Some books that have been mentioned by a number of the trading coaches are – Secrets for Profiting in Bull & Bear Markets, Stan Weinstein, McGraw-Hill, 1988, Trading in the Zone, Mark Douglas, New York Institute of Finance, 2000, Trade Your Way to Financial Freedom (Van Tharp, McGraw Hill 1999), Trading for a Living (Elder, John Wiley 1993). When you are done with them, check out : Trade Your Way to Financial Freedom by Dr Van Tharp, Market Wizards by Jack Schwager, "The Disciplined Trader" by Mark Douglas and “Reminiscences of a Stock Operator” by Edwin Lefevre.
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