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I received a few e-mails in regards to what books I would recommend, this
is a difficult question for me as my library is at my house in AZ, and I am
living in Russia. The best way I can answer this question is to tell you
that I started reading books about trading in 1972. When I moved from my
ranch in the mountains of Colorado, to a house in Denver in 1992 - I moved
over 20 boxes of trading books! I then decided that the only purpose these
books served was to inflate my ego, so I gave the bulk of them
away keeping the best ones (about 20) that I re-read once in a blue moon.
So, from the top of my head these are the books that I recall as being
beneficial. When I began trading in the early 70's (when I turned 18) the
author that had a lot of influence on me was Richard Ney who wrote "The
Wall Street Gang" and "the Wall Street Jungle". His main emphasis was on
how to determine the specialist book, and why you needed to fade the
public. There was some technical information in his book about technical
analysis, however it was his perceptions of how the stock market really
works is what makes his books invaluable. Also in the 70's I made friends
with a broker who worked for the Commodities Corporation who shared with me
notes he had made from working with old trader he worked with. His name was
Amos Hostetter, and his perceptions and rules concerning technical analysis
and fundamental analysis were also invaluable for me. He never wrote a book
but I made copious notes, and summed them into *.txt files in the very
early 80's if you would like me them send them let me know. A great
technical book that I read was "Technical Analysis of Stock Trends" by
Edward and McGee. The last book I distinctly reading was an autobiography
of Bernard Baruch truly a great trader who lived at the same time as the
window jumper J. Livermore!
In the 80's the best books I read;
1. "Precise Entry Point System" using stochastic, and RSI" by Ramesh
Vaghela
2. The Moving Average Convergence-Divergence Trading Method by Gerald
Appel
3. Chaos: Making a New Science by James Gleick
Seminars,
George Lane with Stochastic
Andrew Cardwell with RSI
1990's
Books:
1. "The Mind Map Book: How to Use Radiant Thinking to Maximize Your
Brain's Untapped Potential" by Tony Buzan, Barry Buzan
2. Complexity: the Emerging Science At the Edge of Order and Chaos by
M. Mitchell Waldrop
3. "A Six Million Dollar Man's Trading Advice" by Michel Arimoto C.T.A
4. The Mathematics of Money Management: Risk Analysis Techniques for
Traders by Ralph Vince
5. Trading with DiNapoli Levels: The Practical Application of
Fibonacci Analysis to Investment Markets by Joe DiNapoli (worth the $)
Seminars;
Todd Mitchell "Highly Profitable S&P 500 Day trading Course"
Market Edge wrote a paper on "The Market Flow Analysis Method (MFAM)
Rhythm of The Markets, by Ed Moore
Tim Ord's work with the Tick Index
Late 1990's to present:
Van Tharp & Brian June "The Electronic Day Trading Workshop"
Kevin Haggerty "Trading With The Generals"
Thomas Friedman "The Lexus & The Olive Tree"
I am currently reading:
The Universe in a Nutshell by Stephen Hawking
Newsletters:
Notley's Notes published by Ian Notley of Yelton Fiscal., Ridgefield, CT
(The Notley Information Service covers more than 80 global markets and is
designed for the institutional fund manager seeking the use of a global
database with a longer-term outlook.)
International Finance Discussion Papers by the Federal Reserve System Board
of Governors
All time best trading movie" Matrix - do you want to know the reality of
the markets or do you want to pretend that you do?
I am sure that there are many more books that were great, but I don't
recall them at this time. The point of a book is to provoke the reader to
contemplate and examine what he is reading. It is one thing to read
Technical Analysis of the Financial Markets by John J. Murphy (which is
truly a great book especially if you get the study guide), and understand
it it all another a different matter to understand why John said what he
said. If you truly understand the why he said whatever you will then know
when you should do what he says or when you should fade what he says.
For example, there are times you want to buy whenever you see a bullish
divergence, yet there are times that you want to be looking for a place to
sell. In a lot of ways the market is a very perverse creature. I think it
was created by God and the Devil. God wanted the markets to exist to
inspire us, and to humble us, and the Devil wanted it to create fear,
despair, and anguish! I am sure that they both sit and laugh their ass off
at us thinking that there is any such thing as certainty in the marketplace.
I would be negligent if I didn't mention my book that I wrote called the
"21 Irrefutable Truths of Trading" while not a technical analysis book, and
is focused on the psychological aspects of trading it has received
favorable comments.
Traders Press www.traderspress.com is generally a great place to buy most
of these books. I hope this helps.
Best regards,
John
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