Top 5 Books about Trading for Every Type of Trader
Becoming a successful trader doesn’t simply happen overnight. While some traders may experience more luck in the markets than others, having a solid foundation of knowledge will help take you from where you are, to where you want to be. Luckily, getting access to information has never been easier - it is the 21st Century, after all.
The average human brain is exposed to 34 Gigabytes of information per day, on average. Most of that information is transmitted through media channels, with the internet being the primary source of data consumption in modern times. But, did you know that spending as little as an hour a day focusing on learning a skill can lead you to your desired results, in a considerably short amount of time?
It’s all about creating a routine and sticking to it. Reading is by far one of the most effective ways to learn, and you can easily find books in audio format, electronic format or print.
There have been books written about every aspect of trading, so we’ve gathered the Top 5 trading books to read to become a pro:
Best for Beginners: “How to Make a Living Trading Foreign Exchange”, by Courtney Smith (2010)
This book is an ideal text for anyone taking their first steps in Forex trading, as well as for any potential traders who are still on the fence.
Not only does it give a detailed explanation of how the financial markets work, but Smith also provides six strategies for beginners to start profiting from Forex trading.
From risk management techniques to a little bit of trading psychology, “How to Make a Living Trading Foreign Exchange” covers everything you need to know to get started.
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Best for Trading Psychology: “The Disciplined Trader” by Mark Douglas (1990)
Discovering the ability to overcome emotional obstacles is one of the great milestones in trading. And that is what Douglas set out to address in this book, which has been praised as one of the best texts about the psychology of trading. “The Disciplined Trader” provides a clear and straightforward analysis of a highly complex topic, so readers won’t get lost in overly-complicated jargon.
Best in Fiction: “Reminiscences of a Stock Operator” by Edwin Lefèvre (1923)
Aspiring traders and investors will benefit from reading Lefèvre’s fictionalised account of one of the most famous traders of all time, Jesse Livermore, who is portrayed as the character Larry Livingston in the text. This book is packed full of insights into the world of trading, wisdom and quotes that are perfect for anyone in need of a hit of motivation.
Best in Inspiration: “Market Wizards”, by Jack Schwager (1989)
If you’re looking for inspiration, then where better to find it than by delving into the minds of successful traders? In this book, Jack Schwager interviews a string of highly successful traders, such as Paul Tudor Jones and Ed Seykota. “Market Wizards” also provides interesting biographical information about famous traders and a wealth of strategic tips to help traders get ahead in the marketplace.
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