"The irony of trading books is that once you become a successful trader, you really don't need them anymore."
I used to think the same thing. However, every year or so,
I force my self to reread some of my favorites and pick up some new ones I have been putting off.
Once in a while, just when I think that my trading skills have plateaued, I read a book that make me say, "hmm." Just like the commercial says, "that was an epiphany."
Although most of the books I have read over the last ten or so years of trading contributed zilch to my current level of trading, there are a few that are the cornerstone of my trading system today. Here are a few that made me take a closer look or see the big picture:
Battle for Investment Survival by Gerald Loeb
(Pure wisdom. Just the first half is worth reading.)
...Stock Operator by Lefvre (I forget the first part of the book title)
Technical Analysis of Stock Trends by Edwards and McGee
(basic charting but better and more thorough than any charting book i have seen since)
As for actual techniques, below are two of several that took my trading to another level.
The New Science of Technical Analysis by Tom DeMark
(actually I only use one of his many techniques in my system)
Hit and Run Trading by Cooper
(H and R II is trash and obviously an attempt to ride the coattails of his successful first book. I understand his Momentum book is no better.)
Several books that taught me the use of exponential moving averages, crossovers, and semi-log charts are priceless. In my opinion you cannot be a consistently successful trader without good charting skills.
Happy Trading,
ams |
