Best books on trading strategies

conquer1

What are some good trading strategies for a COMPLETE beginner also what would a good book be on trading strategies im not quite sure exactly i would like to trade i dont know enough yet to know what would fit my personality and temperament so im lookin for a book with good usable strategies ...i would like a book to help me become a successful trader somthing i would go back and read again after learning and applying some things i AM NOT looking for a get rich quick type deal at all...i want to trade stocks if that makes a difference

MadRoofer

I would try a book called the new trading for a living. I thought it was amazing

markd

Agree. The author is Alexander Elder.

conquer1

Ive read that one im actually almost done with my second read through now

markd

A really comprehensive review of other people's trading methods is Trading Systems and Methods by Perry Kaufman. You probably wouldn't read it cover to cover but pick and choose what's interesting to you. Sometimes heavy going. Probably still pretty expensive. You might be able to find it in a good library or used.

Another alternative, less comprehensive and easier going, but well written and well organized - much more like a how to manual - is High Probability Trading by Marcel Link. Lots of good advice.

A good reformulation of the original Wyckoff stock market course is Charting the Stock Market by Jack K. Hutson. Wyckoff did not use patterns or indicators (no computers in his day to calculate them) - just price, volume and p&f charts. His approach was to understand the problems and motives of the largest operators in the market and to interpret the charts as expressions of those motives in price and volume. It's very much like what Bruce Fraser is doing on his blog. I happen to really like this view of the market, but that's a personal preference. Also, I think you can get an understanding of the market's position from the Wyckoff perspective, but still use indicators and overlays invented after him to scan for and time trades.

In the end, though, one of the problems with books is, you really have no reason to believe them until you test out for yourself what they are saying. You can do this with actual small scale (very small scale, like 10 shares - even if your account is flush), real-time trading, and keep a journal of your results, or you can use the stock charts scan engine find past examples of set ups and see how they worked out. If you know how to use Powerpoint or similar software (learn it if you don't - not much to it), you can collect and organize (and print) examples of each trade set up to learn from.

Worst_Case_Scenario

Van K Tharp

Trade your way to Financial Freedom

This book will teach you "HOW" to build a system for trading that is suitable to you and will make you ask yourself many questions that will have you decide what style of trading is right for you, position sizes (actual outlay of money per trade) and risk-reward ratios. Is filled with insight from some of the industry's best at the time of the writing. I keep making note after note myself and looking up some interesting points that allow me to "think" like these guys. Then it will take you through a few systems that these guys use to identify their trades. I am a day trader and so generally I am in and out quick but there was still a ton for me to take away from this read.
Trading to be honest is like......., you either marry it or it DIVORCES you! (and viciously)

Know that most trader will go broke in the first 3 months and understand what you are getting into.
This isnt a game for the weak hearted and I would def reccomend that you are still bringing in an income if possible when you try this. Its hours of study that can all go to crap with a volatile market move but for those of us who are able to make it work its the greatest job on the planet.

JayKhanna

I would suggest one by Martin Pring, (on market momentum)

daddybyday

I'm pretty much a beginner, but learning a lot. I've read a few trading books so far, but right now my favorite is "Trend Trading" by Daryl Guppy.

Going to look at some of his other stuff as well.

aaronguse

Everyone,

Thank you for your book suggestions. The books I have heard about on this site have helped me come a long way. Does anyone have any suggestions for books on options?

DosenCMT

Trading Options Greeks by Dan Passarelli would be a good start.

smirnoff

One of the best classics...Secrets for profiting in bull and bear markets by Stan Weinstein...