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       May 13, 2008
 
  Trader's Education
  Opinions & Reviews

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There is an old saying that "Knowledge is Power". The truth is that knowledge is not power. The saying should say "Knowledge is Strength, Application is Power". 

Trading takes a lot of common sense applied in a systematic fashion that allows you to learn. Most traders fail to ever grasp a hold of this, because they continue to look for the fountain of riches, that takes little work to obtain. There is no such thing. The solution to success comes from learning from the psychological makeup of discipline, then taking this knowledge and applying it to your core knowledge of trading. If the two come together, results will be obtained. Below are a couple books recommend and reviewed for this purpose.
 

  BOOKS
 
Technical Analysis from A to Z
by Steven B. Achelis

Technical Analysis from A to Z combines a detailed explanation of what technical analysis is and how it works with overviews, interpretations, calculations, and examples of over 135 technical indicators and how they perform under actual market conditions. The book is an excellent tool to have as a new trader. The brief explanations and formula descriptions are enough to assist the trader in identifying how an indicator works from the common application standpoint. For greater depth and analysis, traders should look for books written specifically for the given indicator.
 

Recommendation: 
Excellent Beginner Book
Price: 
$27.97
Amazon Link: 
click here 

Technical Analysis of the Financial Markets by John Murphy
This book covers the basics of computer technology, technical tools, and indicators, material on candlestick charting, intermarket relationships, stocks and stock rotation, with numerous examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of technical analysis, with a special emphasis on futures markets. This book is ideal for the beginner trader and is an excellent reference tool for all traders.
 
Recommendation: 
Good Reference Book
Price: 
$49.00
Amazon Link: 
click here 

How I Made 2,000,000 in the Stock Market by Nicolas Darvas
This is a classic book written by Nicolas Darvas that discuses his roller coaster ride with Wall Street. The book is an absolute must, when studying how your mind works with the market. Darvas talks about how he made millions and lost millions in the market, giving insight few traders will ever be able to experience. This is a must read for young traders.
Recommendation: 
Must Read for Young Traders
Price: 
$10.36
Amazon Link: 
click here 

Trader Vic - Methods Of A Wall Street Master by Victor Sperandeo
Sperandeo is a successful Wall Street trader who shares a couple of his cornerstone theories to trading, in his book. The book is not an ends all means to trading, but will open the trader's eyes to understanding how to trade the market with statistics. Placing the odds in favor of the trade is one of the most practical ways to achieving success, which few ever seek as they prefer the get rich quick approach. With Sperandeo's proven success in the markets, the experienced trader should read this book closely and take the principles that are shared and see if they can be implemented into their current system for improvements.
 
Recommendation: 
Must Read for Experienced Traders
Price: 
$16.07
Amazon Link: 
click here 

Market Wizards by Jack D. Schwager
Schwager is an experienced analyst who took on an endeavor to interview top traders, identifying their keys to success. This book is one of the most insightful books to identifying how the mind and thought patterns of a successful trader tick. Market Wizards is an excellent book for all traders. No matter what level or experience, all traders will pull lessons from the book that fit their style of trade.
 
Recommendation: 
Must Read for All Traders
Price: 
$11.90
Amazon Link: 
click here 

Martin Zweig's Winning on Wall Street by Martin Zweig
Zweig guides readers to utilizing statistics in their favor. The book covers numerous successful signals that reap great odds of success. This book is similar to the Trader's Almanac, but covers topics with greater detail and explanation. The book is an excellent read for ideas and guidance. The book should be read by all traders, but will give great insight to those who are new to using statistics in their trading approach.
Recommendation: 
Must Read for Statistical Traders
Price: 
$11.19
Amazon Link: 
click here 

Street Smarts by Laurence Connors and Linda Bradford Raschke
This book covers numerous patterns found within the market. Some are original and some are taken from other master traders. Although the success of the authors is questionable, the tools within the book will teach the trader how to identify unique patterns and place the odds of success in their favor. This book is ideal for the active trader, but does contain some positioning strategies. We recommend this book if you have extra capital to spend. Otherwise try to buy it on ebay or do a national library search to obtain it for free.
Recommendation: 
Fair Book for Advanced Traders
Price: 
$11.19
Trader's Press Link: 
click here 

 


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