1. Atomic Habits
Atomic Habits by James Clear is a thorough, reasonable guide on the most proficient method to work on your habits and get 1% better every day.
Why Every Trader must read this:
This books mainly focused on the small habits we do on the regular bases, If you have bigger vision start doing small things to achieve it. (“How to eat an elephant? answer is bite by bite).
This book doesn’t contains anything about trading, its all about how you change your habits, as a new trader its very important to follow the right habit to become the profitable trader.
This book will also tells about
Success is the product of regular habits, not overnight transformations.
Time magnifies the margin between success and failure. It will multiply whatever you feed it. Good habits make time your friend.
Bad habits make time your enemy.
Goals are about the results you want to achieve. Systems are about the processes that lead to those results.
Its Highly recommended for new traders
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2. Psychology of Money
“Some people are born into families that encourage education; others are against it. Some are born into flourishing economies encouraging of entrepreneurship; others are born into war and destitution. I want you to be successful, and I want you to earn it. But realize that not all success is due to hard work, and not all poverty is due to laziness. Keep this in mind when judging people, including yourself.” By Author, Morgan Housel.
Before we continue, let me be clear that this book is not a self-help guide to investment or the stock market. Instead, it is about the money
‘The Psychology of Money’ is important to read for anyone interested in being better with money. this book will help you refine your thoughts towards money. You can easily finish this book in a week.
It explores how money moves around in an economy and how personal biases and the emotional factor play an important role in our financial decisions, as well as how to think more rationally and make better decisions when it comes to money.
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3.Market Wizards
“Don’t focus on making money; focus on protecting what you have”
What separates the world’s top traders from the vast majority of unsuccessful investors? Jack Schwager sets out to answer tis question in his interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin
Market Wizards is a collection of interviews with traders who have turned small sums into incredible fortunes. From those interviews, one can extract a great deal of knowledge.
Capital safeguarding is the most important aspect of building wealth – much in line with Warren Buffett’s famous two rules of investing: “Rule no. 1: Don’t lose money. Rule no. 2: Never forget rule no. 1.”
Pride has made a majority of the traders to loose strong sums of capital because they were convinced that they were right, which caused them to stick with loosing positions that eventually cleared them out.
Momentum/trend-following seems to be the strategy that have made the majority of these traders rich. The traders “ride” an uptrend by going long or a downtrend by shorting; as soon as the trend changes, they exit the position.
“Traders frequently confuse the ideas of winning and losing trades with good and bad trades. A good trade can lose money, and a bad trade can make money.”
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4. Trading in the zone
“You must create a new version of yourself to become good trader”
Why do only some people achieve consistent success as a traders while others fail? Do the successful people have special insider knowledge? Better trading strategies? based on good luck?
In his book Trading in the Zone, Mark Douglas says one factor differentiate successful traders: a winning mindset. To achieve regular trading success, Douglas says, we need to train ourselves to think differently, practice regularly and he shows us how.
First one is fundamental analysis is a method of assessing the value of an investment using mathematical models.
The second one technical analysis. Douglas explains that technical analysis looks at patterns in the price of an investment to guess how that investment’s price is likely to act in the future.
According to Douglas, most of us don’t use information from our market analyses in a sensible way. Why? Because we don’t understand probabilities. Douglas maintains that a knowledge of probabilities is essential to overcome the mental barriers that prevent us from achieving continuous trading success
Market activity is based on probabilities, which means that every outcome is unique, different and random, totally different from every other outcome. As we’ve already mentioned, patterns do emerge; however, you can’t rely on those patterns to predict outcomes with 100% certainty. As Douglas says, this year’s market activity might appear identical to previous years’ activity, but the similarity doesn’t run any deeper than that.
One can read the historical patterns, but same thing will never repeat.
This Book will take you to next level of Trading
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5. Secrets of a Pivot Boss
“Nothing much more can be sum up how I feel about this book! Definitely a game changer”
No Indicator will show the future movement but pivot points does it, you can calculate the next day pivot level by today.
support and resistance are calculated from the previous day high , low and open or close.
but the strong resistance would be the yesterday’s high and support would be yesterday’s low…
if you want the next resistance , it would be the weekly high and support would be weekly low.
you can not trade or invest in stock market without reading Secrets of a Pivot Boss.
If you already using Pivot then this book will help your understanding of it.
If you are not using the pivot, start practicing from today to understand it.
Easy language followed by examples to make it easy and understand the concept in the book.
This is the major key to making money in stock market with proper knowledge.
In summary, this is like a GPS for the day and you look out for confirmation and ride with it.
The book introduces Money Zone, These price based indicator and their combinations can be used to infer
about the current market and forecast ahead. Frank O. Ochoa does a brilliant job in explaining these fundamentals.
The book strictly sticks to content and does not have any psychological aspects.
This Book purely based the calculation of price action from previous days, previous weeks and months.
and this book will not talk about your mindset and psychological things.
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