There is no single book as such that can teach one how to trade, you need to go for training, also you need to master what I call the three Ms, MIND, MONEY AND METHODS. Look for psychology books on the Mind, then risk and money management books for money and finally lots of technical analysis books for the methods. Trading should be treated like a business. There should be no short cuts
Jack Francisco
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To get training in forex trading one needs to practice. untill one practices one cannot learn this trade. most of the forex brokers give their platforms with a demo or a virtual trading account where one can practice and test one's skills.
A trader must read a lot about forex, especially the basics of trading. If one is not interested in knowing anything, its difficult to learn trading. Every trading day is a learning day. Initially one can use the virtual money and practice trading. but sooner or later one has to put this into real live market to earn money to make a living.
A trader must read a lot about forex, especially the basics of trading. If one is not interested in knowing anything, its difficult to learn trading. Every trading day is a learning day. Initially one can use the virtual money and practice trading. but sooner or later one has to put this into real live market to earn money to make a living.
15 min tlb
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brokersstaragent
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All forex books are okay, I guess. The first step is to familiarize yourself with the basics (definition of terms, risk management techniques, etc.) but as to how to trade and especially how to make profit, no book can tell you how.
wackypete2
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Have you actually read the book? I notice it's written by the Director of Market Research of the website you are so generously spamming us with.
Any newbies reading this thread should stay away from vendors who feel the need to SPAM forums to get business or sell their books/courses/training, etc...
Peter
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wackypete2
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I'd like to get my hands on the unpublished version of "How To Be A Teflon Vendor".
Should be good reading.
Peter
Should be good reading.
Peter
avtardhillon
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hi
what books would you recommend for beginners for technical analysis
what books would you recommend for beginners for technical analysis
15 min tlb
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None>
Just browse internet for free set ups , chart patterns , trading systems , methods , technical anylysis , price action ,trading phsychology etc
avtardhillon
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now in terms of how do you analyse a company
For the following reason, I highly recommend The Encyclopedia of Chart Patterns by Thomas Bulkowski. If nothing else, it'll at least teach you to be cautious about placing too much reliance on T/A - because there's really no such thing as the perfect chart setup.
There is no chart setup, in other words, which will guarantee you money with more than an 80% chance of working at any given time. Bulkowski, having spent many years analysing all potential chart setups, focuses specifically in every instance on both confirmed and failed setups. It's surely important to study both sides of the T/A story, and it's no good being able to spot any pattern if you're unaware of its likelihood to fail. For example, the classic "double top" formation can have a failure rate of 65% - worse than tossing a coin!!! Albeit, Bulkowski advises, "double tops spaced close together have larger losses than those with peaks spaced farther apart". Too many books teach you just the patterns while glossing over the fact that they often do not work.
Ask yourself how worthwhile, in reality, with real money at risk, is your being well versed in chart patterns if you're going to be scratching your head wondering why your great setup nosedived, just when you went all in on the 'perfect chart' that you just read about last night?. Which is also why the above book should be in everyone's library.
avtardhillon
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so what should i do
15 min tlb
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Don't believe everything posted on forums , these posts are mainly by novices , amateurs and mainly internet marketeers .Their views are biased towards their motives.
coin toss is as good.
RTM - a good idea perhaps? Twas a recommendation not a condemnation. And no, I'm not: Bulkowski/Bulkowski's publisher/mum/sister/aunt etc., a novice, losing excessively since many moons passed, nor one with any commercial venture to pitch. HTH
I've read a number of books mentioned in this thread. On the first read of each I was excited that I was about to 'uncover the secret to successful trading'. Of course it never quite happened.
The 3 books that stood out for me, which I would recommend to my past self:
1. Market Wizards (original is best) - for inspiration and to reaffirm the belief you can be successful
2. Trading in the Zone - to make you aware of your human condition
3. Encyclopedia of Chart Patterns - for high probability set up ideas (but treat it as approximate)
Screen time is important, but reading a few (or many) good books can help too.
The 3 books that stood out for me, which I would recommend to my past self:
1. Market Wizards (original is best) - for inspiration and to reaffirm the belief you can be successful
2. Trading in the Zone - to make you aware of your human condition
3. Encyclopedia of Chart Patterns - for high probability set up ideas (but treat it as approximate)
Screen time is important, but reading a few (or many) good books can help too.
