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Thread: Will reading books really help you in trading?

  1. #1
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    Will reading books really help you in trading?

    Hi traders! Value trader is "on air".

    I’ve been asked very often of what books to read. In this thread I will share with you my ideas on this topic and give a small read-list of books that helped me in my development in early days of my trading career.

    As far as I concern, reading and consuming information is a little bit overvalued because it’s not logics that drives our actions, it’s our deep beliefs. Those beliefs can be obtained only in the process of deliberate practice. When you’ve seen something with your own eyes 10000 times, you will believe in what you are doing. If you have just read book on the topic, you will easily forget everything learned from the book once market starts to behave in volatile unpredictable manner (it very often does).

    Of course, when we come to trading, first thing we want to do is to read, read and read more. That’s our natural way to deal with uncertainty. We want to get a quick answer, but more often than not, we are just internalizing some ideas that make us feel confused in a process of real trading. For example – have you ever seen such beautiful trending lines (or, say, support/resistance lines?) in a real trading environment? Most of trading best sellers include plenty of beautiful but unrealistic (or, rare) trading setups.

    I guess, no. So, the first element thing that most of trading literature does – it fails to prepare us to real trading environment, which happens to be much more ambiguous, much more complex than it is shown on beautiful snapshots.

    Confirmatory bias

    The main thing that 90% of trading books do – they show you how your ideal setup would look like. By the way, it’s not only trading books, most books on success and personal growth also do the same thing. They tell you what you would need to do to get to point B from point A. But, they don’t tell you what you are not expected to do.

    The better advice for the field where 90% fail to survive, will not tell you «how to achieve your goal», but rather how to survive in a process of testing and probing your ideas in a process of real trading.

    Warren Buffet once had said that «Investing process is saying «no» to 90 proposals and «yes» to just one proposal».
    Best trading books that may change the way you think, will not tell you what to do in each and every case. They, instead, will focus your attention on nuances, details and obstacles that are rarely spoken about. Nuances make difference between amateur and professional trader.
    I will provide small list of books that helped me some years ago.


    «Enhancing trader performance» by B. Steenbarger.

    Brett Steenbarger is a famous trading psychologist (and a trader himself). In this book he talks not just about «greed and fear», but about various steps of learning process. You may understand from this book how to find your own trading niche, how to understand you position of the learning curve.
    From this book, I’ve captured one very valuable idea – all our internal characteristics (or behavioral characteristics) that we consider as obstacles, as something to fight with, in reality have huge potential to become our strengths.

    For example, in my trading it was anxiety and inability to hold position in some cases, I was closing position too early very often, and therefore, and missed some good opportunities. Later on, I have understood that I had pretty strong feel of changing market momentum. So, I should have become momentum trader, not trend-following trader. After I have understood this, I’ve changed my trading style and made it more synchronized with my strengths.

    You see – when I was trying to fight it, it was very tough, when I’ve made strengths out of my weaknesses – things have become much easier.

    «Mind over markets» and «Markets in profile» by J. Dalton.

    J. Dalton is authority in the world of auction market theory, but what us more valuable – he has huge experience in trading and in the past was running institutional trading desk working for big market participants.

    Markets are very visual. If you want to capture important information from visual analysis of market profile as well as candlestick chart, this book is for you.
    This book may seem a bit complex and it is not giving direct advices of what to do – when to open and close a position. But as I have told you before – real trading education is not about knowing your ideal setup, it’s about ability to know the whole picture including bad setups as well.
    Also, this book is about «market profile» – not every trader has this tool at his disposal.

    «Diary of professional commodity trader» by P. Brandt

    And last (but not least) in my read-list is a book by Peter Brandt, professional money manager, who was keeping trading journal in a real time for several months describing his thoughts and explaining his actions. This circumstance makes this book valuable, because it’s really what we would like to know – how does professional trader think and act in a real time.
    Also, tools that Peter Brandt uses – conventional technical and charting analysis, it will be familiar to any trader. Though, he trades on big timeframes (W1 and D1), this book will help to change the way you think about most trading challenges and ideas.

    Good luck!

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    Last edited by Value trader; 06-30-2014 at 10:32 AM.

  2. #21
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    minds over market :
    as with the fundamentalist theories that those with the offers of the options should had with the view on having as by the conditions of liquidations. that the position should proposes of the better on precise as to compromise with the preparation on earning of the steady of positions with the confines on signals as qualifying of the different inward focus of the risks and the extent on projections with the order.

    the snaps about the projections if moderator does not mind :


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    Last edited by lawners1791; 07-04-2014 at 12:26 AM.

  3. #22
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    Yes,off course OUR friend.it will be the fact This when i may likewise understand from the help of books ALONG WITH a series of ebooks.i have downloaded quite a few ebooks coming from online world AND i am just reading most of these ebooks.it is actually helpful regarding me.i have learned all about indicators via these ebooks AND ALSO at this point when i have a lot of self designed approaches .i think book reading is often a good habit.

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  4. #23
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    Yes it is the fact that you can likewise find out by making use of guides and some books. I have delivered electronically a lot of books via world-wide-web and also I am examining these kinds of books. It truly is a good choice for everyone. I have become experienced in symptoms via these kinds of books and from now on i have a lot of self created approaches. I do think book examining is an effective pattern.

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  5. #24
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    by reading books, so many advantages that we get, our knowledge growing and strategy we can be fixed to achieve profits in forex trading, with a lot of reading books, then the better for us in addition to broaden our good also to add to experience, we can get science and implement the system is right with a lot of the instructions of the book

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  6. #25
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    reading exactly about trading possesses being your own reason throughout have being competent to recognize ones title connected with the business, when i basically earn Tips on how to do this firm from myself throughout nobody assist except via books AND ALSO internet site reading,the many important thing will be The sort of passion ALONG WITH seriousness individual is actually having in direction of your business,so when i believe individual will definitely realize How you can trade via reading your current most ticks is actually practise

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  7. #26
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    Quote Originally Posted by emukhl View Post
    Yes it is the fact that you can likewise find out by making use of guides and some books. I have delivered electronically a lot of books via world-wide-web and also I am examining these kinds of books. It truly is a good choice for everyone. I have become experienced in symptoms via these kinds of books and from now on i have a lot of self created approaches. I do think book examining is an effective pattern.
    It is true that the reading of book might help you very well in this market, but I will still tell you to be very careful in the doing of things in this market, the reading of books might also make you to miss the way if you are not careful. This is why I will advice you that before you read a book, confirm the authenticity of the author, and the system in it.

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  8. #27
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    [lang=id]it is clear how the trade we can have a good guideline to trade, especially in achieving a success which we can use as a determinant nd street and pointing us in the trade and I get the basic basic basic books in the trade we must remember is the foundation of our learning is in trade[/lang]

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  9. #28
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    personally i learn how to do this business by making time to research on the market,reading can surely help us in this business if we make time to learn and understand how to do this business this business,no matter what we read about this business we just need to make time to learn and practice what we might read about this business

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  10. #29
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    reading the books is the first step dear. and its for short time also. you will have to move on to the real market and observation and practice in demo will make you a trader with perfectness. so dont be dependent about the reading books about the forex trading tricks dear. that will help you to become a trader with perfectness. thank you.

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  11. #30
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    Quote Originally Posted by farazfarhan View Post
    reading the books is the first step dear. and its for short time also. you will have to move on to the real market and observation and practice in demo will make you a trader with perfectness. so dont be dependent about the reading books about the forex trading tricks dear. that will help you to become a trader with perfectness. thank you.
    It is perfect to read books, even if you are the professional forex trader, I will still advice you that you will need to read books, that is how you will get success in this market. It is not really about how you are making the trading, but about the revolution at times that might meet you unprepared for, this is a very good way to get prepared a the time.

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