By ProfessionalTradingSystems.com
In this article I will share with you 3 of my favorite trading books. These books have influenced my trading a lot and I have reread them several times because every time I am reading them I am still learning something new.
This book is a collection of interviews with one of the most successful and profitable traders in the world. Most of them had been unknown to the public before the book has been published. It contains more than 20 interviews.
You can find there mechanical traders, fundamental traders, trend-following trades, stock traders and all kind of traders you can imagine.
From this book I got inspired a lot, reading so many successful stories achieved with different tools and ways of thinking. I learned that there is no a certain method of trading that can only lead to successful trading. You can see form the book that everyone has achieved success using many, many different tools for analysis.
It was funny to read in the book that one certain type of trading is useless according to a trader and then 50 pages later you are reading about a trader succeeded using exactly the same approach.
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This book describes almost all available money management models – 96 and it is an encyclopedia and a piece of art. All you need to know on this topic is collected here. As you read it you will gain all the knowledge a trader has to have in order to be successful. It is one of those books you can reread many, many times. I personally have read it a few times and very often I open it in order to read something specific about a particular topic.
A lot of traders underestimate this topic and think that all you need is a good strategy but the reality doesn’t prove this to be right. Many successful traders share that the most important and underestimated factor of successful trading is exactly money management or position sizing as Van Tharp defines it.
The author takes a very simple strategy and then after describing in detail every of the 31 methods he compared what it would be the performance of the strategy if the particular money management method has been applied.
You will understand that position sizing is a tool for achieving your objectives and there is no perfect strategy that fits for all of us. There is only a suitable strategy for every occasion.
After reading this book you will know which tool you have to use in order to achieve your desired results.
A book full of trading methods by legendary trading champion Larry Williams. You can find there thoughts about breakout methods, and other successful tools that has been used by Larry in his 50+ years of experience.
Worth reading it many times because after that you will know much better the market structure and why the price is moving in a certain way.
If you are interested about trading only during certain days on the week or month only you have to read Williams` book. There are thoughts about Money Management and Psychology as well.
After reading these books you will be a much better trader and investor for sure.
Article by Professional Trading Systems – Forex Mechanical and Automated Systems