20 Must Read Investing Books

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In recent years there have been many books written about how to trade forex, no doubt cashing in on the growing popularity of currency trading around the world. However, few are as comprehensive, insightful and as well thought out as Bob Volman's book called Forex Price Action Scalping. Scalping is a trading style geared to fast paced action with the aim of taking many small profits and relies on tick or minute charts.

It's one of the most intense and demanding styles of trading, certainly more so than systems relying on hourly or daily charts. Using a military analogy, it's a bit like hand to hand combat versus being a sniper who may wait for days before seeing any action.

Volman, who does scalp trading on his own account, sets out what is needed to do scalping in terms of charting software and a forex platform provider. He also focusses exclusively on the EURUSD pair where liquidity is greatest and spreads thinnest — an important cost consideration with forex scalping. For MahiFX it is currently 0. The only technical indicator he uses is a 20 bar exponential moving average and that is mainly to provide guidance on price direction.

A mistake the best trading books ever written aspiring scalpers make is to clutter their screens with many technical indicators and given the pace of this style of trading it makes judging entry and exits more complicated and time consuming. Simplicity is best for scalping. Volman strictly targets a 10 pip profit per trade with a 10 pip stop loss and works with seven individual set-ups.

Mostly these are patterns associated with break-outs from ranges or areas of consolidation in a trend and are well known.

However, what he does do is describe each set-up in great detail helping the reader evaluate how to trade them and writes extensively about the potential pitfalls as well. He also shows countless trading examples and explains they did or didn't work. This is extremely useful for helping to understand his trading system and approach. The book is also packed with many other useful pieces of advice — the best trading books ever written is a business and should be approached with a sound business plan.

He advises traders to detach themselves from the need to make a profit on every single trade: Contrary to popular advice, Volman has doubts about the psychological value of paper trading for novices and advises doing so with real money, but only very small amounts, as it the best trading books ever written a more realistic the best trading books ever written to learn trading from his point of view. And he stresses that mental stability, more than technical skill, is the most important ingredient for trading success.

For anyone considering forex trading for the first time or even experienced traders the book is worth a read even if for no other reason than to help decide if scalping forex is the right trading style for you. And it certainly isn't for everyone. The book can be bought from online retailers such as The best trading books ever written.

Don't have an account? Justin Pugsley Justin has over 20 years experience writing about markets, economics and finance. MahiFX does not provide investment advice or recommendations, and no material on this site should be construed as such.

Opinions are those of the authors and not necessarily those of MahiFX, its officers or directors. Leveraged trading is high risk and not suitable for all.

You could lose some or all of your deposited funds.

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There are many investing books out there that can help investors expand their stock education. This list highlights 20 great wall street books every trader should read. How to Make Money in Stocks Author: It combines fundamental and technical analysis and is a good guide for new investors. This is an investment classic that will give the individual investor hope.

Peter Lynch explains how Wall Street may not be able to find the best investing opportunities from the start and shows step-by-step how the individual investor can find the next ten-bagger. The Making of an American Capitalist Author: This book sheds insight into the ways and means of the Oracle of Omaha. Reminiscences of a Stock Operator Author: This book is a true page turner. It is a breath-taking recount of how a young boy managed to amass one of the largest fortunes by speculating despite going broke a few times in his career.

Their experiences are fascinating, inspirational, and traders can draw endless lessons from their stories. This is a gem that encompasses investor psychology and system construction. There is something for everyone in this book. The Intelligent Investor Author: Currently in its tenth edition, this book is a great first read for those starting a portfolio.

Indexing, diversification, trends, bubbles, the value of patience coupled with time, alongside many more core concepts are all pronounced within. Author Jack Bogle is the founder of The Vanguard Group, known for providing the lowest cost funds in industry. The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor Author: Using his Oaktree Capital client memos as a foundation, Howard assembled a collection of the 21 most important things to know about investing.

Explores the basic principles of investing in the stock market. An interesting, though perhaps not profitable, narrative of how Wall Street works. Other Michael Lewis great reads: Inside the Doomsday Machine and Flash Boys.

Alchemy of Finance Author: The book may be a bit dense but it is rewarding for those who are willing to finish it. Fooled by Randomness Author: For traders, this would imply that risks are usually large than we expect. Japanese Candlestick Charting Techniques Author: This book introduces candlestick charting, which some investors may find useful in their trading.

It sure helps to make charts more visual! Tulipomania, the South Sea bubble and the Mississipi Land scheme are covered in this book, showing how herd mentality worked to create bubbles in past eras. It may serve as an interesting read as well as a guide for dealing with future bubbles.

Common Stocks and Uncommon Profits Author: This unseeming book is written by Philip Fisher, who Buffett credits with most of his success. In the age of quantitative finance, this book is a must-read for those who want to understand how to inspect a company qualitatively. As the winner of the Nobel Prize in Economics, Robert Shiller understands the markets and has spent his career studying their movements.

An author of multiple books, Irrational Exuberance explores how trends turn into booms and ultimately bubbles that burst. A scintillating narrative of how one of the darlings of the hedge fund world rose and how it fell. A reminder for traders to keep their minds focused on risk and their circle of competence. Encyclopedia of Chart Patterns Author: The hard work is to apply the knowledge.

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