Recommended Reading

Whatever field you work in, if you dedicate time to it, you inevitably come across books that leave a deep impact on your actions and mind set.  Here are a few books, trading and otherwise, that have deeply affected me.   Some I have come back to again and again to glean more wisdom from the author.

Trading in the Zone by Mark Douglas

I have probably read this short book more often then any other trading book on the planet.  It is absolutely filled with trading wisdom, and my own copy has a highlight on almost every page.  When I first read this book, I preferred his first book The Disciplined Trader.  As I advanced in my trading journey, I slowly found that this book was much more important in its message, and while his first book was great, it does not have the concise message and applicability that this one does. Reading this book has brought more Aha! moments then any other trading book I have read.

The Power of Now by Eckhart Tolle

Eckhart’s message of focusing on the now moment, in complete detachment and joy is the epitome of good trading and good living. This book, along with its sequel The Power of Now: A New Earth, has been a constant source of mental grounding and spiritual upliftment. This book has such power, and when reading it, you can feel the peace arise from within. The market can be an aggravating place, and a message of detachment and enjoyment in what you are doing are keys to success in the long run.

Reminiscences of a Stock Operator by Edwin LeFevre

This is a trader’s classic, and a great story to boot. The book is definitely a page turner, not to mention a great source of trading wisdom. I have probably read this book around 4 or 5 times, and one of the most important messages I have come across is the concept of waiting. Livermore is famous for saying “It was never my thinking that made me money but my sitting tight.” There are three actions that you can do at any time while in the market: buy, sell, and wait. The third option is the most ignored option and one that I hope this blog will cover extensively. There is more then enough information out there on when to buy or sell, but it is much more important to know when to wait, when to sit tight! True money is made when you sit tight.

The Art of the Trade by Jason Alan Jankovsky

This is a recently released book, but deserves a spot on everyone’s bookshelf. This book is a bit rough around the edges, that’s for sure! The author goes into his life as a trader, and you get a sense of how much pain and suffering he had to go through to finally make some of the deep realizations about life and trading that bring success. While the book is not in an easily accessible format that allows for easy reading, the wisdom is in there, and it is short enough that you could finish it within a day or two. There are many outlandish claims in the book, but do yourself a favor and see through the surface ego babble and find the truth underneath. Many of the author’s experiences parallel with some of my own, and no doubt some of yours as well.

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This list is not comprehensive and there are many other books that deserve a spot on your bookshelf. I will probably add books to this list as I come back to them and re-evaluate their strengths. I have a list here of some other books that have impacted me, but that were one time reads, or at most two.

Some that deserve an honorable mention are:

• Mastering the Trade by John Carter

• Market Wizards (first two) by Jack Schwager

• The Psychology of Trading by Brett Steenbarger

• Inside the House of Money by Steven Drobny

• Mastery by George Leonard

• Change Your Thoughts, Change Your Life: Living the Wisdom of the Tao by Wayne Dyer

• Trading Rules that Work: The 28 Lessons Every Trader Must Master by Jason Alan Jankovsky

• Extraordinary Popular Delusions and the Madness of Crowds by Charles MacKay