In an effort to help you carry on learning and growing as a trader, I wanted to recommend a few books that I’ve read that have hugely impacted my trading career.
The below books changed my trading irreversibly, increasing awareness, skill-set, and in turn, my profitability.
I’ve listed them in order of helpfulness, how much value each book has added for me, and how much each has impacted my trading and profitability.
Let’s begin with two of the most important trading books I’ve ever read, hands down, the first written by Edwin Lefèvre and the second by Jesse Livermore;
Reminiscences Of A Stock Operator
Regarded as one of the most influential traders to have ever lived, Jesse Livermore is both storied [in the first book] and stories [in the second book] his Wall Street experiences both ups and downs, from making millions to blown accounts and back again.
The crucial lessons, the nail-biting real-life stories, it’s all in here. Again, if you haven’t read both of these yet, I highly recommend that you waste no more time.
Next, two books by professional trader and manager of New York’s proprietary trading firm SMB Capital, Mike Bellafiore;
The PlayBook: An Inside Look At How To Think Like A Professional Trader
One Good Trade: Inside The Highly Competitive World Of Proprietary Trading
The titles say it all; Both books expand on what it takes to trade like a professional trader, from how to approach the markets from a psychological perspective right through to building data on your most profitable setups and building a ‘PlayBook’ that consists of these, along with much, much more.
If your aim is to trade professionally then simply put, you can’t afford to have these books missing from your library.
They will change your trading irreversibly.
Next, two books by without a doubt one of the most grounded, honest, successful and influential traders on earth today, Yvan Byeajee;
The Essence Of Trading Psychology
Zero To Hero: How I Went From Being A Losing Trader To A Consistently Profitable One
Two truly groundbreaking books from Yvan here, one of which focuses on the all-important psychological-side of trading, and the second which outlines his own journey from losing trader to consistently profitable trader in-detail.
Honestly, I genuinely might not be where I am today without the above two books.
Next, a book that every single trader out there needs to read, as soon as possible, written by Michael Covel;
Whether you trade trends within markets or not, having an understanding of how they develop, form, unfold, conclude and are traded by professionals, along with an in-detail look at the statistics behind them will transform your trading, not to mention increasing your skill-set which will hugely contribute to your overall growth as a trader.
Next, a book by Jack Schwager that needs little introduction;
This book is packed full of in-depth stories, conversations and discussions with the worlds’ top traders, covering everything from essential risk- management principles, strategies outlined in-detail, performance-enhancing advice, key psychological guidance and so much more.
As the saying goes;
“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others“. The above book will enable you to do just that.
Next, if you’re a trader that has a strategy in-place but has struggled with psychology, execution, trade management and the likes, this book by Harvey Walsh might just change everything for you;
Honestly, since reading this I put the tips, techniques and guidance that Harvey outlines within the book into practice and genuinely saw an increase in profitability grip my trading straight away. I really mean that.
It’s a short but sweet book that only took me just a handful of hours to read cover-to-cover, so it’s perfect for those with busy lives who struggle to find the time to read larger books.
And finally, a book by Steve Peters that’s less focused on trading per-se, but if read and understood will impact your profitability ten-fold;
If you’ve traded real money even just once, you’ll know how important it is to be able to manage your emotions and be indifferent towards money. Simply put, without this skill, you’re toast.
This book by Steve Peters will help you to understand how your mind responds in trading situations, why you’re mind is tricking you into making these emotion-driven mistakes and more importantly, when you understand this, you can stop making the mistakes, changing your trading for the better, instantly.
Again, all of the above books have hugely impacted my trading, and I hope they’ll do the same for you.
– William.
Brilliant recommendations! Straight to amazon, thanks
So far, as good as they are, still not ready to put any of the youtube to use.
There is a movie that I highly recommend, that revolves around trading. It may not actually give you any insight into how to trade, but IS a movie ABOUT trading, and is a great comedy from the ’80s with several top shelf actors and actresses. The name of the film is ‘Trading Places’, and I’m sure everyone will find it highly entertaining.
Great blog post, William, I have read some of your recommendations; I am interested in the books I haven’t read yet. Many thanks from someone who likes to read.
P.S. I don’t own a TV on purpose, it’s call programming for a reason, no wonder so many people are in a job (just above broke)
Thanks a lot mr William I really appreciate your work to us new traders may GOD bless you
I have read a few of the recommended books. I ordered a coupe I had read and the were recommended here.