Books help us understand who we are and how we can take our trading to the next level. In this episode of the Truth About FX podcast, Walter shares his top 3 favorites and how these books helped him in finding success in his career as a professional forex trader.
Download (Duration: 02:22/ 2.71 MB)
In This Episode:
- 00:33 – The top three trading books.
- 01:16 – How books helped Walter find success.
- 01:51 – Walter’s turning point.
Hugh: Hey Walter, today’s question is: Besides your book, what are the top three trading books that new traders should be reading right now?
Walter: Wow, that’s a great one. I would say…and I’ll list these on the show notes for this one…
For me, the top books that I got a lot out of were: Alexander Elder’s “Come Into My Trading Room” and there’s the book called “Reminiscences of a Stock Operator” by Edwin Lafévre which was really just Jesse Livermore’s biography.
That’s a really good book.
Then definitely the “Market Wizards” book because in the “Market Wizards” book, the author Jack Schwager does a really good job of pulling out the lesson from each trader and how each trader took a totally different approach to finding success.
More than that, almost without exceptions every trader in there, in that book, made a fatal mistake and they learned from their mistakes. And that mistake drove them to success.
New traders who are feeling like it’s not possible to make consistent profits, they can take a lot from that. Knowing that even the most successful traders basically leverage off mistakes early in their careers. I think that’s something. That’s really a good lesson for people to trade.
I remember when I read those books that the “Market Wizards” and “The New Market Wizards” books that was my turning point because I knew these guys made it and they still made the same mistakes that I’m making right now.
I knew when I was reading those books that it was possible to turn the corner. It’s just really a good feeling knowing that it was possible. For me, that made a big difference. For my trajectory, I guess you should say. Awesome, yeah.
Hugh: Those were my favorite books too so I guess I’ll agree on that.
Hugh: Thanks Walter.
Walter: See you Hugh, bye.
- Come Into My Trading Room by Dr. Alexander Elder
- Reminiscences Of A Stock Operator by Edwin Lefevre
- Market Wizards by Jack D. Schwager
- The New Market Wizards by Jack D. Schwager