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  • #1
  • First Post: Jan 8, 2007 12:59pm Jan 8, 2007 12:59pm
Hi there,
I justed wanted to collect some very good books for learning forex.
I now own "Trading for a living" by Alexander Elder and "Technical Analysis of the Financial Markets" by John J. Murphy.
Iam now searching for more books, which are good for learning forex.
Do you know some good ones?
Would you say that it is enough to read about on subject in only one book, or should i read about the subject in more books (for example trendlines, certain indicators).
Another question is whether i should read books specified on forex or books which are discussing the whole financial markets (stocks, futures, forex...), because i often see differences between e.g. stocks and forex, for example, rare gaps in forex, or no use of volume in forex. The reason i want to know this is, that i dont want to learn things which are normally e.g for stocks, which then apply to forex (which i nearly did with volume e.g.).

btw: John J. Murphy says that for constructing trendlines you have to include the whole bar, but Alexander Elder states that you should place the trendlines at congestion areas, this means at areas where most bars are. I will add a picture to illustrate. Iam now confused what is right. Do you know what other authors say and what in your opinion is more suggestive?
Some comments would be very nice.
Thank you!
-mike
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I'm getting there ... slowly
  • #2
  • Jan 8, 2007 1:34pm Jan 8, 2007 1:34pm
Quoting miketoll
Hi there,
....btw: John J. Murphy says that for constructing trendlines you have to include the whole bar, but Alexander Elder states that you should place the trendlines at congestion areas, this means at areas where most bars are. I will add a picture to illustrate. Iam now confused what is right. Do you know what other authors say and what in your opinion is more suggestive?
Some comments would be very nice.
Thank you!
-mike
Hey Mike,

Many people believe that "Trading in the Zone" is a very good book.

As far as your comment about Murphy and Elder is concerned I must insist that Technical Analysis is not a science. This means that rules are a little bit and even sometimes a lot subjective. Just follow the rule that you feel more comfortable with. I'm a follower of John Murphy but it's up to you to find the method you like.

Good Luck,
Al
  • #3
  • Jan 8, 2007 2:04pm Jan 8, 2007 2:04pm
another book


Getting Started in Chart PAtterns. Thomas Bulkowski.
first chapter is about trendlines, rest is about patterns. 20 bucks a soft cover. really a must.

this same author has another one "encyclopedia of chart patterns" much heavier reading. that goes for about 50-80 bucks.


have a look at his website
http://thepatternsite.com/index.html
good luck
With a break always expect a pullback, otherwise, you're dead meat/
  • #4
  • Jan 8, 2007 2:09pm Jan 8, 2007 2:09pm
"Bird watching in Lion Country" By Dirk Du Toit
  • #5
  • Jan 8, 2007 2:19pm Jan 8, 2007 2:19pm
"Come into my trading room" by Dr. Alexander Elder
  • #6
  • Jan 8, 2007 2:28pm Jan 8, 2007 2:28pm
"The New Science of Technical Analysis" Thomas Demark
  • #7
  • Jan 8, 2007 3:36pm Jan 8, 2007 3:36pm
Hey guys i was just working on adding books to my site when i came acorss this check it out... Google Book Search

http://books.google.com/books?vid=IS...ZH_GlZWRdGH0Hg

but it let you go threw all the hole book I didn't check everything but so far it works on a the few books i did a search on
  • #8
  • Jan 8, 2007 5:02pm Jan 8, 2007 5:02pm
great, do you have some more?
Maybe by authors which are proven as expert, because in the case ok mr. bulkowski i find nothing on the web, except of his homepage.
I'm getting there ... slowly
  • #9
  • Jan 8, 2007 5:08pm Jan 8, 2007 5:08pm
Wiley publishes most of the good ones you might want to check out their list.

http://www.wiley.com/WileyCDA/Sectio...ml?query=forex
  • #10
  • Sep 12, 2007 5:14pm Sep 12, 2007 5:14pm
Quoting mr.marketz
"Bird watching in Lion Country" By Dirk Du Toit
are you nuts? this book is pure shite of the highest order ..... the bloke is a blagger.....
  • #11
  • Sep 12, 2007 6:02pm Sep 12, 2007 6:02pm
I've yet to read any book about trading at all.

Although I did originally read most of BWILC by ole Dirko. Skipped over most parts. Not that there was much point to it other than "trading with the trend / being long at lows is a good idea and exiting higher after buying low". There. That's the book.

But really, books are such a waste of time.

Books are books because they need to sell.

The real information you want that's useable can usually be compressed to under 30 pages. If it can't, something's very, very wrong.

The more complex and complicated things are - the more I'd be suspicious.

Finesse is fine, complexity is not.

I'd recommend the public J16 thread over anything you have to pay inhumane amounts for.

TLs I'd recommend drawing your own way every day until you find one that works best for YOU.

Officiall I guess Tom DeMark seems the TL god.

The basic idea is to connect absolute lows or highs depending on direction on either a line or bar chart if there is a trend visible.

Learning patience, discipline and a basic market logic are something you'll find more essential than any way of trading itself. (read: practice, screentime and experience)
Trust price. Know yourself.
  • #12
  • Sep 12, 2007 6:22pm Sep 12, 2007 6:22pm
New Market Wizards - Jack Schwager

Trading in The Zone - Mark Douglas

Trend Trading - Darryl Guppy

Reminiscences of a Stock Operator - Edwin Lefevre
  • #13
  • Sep 12, 2007 6:27pm Sep 12, 2007 6:27pm
Here's my list aside from the ones already listed: Trend Following by Covel. He will beat it in your head to follow the trend. Candlestick Charting Explained by Morris. The Market Wizards and New Market Wizards by Schwager. Day trading the currency market by Lien. And I feel that you should have a good reason to trade this market and go thru the pain of learning. My reasons are the baby boomers (I'm 49) are going to devistate this country with MediCal and social security need. No one is saving any money to retire on. Two books: What if boomers can't retire by Parker and Coming Generational Storm by ? should motivate you.
  • #14
  • Sep 12, 2007 7:48pm Sep 12, 2007 7:48pm
Quoting SeekingLight

But really, books are such a waste of time.

Let's watch TV instead.

The real information you want that's useable can usually be compressed to under 30 pages. If it can't, something's very, very wrong.

Can you please compress your journal to under 30 pages, I'm very reluctant to visit it due to the inundation of posts within it.

Finesse is fine, complexity is not.

Some truth there but more information is always better and nobody can argue against this especially with respect to financial markets. The information you collect (not you obviously since you are very determined to limit your knowledge base, good on you!) may or may not be of any practical use in your trading, law practise, or neurosurgery but it can help you make more informed decisions or make sense of nonsense situations and diversify yourself. More information = better. No I'm not saying more information = better trader.

 Learning patience, discipline and a basic market logic are something you'll find more essential than any way of trading itself. (read: practice, screentime and experience)

Sorry, would you mind reiterating that in a way that makes more sense with respect to your previous gospel? This is how it read out to me:
"Learn patience and discipline by trading more than you should and if you wish to know about things like market logic skim through a brochure of 30 pages or less. Trading is just chart watching and trial & error. Nothing to it."


Thanks bud.
  • #15
  • Sep 12, 2007 8:21pm Sep 12, 2007 8:21pm
Quoting bobblong
Can you please compress your journal to under 30 pages, I'm very reluctant to visit it due to the inundation of posts within it.
Quoting bobblong
The information you collect (not you obviously since you are very determined to limit your knowledge base, good on you!) may or may not be of any practical use in your trading, law practise, or neurosurgery but it can help you make more informed decisions or make sense of nonsense situations and diversify yourself. More information = better.
Decide!

If you want a compression of my journal - it's my signature.

You should also ask yourself what the good of
Quote
More information = better. No I'm not saying more information = better trader
is if the aim of the thread is "good books for learning forex" and in my interpretation becoming a better trader. You take away your own point.

As for the rest - I am no longer going to answer disrespectful posts.
It's just a sign of someone/people who will hear what he/they want to hear in the first place, rendering any "real" reply utterly pointless.

I'm not posting things meant to help in order to be ridiculed.

It's sad that immaturity remains abundant on this forum and that with every post I make outside of the PF and Jim's thread it gets more and more obvious that I should rather not for this is the commonplace reaction.
Trust price. Know yourself.
  • #16
  • Sep 12, 2007 8:38pm Sep 12, 2007 8:38pm
Well if you're, into TA & psychology stuff...i think bulkowski and mark douglas should do just fine.

But if you're into pleasure reading, i.e. story books

- Reminiscences of a Stock Operator
- Rogue Trader
- Den of Thieves
- Capital Ideas
- Againsts the gods
- Monkey Business
- Liar's Poker
- The Market Maker's Edge
- Trader Vic - Methods of a Wallstreet Master
- Empire of Debt : The rise of an Epic Financial Crisis
- Fiasco : Inside Story of a Wall Street Trader
- When Genius Failed : The Rise and Fall of Long Term Capital Management
- Pit Bull : Lessons From a Wall Street Champion Day Trader
  • #17
  • Feb 14, 2008 4:38am Feb 14, 2008 4:38am
This thread has some good information on books to star...it is linked into from other threads but appears to have gone stale. I have been looking for books myself and figure that instead of starting completely new threads for more newbs like me it is easier to continue an old one.

Books that have been recommended by vetrans on FF are as follows.

  1. (Global Markets) - An Introduction to Global Financial Markets by Stephen Valdez
  2. (Forex Market) - Foreign Exchange: A Practical Guide to the FX Markets by Tim Weithers
  3. (Pscychology & Discipline) - Trading in the Zone by Mark Douglas
  4. (Money Management) - Trade Your Way to Financial Freedom by Van K. Tharp
  5. (Trading Methodology) - High Probability Trading by Marcel Link
  6. (Technical Analysis) - Technical Analysis of the Financial Markets by John J. Murphy
  7. (Technical Analysis) - Technical Analysis by Charles D. Kirkpatrick and Julie R. Dahlquist
  8. (Technical Analysis) - Technical Analysis Explained by Martin J. Pring
  9. (Technical Analysis) - Entries & Exits: Visits to Sixteen Trading Rooms by Alexander Elder

The www.mta.org run a certifiaction program in Technical Analysis and have further recommended reading for this area.
This list is by no means complete, but they are the books that I have purchased instead of spending $$$ on courses. J16s thread is awesome and he is a great mentor; however, inevitably you will have to develop your own strategies so better to take responsibility for your own learning.

  • #18
  • Feb 14, 2008 5:00am Feb 14, 2008 5:00am
I pre-ordered the book of Ed Ponsi, "Forex Patterns & Probabilities" last summer and I think it's a pretty good book. The only con is that it has too many images of charts and they take up a lot of space.
But it's easy to understand and I really like the way he trades and explains. Have fun!
  • #19
  • Jan 29, 2022 8:09am Jan 29, 2022 8:09am
Quoting mr.marketz
"Bird watching in Lion Country" By Dirk Du Toit
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Attached File(s)
File Type: pdf Bird watching in Lion Country – Retail Forex Trading.pdf   1.9 MB | 1,329 downloads


Can't find the book? Write me a PM
  • #20
  • Jan 29, 2022 8:30am Jan 29, 2022 8:30am
What you need to understand the markets is:

Mind Over Markets Dalton-Jones-Dalton
Steidlmayer on Markets Trading with market Profile
Volume Profile, Market Profile, Order Flow J. Forthmann
Have nice weekend
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