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only 3 books!

  • #1
  • First Post: Jun 20, 2011 4:36pm Jun 20, 2011 4:36pm
Let’s say you have been kidnapped by same very bad people. This people stumble upon forexfactory and they see all this systems and “from one dollar to a million” treads and they get a brilliant idea, let get a forex trader to trade our drug money! And for some reason, they chose you! The only problem is that you know how to press buy and sell and how metatrader works! Obviously you can’t say that you do not know how to trade because they will probably kill you. So you say that you need books and for same reason they say that you only going to get 3 books! what books would you choose?

Me:
Trading in the Zone by Mark Douglas
Reading Price Charts Bar by Bar by Al Brooks
Fibonacci Analysis by Constance Brown

Happy trading
@materyb
  • #2
  • Jun 27, 2011 10:19pm Jun 27, 2011 10:19pm
I would choose none. The authors of forex books are losers and they make living by selling their works.
All you have to do is study market and make your unique approach. This is my opinion.
  • #3
  • Jun 27, 2011 10:43pm Jun 27, 2011 10:43pm
Quoting materyb
Let’s say you have been kidnapped by same very bad people. This people stumble upon forexfactory and they see all this systems and “from one dollar to a million” treads and they get a brilliant idea, let get a forex trader to trade our drug money! And for some reason, they chose you! The only problem is that you know how to press buy and sell and how metatrader works! Obviously you can’t say that you do not know how to trade because they will probably kill you. So you say that you need books and for same reason they say that you only going to get...
Whoa! Classic! YOU should write books! Me, I wouldn't be able to concentrate under the pressure of the situation. Anyway, shouldn't I be trading for them instead of leisurely reading books? - just a thought for the sequel.
  • #4
  • Jun 27, 2011 11:06pm Jun 27, 2011 11:06pm
Quoting Expert44
I would choose none. The authors of forex books are losers and they make living by selling their works.
All you have to do is study market and make your unique approach. This is my opinion.
a bit harsh

I heard that Mark Douglas couldn't make money from live markets ... just rumor??

But anyway, some of his theories are quite sound and I would diffenately choose this one, regardless of his trading abilities or apparently lack of....
  • #5
  • Jun 28, 2011 2:36am Jun 28, 2011 2:36am
Quoting Expert44
I would choose none. The authors of forex books are losers and they make living by selling their works.
All you have to do is study market and make your unique approach. This is my opinion.
The main reason to write a book is to make money. And only after - to teach all traders how to trade.

You are successful trade, you make money every day, why would you stop trading and start writing a book?
  • #6
  • Jun 28, 2011 2:54am Jun 28, 2011 2:54am
You should make peace with god because you're as good as dead...
  • #7
  • Jun 28, 2011 3:45am Jun 28, 2011 3:45am
Quoting josef
The main reason to write a book is to make money. And only after - to teach all traders how to trade.

You are successful trade, you make money every day, why would you stop trading and start writing a book?
I don't agree with that.
If I had a gift of words, and had something worthwhile to say, I would write despite odds of making money from writing being slim.

This is like saying that reason to paint is to make money, or any art for that matter.
And another point, I would like to make, is best trader may not be a best teacher.
Like a sport trainer, he can be an average player, but exceptional teacher and coach.
  • #8
  • Jun 28, 2011 3:50am Jun 28, 2011 3:50am
Quoting materyb
they say that you only going to get 3 books! what books would you choose?
"The Art of Salesmanship" (--> to win their trust)

"How To Escape And Survive a Drug Cartel" (--> obvious)

"101 Lessons In Survival Techniques" (--> Very obvious)

  • #9
  • Jun 28, 2011 4:01am Jun 28, 2011 4:01am
Quoting Pipalicious
"The Art of Salesmanship" (--> to win their trust)

"How To Escape And Survive a Drug Cartel" (--> obvious)

"101 Lessons In Survival Techniques" (--> Very obvious)

That's a good idea!
  • #10
  • Jun 28, 2011 4:11am Jun 28, 2011 4:11am
The main reason one writes a book is to make money in an easier way than trading.

The majority of books are ineffective, very few are practical.

You can learn from books at least in the same way you learn from the forums but you pay the cost of the books.

Even if one reads a very good book in trading does not mean he (she) will become a good trader. Trading is a skill and requires work.
  • #11
  • Jun 28, 2011 4:33am Jun 28, 2011 4:33am
Magee, Graham, Harris
  • #12
  • Jun 28, 2011 4:40am Jun 28, 2011 4:40am
Id bring that book with me that has my rock hammer hidden in it.

Just like Shawshank Redemption.
Searching for a cure...:nerd:
  • #13
  • Jun 28, 2011 4:49am Jun 28, 2011 4:49am
I like to read books "about" trading.....I don't read books about "how" to trade for the same reasons cited by others. If the author is such a good trader, why is he/she putting out all their secrets in print? That doesn't make sense to me. Books about trading psychology, tend to discuss things "about" trading not "how" to trade.
  • #14
  • Jun 28, 2011 5:03am Jun 28, 2011 5:03am
Quoting materyb
Let’s say you have been kidnapped by same very bad people. This people stumble upon forexfactory and they see all this systems and “from one dollar to a million” treads and they get a brilliant idea, let get a forex trader to trade our drug money! And for some reason, they chose you! The only problem is that you know how to press buy and sell and how metatrader works! Obviously you can’t say that you do not know how to trade because they will probably kill you. So you say that you need books and for same reason they say that you only going to get...


Alexander Elder have been my hero for a long time, he didnt make his books to make money cause he has plenty. Its more like a $%$# thingy


However, if someone told me about
*spread
*risk/reward
*setups
*only put on 1-2 trades a day

and then someone told me that knowing all this is good but you have to walk your own way... It have to make sense for you... even if that means you need to risk 10 for 1...

and then with this information, lock yourself in the basement for 1 month with no books and only charts and news.... I would be surprised if you lost....



So: Alexander Elder Trading for a living and new market wizards...
  • #15
  • Jun 28, 2011 8:22am Jun 28, 2011 8:22am
Quoting Troikaone1
I like to read books "about" trading.....I don't read books about "how" to trade for the same reasons cited by others. If the author is such a good trader, why is he/she putting out all their secrets in print? That doesn't make sense to me. Books about trading psychology, tend to discuss things "about" trading not "how" to trade.
Yeah, I'm beginning to understand that
videos plus a book's standard way to interpret them
works better for trading psychology. Then, one gets all the human nuances
of each person and greater difference between people.
  • #16
  • Jun 28, 2011 8:47am Jun 28, 2011 8:47am
In that case, we only need one book:
How to suicide without pain in 200 different ways.
  • #17
  • Jun 28, 2011 9:10am Jun 28, 2011 9:10am
Quoting bobowang
In that case, we only need one book:
How to suicide without pain in 200 different ways.
Peace for always and ever.
  • #18
  • Jun 28, 2011 11:36am Jun 28, 2011 11:36am
You will be the same person in five years as you are today except for the people you meet and the books you read.

Charles Jones


This goes for any endeavour you choose in life.

People that are cynical of trading books due to their limited and false judgement of the writer's incentives (money), are naive.

One of the most primitive positive emotions of human beings comes from sharing. Sharing an idea, an insight, knowledge, etc. Granted, today's trading library is littered with books that have no value whatsoever, but there are hidden germs out there. Just by reading and experiencing them will shift your paradigm in trading.
  • #19
  • Edited 4:30pm Jun 28, 2011 2:54pm | Edited 4:30pm
1. Master the Markets by Tom Williams.
2. The M15 Dance Manual by Clay Ferrell.
3. Trading Psychology.
  • #20
  • Jun 28, 2011 6:17pm Jun 28, 2011 6:17pm
Quoting josef
The main reason to write a book is to make money. And only after - to teach all traders how to trade.

You are successful trade, you make money every day, why would you stop trading and start writing a book?
Exactly.
On the other side in every book one may get some little good stuff
and increase your good knowledge. For example from reading "Trading for Living" by Alexander Elder I got a little bit really good stuff for myself.
It depends what you are looking for.

It is easy to analyze what is on the left side of a chart but who can show his analysis on the right side?

But as for me, reading of books is a waste of time and big frustration.
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