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Most valuauable books for understanding the logic of markets?

  • #1
  • First Post: Mar 3, 2016 5:45pm Mar 3, 2016 5:45pm
Can anyone tell me what the best book for understanding the logic behind markets, and the way that price action can be read, is? I'm currently reading Japanese Candlestick Charting Techniques by Steve Nison (which I intend to finish), but I've recieved a lot of criticism for referencing it (apparently it's outdated). Any recommendations for a book that will help me understand why/when/how markets move?
  • #2
  • Mar 3, 2016 7:06pm Mar 3, 2016 7:06pm
Hi Ponzi Jr.

What worked for me, not necessarily must serve for you but after much, much reading, I finally understood "why" the market moves when I read:

"Master the Markets" by Tom Williams.

After "why", I understood "how" thanks to Richard Wyckoff.
Two great traders, Richard Wyckoff and Tom Williams.

In Google you will find a lot of material of both (especially Wyckoff).

I hope it helps you.
Cheers and pips !!!.
  • #3
  • Mar 3, 2016 9:37pm Mar 3, 2016 9:37pm
Quote
but I've recieved a lot of criticism for referencing it (apparently it's outdated)

Very funny.

Japanese have been using them for 2000 years, and western forex factory "pro" traders find them outdated?

Hillarious.
  • #4
  • Mar 4, 2016 12:59am Mar 4, 2016 12:59am
Here is the link to pdf of "Master the Markets" by Tom Williams

http://www.tradeguider.com/mtm_251058.pdf
  • #5
  • Mar 4, 2016 5:03am Mar 4, 2016 5:03am
Quoting DemoAntares
{quote} Very funny. Japanese have been using them for 2000 years, and western forex factory "pro" traders find them outdated? Hillarious.
Not candlesticks, the book.
  • #6
  • Mar 4, 2016 6:50am Mar 4, 2016 6:50am
Borsellino LD - day trader. Blood, sweat and tears of success
  • #7
  • Mar 4, 2016 6:53am Mar 4, 2016 6:53am
Elliott Wave Principle: Key to Market Behavior
A. J. Frost, Robert R. Prechter, Jr., Charles J. Collins
  • #8
  • Edited 6:25pm Mar 4, 2016 7:18am | Edited 6:25pm
I can't remember all of them right now, but I'll name a few pearls:

Market Wizards Series by Jack Schwager
Mastering The Markets By Tom Williams
Foreign Exchange (A Practical Guide To The FX Markets) by Tim Weithers
Following the Trend Diversified Managed Futures Trading By Andreas Clenow
Trading In The Zone By Mark Douglas
Insider Buy Superstocks: The Super Laws of How I Turned $46K into $6.8 Million (14,972%) in 28 Months
Reminiscences of a Stock Operator
The Intelligent Investor By Benjamin Graham
How to Make Money in Stocks: A Winning System in Good Times and Bad By William J. ONeil
Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage By Mary Buffett

There are more, but this collection is a good start. I am a 100% sure that you'll learn something new from each book ( in case you haven't read any of them before). Regards
Simplicity is the key to brilliance.
  • #9
  • Mar 4, 2016 10:59am Mar 4, 2016 10:59am
Best 2 books of all time:

Market Wizards & Reminiscences of a Stock Operator
  • #10
  • Mar 4, 2016 11:21am Mar 4, 2016 11:21am
An unavoidable paradox it seems ..

The worst you can do is to read "The most valuable books for understanding the logic of markets"
But in order to understand the above statement, you have to read all of them..

I suggest you read them all in one day and be done with it.
  • #11
  • Mar 4, 2016 11:26am Mar 4, 2016 11:26am
"Markets and Market Logic"
J. Peter Steidlmayer and Kevin Koy
Markets are not efficient, rather they are effective - Jones
  • #12
  • Mar 5, 2016 12:20am Mar 5, 2016 12:20am
1. Reminiscences of a Stock Operator by Edwin Lefèvre
2. Reminiscences of a Stock Operator by Edwin Lefèvre
3. Reminiscences of a Stock Operator by Edwin Lefèvre

Accept no substitutes.
  • #13
  • Mar 5, 2016 2:02am Mar 5, 2016 2:02am
I've read many, many books. If you want to read a book about someone who lived around a hundred years ago who had a talent for reading stock quote tape, speculated - made & lost large amounts of money, divorced and unfortunately took his own life. Read one of the other books mentioned here..

-But if you want to read a book about understanding the logic of markets..
Mind Over Markets - James F. Dalton
Learn about auction theory, how to create and read the market profile from price action.
  • #14
  • Mar 5, 2016 2:50am Mar 5, 2016 2:50am
Guys! Guys! I have made a terrible mistake.

I have to retract my book recommendations as I have just realized that the aforementioned title is severely outdated and says nothing about Forex or making hundreds of pips. Nevermind that its the most cited book among the professional traders interviewed in the Market Wizard series, if it doesn't make you 100 pips per day then it goes into the bin.

Please do not read any of the books I have previously mentioned. Instead, you should busy yourself with MASTER THE MARKETS - HOW I BECAME A MILLIONAIRE and other such choice picks as above.
  • #15
  • Mar 5, 2016 2:53am Mar 5, 2016 2:53am
Quoting Atokys
1. Reminiscences of a Stock Operator by Edwin Lefvre 2. Reminiscences of a Stock Operator by Edwin Lefvre 3. Reminiscences of a Stock Operator by Edwin Lefvre Accept no substitutes.
Jesse Livermore = reckless gambler and then killed himself ... the perfect role model.
But actually it makes sense.
The "God of trading", Legendary Superstar that all aspiring forex millionaires are worshiping was actually ... very weak and very lucky.
  • #16
  • Mar 5, 2016 2:56am Mar 5, 2016 2:56am
Try read this sample..

https://www.harriman-house.com/sampl...080_sample.pdf
  • #17
  • Mar 5, 2016 2:59am Mar 5, 2016 2:59am
Quoting Mingary
Jesse Livermore = reckless gambler and then killed himself ... the perfect role model. But actually it makes sense. The "God of trading", Legendary Superstar that all aspiring forex millionaires are worshiping was actually ... very weak and very lucky.
Indeed, pay heed to the great wisdom of... Mingary.
  • #18
  • Mar 5, 2016 12:00pm Mar 5, 2016 12:00pm
Quoting Mingary
An unavoidable paradox it seems .. The worst you can do is to read "The most valuable books for understanding the logic of markets" But in order to understand the above statement, you have to read all of them.. I suggest you read them all in one day and be done with it.
Do explain...?
  • #19
  • Mar 5, 2016 12:42pm Mar 5, 2016 12:42pm
Quoting Ponzi Jr
{quote} Do explain...?
If you meet the Buddha on the road, kill him.

https://www.quora.com/What-does-if-you-meet-the-Buddha-on-the-road-kill-him-

http://www.dailybuddhism.com/archives/670
  • #20
  • Mar 5, 2016 7:46pm Mar 5, 2016 7:46pm
- Day trader manua
- A.Farley - Swing trading
- A.Frost - Elliot Wave Principle
- G.Morris - Candlestick charting explained
- Article from Elliot Wave
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