Trading Books

Updated 26 June 2017

My recommended books.I’ve read plenty more than these and did at one time list and comment on everything I read, but it became a bit of a mess, so I just listed here a few books that have helped the most.

Forex Price Action Scalping, Bob Volman. Obviously biased to scalping, but it is so well written and hits the mark all the time. Initially I delayed getting into to this due to the difficulty in using the tick chart, however my interest was rekindled by a chap called Allen Barry and his website wallstreet2easystreet.com. Brilliantly written, you almost feel the tension as the example are described.For anyone wanting to trade pure price action without indicators this is a must for your reading list. Brilliant! Read it several times, made notes on the set ups and the pre trade conditions and read it again. Bob Volman’s charts are available on dropbox which you can find the link too with traderAllen. I don’t consider myself a scalper anymore but I still rate this highly

Understanding Price Action, Bob Volman. Price action trading on the 5 minute chart. Well compliments Volman’s first book and written in a similar style. I’ve heard some say it’s not as good as the first, but it all depends on finding your trading style. The first book uses tick charts and you need to be a clever,fast thinking individual to fit in well with, whilst the second slows things down a bit and starts to swing trade the daily moves. A confluence of things are used to enter introducing what Bob describes as a ‘Triple’ and continues with the squeeze pressure, as in the first book only using inside candles to do the work. For my present day trading style, it is the more useful book.

5 Bullets (ebook) Joe Trader, aka Commander Rob Wilson. My number one read of all time. This is how I had wanted to trade after I read it, and I waited a while for course to come out, but Wilson moved to Australia and has now got involved trading Bitcoin and has set up Bitscan, so I have had to change direction. I did try to work it out myself but found that I was focusing too much on the stochastic  ossilator and not on the price action, so I am now not using this methodology as I’ve moved to pure price action with an ongoing training group and mentor. Note that the charts are a bit misleading, if you check back on forextester the overnight highs and lows aren’t what they seem. Wilson does appear totally genuine though, there is a nice chapter in ”Traders at Work” ,by Tim Bourquin on Wilson himself. Wilson can be heard on early editions of Rob Booker’s traderspodcast and his analogies of military tactics to trading are brilliant.

1.Trading Price Action Trends / 2.Trading Price Action Trading Ranges / 3.Trading Price Action Reversals, 3 Book series by Al Brooks. Hard going but well, well worth it. Does get easier as you make your way through Trends which is the only one I’ve fully read. I’m presently reading Trading Ranges and have completed nearly all Al’s new online course that he has produced so far which is over 60 hours of lectures and will possibly get up to 100. Don’t listen to those who say it is boring. The books and course are heavily detailed with some confusing aspects but stick at it as you will have gained degree level education, far better than anywhere else. An immense amount of detailed knowledge coming from a very clever and focused mind is never going to be an easy read and if you are a bit of a dumb ass like me, you will need to read them in small chunks each day to absorb the info and not lose you’re concentration. This is the best there is so forget about the get rich quick stuff as if there is a holy grail of trading it is found in the pages of these books and on Al’s brilliant new trading course.

Inventory Trading, Shonn Campbell. Uses a central theme of treating your trading as per a retail trading model with a  series of chapters about the lesson’s Shonn learned that changed his way of trading and moved him from being one of us trying to get there into a successful pro. This is not about technical analysis or setups, it is about a way of thinking about the markets. The thing is although this way of thinking is suited more to Shonn as he has worked in this sort of environment, it has inspired me to use things from my past that I can relate with, in my own trading, a change in my own mindset.

Malcolm Gladwell. Four books by the same author, nothing directly related to trading but very thought provoking. Blink (Try relating the situations to your trading and see what you think, especially thin slicing and the slowing down of time,  a brilliant book .) Outliers, (Guess where I got my website name from,  again brilliant. 10000 hours of practice, if you’ve heard that being said by Trading Guru’s although only a metaphor for putting in the time) The Tipping Point, ( Still waiting for my tipping point, but to give up when inches away would be fatal. Spot on.) David and Goliath, (The latest offering and didn’t disappoint.) (There is another book, ”What the Dog Saw,” but it doesn’t have a central running theme as it is just articles strung together in a book from the New Yorker magazine, but it does have one interesting piece surrounding Nassim Taleb which is called Blowing Up. You can get the pdf of this article by googling)

Think and Grow Rich, Napoleon Hill. (You must have read this, it’s the daddy of self improvement books, gets a bit deep in some chapters and some of the ideas are dated, but you need to simplify what he says and get the point. At the moment I’m reading Nassim Taleb’s, Fooled by Randomness, which has put a bit of a dampener on the way I have looked at this book. The question then may arise in your mind, that ok successful people all showed these traits, but how many unsuccessful did also, is there something missing?)

Control Stress, Paul Mckenna.( After reading the book, use of the self hypnosis CD for at least a month is necessary for most benefit.)

Instant Confidence, Paul McKenna. Book and CD.

What to Say When you Talk to Yourself, Shad Helmstetter. (Interesting and practical guide to influencing the subconscious, very good. If you can combine it with some sort of self hypnosis/nlp even better. Often you’ll find other books referring to affirmations and self talk, and this is how you do it .)

Fooled by Randomness, Nassim Taleb. A difficult read as it is written by an intellectual with a vocabulary far beyond the reaches of my limited hard drive, but an extremely important message here. Yet to read his other books but they are on my to do list.

Some inexpensive ebooks below that I found interesting.

The 10XROI Trading System, LR Thomas. Very inexpensive ebook that gives some excellent conditions and set ups to think about. Also like some of her other ebooks like ‘The High ROI System’ and ’10 Simple Trade Setups’. Also has written some nice Psychology trading books that are more practical than many of the supposed greats like ‘Trading in the Zone.’

Publications by Richard Martineau, ‘FX mu’, ‘Trading the Worst Case Scenario’ and ‘How to Read Forex Price Action’ are worth a looksee for the different approach.

Forex Strategy 10 ebook by Rob Booker brings this idea that you don’t need huge trades or to be an elite trader to win, you can be successful by just out running the masses and taking small profits. Mentioned in Rob Wilson’s ‘5 Bullets’. Well worth a butchers.

The Complete Breakout Trader, John Connors. Nice little ebook on breakout trading which I like a lot. John Connors, head of the resistance an all, will always get my vote.

I’ve had a number of books recommended that I have in paper form for a while and don’t seem to ever get around to reading, but I need too and I also want some more Taleb books  and there’s the latest one by Bret Steenbarger. Not sure I want to read too much more on technical analysis trading, as I’m focusing on my fxsanalysis set ups and do not wish to add anything else for a while until I’ve mastered those.

And here are a few books waiting to be read when I finally get around to them;

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