The best 5 trading books
Now that summer has arrived, it is a good time to expand your knowledge about trading. In this post, Jordi Martí tells us about the trading books that have guided him throughout his professional career. Discover the authors and titles that are La Factoría's Head of Studies' favorites.
Trading in the Zone by Mark Douglas. A book where you will not find a single trading chart is a book that talks about trader psychology. It explains very important concepts to remember when you are trading, such as: "each trade is independent of the previous one", that is, if in the previous one you have lost it doesn't mean you have to lose in the next one.
Trading for a Living by Alexander Élder. One of its main concepts is the three-screen system; you need to see the same financial assets at different times to make the right decision. On the longest- term screen we see the trend, on the medium-term screen we see where we are in the trend and the shorter-term is where we operate.
Market Wizards by Jack D. Schwager. A book about interviews that the author did with different traders from the 80s about how they had become traders, what it had cost them and just the whole process. When reading, you realize that the problems traders today have are the same as traders in the 80s: psychology. One of the subjects is a very profitable trader who wanted to buy an island, for this he needed a million dollars. He was ultimately not able to earn the money because he was too impatient to buy the island.
The Intelligent Investor by Benjamin Graham. This is considered by many to be "the bible of long-term investors", Warren Buffett said that reading this book changed his life. In it, what the author explains is how to invest with meaning in the long term. It is not going to tell you how you are going to get rich; it is going to tell you how you can have acceptable results and, above all, it is going to tell you how not to lose money. Any investor who wants to invest over the long-term has to read this book.
Money: Master the Game by Tony Robbins. This book explains how to start building a portfolio from scratch and does so with the best current investors in the world like Ray Dalio and Warren Buffett. These traders are interviewed, and they explain to the author how they raise their funds, how they invest, and he is able to translate this into everyday language so that normal investors like us are able to take advantage of all that knowledge.
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Head of Studies at Canal Trader
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