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Hi Steve,
One that I recently read which I thought was worth it is Adrian F. Manz's
Around the Horn: A Trader's Guide to Consistently Scoring In the
Markets ( http://www.traderslibrary.com/moreinfo.asp?item=2109009
). Like Jeff Cooper's Hit and Run books, Larry Williams On
Advanced Trading Strategies and his and Linda Raschke's Street
Smarts as well as Barry Rudd's and Dave Landry's books, Around
the Horn is a large format book with a discussion of a number of detailed
trading pattern setups. If you like to trade with such (I do) it is worth
a read or two, and the setups can be coded into AFL without much
difficulty. The other parts of the book which some might feel are "basic"
are also good IMHO as they stress the psychology of trading and money
management. Manz uses baseball as a metaphor (his setups have names like
Infield Fly and 3-2 Pitch) to detail a trading method he's used for years
whereby account equity grows through consistently winning trades of
smaller amounts rather than finding the occasional multi-bagger trade (but
having large drawdowns and big losing trades some of the time).
It's the old saw of having a high batting average with singles and
doubles rather than swinging for the fences, nicely packaged with batting tips
and coaching strategy.
I too, think Link's High Probability Trading is basic, but it is
still a good read -- many would probably also put Alexander Elder's books in the
too basic category too. IMHO, rereading some of these "basic"
books is just what is needed when (not if) you go into a slump or are looking
for a spark to get you thinking and trading on the next level. I've
several hundred titles in my trading library, only a few of which I've reread
several times and these are in that category. And when someone new to trading
asks for recommendations, I usually recommend that they read about the
psychology and business of trading first, then learn TA and patterns, candles
and point and figure, etc. Very few bother to do so as reading how to
be a disciplined trader is not as sexy as reading how someone turned $5000
to $5 million using options or learning good risk management isn't as easy
as scanning a TA book in search of a holy grail indicator that will always get
them into and out of a trade at the optimal price.
This isn't the place to do so, but perhaps we can compare notes on some
other books. I too tend to stock up at Traders Library sales.
Peace and Justice --- Patrick
P.S. If you're wondering what to get me <VBG>, I'd love to have
my copy of Tony Crabel's Day Trading With Short Term Price Patterns
and Opening Range Breakout ( http://www.amazon.com/gp/product/0934380171/002-1616377-8916017 )
replaced (I loaned it out some years ago and it never came home -- I do have the
TASC articles still).
----- Original Message -----
Sent: Friday, December 09, 2005 2:55
PM
Subject: [amibroker] OT: Any good book
recommendations?
Hi,
Well, it's Christmas again and people are asking
me what I want but I can't come up with much, so I thought I might ask
for a couple of trading books. Anyone read anything lately that you
learned something new or valuable from and would care to recommend? All
suggestions welcome - thanks very much!
Steve
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