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All
the new investing fads have unleashed a torrent of new trading
books. Whether it's the online investing revolution, the day-trading
phenomenon or the IPO craze, new books promise the secrets
to trading riches. But a group of 10 books -- some recently
released, others dating back decades -- should be on every
investor's bookshelf. These are not just best-selling books,
but titles a consensus of experts agrees are the most valuable,
most important for developing the skills and attitudes needed
to succeed in the market, whether you're an experienced trader
or a casual investor.
Listed in
no particular order here, these 10 titles include both hands-on,
strategy-oriented guides and books that focus on theory, anecdotes
and experiences most traders encounter.
| 1) New
Market Wizards by Jack Schwager, a perennial
classic, is in a class by itself. Schwager pioneered the
"interview" format trading guide, selecting
the best candidates, asking the right questions, paring
down their answers into useful, easy-to-apply concepts
and practices. He gets the top names in the field to reveal
their personal techniques across a wide range of trading
disciplines. This book makes a great read, whether you're
an active or occasional trader. |
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| 2) The
Disciplined Trader by Mark Douglas remains
one of the best guides traders use to develop the focus,
discipline and winning attitudes you need to succeed in
the market, and it appears on the recommended reading
list of virtually every major trader. |
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| 3) Along similar lines,
Extraordinary Popular Delusions and the Madness
of Crowds by Charles Mackay is a classic that
explores the impact of crowd behavior on the markets --
from the tulip mania to the present mutual-fund mania
-- exploring how to use crowd psychology to your investing
advantage. |
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| 4) Trading for a Living
by Alexander Elder is considered the trader's "handbook."
Elder covers trading systems, methods, disciplines, money
management -- virtually everything needed to become an
accomplished trader. |
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| 5) Technical Analysis of
Stock Trends by Edwards and Magee
is written by the "grandfathers" of technical
analysis. This popular work has just been completely overhauled,
updated and revised for a 7th edition. Readers can't find
a better reference guide to technical analysis. |
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6) Benjamin Graham explains his
value-investing theories in The Intelligent Investor.
Warren Buffett, Peter Lynch and other investing superstars
have adopted his theories. He counseled investors with
simple truths that are still valid today -- even in the
face of the "dot com" and IPO craze. Still one
of the most popular -- and one of the best -- investment
books of all time.
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| 7) Options as a Strategic
Investment by Larry McMillan is a mammoth reference
that's the top-selling options book of all time -- and
for good reason. It's literally the "bible"
of the industry -- and makes a great companion to his
more recent, strategy-focused McMillan on Options bestseller.
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8) Charting is the backbone of
technical analysis, and consistently successful investors
make chart analysis an active part of their investment
strategy. Encyclopedia of Chart Patterns
by Charles Bukowski is a thorough new book that covers
every conceivable chart pattern in complete detail, and
no one using technical analysis or starting out in charting
should be without it.
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| 9) The Trader's Tax Solution
by Ted Tesser stands alone as the definitive book on tax
strategies and implications for traders, revealing techniques
for paying the least amount of taxes legally possible.
Tesser exposes concepts most tax preparers don't even
know and addresses the unique tax consequences traders
routinely encounter. Just one "tip" can cover
the cost of the book -- and save you thousands. |
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| 10) And finally-- generations of
investors have benefited from Edwin LeFevre's Reminiscences
of a Stock Operator, chronicling the trading adventures
of Jesse Livermore, one of the greatest speculators ever.
Jack Schwager's new introduction explains why legions
of traders continue to cherish this book, and why it's
required reading for employees at Wall Street's biggest
firms. It's entertaining and readable, and investors of
every stripe can relate to the roller coaster of emotions
and events Livermore experienced. Above all, it illustrates
that when it comes to market activity, the more things
change, the more they stay the same. |
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These 10 books -- taken individually or as a group -- continue
to be the best, most important sources for traders to develop
their trading skills and acumen. All traders will do well
to have any -- or all -- these titles form the core of their
"trading" library.
Order any of these titles from the eSignal Bookstore.
Click here and save: www.esignal.com/mall.
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