Many forex traders look for advice from mentors or gurus who have done nothing or sell worthless forex robots all with simulated track records when they could pick up advice from some of the worlds best traders for $100 or less!. So who are these millionaire traders?
Well you will find plenty of them at your local online currency trading bookstore and here I have selected 3 trading books which every trader should read. Here you are getting advice for traders who have walked the walk rather simply talk the talk.
1. Trader Vic - Methods of a Wall Street Master (Victor Sperandeo)
Victor Sperandeo is one of those traders who piles up consistent gains year after year and he did it for decades. Here he shares his knowledge on everything to do with trading - from psychology, to trend following correctly, to money management.
He isn't a forex trader but the insight he gives in to how to use technical analysis is simply superb.
His 2B method is worth the price of the book on its own and his rules for drawing trend lines is something any novice trader should take note of and he also looks in depth at Dow theory a method all traders should know about and I laughed out loud at the secret of the Gamboni and its so true yet, most novice traders fall into it.
2. The Way of the Turtle - (Curtis Faith)
While visiting a turtle farm trader Richard Dennis had a bet with trading partner Bill Eckhardt that good traders didn't have to be born - they could be taught. To settle the bet, they recruited a group of individuals from all walks of life, trained them for two weeks then gave them accounts and they earned over than $100 million in less than four years.
Here the top turtle Curtis Faith goes through the experiment and explains why the Turtle method works in today's markets and how to apply it. He also shares his insight on taking risk, relying on yourself and learning from your trading mistakes. OK You may not be as successful but it's an inspiring read and one any trader can learn from - You don't need to be clever to win and anyone has the opportunity.
3. Market Wizards (Jack Schwager)
One of the top selling investment books of all time and an essential book.
Schwager interviews 17 trading legends including Richard Dennis, Paul Tudor Jones, Ed Seykota, Marty Schwartz, Tom Baldwin and others. These guys are simply the best and Schwager has an interview technique that gets the best out of all of them.
If you can't learn from these guys you can't learn from anyone. Get it read and re read it, I have read this book maybe 20 times and always find something new, its just one of those books.
So if you want to learn from real pros pick up the above books, there the cost of a night out and will pay for them many times over and remember you're learning from guts above who have made collectively billions and that's a lot of money and a lot of experience which you can learn from too.
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