Last update: 07/08/2019
As a kid I always enjoyed reading books, an interest i lost somewhere during my teenage years. Even as a history teacher I wasn’t a person that read a lot of books. My interest for reading came back to me once I started my path from teacher to trader. Of course I needed both inspiration for how to live a life like this as well as the much needed theory behind being a successful trader.
In this post I will write down the books I have read and how I experienced them. Reading is quite a personal thing, and I know there are a lot of good books missing that are worth reading. However, this is my list, and I hope it may give you inspiration to pick up one of these books and experience them yourself. Do note that just reading a book will help a little, but putting the knowledge from books into practice is what it all comes down to.
If you are looking for a quick and simple ‘give me three things to read!’, here they are:
1) CryptoCred Technical Analysis Lessons (@CryptoCred)
2) The Disciplined Trader & Trading in the Zone (Mark Douglas)
3) Think and Grow Rich (Napoleon Hill)
An Altcoin Trader’s Handbook – Nik Patel
Must-read for anyone interested in trading cryptocurrencies. The first part gives a rundown on Nik’s experiences as a trader, the second part gives his view on doing both fundamental analysis as well as technical analysis on altcoins. Easy to read, and very nice to read a book written by someone from within the crypto trading space.
Technical Analysis of the Financial Markets – John J. Murphy
This book is the starting point of many booklists for traders. Even though a lot of the information is valuable, it is also very theoretical and for the lack of a better word, boring. I had to yawn my way through this book and yes it gave me a good understanding of a lot of the basics of technical analysis, although a lot of this information is also available online in a more modern written way. (For example, CryptoCred’s TA lessons)
The Art and Science of Technical Analysis – Adam Grimes
Grimes goes into trading with a mind of his own. Even though I don’t fully agree with everything he writes (especially on the part of support and resistance lines being completely random), it is refreshing and interesting to read a book that is both informative as well as having it’s own character. He also proposes some good exercises and brings back a lot of the traditional trading patterns into logical movements, which makes memorizing all the trading patterns unnecessary.
The Disciplined Trader – Mark Douglas
The two books written by Mark Douglas were the best I have ever read on trading psychology and mindset. If you are serious about becoming a trader, read them both. This one gives a fairly deep understanding of how beliefs work in your system and how to replace them with more positive beliefs. Great explanation, and very useful in practice.
The Elliott Wave Principle – Robert R. Prechter
I’ll be honest, I read the synopsis that is available online. Even though Elliott Wave Theory (EWT) somehow always manages to trigger people, it helped me a lot in finding ways to see if it’s still worth it to join a moving asset or that it’s better to wait for a retracement. I don’t recommend EWT as your first type of technical analysis: support/resistance, price action, candlesticks and some indicators serve that purpose way better.
The Way of the Turtle – Curtis M. Faith
The first book I have read once I started my journey. Gives a nice insight into the ‘right’ way to look at trading and some of the qualities you need to succeed in this line of work. Although you can notice the story takes place in a somewhat older setting, the underlying wisdom is as valuable today as it was back then.
Trading in the Zone – Mark Douglas
The two books written by Mark Douglas were the best I have ever read on trading psychology and mindset. If you are serious about becoming a trader, read them both. In this book, Douglas moves more towards trading and gives more examples and lists of how to mentally prepare for trading. I still have his ‘I am a consistent winner because…’ and ‘5 steps of a probabilistic mind-set’ hanging on my wall.
How To Win Friends And Influence Other People – Dale Carnegie
HTWFAIOTP (doesn’t really make it short does it?) is a very interesting and fun read into what actually works when socializing and trying to get something through to other people. Even though the book is old, it is written in 1936, the knowledge is universal and the examples given are intriguing and often surprising.
Master Your Mindset – Michael Pilarczyk (Dutch)
Pilarczyk tells his life story and shares some valuable insights in what steps and mindset you need to achieve what he calls ‘your most beautiful life’. Even though he takes a lot of inspiration from well-known sources (N. Hill, T. Robbins), his own mix and style of writing is unique enough to give it a shot.
Rest, get more done when you work less – Alex Pang
Rest is a serious activity, and A. Pang knows how to bring that to your attention. With some surprising stories about well-known people such as Churchill, Pang combines examples of people taking their rest very seriously with the actual theory behind it. Sometimes, more hours of watching charts just isn’t going to help, and you need to take a rest.
The Food Hourglass – Kris Verburgh
Challenging the status quo on what is considered a healthy diet, Verburgh gives an indepth answer to what is good for our human bodies. If you ever want to read up on healthy food this is a great place to start.
The Untethered Soul – Michael Singer
Before my journey into becoming a trader I always had an interest in spirituality. However, some of the books I read regarding the subject were either vague or non-practical. For me, this book is the most clear and well-written way of describing spirituality I have ever seen. So, if you ever wanted to know what ‘spirituality’ is all about, or are searching for a well-written and clear book about this very subject, look no further.
Think and Grow Rich – Napoleon Hill
One of the classics when it comes to working on the right mindset to achieve your goals, ‘think and grow rich’ is a great place to start when you want to transform your life. Don’t get mislead by the title, the theory and exercises are not just for the financial side of being rich. A lot of mindset books have their inspiration from N. Hill, so in my opinion, just start at the source.
The Science of Getting Rich / The Science of Being Great – Wallace D. Wattles
Often being mentioned in unison with ‘Think and Grow Rich’ the message is indeed quite the same, yet written differently. Easy books to read through, and a good way to get your mindset back into the Law of Attraction.
The Code of the Extraordinary Mind – Vishen Lakhiani
I have a bit of mixed feelings with this book. I could not get into the way of writing nor did I really enjoy the added online experience. Perhaps that just didn’t fit my way of learning and that is fine. I do really like the book for giving a very clear and practical guide to start looking through the crazy things of our society and start focusing on the way you want to live your own life.
The Art of War – Sun Tzu
One of the ancient classics that often pops up on a list of books that everyone should have read. It’s an easy and quick read with a lot of wisdom that can be used up until today. However, I found it quite hard to switch the war-focused narrative into day-to-day practices. Perhaps I should read it again later this year, a bit more slow, and see if there is a deeper layer underneath.
On my ‘to read’-list
Japanese Candlestick Charting Techniques – Steve Nison
RSI, The Complete Guide – John Hayden
The Most Important Thing (Illuminated) – Howard Marks
Tao Te Ching – Lao Tzu
The Mind Illuminated – John Yates