Welcome to Traders TV Tuesday and in this video session I had a question from Emily and Emily asked what are some other great books out there that you can learn stock trading from or which ones do I personally recommend.
Typically every book has something for you to learn from and by learn I mean to change your behavior to take you to that next level to make you a better trader.
Now if you pick up a book on candlesticks you’re going to learn something or gain insight about candlesticks however which books really take you into the complete zone of actually becoming a successful and profitable trader.
Well there’s a couple books out there that I really recommend and the first one is this book called “Timing the Trade” by time Tom O’Brien, it’s a hardcover book, it’s really a good book to have. I think it’s around 60-70 maybe ninety dollars but it really simplifies things for a lot of beginners out there focusing a lot on volume, price action and timing the trade properly.
It’ll give you a very solid foundation of the basic principles when it comes to trading such as swing points, Fibonacci levels, ABCD patterns and all kinds of things like that and also quality of volume these are very important stuff to understand when you’re first getting into trading and the stock market.
The second book that I recommend is to build upon that first initial book is How to Make Money in Stocks by William O’Neil. It’s a very thick book and the main principle behind this book or what I really like about it is that it has about a hundred chart patterns of very successful stock companies and stock charts that really skyrocketed and this teaches you have really watch that price action in volume and behavior that you learn from Tom O’Brien and also he mentions in here as well.
It shows you exactly when to enter those trades so that way you can find and spot those nice long winners or those long trending stocks for the long haul and again it’s a very great book by William O’Neil on how to make money in stocks.
Now I have the third book up that you know I kind of scan too but I got this later on in my investing career so I haven’t really read it too much. I just kind of skimmed in a little bit. It’s How to Make Money in Stocks the Getting Started Guide Book for the How to Make Money in Stocks book and only because I really like this book.
This book is pretty good it shows you exactly how to implement some the strategies that William O’Neil States but you know it’s not as necessary as the other book so currently those are the additions this one’s aren’t so I really recommend that don’t get the earlier I think it’s the green version so get at least the orange or the newer version if it comes down to sometime in the future if it comes out.
Right now we’re in 2013 so if you’re watching this in 2014 2015 they may have a new version of this but in either case those are the two books that I really recommend is the Tom O’Brien Timing the Trade and the William O’Neil How to Make Money in Stocks.
They’re going to take you really far study them and know them like you got back to your hand as you’re typing so really learn those books and really hone in on this, the strategies, the techniques, and the concepts, and know them inside and out.
That’s what I recommend as far as other books go if you want to learn something about options if you want to learn something about you know technicals, those are all great books and those are maybe five or 10 percent of the additional trading that I may do but the ninety percent core is over in those books, those two books that I just mention.
The other stuff is just very fine tuning your other strategies and they may seem or sound like better or more advanced books when in fact remember the 80/20 principle, 80-20 percent right? So eighty percent of the stuff or eighty percent of your trading knowledge will probably come from those two books or at least the base concept if you want to trade very well and professional.
Check out those two both I know that’s helpful and if you got any other books feel free to comment below and let me know but our most the time everything in those books is very good for a beginner trader.