This time, I would like to recommend a few very hard-core books suitable for general traders or novice traders. These books have not been recommended countless times in the market, such as "Smart Investor" or "Memoirs of a Stock Operator" " and so on, but books that can really help everyone in trading.
Book 1: "Intermarket Trading Strategies"
The author of this book is called John Murphy. Is it very familiar? That's right, he is the author of "Technical Analysis of Futures Market" that chart traders or technical analysis traders are very familiar with. I believe this book has become a treasure trove of technical analysis for everyone. But today I didn't recommend this book, but another book "Cross-Market Trading Strategy" written by him, so what is the role of this book?
It will help everyone to have a panoramic and overall understanding of the overall financial market, including investment tools, and the relationship between financial assets.
As we gradually understand the market, as our trading experience increases, our trading time will become longer and longer, and this will certainly span some economic cycles. For example, from a good economic cycle to a recession and then to a good period, how do funds flow in such a cross-cycle? Through this book, you can have a holistic understanding. This book uses the inductive method, starting from the case summary, such as what the economic cycle looks like in a certain period of time, what the flow of funds was like at that time, which asset rose and which asset fell at that time. It is a static one.
It is better to have no books than to believe in books. When you read this book, you should remember that all the conclusions in this book are the results at that time, and what is recorded or explained is the rise and fall of assets in the market environment at that time. The financial market is fluid and complex, and it is impossible to develop in a certain conclusion-based way. Therefore, some of the conclusions in this book can be completely understood as static conclusions. Don't use the market environment at that time to measure the current market mechanically.
The most important thing is that through these cases and historical events, we have formed some overall thinking on the financial market and opened up our vision and boundaries of investment tools. This is the most important part of this book in my opinion.
The second book: "Psychological Analysis of Trading"
I believe everyone is very familiar with this book. This book by Mark Douglas has been ranked first in the sales list of trading books all year round. It can also be seen from the side that traders have a very large demand for trading psychology.
Whether you are an investor or a trader, you will encounter irrational transactions when you are depressed in specific firm trading, which will lead to a large loss in your trading account.
Many technical veterans and trading masters are stuck in the state of mind. It is very important for the vast majority of traders to be able to break through the bottleneck of mentality. People are not machines, and people have some emotional fluctuations, mentality ups and downs, and some irrational behaviors will appear.
The main thing is whether we have a way to overcome it, and whether there is a way to train. Then in this book, through some of the author's experience, his analysis methods, and the methods he provides, the problems in the mentality can be solved correspondingly. Therefore, this book will be very helpful to everyone from the perspective of actual trading. Very big.
The third book: "Technical Analysis of Foreign Exchange Market"
The third book is actually about technical analysis. I know that there is no way to avoid "Technical Analysis of Futures Market" in this one.
However, I still recommend another book, "Technical Analysis of the Foreign Exchange Market". It's not that the above book is bad, on the contrary, it's good.
However, for a novice, it is too thick. Whether you can read it carefully from beginning to end is a problem. I've really been in this situation too many times.
So from a practical point of view, I recommend the book "Technical Analysis of the Foreign Exchange Market". Don't look at it talking about technical analysis of the foreign exchange market. In fact, no matter what market you are in, as long as it is technical analysis, you can read it. The overall frame structure of this book is very clear, and the translated text is relatively simple, the point is that this book is very thin
And it is easy to read. You may finish reading it in two or three days after you buy it home.
Moreover, the technical content in this book, such as candlestick charts and some core indicators, is explained, how to use them together, and comprehensively penetrated. Therefore, whether it is a novice trader, or a trader who wants to continue reading technical analysis books, it is recommended to read this book.
Especially for novice traders, after finishing this book, it is okay to go back and read the two books "Japanese Candle Chart" or "Technical Analysis of Futures Market".
In fact, it can be said that technical analysis is just a framework for some veteran traders, and there are no tricks or the like, it is nothing more than a way of permutation and combination. The most important thing is to understand and understand some underlying things clearly, and then figure out some very core and key conceptual things, and that's it.
The framework of this book already includes these two points, so if you want to improve on technical analysis, or for novice traders, have not read any book on technical analysis before, then this book can be used as a first book.
The above are books about technology. Then I will introduce a few books on fundamentals.
Fourth book: "Fire Fighting"
It is not an exaggeration to describe the author of this book as famous. The author is Bernanke. Yes, ex-Fed Chairman Bernanke. This book is about the 2008 financial crisis. There are many such books, but this book is definitely the first choice.
This book is in the form of diagrams + words. Among the books I have read, there are few graphs as detailed and beautiful as this book. You can follow the chart to see the evolution of the crisis, which I think is pretty good. Moreover, the length of this book is also very short, the actual text part is only about 150 pages, if you are not a friend who likes re-reading very much, you can read it quickly. Of course, to understand it, it must be combined with charts.
Fifth book: "Monetary Policy Implementation: Theory, History and Current Situation"
The author of the book is Ulrich, a front-line staff member of the ECB on monetary policy. Therefore, all the content in this book are knowledge points related to the central bank. And these contents are basically impossible to find in mainstream textbooks. Whether it is macroeconomics or monetary economics, the knowledge related to the central bank in them is relatively outdated.
But this book will not, it describes a series of operations of many central banks, including goals and frameworks, very clearly. After reading this book, it can be directly embedded in the central bank operations of China, Japan, the United States, the United Kingdom and other countries.
This book should be regarded as a basic book. If you are interested in monetary policy, you must read this book.
Sixth book: "Modern Monetary Theory"
Author Randall. Seeing the title of the book, some people may think of a very controversial monetary policy MMT-Modern Monetary Theory some time ago. Yes, just like the title of the book.
Regardless of whether it is controversial or not, whether you recognize it or not, it does not prevent you from understanding its background and its claims. Then this book is the perfect choice. This book is deduced through the classic modern monetary identity: the money spent by the government is the money earned by the private sector, and then discusses fiscal and monetary policies. So I think this book should still be read, whether it is mainstream or wild, you can read it. However, it seems that this book is hard to buy now, maybe the print run is too small?
Seventh book: "This Time is Different: Eight Hundred Years of Financial Crisis History"
The author, Carmen M Reinhardt, is a well-known economist in the United States. None of the books recommended just now have systematically addressed the issue of sovereign debt. If you want to understand sovereign debt issues, you probably need this book. In particular, the global debt problem has recently attracted the attention of the market.
In addition, the book classifies various types of crises, such as inflation crises, currency crises, banking crises, and sovereign debt crises. I remember it seems to be these 4, and then I will analyze it based on these 4 questions.
In fact, I think the debt problem will continue to expose many problems in the economy over time, so this book is basically a must-read.
These seven books are all from a practical point of view. I think it will be helpful to everyone. It is still better to have no books than to believe in books. When we are reading, we should not only think about the fame of reading books. When your reading stage or your stage in this industry or in this technical field can match the books you read, your growth will be very high.
If it is a very famous book, but you do not match it at this stage, it will be very uncomfortable to read, so we try to be self-centered when reading, and try to choose books that are suitable for the current stage. Solve the most important problems at present, so that it is easier to read and read, and the more helpful it will be to yourself.
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