Many years ago I used to be constantly devouring new trading and investing books. I literally could not get enough new information and was in search of secrets to beating the market. Advice I would give a newer trader interested in learning about trading after my own experience reading tons of trading books is this:
- Instead of reading new books all the time, seek to develop a trading system and once it is developed become an expert in the system
- To become an expert in a trading system it doesn’t just mean know the rules of the system: You have to have the discipline to follow the rules
- You need to keep track of your performance and whether you are actually following the rules so you can improve
In order to become an expert in your trading system and improve your trading discipline and psychology I would recommend focusing more on deeply learning and internalizing a core set of books rather than constantly reading new books.
I have been re-reading Stan Weinstein’s book Secrets For Profiting In Bull And Bear markets at least once a year and I go back and read Mark Minervini’s books and the set of Jesse Livermore books that I consider core trading wisdom books. I’ve paired down my recommended books list to include just these books because I believe they are really all that you need.
You don’t see professional baseball pitchers change their windup and delivery constantly and you don’t see pro golfers changing their swing drastically from tournament to tournament because they have found a method that works and they stick with it. In the same vein I believe that with trading the more you become an expert in your strategy and focus solely on that the better your results will be.
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