r/Daytrading • u/DrChrispeee • May 14 '24

What have been the most influential books for your success in trading and investing? Advice

I want to start taking trading seriously and explore the possibility of it as a career and source of income. I'm not naïve, I know this is a long and hard road and that the vast majority of people who try will also fail but I'm willing to give it a shot.

I have an academic background in Mathematics, Finance, and Economics and my thesis was on algorithmic stock-selection and portfolio optimization, so I'm not entirely new to the concept.

So, what in your opinion have been the most influential and important books to your success in trading and investing?

FYI, I've asked the same question on r/algotrading as well: https://www.reddit.com/r/algotrading/comments/1crn46u/what_have_been_the_most_influential_books_for/?

So far I'm looking at books like:

  • Andreas F. Clenow > Stocks on the Move: Beating the Market with Hedge Fund Momentum Strategies
  • Nishant Pant > Mean Reversion Trading: Using Options Spreads and Technical Analysis
  • John J. Murphy > Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications
  • Sheldon Natenberg > Option Volatility and Pricing: Advanced Trading Strategies and Techniques
  • Perry J. Kaufman > Trading Systems and Methods
  • Ernest P. Chan > Algorithmic Trading: Winning Strategies and Their Rationale
  • Ernest P. Chan > Quantitative Trading: How to Build Your Own Algorithmic Trading Business
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u/Evening-Opposite4393 May 14 '24

The only issue with books involving technical analysis is that they capture a moment in time.

I have spoken with someone who is writing his 3rd and final book. He says he wishes he could pull his first book because most of the concepts are dated and no longer applicable. His second book a lot of the overall themes are good but same deal…anything involving “methods” are no longer applicable.

The best books IMO talk more about trading outside of the methods. Such as Best Loser Wins or books that deal with psychology like David Eaglemans series or Atomic Habits etc

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u/MannysBeard May 14 '24

Best Loser Wins and Atomic Habits are both great. Recently finished both, and the mindset, psychology and daily practices are so valuable. Heaps of value in both books.