Seven best books that will help novice traders make money. Books on trading for beginners. Review of literature recommended for beginning traders John. J. Murphy "Visual investor. How to identify trends"

This book was written by unsurpassed specialists in futures trading, technical analysis and the creation of ultra-profitable trading strategies for futures trading by Charles LeBeau and David Lucas. “Computer Analysis of Futures Markets” is essentially detailed instructions on creating and testing trading strategies, it also covers some technical tricks and nuances that are used by trading professionals and which will make your trading system even more successful.

Over the past two decades, many computer programs, with the help of which trade became available a large number willing. Now for technical analysis you do not need to draw numerous charts; all this can be done using programs. In addition, many different indicators have been created for analysis. All this makes trading easy and accessible.

This book serves step by step guide on creating and testing your own trading systems. It shows how to apply various technical studies to trading the financial markets. There's quite a lot in it detailed instructions and numerous examples of how computer technical research can be brought into everyday trading. The authors suggest practical advice on the use of some indicators.

The book is recommended for reading by people who already have experience trading in financial markets and people who do not have enough trading practice using technical analysis and trading systems. It will also be useful for those who have enough theoretical knowledge in the field of technical analysis, but lack practical trading.

Modern trading is not an archaic collection of men communicating using a system of gestures. Business, which allows you to earn and lose decent fortunes on the stock exchange, has long moved to virtual worlds and has become available to anyone who knows how to use a computer.

Over the decades, hundreds of books for traders have appeared in the world, created by specialists from leading, economically developed countries, designed for readers different levels preparation and perception. Trading is not an easy direction financial activities, a specialist who wants to be successful and in demand in this field must constantly improve himself by studying literature.

Publications devoted to the topic of trading are divided into several categories; in addition to historical works and generalizing monographs, on the shelves of libraries and stores there are texts on the psychology of trading, descriptions life path and the achievements of legends of the financial world, behavioral finance and even thematic works of fiction. According to the reader's purpose, all literature is divided into books for beginners, self-confident traders and professionals.

Thousands of domestic and translated publications on trading are published in print and electronic formats, they can be found on the Internet, in bookstores, and libraries. Lately, information has been provided in video tutorials and webinars, but all this additional types obtaining information that does not replace the benefits of reading a book written by a venerable author or financial guru, experienced in the field of trading.

10. “The Art of War for Traders and Investors” By Dean Lundell

Philosophical thoughts on the correct conduct of war were outlined by the master Sun Tzu many centuries ago. The treatise with the ideas of the Chinese warrior formed the basis of the work of the modern author Dean Lundell, who put the leitmotif of the ancient thinker in a modern form.

The golden rule of warfare was laid down by the Chinese almost two and a half millennia ago. According to the commander, to achieve military success, you need to choose the right tactics and apply them in proportion to the strategy. Lundell believes all of this applies to trading as well. The author systematized and processed the postulates of the ancient commander for the modern reader, explaining how they can be applied when working on the stock exchange.

It’s not enough to know thoroughly theoretical aspects how the market works, have a seemingly win-win tactic. According to the theory processed by Lundell, it is much more important to be able to deal with your own fears, which prevent you from continuing your activities and striving to become successful. You need to build your line in such a way as to constantly improve, successfully remove self-doubt and indecision into the background, defeating yourself first of all, in order to then get winning positions in trading.

The main idea of ​​the book is that the course of the battle is the same both on the battlefield and in trading, but the winner will be the one who has mastered his fears and taken the right path. Tactics and strategy are also important, but the main thing in this matter is the human perception of what is happening.

9. “Trading mechanism. How to build a business on the stock exchange" Author Timofey Martynov

The monograph of a venerable trader, a leading domestic specialist in this field of financial activity, was created for beginners and experienced traders. In a relatively small edition, the author managed to cover a lot of topics; the table of contents alone takes up several pages.

Under the cover, the reader will find the author’s personal success story, an analysis of his financial failures, accessible information about the structure of the market and ready-made diagrams on his conquest. On the pages there is practical material on the structure of domestic trading, its hidden problems, recommendations on developing strategies and market directions. The book is one of the best, allowing a beginner to understand what he plans to do, helping to realistically assess his capabilities, deciding to devote himself to business or switch to another line of activity.

A separate layer of information telling you how to develop a personal strategy, where to get it from and how to use information to analyze the current situation on the stock exchange.

8. “Visual investor. How to Spot Trends by John J. Murphy

It turns out that you can work with the stock exchange using various information visualization techniques, without being distracted by more complex methods of studying the data obtained. It’s enough just to learn how to build graphs, and John Murphy’s manual will tell you how to do this and apply the results in practice.

By constructing a graph, you can use it to calculate the characteristics of a specific offer, determine the direction in which the movement of stock prices is developing, the degree of support and pricing of the market. Drawing charts will allow you to effectively work with trends, track them, calculate trendless markets, and the degree of their overbought. All these things are presented in a completely accessible style, with a consistent explanation of key aspects. The text contains many examples and supporting illustrations.

7. “Technical Analysis of Financial Markets” By John J. Murphy

Another work of the author is a bestseller of financial literature, which takes pride of place on the shelf with books on technical analysis. The publication reveals difficult issues that are not always easy to understand, but the material is presented in a very interesting form.

The book is a full-fledged industrial reference book presenting an analysis of tactics and strategies of classical trading; the author analyzes the tools, trends, models and cycles necessary for work. This edition also contains the topic of graphs, such as effective tool visualization of working with stock exchange information. This well-illustrated book is aimed more at experienced traders; beginners should start by studying Murphy's previous work.

6. “Trading with Dr. Elder. Encyclopedia of stock trading" Author Alexander Elder

This publication should be reference book for an individual who wants to achieve success in trading. Beginners will find accessible answers in its chapters, find tips on money management, and an analysis of psychological issues that hinder or help in running an investment business.

A wide-ranging book covering issues psychological aspects business, including analysis of mass behavior. Here is the analysis typical mistakes committed by businessmen, and also sets out recommendations for the correct creation of your own structures and accounts. Plus, in later reprints there is a translation of the author’s diaries, in which he recorded step-by-step implementation several transactions. Here he explains why he made this decision. The book is recommended to everyone who is taking their first steps.

5. “Basics of stock trading” Author Alexander Elder

Another publication by the author is a manual for people just mastering business, a full-fledged bestseller on technical analysis and psychology. The main emphasis is on psychology as a means of working for a successful trader. First of all, a person must cope with his own emotions and fear, and then use the acquired knowledge when working to generate income.

Additionally, the art of calculating charts is discussed, including using computer programs and capital control. Emphasis is placed on the use of classical technical analysis and similar tools.

4. “Exchange at your fingertips” Author Viktor Ilyin, Valery Titov

Recommended for beginner traders and people who are just planning to choose this type of income for themselves. Information for online traders is presented in very accessible form, reveals all the working mechanisms stock exchange. Beginners will find useful chapters that discuss the nuances of trading on the market, the secrets of managing and increasing money.

For a more complete disclosure of the issue, the authors make a short excursion into history, but they also consider modern solutions questions that have arisen at all times. A separate chapter is devoted to legal and economic aspects work with securities. In others, the questions are fully revealed information analysis and alternative instruments used on the exchange.

3. “Think big and don’t slow down!” Author Donald Trump

The work, written by the President of the United States, has long been in the top ten books for traders and among the literature recommended for reading by people who want to achieve a high position. On its pages is a politician's success story, only from a financial point of view. The main idea is that you don’t need to slow down, you need to think globally. Is his advice realistic? And to do this, you just need to look at the income the Trump corporation receives annually.

Surprisingly, the tycoon’s recipes are indecently simple and quite applicable even in ordinary life, not to mention the work of a trader. Only a persistent person can become rich - this is what Trump writes. As a bonus, the author described several awkward situations from life and told how they turned out for him.

2. “The Path of the Turtles.” From amateurs to legendary traders” Author K. Feis

One of the top books in the beginner's pile, a bestseller, a must-read. It describes an interesting experiment (previously classified) conducted by a trading guru. On a dare, the trading legend found a suitable person and taught him the intricacies of the art of trading on the stock exchange, making him a successful trader.

It is precisely in this book that the process is described, revealing the professional secrets of the master (tactics, strategies, risks). The publication is more historical, describing the work of the legendary “turtles”, individuals who became rich in just a few months.

1. “Trading is your path to financial freedom” By Van Tharp

One of the translated editions, from the best specialist for beginners on the stock exchange. The best of the books gives detailed answers and suggests how to solve the eternal problems of novice traders. The author sets the stage for success, explaining that mistakes and failures are caused solely by the inability to correctly interpret the current situation and find the right way out; at the same time, schemes for beginners are prescribed and an analysis of typical situations and mistakes is made.

The outlined fundamentals of technical analysis tell us about the right directions in activity, the intricacies of work and the need to develop your own strategy, which is especially necessary at the beginning of a career. The author answers why everything is difficult in the learning process and how to believe in yourself by starting a business.

In order to become a successful specialist in the field of trading, you need to read more than one or ten books; high-quality publications will help you form basic knowledge and give impetus to further development. Books written by experienced people always contain answers to the basic questions of beginners. On their pages, complex situations are analyzed and diagrams and recipes for solutions to frequently encountered problems are provided. From works of art We can recommend studying “The Prisoner of the Chateau d’If” as an example of achieving success with a “negative” life balance.

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-Description of books-

-Fundamental Analysis-

1. “Financial reporting for managers and beginners”

Report season - best time for a day trader: there are a lot of good movements associated with the release of company reports, volumes appear on the market and the chances of earning money skyrocket to the maximum. Financial reporting is one of the key indicators, which is followed by most traders in the market. The author presents this book as a textbook and introduces the reader to the basics in clear language financial analysis. The book is very easy to read, there are tasks for you to solve independently, real examples from the financial statements of companies such as Microsoft, Intel, Gazprom, etc. If you want to study financial statements and do not get confused by the numbers, we advise you to read this book.

3. “Investment”

There is a legend among traders - whoever reads this textbook and understands it will take big money out of the market.

-Technical analysis-

1. “Technical analysis of financial markets. A Complete Guide to Trading Methods and Practices”

A classic book on the fundamentals of technical analysis. John Murphy talks in detail about plotting charts and methods for reading them, and defines terms such as trend, time cycles, and market indices. I advise you to read it for a better understanding of the market structure.

3. “Scalping Guide”

In this manual, Anton talks in detail about the basic concepts in the NYSE market, gives the rationale for ECN, types of orders, indices and much more, a Must Have for beginners. DOWNLOAD THE MANUAL

-Fiction-

1. “Short game. Secret springs financial disaster"

The book is set during the 2008 global financial crisis and touches on several stories real people who have found weakness in the world financial system and bet everything on its collapse. Lewis's writing is simple and concise, explaining complex things in simple and understandable language, making the book a very easy and quick read.

2. “Memoirs of a Stock Speculator”

“It's a bull market!”

A book that has become a classic of stock market literature. Many traders have read this book several times and constantly found something new. Lefebvre tells the story of Jesse Livermore, history's greatest trader, and his successes and failures. Despite the fact that the book was first published almost a century ago, much of it remains relevant to this day, since human psychology has not changed for centuries, the market is ruled by the desire to earn easy money. For me, the book remains the best I have ever read on the topic of trading.

4. “The Lord is my broker. Seven and a half laws of spiritual and financial growth"

Former Wall Street Trader Looking to Get Started new life after complete ruin and goes to the monastery. The hero of the book expects a calm life without worries and fuss, he expects a spiritual life. But that was not the case. A book by Deepak Chopra falls into the hands of the abbot and life in the monastery changes, the prayer book is replaced by books by Stephen Covey. The monastery's fortunes are growing at a breakneck pace, as are its expenses. If you want to relax and laugh, then this book is just for you.

6. “Ball of Predators”

Wall Street in the 1980s was a greedy and cut-throat place, with aggressive takeovers, junk bond trading, insider trading, and much more covered in this book. The story of Michael Milken and Drexel Burnham Lambert.

8. “Liars' Poker”

Lewis shares his experiences while working for Salomon Brothers in the 1980s. The book describes the times of bond trading.

-Psychology of Trading-

1. “Psychology of trading. Decision Making Tools and Methods”

We mentioned Brett Steenbarger in our review of . In his book, Steenbarger describes the most common psychological problems in trading and offers solutions to them: overtrading, fear of entries, stupid investment decisions. The book contains real life stories and examples from doctoral practice that will help you understand some of the subtleties of trader psychology.

3. “Disciplined Trader”

The book by popular trading psychologist Mark Douglas has long become a classic in the United States. Mark shares his experience of trading in the futures market, but not from a technical point of view, but from a psychological one. The author talks about the most common mistakes in trading: early coverage, transplantation, overtrading, fear, not following the system and many other mistakes that each of us has made at least once.

- Behavioral Finance-

1. “Think, fast and slow”

Nobel laureate Daniel Kahneman talks about human behavior in general, how our thinking works and why we do what we do. Each of us commits impulsive actions, but Kahneman sheds light on this and explains why we act the way we do.

3. “Irrational optimism. How reckless behavior drives markets"

Nobel laureate Robert Shiller in his book explores the so-called “bubbles” in the stock market and how excessive optimism leads to disastrous consequences. Much of the text is devoted to the turmoil in the American stock market over the past 20 years: the boom in the technology market, the collapse of the real estate market, but the main difference between Shiller and most academic studies in economics is that human psychology is taken into account.

5. “Predictably irrational”

Dan Ariely has done extensive research that addresses the issue of decision making and what really influences it. After reading this book, you will understand many things that worried you before: how to stop making impulsive actions, how to wisely approach the distribution of funds, and many other answers you will find on the pages of this book.

7. "Quantas. How wizards from mathematics made billions and almost collapsed stock market"

A real textbook on the history of the development of algorithmic trading as a separate line of business on Wall Street. Dispels the myths that algorithmic trading is a miracle or a “money machine”, and talks about the hard work and research of scientists - mathematicians and physicists - in the tough and unforgiving world of the stock market. The book will be of interest to both novice algorithmic traders and scientists conducting research in this area, as well as their clients.

-Biography, interviews, stories-

4. “What I Learned Losing A Million Dollars”

The book tells the story of the experience of losing one million dollars in one day. The story of a trader who traded soybeans on the CME. The book consists of two parts: the first is how he earned his capital from trading, and the second part is the lessons learned from losing all his capital. Subsequently, devastation and despair were replaced by conclusions from their own mistakes.

6. “The most common misconceptions and follies of the crowd”

The first edition of this book was published in 1841. The British writer undertook to describe the insane behavior of the crowd, the first book of its kind. The most common manias of the past centuries were taken as a basis. One of the most popular is tulip mania in Holland in the 17th century, when a tulip bulb cost a fortune. McKay quite accurately describes the state of a person during general madness, when a stable, healthy psyche breaks down under pressure from the outside and a person begins to do completely thoughtless things that flow into an insane form, such as selling all his property and investing it in shares of railway companies or in flower bulbs . I advise you to read this book, as you will find in it a lot similar to the crisis of 1998 and 2008, although the author lived two centuries before.

7. “Way of the Turtles”

The book tells the story of the legendary “turtles”. “Turtles” appeared as a result of a dispute between two successful traders - William Eckhardt and Richard Dennis. One said that it was impossible to teach trading to a person on the street, the other, on the contrary, said that with effort and discipline one can achieve success in trading. Richard Dennis won the dispute, as almost all traders managed to make money. Thus, Dennis proved that trading can be taught to a person who has no experience in the market and does not have any theoretical basis.

-Miscellaneous -

1. “Flexible consciousness”

The content of the book is loosely related to trading, but it very well describes all the difficulties that we encounter during our work, because in order to correctly learn from mistakes, we need flexible thinking. If you have the right mindset, you can make the most of any situation. The book contains many examples from sports, business and life. I really like the author’s position: “not yet,” which in Russian sounds like “not yet.” This philosophy is applicable in trading and in any other type of activity. It takes time to develop, effort and patience to achieve a certain skill and achieve success, but most make a serious mistake and immediately begin to chase after big victories, money and as a result suffer defeat.

3. “One Good Threat”go"

The first book that talks in detail about the concept of prop trading. Michael Bellafiore talks about the complexity of being a day trader, shares real stories from your life. The book is very useful and essential reading for many beginning traders.

-Books in English-

1. “The Playbook”

Mike Bellafiore's second book. What I like about this book is that there are no illusions about easy money, throughout the text the issue of hard work, love for your work and diligence is raised. How to succeed and how not to fail? How to become better than yesterday? You will find answers to these questions on the pages of this book.

3. “ How to Trade In Stocks”

Everyone knows about Lefebvre's works about the great speculator, but most do not know that Livermore himself wrote the book. In the book he described his trading principle making trading decisions. But with the caveats that he himself often violates these principles (Livermore lost his fortune three times). Not in any modern book you won't see so much valuable information in such a small volume.

-ATTENTION-

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You write in the Yandex search “Books on trading” and you can get confused from the “2 million results” you receive. How long will it take to study them? Will this knowledge be useful to me? Will this help me become a successful trader? After all, to become a successful trader it is not enough to read and study all the books on technical analysis and fundamentals .

If you look at successful traders, some of them are better versed in technical analysis, others are gurus in algorithmic trading. But all of them, in addition to technical knowledge, are united by the will to win, endurance, and they approach life and work with humor. It turns out that to become a successful trader, you need not only technical analysis, but also personal qualities. And in order to develop what is missing in yourself, we offer you TOP 7 books for a novice trader .

Seventh place takes "Exchange at your fingertips" Victor Ilyin, Valery Titov. This book will help a beginner better understand the stock market, its structure, mechanisms and principles of operation. You will find a lot in it useful information on the development of the stock exchange, its features and the intricacies of trading on it. After reading this book, you will not only learn how to properly manage your money, but also how to increase it in the stock market.

On sixth place located - "Technical analysis of financial markets" John J. Murphy. This book is considered the best in the field of technical analysis. Despite the difficulty given topic, the book is written in clear language, replete with huge amount illustrated examples with detailed explanations. It describes the basic tools for analysis, price models, time cycles, trends, trading strategies and tactics.

On fifth place accepts - “Trading with Dr. Elder. Encyclopedia of stock trading" Alexander Elder. This is simply the trader's Bible. The book consists of three sections describing different aspects of trading. The main focus of the book is money management and trading psychology. You will also learn how to control your risks in the market. In it you can find detailed answers to popular questions from beginners in trading.

On fourth place settled - "The Count of Monte Cristo" Alexander Dumas. This book makes it clear that if you want to achieve results, you need to persistently pursue the goal, constantly study, keep a “cool” head, and always have a strategy of action. And these are the basic principles successful work trader.

Honorable third place — "The Exchange Grail or The Adventures of Trader Pinocchio" Alexander Gerchik and Tatyana Lukashevich. This book will help you understand the intricacies modern market shares The authors talk in detail about the principles of stock trading, trading levels and algorithms. The book is written with humor, clear language with a large number of examples and will be useful for everyone who wants to try themselves in the world of stocks.

On second place sits - "Way of the Turtles" . The author is Kurtis Feis, and the initiator of the experiment is Richard Dennis. Two traders in the 1980s bet each other $1 that they could take a man (“turtle”) off the street and teach him how to trade. There was a competition of 1200 people. Of these, 24 people were selected. One model was shown. In 2 years, these people earned 200 million dollars, in 1986, without a computer, with practically nothing. All transactions were carried out only by voice. The model involved trading in which one could be wrong 11 months a year, 10% positive entries and they made money on them.

And our champion No. 1 — "The Art of War" Sun Tzu. The book is the perfect guide to defeating your opponents in various conflict situations. The main idea of ​​the book is that only the methods of warfare change, human nature and the laws of war remain unchanged. According to the author, the art of war is based on two most important tools for conducting military operations - tactics and strategy, using which you will win even before the “boiling point” of the conflict.

Based on this book, Dean Lundell wrote "The Art of War for Traders and Investors" , which tells how to apply Sun Tzu’s methods to attract profit in trading.

Of course, this is not the entire list of books for a novice trader, but it is the basis on the path to your successful trading.

But even after reading all these wonderful books and mastering all the material, you need practice to achieve results. Practice in the most comfortable conditions for you, under the guidance of a professional trader who will teach you to confidently chart a course in the stormy sea of ​​the exchange market. This is the only way you can hone your knowledge in practice and increase your capital.

And you have a great opportunity for this - subscribe to « , which will teach you how to turn your knowledge into capital.

Books on trading in the market for beginning speculators are a storehouse of knowledge, since they systematize all the necessary information necessary not only for learning the basics of trading, but also for psychological preparation. The player will have to learn to trade on the market for a long time, especially if he sets a goal for himself - to achieve a normal result. Moreover, the trader will have to get acquainted with different types markets, strategies, risk management rules, etc. All this will require time and effort from you, but in the end, you will receive a reward in the form of a stable income.

Remember, in order to achieve a normal level in any industry, each of us needs to improve, for this we should study different material relating to the area in which you work. It will be difficult to achieve the best in trading if you are lazy and do not read specialized material.

It should be noted right away that a modern trader is happy man, since thanks to the Internet and PC you can download any book dedicated to trading on the market. Previously, for you to understand, there was little such literature, and even if there was some, it was passed from hand to hand. You had to wait months, depending on the length of the book, for your trader friend to read it. We are not used to imagining that people previously managed without scanners, photocopiers, the Internet, computers, etc.

Features of the book “Intermarket Technical Analysis”

In the 80s of the last century, the most memorable lesson was the moment when the idea was expressed that all markets are interconnected. Moreover, the markets of all financial centers are strongly influenced by each other.

This book is a great explanation for those who have not fully understood market relationships. In order for readers to quickly understand what the essence is, the author describes everything with examples; moreover, a fairly simple and understandable language is used.

Simply put, this is truly a book for beginners, because without the slightest idea Regarding technical analysis, the player will be able to understand what the essence of the book is.

Now regarding the content. The reader will become familiar with the four basic divisions of the market: currencies, commodities, securities and bonds. The book uses charts to explain in detail the characteristics of each of these components in the market.

So to speak, the reader has both practice and theory, all that remains is to put everything together and use it on your deposit.

Trading with Dr. Elder: The Basics

Believe me, you will encounter this author of this book more than once if you decide to work in the field of market trading. A. Edler is the author of an excellent book, which is a bible for traders. Yes, that’s exactly what practicing speculators call it among themselves, since this is a reference book for more than one generation.

As soon as you begin to get acquainted with the contents of the book, your interest in trading will instantly increase. Because such concepts as mass crowd psychology, various trading tactics, technical indicators, nuances of placing stop orders, risk control, etc. will be revealed to you. In general, everything that will come across the player’s path.

Just imagine, the car provides full-fledged instructions, which include features of organizing work in the market, the player will learn to lead accounts etc. The most important thing is that after reading the book he will be able to analyze his own mistakes made when concluding trading operations. In general, this book is a guide for the novice speculator, without which you can get lost in the field of trading as if in a dense forest.

D. Murphy: “Technical analysis of financial markets”

This is an ideal option for getting acquainted with those. analysis, trading instruments, market indices, etc. The author also paid attention to the graphs; the book contains over a hundred examples, plus detailed transcripts for each.

Van Tharp and his work “Trading - your path to financial freedom”

The world-famous Dr. Van Tharp created a book on trading on financial market, which is designed in an easy and simple writing style, therefore suitable for beginners in the field of trading.

This book will allow the reader to understand and learn the six basic elements necessary for effective trading in the markets. Moreover, the player will be able to create personal techniques after reading it completely. The most interesting thing is that the goals set for the trader and trading style will be taken into account.

To sum up, we can say that the modern speculator has great opportunities for quality training in trading in the financial market. It is only necessary to correctly concentrate your forces and direct them in the right direction.