5 Trading books which made me better Trader

Summary

In this video, the speaker discusses the trading books that significantly impacted their journey as a trader. They highlight books on price action, trading psychology, and specific strategies, such as 'How to Make Money Trading Derivatives,' 'Strategies for Profiting on Every Trade,' and 'Trading in the Zone.' The speaker emphasizes the importance of psychological understanding in trading and the value of specific concepts like CPR and P points. The video provides insights into which books helped the speaker become a more effective trader and offers recommendations for those looking to improve their trading skills.

Takeaways

• 😀 90% of trading books cover similar strategies like support/resistance, RSI, and common patterns such as head and shoulders or double tops/bottoms.
• 😀 A few standout books can make a significant impact on a trader’s journey, especially for beginners. These books offer practical knowledge beyond basic strategies.
• 😀 The first trading book purchased by the speaker was *How to Make Money Trading Derivatives* by Ash Gahl, which offers an introduction to technical analysis but isn't focused entirely on options.
• 😀 *Strategy for Profiting on Every Trade* by Oliver Veles is a favorite book, teaching the importance of price action and 20 EMA in day trading.
• 😀 The book *Trading in the Zone* by Mark Douglas focuses on trading psychology, addressing emotional control, the impact of fear, and the importance of mindset in trading success.
• 😀 *The Discipline Trader*, also by Mark Douglas, is a useful companion for those struggling with trading psychology, though *Trading in the Zone* is considered more impactful.
• 😀 *Secret of P Boss* by Frank Ooa discusses key tools like CPR, P points, and price action, which greatly influenced the speaker's trading strategies after backtesting them in the Indian market.
• 😀 *How to Make Money in Intraday Trading* by Ashwini Gahl is another favorite book, which also emphasizes price action, CPR, and 20 MA strategies.
• 😀 *YTC Price Action Trader* by Lance Begg is considered the most comprehensive trading book, offering deep insights into the psychology behind price action and helping traders understand the language of the market.
• 😀 No matter how many books you read, success in trading comes down to practice, backtesting strategies, and applying concepts in real-time with small trades. Trading psychology plays a crucial role in this process.

Q & A

What is the main theme of the video?

The video discusses the author's personal journey with trading books, highlighting the ones that helped him improve as a trader, especially focusing on price action, trading psychology, and specific trading strategies.

Why does the author mention the book 'How to Make Money Trading Derivatives' by Ash Gal?

The author mentions this book as the first trading book he purchased, which holds sentimental value. However, he clarifies that the book is not specifically about derivatives and is not his favorite for learning about options trading.

What key concepts did the author learn from Oliver Velez's book 'Strategies for Profiting on Every Trade'?

From Oliver Velez's book, the author learned the importance of 20 MA in day trading, how to trade the market opening, the significance of gaps, and how to spot intraday reversals in price action.

How did the book 'Trading in the Zone' by Mark Douglas impact the author's trading?

At first, the author was disappointed with 'Trading in the Zone' because he expected it to cover price action strategies. However, after understanding the importance of trading psychology, he found the book crucial in overcoming emotional obstacles like FOMO and fear of being wrong.

What is the main difference between 'Trading in the Zone' and 'The Discipline Trader' by Mark Douglas?

While both books focus on trading psychology, the author recommends 'Trading in the Zone' over 'The Discipline Trader' for its practical insights into handling emotions and mindset during trading.

What is the author's opinion about the book 'Secret of P Boss' by Frank Ooa?

The author considers 'Secret of P Boss' his favorite trading book. It introduced him to concepts like CPR and P Points, which he now uses in his strategies, and he was impressed by the depth of knowledge it offered, which greatly influenced his approach to trading.

Why does the author recommend 'YTC Price Action Trader' by Lance Beggs?

The author highly recommends 'YTC Price Action Trader' for traders looking to deepen their understanding of price action. This book focuses on the psychology behind price movements and provides a detailed explanation of why certain patterns form, which can enhance a trader's overall skill.

What advice does the author give regarding pirated copies of trading books?

The author advises against using pirated copies of books. He emphasizes that purchasing legitimate copies directly from publishers or authors supports the work of the writers and ensures that traders receive the correct, unaltered content.

What role does trading psychology play in the author's approach to trading?

Trading psychology plays a critical role in the author's trading journey. He emphasizes that understanding and controlling emotions like fear and greed, as well as maintaining discipline, is just as important as learning technical strategies.

What is the key takeaway from the author's trading book recommendations?

The key takeaway is that successful trading is not just about strategies but also about mindset and psychology. The author highlights the importance of understanding price action, trading psychology, and the right techniques, while also recommending practicing with real-market scenarios through backtesting.