1. Mastering The Trade (by John Carter)
Inspirational read on trading which helps in confidence challenges. John Carter lucidly explains the psychological and tactical challenges that face a trader. What makes this book www.dissertationworld.com unique and enjoyable are three things: firstly that it contains several chapters on different high probability trading strategies; secondly that each chapter gives numerous real examples of how the strategy actually works and; thirdly and most importantly, precise entry and exit rules for each strategy including how to protect yourself against risk if you are wrong.
It is not necessary for traders to employ every strategy documented in this book. I personally have adopted one of them and it has since become part of my daily trading routine.
Carter’s is passionate for trading. I admire the way he religiously carries out each trade in accordance to his rules and not based on impulse.
This book is not for the beginner. The advice given in the chapters on psychology and risk is absolutely crucial for everyone.
These two books are a gem whether you are a beginner or an advanced trader. Each chapter is an interview with one of the world’s top traders. It is very easy to read – even a 12 years old could make sense of it.
The personal stories and insights of each individual trader is simply fascinating to read.
What I found interesting about this book when I first read it was how some of the world’s best traders have experienced losses in their own trading on a scale that is unimaginable. Readers will also notice that different traders will often disagree on a number of issues.
There are no actual specifics given as to exactly how they trade. Also, the interviews pre-date the technological age of the internet and widely available charting and trading softwares. Having said that, this book is a must for everyone who wants to learn how real traders think.
This book is an ideal starter for anyone who wants to grapple with the intricate but lucrative world of options and volatile markets. One reason I am recommending this book above all the other books on options, is that its author, Guy Cohen, is an expert not just in options but very adept at being able to explain how to trade options to the ordinary person.
The first few chapters cover the basics of technical analysis and breakout patterns. Where it gets really interesting is when he talks about “straddles”. This is a strategy whereby you can potentially make money no matter which direction the market moves, up or down.
Guy Cohen does not seek to confuse the reader and he does an excellent job of clarifying what can be quite a complex topic.
This book is the definitive guide to the world of technical analysis (analysis of charts). Fans of fundamental analysis (or “fundamentalist” as we like to call them) will probably scoff at the mere mention of technicals and charts, dismissing it as reading “tea leaves” and not serious trading. Don’t pay any attention. I don’t know of any serious professional trader who does not use some form of technical analysis.
John Murphy does a seriously good job of demonstrating how to analyse charts for the beginner traders. Trendlines, patterns, moving averages are all covered here.
5. Trading In The Zone (by Mark Douglas)
If you haven’t started trading yet and you want to save yourself months of anguish and frustration, then do yourself a favour and read this book.
Trading in the Zone is not a book about “strategies” or “systems”. It is about something much more important. Any trader will tell you that 95% of trading is psychology. It is not the trading system that is important, as much as how your own mind will work against you when you do trade.
The most important concepts discussed in this book are: consistency and uncertainty. You need to be consistent in your trading method and you need to have an un shake-able belief in uncertainty – that in the markets anything can happen. Once you accept that, you can give up on the emotions that imprison your mind and learn to be a better trader.
A book that inspires one to achieve there personal legend no matter how big or small , the universe is there to achieve your dream as seen in the eyes of a young Spanish shepherd Santiago. Paulo Coelho's enchanting novel has inspired a devoted following around the world. This story, dazzling in its powerful simplicity and inspiring wisdom, is about an Andalusian shepherd boy named Santiago who travels from his homeland in Spain to the Egyptian desert in search of a treasure buried in the Pyramids. Along the way he meets a Gypsy woman, a man who calls himself king, and an alchemist, all of whom point Santiago in the direction of his quest. No one knows what the treasure is, or if Santiago will be able to surmount the obstacles along the way. But what starts out as a journey to find worldly goods turns into a discovery of the treasures found within. Lush, evocative, and deeply humane, the story of Santiago is an eternal testament to the transforming power of our dreams and the importance of listening to our hearts
3. Pay yourself first
Paying off all your debts does not necessarily make you any richer.
Imagine you had $30,000 of debts. You also have $30,000 in savings. You decide to pay off all your debts in one go, maybe because it makes you feel better to think you have no more debts.
The problem is this: you have chosen reducing your debt, instead of growing your wealth.
Now imagine this scenario: instead of paying off all your debts in one go, you decide to pay your creditors the minimum every month to keep them happy. You then use your savings to invest in assets. Five years later you sell one of your assets for $100,000. You can now give $30,000 (plus interest) to your creditors and use the remainder for yourself.
The bottom line is: pay yourself FIRST!
4. Your home is NOT an asset
Ask most people in the street what their most valuable asset is. I guarantee they will either say their car (yes, their car!) or their home.
Kiyosaki explains that because you are paying for your home's mortgage and bills, your home creates negative cash flow. Therefore it is NOT an asset.
An asset would be an investment property so that your tenants pay the mortgage and the bills - AND it gives you positive cash flow.
5. Education is an asset - but what kind of education?
Before you can achieve wealth, first you must learn how to do that. If you do not, your mistakes will be costly.
Education is NOT about getting some rubbish degree from a university. I spent 4 years of my life studying law. How much financial independence do you think my law degree got me? NONE!"
ACHIEVING FINANCIAL FREEDOM
AND LIVING YOUR DREAMSFinancial freedom is not defined by your net worth or your social status. It does not matter how much you earn – what matters is how much you can save and invest wisely. The secret to financial freedom is learning the basic concepts of planning well and adopting the right attitude. But how does one achieve this?Written by a common man for the common man, this book will help you lead a financially independent and conscious life.
Everyone around us is trapped in a mindless rat race. If you’ve resolved to take control of your finances and construct a personal finace plan, From the Rat Race to Financial Freedom is a good starting point.