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“Be successful in trading. You need to absorb as much ninformation as you can and and take advantage of nevery educational resource. I think books are a great way to your skills and improve and in today s video nwe re gonna talk about my top five favorite ntrading related books. Upbeat rock music hey everyone lead ntrainer with stockstotrade.
Tim bohen. Here gonna talk to you about my top nfive favorite trading books. I think books are a great way to really build your skills grow over time take advantage nof that dead time you know everybody has time where they re waiting at the doctor s office. They re waiting for the uber.
They re waiting for an airplane. They re sitting on an airplane maybe waiting for that next class or commuting whatever take advantage of that dead time to really get better you re gonna have to maximize your time and books are a great way to do that my first favorite trading book and it is my all time favorite is the daily trading coach nby brett steenbarger one of the reasons i love it so much is number one the content is great brett steenbarger is a ntrading psychologist really sharp guy and the book is very well written. But the best part is especially if you re not nnecessarily. An avid reader.
What s great about the ndaily trading coach is it s 101 chapters. All of them are probably nfive minute reads some less maybe some a few minutes more even if you re not a person that likes to read for hours a day you can grab that book again while you re sitting nthere waiting for a ride waiting for the next. Appointment and you can read one of these lessons. I think.
It s probably the nbest trading book out there oddly enough. I had it on my kindle and amazon would not let me nhighlight any more passages. As i read that book it maxed me out with nthe number of passages. So definitely check it out it s one of the great ones and read a lesson each day and just keep repeating my second favorite ntrading related book is a it s a great book because it s historic.
The ending is a little sad. But it s pretty wild to read and realize that something 80 maybe even 90 or 100 years ago. Still works today in 2018. And that is trading nthese fast moving stocks so reminiscences of a stock operator is a story of jesse livermore.
He was a probably the most nsuccessful momentum trader ever. I think again it was in nthe early 20th century. He made millions lost millions ultimately ended up committing suicide that s the sad part of the story. But the great part about it is he tells his journey nthrough the bucket shops and really details what we do today he would locate hot trends.
You know whether that be in cotton or grains. I mean some of these commodities that we necessarily don t trade well they are still traded today. But in momentum lane. We don t trade them.
But the charts are there the patterns are there he would recognize hot sectors. I certainly believe if jesse nlivermore was around today he d be trading cannabis stocks he d be trading cryptocurrencies because he had his ear to the ground and knew what was hot and it s just really neat to see from a historical standpoint. Great book you might not learn trading techniques. But it gives you great in depth into the mind of a momentum stock trader.
The third favorite book of nmine is by michael covel. He s a friend of mine..
It s trend. Following. This is a book that nreally helps and shapes. A lot of my swing trading type style.
When i talk about swing trading. It s more trading over multiple days and multiple weeks be sure to check out our other videos. We kind of talk about the difference between day trading and nswing trading a lot. But it s really that different mindset of instead of trying to be nin and out the same day.
You re holding stocks nmultiple days weeks. Maybe months or even years and what michael covel ntalks about in this book is isolating those charts. It s a great charting book. You know if you re looking you know if people talk about looking at charts and you re like it s a great way to get started.
There and learn that knowledge you know the common mistake na. Lot of new traders. Make is they re out too early they take profits too early you know the old adage is you know the biggest mistake. A lot nof new traders make is they let their losses run and they cut their profits early sounds funny you know you might think i see it every day in day trading land and swing trading land people let their losses.
Grow grow grow. And the instant. They see ngreen. They take profits and trend.
Following is a great book to get you in that mindset of as long as you re green on a trade let it work. If you re red on a trade cut that loss quickly nand. You ll be you know that s the way to be nmaximize your success small losses big wins trend. Following s one of my favorites also check out turtletraders nby michael covel as a bonus my fourth favorite trading related book is the psychology of trading nby brett steenbarger again for sure check out brett google him he s got a great blog.
All of his books are great the trading psychology as nwell as trading psychology 20. Where he did an updated version it s another one of those books where especially if you ve got na little bit of experience. I recommend these books if nyou ve been trading a while i m sure you could read nthem if you re totally new. But when you re really new you ve kind of gotta make the mistakes.
It s kind of like a baby learning to walk and you realize when you run into things you make these mistakes and then you see that baby kind of learn from those mistakes trading psychology reminds me of that where as i was reading it i m like and then he talks about nsolutions to those problems so again. I say buy it ntoday both of them they re both great trading. Psychology 20. Nwas.
The updated version. But for sure if you re a couple months or a couple years into this journey. And you ve never read it check it out and you ll be amazed at how it s almost like as i read it i m like and i have a feeling a lot of traders cause again trading is na business of mistakes. It s a lot like baseball you strike out a lot in trading and there s so many lessons in this book that can potentially be a ha type moments.
The fifth book. I think nevery day trader should have and swing trader for that fact is japanese candlestick ncharting techniques by steve nison..
It is a. I would call it a little more of a textbook. Y type book daily trading coach. Very neasy.
Very quick read bite size chapters. Japanese candlestick charting ntechniques is a little dense. I consider it more of nlike a reference material. But i really think you should have it to recognize these chart patterns to understand candlesticks if you re new to trading.
You might be like those are the charts the types of charts. We look nat as short term traders. We don t look at the ntraditional line chart. You might see in the nnewspaper or something because we re trading volatility candlesticks charts show nyou the high of the day the low of the day nhow far the stock went where it opened where it closed.
It s amazing the amount of information you can garner from a candlestick chart seasoned veterans like nme and other day traders can look at a candlestick chart and instantly recognize nthat s a bullish pattern. That s a bearish pattern that stock s breaking out that stock s breaking down. It s consolidating so it is a dense read. It is kind of expensive last.
I checked it might nbe 70 80 on amazon. But i think it s a reference material that needs to be on your shelf accessible to pull out nwhen. You need a reference and then as a bonus. I know it s the top five favorite books.
But the sixth favorite as a bonus is american hedge fund by timothy sykes. You know i look back at my history. If you ve read some of where my journey in trading. I was always interested in finance literally.
Since elementary school never made any money until. I found tim sykes american hedge fund on amazon roughly right when it ncame out about 2007 2008. That s when i discovered day trading these low price stocks that s when i discovered s money. I m just gonna buy this little trinket right that s not what happens.
But what you want to do is you want to look at things. And i don t invest in companies that aren t essential right the reason. Why i m apart of ikon meals is i know that people are gonna eat no matter what right no matter how bad things get people are gonna need food and they re gonna spend money on food. I invest in real estate single family real estate by the way because i know that no matter how bad things get people are eventually and always gonna need a place to live or rent.
They re either gonna need to buy or rent a place to live. You always got to have a roof over your head. I m vest in software. That is essential i invest in companies that make sense to me that even in down times.
That not recession proof. Because there s really no such thing as recession proof because we all feel the blow back when things slow down..
But things that are going to be still essential during a recession right people are still going to need to eat they re still gonna need a house they re still gonna need software and leads to generate for their business. So think about that when you re investing in the stock market. I buy products that are always going to be needed during down time. I have stock in facebook.
Ab stock in amazon. Which i expect my amazon stock to really go up when they report their earnings next quarter. Because of all the people that bought hand sanitizer and toilet paper literally amazon was sold out of toilet paper. Who told people that the coronavirus gives you the shit s because it doesn t but like who told people that right like that s just like that s the craziest thing ever right that in and i don t understand that i could go off on a whole other rant for that but because of that my amazon stock should soar in the next.
Quarter now. Amazon i think is hiring 300000. New delivery employees. Within the next two months.
Just to keep up with the demand. So i mean think about that investing in that was a good move for me investing in facebook is a good move for me more businesses are gonna need to advertise digitally more people are gonna look at their phone because their home they re gonna look at facebook. Because they re home and they re easily distracted than ever before that s been a good investment for me i invest in apple right i own every product that apple has ever made from ipods to the old mac to laptops got three laptops two screens one desktop. I got the mac mouse.
The mac key. I do not bought everything with them because they make a central like if you want to run a business especially an online business. You need to buy apple stuff you know i look at microsoft as something that s not essential right businesses may need it and everything else. And it s a great company and i own a little bit of it.
But nobody s buying microsoft computers the way that they re buying apple computers. Okay. I also own a stake in places like grub hub. You know people are gonna need food delivery for forever.
So i ve invested it in grub hub and so think about your business. Right now if you re struggling. I feel for you you know i understand and i feel free. I m very empathetic towards that but how could you make it essential.
How could you switch from selling something that is like an added bonus. One of the little lime and salts or the trinkets at the 7 eleven to the milk and water that they sell at 7 eleven that everybody needs and listen when and i said this back in 2017 you know in 2017 a lot of people hadn t really come out of their shell and started putting in hard work and saving money and stuff like that miss a man. If you re not living your best life. Now and you re not saving money and you re not making investments.
Like what are you gonna do when the crashes and a lot of people are hating on me all man the markets gonna be good forever and everything else and i m not like the i told you so type. But what i m telling you is that you have to start looking at things is like if there s there s gonna be good times and bad and you need to figure out how your business can survive. And bad this won t be the last time that we re faced with something like this this won t be the last time. That ain t good this won t be the last time that the market corrects itself.
This won t be the last time that we face massive foreclosures or or debt forbearances. This won t be the last time that that happens i survived it in 2006 and seven and eight and nine and ten because those were when the subprime days of the banks were ending i have survived it now i m gonna survive it in 2020 and i ve seen it happen in the 80s i watched my grandfather s bank shut the doors and our family go from living high on the hog..
Because of the savings and loans to being shut down. And that left a big mental imprint inside of me. When i watch the start happening in 2006. Literally.
I went to work in 2006. One day. And there was a huge mortgage company. We re talking somebody to trillions in mortgages.
The account executive calls me up on the phone he s like kill stupid. Just keeps sending us your loans. We re gonna be good everything s gonna be okay coke perfect submit a few loans to them two hours later dude they lock the door of our office and we re not even there anymore and they gave us severance checks and they made us sign a piece of paper in order to give us a check do not submit your loans. This literally happened within a short window of time kate so things can go from my high on the.
Hot this is a dude that called me that was probably making 100000. A month. I don t think the guys ever recovered since right because he was living in a fancy million dollar house driving a ferrari and all these other things didn t put money back top. The would last forever found out there was a correction and got hit some of you are facing that right now and all i will tell you is allow this to be a time that you change the way that you operate you make what you do essential okay you make what you do not recession proof.
But the ability to go through a recession and still survive right and so i would just encourage you to take the time right now to do some inventory am. I selling something that that will last write something will be around forever. Something that stood the test of time or am. I selling trinkets at the front of 7 eleven.
If you re selling trinkets at the front of 7 eleven. You re not going to stand the test of time. And you got to figure out how to turn those trinkets into survival mechanisms that allow people to you know want to use and need really to use your stuff. No matter.
What you want to sell things that people have to have and you want to definitely if you re an investor you definitely only invest in things that people have to have people absolutely need it in order for them to survive and thrive in down and up economy. So if this educated you a little bit. I hope it rewired your thinking a little bit all i ever ask is that you know you just listen to what i say with an open mind. I m not here to be like i told you so and rub it in your face.
That s not how i operate. I want you to hear my heart on this stuff. So. That it protects you your family your employees.
And the people around you your customers and everything else in the future. Let this not be a time of anxiety and shame and anger. But let this be a time of rewiring your mind for success in the future. Thank you for watching we ll catch you ” .
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