Before I list these books, I have to tell everyone that I have read many stock market books. Unfortunately, I have not read a new one since 2002. So there may be some current books that are great too, but these are the ones that definitely helped change my trading life.
I can't remember anymore, but I think when I was 18 I was in a major automobile accident and had a very serious injury happen to me. It ended my collegiate sports carreer but helped start a lucrative stock market carreer.
During the time spent in the hospital and at home (home hospital) during the year it took me to fully recover, I purchase over 100 books. Out of those 100 books, I still own all of them. Sadly, if someone could have told me about 90 of them were pure junk and couldn't help me out making money consistently, I would not have bought any of them and would have used the money to invest/trade. Therefore, I would buy just what I list here. I have a bookshelf of books I will never EVER read again, but along with those are these gems that are invaluable and have been read, by me, many times over.
The List:
"Reminiscenses of a Stock Operator" by Edwin Lefebvre --I read this once a year, religiously
"How To Make Money in Stocks" by William J. O'Neil
"How I Made $2 Million Dollars in the Stock Market" by Nicolas Darvis
"Market Wizards (the first one only)" by Jack Schwager
"One Up on Wall Street" by Peter Lynch
"Lessons from the Greatest Stock Traders of All-Time" by John Boik
"Trading To Win" by Ari Kiev
"The Disciplined Investor" by Mark Douglas
"The Stock Trader" by Tony Oz
"Trading For a Living" by Alexander Elder
"How To Trade in Stocks" by Jesse Livermore
"24 Essential Lessons for Investment Success" by William O'Neil
"The Successful Investor" by William O'Neil
"The Master Swing Trader" by Alan Farley
"The Battle for Investment Survival" by Gerald Loeb
"How To Make Money Selling Stocks Short" by William J O'Neil
After just re-looking at my bookshelf, it pisses me off I wasted so much money on the other books. I hope this list helps as it is the "best" of the best. Total book count is 167. LOL. What a waste of money.
If you want another great read that doesn't really help you but is brilliant, I recommend "IBD and the Making of Millionaires" by David Saito-Chung. This is a fantastic look behind the scenes of how IBD became what it is today. Did you know William O'Neil ran this paper for 20 yrs. WITHOUT making a profit. Last year was the first year IBD was in the black. God bless, William O'Neil. I may never be able to thank him personally, as I can't justify the cost for attending a seminar with him present. But, the best way I can think of thanking him is hopefully throwing some business his way.
These books WILL make you a better trader. It is impossilbe to read these books and not be a better trader.
New Swing Longs: SIRI SPWR
Longs Outperforming Market: ASF-165% CERS-119% GMXR-113% RES-96% SPNC-88% ACR-74% IVX-65% WIRE-63% AAPL-60% GES-48% MCX-46% HITK-45% MNG-45% RTK-44% MIDD-41% GGR-31% Q-26% TSCM-26% TEVA-25% ERS MXWL RADS CTHR BBBB BRL ORA ICTG MDCC CHE CLZR ROK ELOS BEAV CBEY GRS NOVL NSTK PGR KGC MDG ELN AMS
New Swing Shorts: NONE
Shorts Outperforming Market: ESL WEBX
Stocks On Radar Screen: FRGO VLG TRLG DIET PMTR OPLK KEP PMID BWEB
Why Holding Shorts Too Long Is Dangerous In Bull Markets: ARM
10 comments:
Thanks for the reading list - I am glad to know that I have read almost all of those, so I am doing OK with my stock education, and will go out and try to pick up the ones I do not have. Did you like Weinstein's book? I heard it was highly recommended but I wasn't that impressed.
I was wondering what techniques you use to know when to take profits. Do you follow certain black and white rules, or do you go by feel sometimes? Do you simply follow O'Neill's rules for selling?
I was specifically looking at OXPS, which I own. It has had a nice recent run on good volume, but the past week or so has seen a pretty big drop in volume on up days and an increase in volume on down days. Curious of your thoughts and how you may handle this.
Thanks so much for your blog. It is very educational and I enjoy it.
If you could pick the 3 best books you mentioned, which ones would u consider to pick?
I am going on a trip and only want to purchase 3 at most.
3 best:
How To Make Money in Stocks, Battle for Investment Survival, How I Made 2 Million in the Market, and the must own Reminiscenses of a Stock Operator.
Whatever you do, just make sure the first and last one are purchased.
Reminiscenses is a must own. Just read the reviews on Amazon. It is the original, he was the first, the pioneer.
You are very welcome.
I am going to buy the Weinstein book. I believe that was one I was going to buy, before I thought I knew it all. LOL. It has been a long time and that book seems like the best next purchase after reading the reviews in amazon. The books table of contents dont really impress me but if it is good GREAT!
Selling! beautiful. I left one book out that I have to add to the list. How "How To Make Money Selling Stocks Short" by William J ONeil.
It is all in that book. Every sell rule in there is the same sell rule I use, except when cutting initial losses after the purchase.
Sell a little OXPS if you like. I plan on selling some soon, if it continues to act funny. But for now I am sitting on a 42% gain in a stock that is THE leader in a strong sector, that has HUGE earnings/sales growth, and still has a very nice weekly chart. I am holding all. I will have to see real weakness before I sell some out.
Thank you, once gain! I am glad you enjoy this.
BTW, 3 Best: I list 4. I did that on purpose. Or did I?
Hi Josh, I noticed gold reversed on a HUGE bar today (Monday), dropped from $541-$526... as such I've taken the liberty of cutting my KGC holdings in favour of ERS.
Do you consider movement in Gold/Silver a strong influence in your mining stocks? While the market may look like this correction is over I thought the overbearing weight of a 7-8% correction in gold was a warning I should heed. (not to mention silver reversing 6% last night alone!)
I'll be looking to get back into gold when it bottoms but in the meantime I like the base ERS is coming out of far better than the reversal on KGC.
Any thoughts?
Cheers mate, see you when I can load up MSN or !
- WC
May I also add "What Works On Wallstreet," by O'Shaughnessy. Finding undervalued high growth stocks works too!
Your trading-book selections mirror my own. These books are the ones I keep coming back to over and over to read again and again...and I always discover something new when I do. My all-time favorite would have to be Nicolas Darvas' book. It shows how simple ideas about price and volume can lead to amazing profits.
So, again, for your selections: the amen corner here is shouting a huge AMEN!
Best wishes to you and much success trading,
Darren.
Excellent, Darren.
Yes. I find that all really good traders that have produced well above average results list these books as well.
These books are so wonderful and full of history that still work today, that it is hard for any new books to have anything new in them that have not been published in these gems.
Continued success to you too, my friend.
If you have any you recommend that I have not read, let me know.
Merry Christmas and Happy New Year!
Aloha, WC.
Where have you been? Haven't seen you around for a week or so.
Anyways, KGC is still beautiful. I am still holding all of my long, along with ERS.
Gold always has volatile moves during uptrends. So this is normal to me. Study the last leg up in 2003 to see what I mean.
Hope to see you soon. I hope evrything is going really well.
Merry Christmas and Happy New Year!
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