8 Best Trading Books for Beginner & Advanced Traders

Best trading books

Financial markets are notorious for their ruthlessness towards traders who delve into them with a non-serious and uninformed approach. In contrast, market players who adopt a knowledgeable and attentive attitude towards trading majorly witness optimal results. Undoubtedly, steering clear in the stormy trading waters requires notable ability and expertise on the part of traders.   

To acquire a deep understanding of the financial markets and other trading intricacies, studying quality trading books is the most viable option. Here we have arranged a list of the 8 best trading books related to trading strategies, market psychology, and general financial philosophy that can help you level up your trading acumen. 

1. The Alchemy of Finance by George Soros 

Best trading book - The Alchemy of Finance

The Alchemy of Finance is a valuable work of George Soros, popularly known as a billionaire investor and the “man who moves the markets.” In this work, Soros put forward a new facet of economic behavior, explaining how the market trajectory is shaped by the financial players. For instance, he says that markets are not inclined towards equilibrium and certainty according to his theory of efficient markets and rational expectations.

Further, Soros expounds on his unique investment strategies and practices, including the “theory of reflexivity” that explains the relation of participants’ anticipation cycle with market facts.

Though this book can get a little overwhelming for new traders, it can be greatly rewarding if explored with an enthusiastic mind. 

2. The New Market Wizards by Jack Schwager 

Nothing can be more motivational than hearing stories of successful traders and how they achieved such positive results. In the book “New Market Wizards,” Schwager interviews the financial wizards and asks them about their trading secrets and apprehension of the trading sphere. While all the market winners pointed out different drivers for their productive journey, they all placed extensive & diligent research, self-confidence, and planning ability as the key factors of emerging as successful. 

Reading this book can work as a great encouragement to overview and enhance your trading style. The author has efficiently explained the unique insights of interviewees to assist the readers in fully comprehending the stated responses.

3. The Ultimate Price Action Trading Guide by Atanas Matov 

Best trading book

“The Ultimate Price Action Trading Guide” is one of the best price action trading books if you want to get familiar with the basics and dynamics of price action trading. In his book, Atanas Matov, who has been trading since the early 2000s, writes about price action trading patterns, candlestick formations, and technical indicators in a manner comprehensible to novice traders. 

Different from the trading philosophy and history books, this book is a practical guide for learning about trading systems and price action strategies.  

4. Technical Analysis of the Financial Markets by John J. Murphy 

Price action trading book

“Technical Analysis of the Financial Markets” is another best trading book that provides a simplified and to-the-point rundown on the technical analysis applications in diverse markets. The book includes timeless information about technical tools, Intermarket links, stock rotation, and charting methods that can help the readers level up their chart reading and pattern-identifying skills. 

Enriched with various illustrations and examples, the book is easy-to-read and offers a detailed synopsis regarding the technical analysis domain. 

5. Trading in the Zone by Mark Douglas 

Best trading book

Penned down by Mark Douglas, Trading in the Zone is one of the best trading books shedding light on trading psychology. The author proficiently describes the market myths, true realities of risk, and reasons for lack of steadiness from the psychological perspective. Douglas emphasizes the importance of traders’ mental habits, as the psychological instability of a trader can result in conflicting decisions and waning confidence.

This book teaches how to practice consistency and patience during trading to avoid the most common mistakes that can cost us money. 

6. Forex Price Action Scalping by Bob Volman 

Forex Price Action Scalping: an in-depth look into the field of  professional scalping by Bob Volman (price action trading book)

“Forex Price Action Scalping” is a reliable price action trading book that caters to the needs of scalpers and intraday traders. In this book, Bob Volman adeptly explores the forex scalping arena and describes hundreds of trading setups, entry/exit rules, and price action principles via countless charts. Besides trading techniques, the author also reviews the psychological issues of financial trading. 

Altogether, this book shares valuable techniques and insights, specifically useful for scalpers who aim to boost their trading skills. 

7. How to Make a Living Trading Foreign Exchange by Courtney Smith 

Best price action trading book

“How to Make a Living Trading Foreign Exchange” is an outstanding and comprehensive guide for forex traders. In his book, Courtney Smith discusses six prominent forex trading techniques along with his unique “Rejection rule,” a strategy that he claims could double the profits of basic channel breakout systems. 

Further, the author elucidates remarkable risk-management methods as well as trading psychology aspects besides the standard forex discussion. 

8.Way of the Turtle by Curtis Faith 

Best trading book - Way of the turtle

Way of the Turtle is a widely popular and the best trading book written by Curtis Faith, where he describes a social experiment conducted by Richard Dennis and William Eckhardt back in the early 1980s. Curtis explains how Dennis and Eckhardt recruited 23 ordinary but smartest people (called “Turtles”) from all walks of life and trained them to be successful traders in just two weeks. 

Curtis Faith, who was also a participant in this experiment and made $30 million in just four years, explains the behind-the-scene realities of this play that turned Turtles into legendary traders. Interestingly, the book answers one of the most prominent trading enigmas that why did some Turtles fail miserably while others were successful under the same training and trading systems? 

Way of the Turtle adopts an engaging story-telling style to describe several lucrative trading techniques and the importance of rule-following. 

Closing Thoughts 

Reading these above-mentioned trading books can significantly facilitate you in improving your trading results. Remember that irrespective of your trading experience, you should never skip on upgrading your relevant knowledge and skills to achieve long-term success. It is always a good idea to take a step back, re-visit the trading basics, and learn from the best trading books to rejuvenate your trading acuity. In a nutshell, you must consistently enhance your trading prowess via numerous channels to safely navigate amid the rough waves of financial markets. 

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