The Best Books on Trading Strategies

The Best Books on Trading Strategies: Your Ultimate Reading List

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I thought I would share our best trading strategies books (we have about 75 trading books). Perhaps it’s a bit strange to have six and not five, but we found six books that deserve to be mentioned, not 5. Bear in mind we have not bought a trading book for about 5 years simply because we haven’t found any worthwhile to buy.

  1. The Education Of A Speculator – Victor Niederhoffer: A very tough read, but very educational. He uses a lot of metaphors from other fields and relates it to trading. Very good to learn to think outside the box. However, it is only readable if you have some years of experience trading. Niederhoffer’s Practical Speculation is also a very good book. Together these two books give you plenty of trading lessons.
  2. The Way Of The Turtle – Curtis Faith: This relatively short book describes the main components of trading in a very easy way. Trading does not need to be complicated!
  3. How I Trade For A Living – Gary Smith: This book is now rather old, from 1998, but I still find it worthwhile. We just reread it. The reason is simple: he explains his way from a novice until he becomes a rational trader. Smith spent about 20 years dreaming about trading and trying to make it out – unsuccessfully. He explains his 33 years of trading, most of them unprofitable. I believe Smith explains a typical trading career and a lot can be learned. His methods are discretionary, but it’s his evolution as an interesting trader. Smith is an “Average Joe” from Kentucky and a retail trader. Just as interesting is that Gary smith contacted us in 2023 to say he appreciated our review of his book. At 75 years of age, he’s still plugging away from his base in the Kentucky countryside!
  4. Market Wizards by Jack Schwager: In our opinion not much to be learned, but instead a lot of motivation.
  5. Fooled By RandomnessNassim Taleb. This guy is in bitter rivalry with Niederhoffer. Still, this book is very good. Why? Because we can guarantee you that you are not as good as you think you are. This book deals with the element of randomness, cyclical randomness and luck. Obviously, Taleb thinks highly of himself and the whole book has a sense of “upper stiff lip”, but it’s still a good read. It opposes much of Niederhoffer’s viewpoint, but that’s exactly the value of the book.
  6. Pit BullMarty Schwartz: You don’t get any strategies from this book, but more motivation. This is a really good and funny read.

One classic that didn’t make it to the list is The Reminiscences of a Stock Operator. It’s a good book, but we find those above more valuable.

We have written many articles about famous traders and trading books.

FAQ:

– What are some recommended trading books for those looking to enhance their trading knowledge?

We have listed six trading books worth considering: “The Education Of A Speculator” by Victor Niederhoffer, “The Way Of The Turtle” by Curtis Faith, “How I Trade For A Living” by Gary Smith, “Market Wizards” by Jack Schwager, “Fooled By Randomness” by Nassim Taleb, and “Pit Bull” by Marty Schwartz.

– What can you tell us about “The Education Of A Speculator” by Victor Niederhoffer?

“The Education Of A Speculator” is an educational yet challenging book that uses metaphors from various fields to relate to trading. It encourages thinking outside the box and is most suitable for those with trading experience.

– What is “Fooled By Randomness” by Nassim Taleb about, and why is it recommended for traders?

“Fooled By Randomness” delves into the concepts of randomness, cyclical randomness, and luck. While it may contrast with some viewpoints, it’s valuable for recognizing one’s limitations and biases, and it challenges overconfidence in trading.

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