Until now, this is the most demanded topic. If not 1000 but at least 600 messages have been received on this topic itself. So, finally, after going through almost 20 Books in 15 days [ literally completed each one of them], I have shortlisted top 5 books that I personally liked. I also know that some of the books are not mentioned here, but, since I did not want the same books to be mentioned as they are already a common entry in other blogs; for you all, I’ve listed some not so mainline books.
HOW TO DAY TRADE FOR A LIVING -BY ANDREW AZIZ
A beginner friendly book, which gives a raw overview of technical analysis for intraday trading. While I would suggest you do some changes in his strategies because they might not work in the Indian Stock Market as effectively as they work in the US markets. I also Disagree with some of his methodologies as they might not work here but that’s doable. While on the other hand, I agree to most of his words in this book, the reason why it is on this list.
LEARN TO EARN -BY PETER LYNCH
Most books teach investment skills without telling the reason behind it. This book really looks out of the foundation of investment from the history of capitalism. It set a clear direction of investment. It’s like a compass instead of a GPS. A perfect book for beginners knowing NOTHING.
THE NEW MARKET WIZARDS: CONVERSATIONS WITH AMERICA’S TOP TRADERS – BY JACK D. SCHWAGER
This book contains the interview of the world`s greatest traders. In every interview, one can gain much useful knowledge about their trading techniques, how they went about their trade during the geopolitical crisis, major events. Each chapter contains an interview of traders from various disciplines like Currency, Commodity, Options, Mutual Funds. Must have book for traders. Learning from yourself may give you half knowledge but learning from experienced seasoned traders will give you valuable knowledge.
THE ALCHEMY OF FINANCE -BY GEORGE SOROS
For those who are history buffs, this book is a great interpretation of the political and economic history of recent times. The analyses on the conglomerate boom of the late 1960s, REITs boom, the abolition of the gold standard and its ramifications, Merger Mania of the 1980s are detailed and fascinating. The analyses on international debt and the cycle of lending using the Eurodollar market was very impressive.
However, the most invaluable part is his trading diary which he maintains during the “Testing period”, in which he is experimenting his thesis and theory in practice all the while explaining his rationale and actions. It is a very informative and thrilling record of how the most successful macro hedge fund was managed until late 1986.
COMMON STOCKS AND UNCOMMON PROFITS AND OTHER WRITINGS -BY PHILIP A. FISHER
An excellent but advanced level book by Philip Fisher. I don’t think so I need to tell you anything about this book as it will be an insult to Philip Fisher and who so ever follows him. Warren Buffet once said and I’d like to quote him here “ I am 85% Ben Graham and 15% Philip Fisher.”