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Profiting with Forex introduces investors to all the advantages of the global foreign exchange market and points them in the right direction as far as how to capitalize on it.

Readers will learn why forex is the perfect supplement to stock and bond investing; why it is unrivaled in terms of protection, profit potential, and ease of use; and how it can generate profits, whether share markets are heading up or down.

Written by two leading forex experts, this complete investing resource uses basic economic principles, solid technical analysis, and lots of common sense to develop an arsenal of tools and techniques which will lead to results in the potentially lucrative foreign exchange markets.

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$39.95 from ASR E-Bookstore

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Interested in trading shares, but don't know where to start?

Well the premise behind The Business of Share Trading (TBOST) by Leon Wilson is perhaps quite simply - to answer this question.

From the "Reality Checklist" in the first few pages which aims to determine whether you are even siuted to the task, to some more advanced technical analysis later in the book - this is a comprehensive guide to getting started in the Australian Share Market.

It takes investors through the entire spectrum of share investing, from getting started, through to simple to understand investment techniques. Whilst not rocking the boat with the investment strategies put forwards – they are generally well known concepts within the industry – and there is plenty of what we consider to be “compulsory knowledge” on the share market for the novice to learn.

The book takes a realistic view of share market trading – rather than “sexing up” the past-time as many other texts do to validate the fact you bought the book in the first place!

 After all, if a book on trading did not expound it as an easily profitable pursuit – why would the reader keep reading? Rather, the TBOST provides plenty of food for thought for investors – challenging them to think about exactly what it is they want to get out of their experience in the share market.

More importantly, in our opinion, the overriding theme of the old investing adage “Plan the trade, trade the plan” is a key element of th text. This is an investing tenet that many novices do not learn, do not respect, or learn far too late.

Wilson is a fulltime trader himself, and it is refreshing to read an unashamed look at the common mistakes that novices make, as he has done in the past. This can save the reader much time, stress, and perhaps most importantly money, in following the author on his journey to the various conclusions about investing in the share market eventually made.

Also covered in the book, are technical analysis concepts such as trend following, pattern based trading, and the use of technical indicators.

All round, this is a good read for the novice to learn some golden rules of investing from someone who has been there and made the mistakes before. There is also good scope for more advanced readers to revisit some of these important concepts that we often too easily forget.

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BUY THIS BOOK FROM Dymocks Bookshop

$79.95 from Dymocks Bookshop

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Martin Pring is one of the most prolific writers on the share market, investing, and trading, having published no less than 13 books on the subject.

We thought it would be particularly timely to review his work on Japanese Candlesticks given that this is the topic of our Learning Centre lesson above.

Candlesticks Explained is our preferred text for novice and intermediate candlestick chartists, but also those looking to explore other charting techniques from the Far East.

Our favourite feature of the book is the accompanying CD ROM which supports all of the text within the book. So if you aren't the reading type – simply pop the CD into the computer and sit down with a cup of tea and enjoy the show.

All the major patterns are covered in the book in an easy to follow and understand format – characteristic of other Pring offerings. He also covers how candles can fit into contemporary Western technical analysis and gives plenty of practical examples.

For the advanced candlesticks trader who has texts by Nison (the widely accepted Guru on candles) this book would only have value if you are interested exploring other Japanese charting techniques. I found the sections on Kagi, Renko, and Three Line Break methodologies to be extremely useful, and have incorporated some of these ideas into my own trading.

Whilst not being the definitive book on Japanese Candlestick analysis, Candlesticks Explained is a good starting point for those looking to expand their horizons outside of common bar chart analysis. The CD ROM is an excellent addition and make this one a book accessible by any aspiring trader.

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For those of you fascinated by the impact of psychology and position sizing on your trading success – and that should be all of you – Trade Your Way To Financial Freedom, by Dr Van Tharp, is generally recognised as one of the finest books on the subject.

Why is it so popular? First, Tharp ignores the reams of inconsequential information that you usually have to wade through. Tharp assumes that the reader already has an understanding about the market and the way it operates. Instead, he gets down to the crux of the matter: how to improve your trading style.

The holy grail

Many traders believe there is an ultimate solution to winning on the market. This book agrees. Tharp claims there is such a thing as the holy grail of trading; however, he says it’s the pursuit of a unique trading style that suits your individual psychology that is the true holy grail.

Tharp’s focus on individual psychology is what separates this book from the rest. Tharp discusses objective setting, position sizing, entry and exit systems. But it’s the fact that Tharp does not use a “one-size-fits-all” approach that sets this book out from the crowd of books that promise instant financial success.

Suits you, sir

This book covers the full gamut of piece-by-piece components to develop your own trading strategy. The clear and concise methods he suggests are easily transferable to your own trading plan.

Importantly, Tharp’s ideas are backed up by years of research. He focuses on the typical psychological problems that restrain your ability to produce successful systems, such as judgemental biases, and the different conceptual frameworks, such as fundamental, technical and arbitrage, that most suit your personality.

Other key concepts covered by Tharp include ways of managing your expectations, protecting your capital, and, perhaps most importantly, different profit taking techniques including timed stops, trailing stops, "CANSLIM" and the "1-2-3 methodology". Anyone that has traded for a period of time will recognise just how powerful a successful exit strategy can be.

Most traders will agree it is rare to find a book that provides real advice that can easily adapted to match your personal style. Despite it's corny title, this is one such book, and one book that should be read by every trader.

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Rick Bensignor is certainly qualified to write a book on technical analysis. He is a vice president and senior technical analyst at Morgan Stanley, and also a professor at New York University where he teaches technical analysis.

His previous share market experience includes 14 years as a floor trader on the major US futures exchanges, and also extensive commentary roles for the likes of Bloomberg and Investor’s Business daily.

This book however is not just his take on technical analysis. Bensignor has gathered the combined wisdom of twelve of the most eminent market technicians in the industry, to give the reader a “one-stop shop” of the technical signals which the professionals use.

Many other books on technical analysis will draw on the same tired old chart patterns and technical indicators which are used by millions. Of course, millions of people are becoming millionaires in the share market each day. Perhaps it’s because the technicals they are looking are too common and simply are not that effective.

The experts interviewed in the book show the reader what has, and is working for them. The experts are successful - therefore there is more than a good reason to believe that they have a superior approach.

Much like what the classic Market Wizards by Jack Schwager did for trading in general, New Thinking attempts to do for technical analysis.

The book is well worth a read for picking up some effective trading strategies, if not for the contact with some of the best thinkers in the field of technical analysis today.

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BUY THIS BOOK FROM ASR E-Bookstore

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This is an excellent book for the intermediate trader to move to the next level in their trading career. If indeed you believe you have already learned the basics, including the “3 M’s” (Mind, Method, Money) Elder covered in his international bestseller Trading for a Living you will probably be ready to move onto the topics in his latest offering.

Included on the menu is a fresh look at the three M's, a proven step-by-step money management strategy, an in-depth look at organizing your trading time, and identifying new indicators. The highlight perhaps is a visit to Dr. Elder’s own “private trading room” where you will review several of his recent trades.

There is less of a focus on technical analysis and more focus on the trader themselves. In our experience, this realisation that the individual is the most important technical indicator of them all is the difference between a good trader and a great trader.

If you are a complete novice however, the book is not totally inaccessible, with a good introduction to trading essentials to get you up to speed. But in our opinion, this book will suit those who already have a couple of years experience under their belt in the markets. It will provide a comprehensive guide to improving your trading outcomes and is certainly worth a read.

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BUY THIS BOOK FROM Dymocks Bookshop

$23.95 from Dymocks Bookshop

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“How I Made $2,000,000 in the Stock Market” by Nicholas Darvas was written over 50 years ago, but still holds strong today. 

Don’t be fooled by the title of this book: it may sound like a get rich scam but it is far from that. 

After reading “How I Made $2,000,000 in the Stock Market” we can confidently say it is well worth the time and effort. 

Anyone can use his method – and even add some more modern technical indicators – that can be found on most charting programs to help confirm the trades. 

Darvas explains the trial and errors that he went through in the early stages of his trading career that most, if not all of us, can relate to. 

Even if you don’t end up using his Darvas box method you will surely take away a great insight into the workings of the market’s behavior. 

To sum it up this is a great read and you will learn a great and easy to understand method for buying and selling not only stocks, but FX and commodities and any other tradable financial instrument.

Members please note that this book is unfortunately not available to purchase from the ASR E-Bookstore as it is currently out of stock. We have included a link to the Dymocks online bookstore should you wish to purchase this trading classic.

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$33.40

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The title of this book suggests it takes innate skill and a “big brain” to make money in the fickle world of financial markets. However, this is far from the truth. If anything, Market Wizards sets out to prove that you don’t have to be a mathematician or economics professor to be a successful trader.

Unfortunately, it also proves there is no silver bullet when it comes to making money. For those traders featured in the book, making money in the market seems to be an endless pursuit for understanding. Of all the traders interviewed, not a single one had the same view on “the way things are”.

Quite frankly, the book is filled with contradictions; so if you’re looking for the Holy Grail, then you won’t find it here.

Many ways to skin a cat

The methodologies developed by the Market Wizards cover the entire spectrum – from pure technicals to pure fundamentals and everything in between. Even the length of time they typically held a trade ranged from literally one minute to years. Despite the trading styles being poles apart, many common traits were evident.

All those interviewed had a driving desire to become successful traders – a desire bordering on obsession – and a belief that they could win in the long run. Also, each trader had found a methodology that worked for them and remained true to that approach (discipline was the word most frequently mentioned).

In addition, rigid risk control was one of the key elements in the trading strategy of virtually all those interviewed, while taking a loss was considered part of the game.

A must-read

Those without little working knowledge of the futures market may find some of the jargon in Market Wizards overwhelming, but from a broad perspective it is an easy read. The key is not to get caught up in the detail and just think about the lesson learned.

All in all, Market Wizards is a must-read for anyone considering a lasting career in trading. Besides that, it’s just a great book full of fascinating stories about everyday people.

We make note that this is the original version of Market Wizards with a new and updated version printed in 1995 (The New Market Wizards). However, just like the Bible, it’s best to start with the Old Testament.

Unfortunately, the ASR Bookstore is no longer able to obtain Market Wizards for sale. Check your local book sellers for availability.

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Here are two good reasons for reading Listen to the Market by Ivan Krastins: first, it’s written in a clear, easy-to-read format, and second, it focuses on the Australian market and the shares we all know and love – and trade.

Krastins made a name for himself in the 1990s as a media commentator, but has also produced best-selling instructional videos and been recognised by the International Federation of Technical Analysts. Further, the book has been on the reading list for several well known educational courses, including those held by the ASX.

The book assumes the reader has no knowledge of technical analysis. This is great for beginners, but more experienced technical analysts might feel that the book is a little lightweight. We don’t see this as a negative – just a case of horses for courses. This is a book for beginners.

Start at the beginning

Part of the advantage of starting from scratch is that many of the more basic building blocks of technical analysis are covered.

Many investors are sceptical of charting and technical analysis, but this is often because they don’t understand the basics. This book goes some way in order to instruct readers about what charting provides and what you should expect from technical analysis. To some extent, this is worth the price of entry alone. 

From A to Z

Once the basics have been covered, the book swiftly moves on to cover the full gamut, from charting, to oscillators, to more obtuse styles like Elliot Wave and Gann.

However, in its attempt to cover everything, the book does have a tendency to sweep over details, but, again, that’s the purpose of the book.

The book’s aim is to introduce the reader to the nature and range of technical analysis. From then on, it is up to you to further investigate the strategies you favour, but after reading this book, you’ll be confident that you fully understand the breadth of the topic.

For anyone that isn’t up to speed on technical analysis, and wants to be, this is the book for you.

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Profitable Candlestick Analysis (PCA) is a comprehensive book on the ancient art of Japanese Candlestick analysis. Japanese Candles were developed by rice traders in the seventeenth century who noticed patterns in the movement in the prices of rice. More than just discernable patterns and pictures that the trader can easily identify, PCA delves into the psychology of the how and why behind price movements.

Bigalow likens the relative price movements in the market to a battle between the “Bulls” or buyers, and “Bears” or sellers. It is this battle that ultimately determines the shapes of the “candles” formed in each day. The characteristics of an individual candle will be determined by the open, high, low, and close of trading for the period in question. In combination with other candles the trader is supplied with reliable trading signals.

Based upon these signals, Bigalow builds up a picture of which party is in “control” of the share price movement at any one time. By knowing who is in control, the trader can then make assumptions on the likely future movement in share prices.

Bigalow covers all of the common candlestick patterns, both reversal and continuation. He also looks at some of the less common patterns and evaluates the strength of each signal. Further to this, he looks at candlesticks in conjunction with trading strategies, expanding the use of candles in isolation, to incorporate conventional technical analysis. Finally, a section on trading psychology reviews some of the more common pitfalls that the average trader should be wary of when using candles.

All in all, Bigalow has provided a comprehensive coverage of Japanese Candlesticks. Candles provide a quick visual take on where share prices may be heading and are extensively used by professional traders all over the world. For a trading system to have lasted so long it must have some merit, and certainly the ASR Team will rarely look at a chart that does not show Japanese Candlesticks.

In our opinion, a good candles book is a must for the reference collection for any trader. This certainly could qualify as that book.

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