Whether you’re a beginner or an advanced trader, books provide timeless wisdom from market legends. Below is a curated list of the best trading books, categorized by expertise level and trading style.
1. Must-Read Books for Beginners
① “Trading for a Living” – Dr. Alexander Elder
-
Focus: Psychology, risk management, technical analysis.
-
Why Read? Perfect introduction to trading mindset.
-
Best For: Stocks, forex, commodities.
② “The Little Book of Commodity Investing” – John Stephenson
-
Focus: Gold, oil, agriculture, futures basics.
-
Why Read? Simplifies commodity cycles & ETFs.
-
Best For: New commodity traders.
③ “Technical Analysis of the Financial Markets” – John Murphy
-
Focus: Chart patterns, indicators, trends.
-
Why Read? The bible of TA—covers stocks, futures, forex.
2. Advanced Trading Strategies
① “Market Wizards” Series – Jack D. Schwager
-
Focus: Interviews with top traders (hedge funds, commodities).
-
Why Read? Learn real-world strategies from legends like Paul Tudor Jones.
② “The New Trading for a Living” – Dr. Alexander Elder
-
Focus: Updated strategies for modern markets (algos, ETFs).
-
Why Read? Improves discipline & system building.
③ “The Art and Science of Technical Analysis” – Adam Grimes
-
Focus: Probability-based trading, price action.
-
Why Read? Data-driven approach to TA.
3. Commodity-Specific Trading Books
① “Hot Commodities” – Jim Rogers
-
Focus: Why commodities outperform stocks long-term.
-
Why Read? Macro trends in oil, gold, agriculture.
② “The Alchemy of Finance” – George Soros
-
Focus: Reflexivity theory (how markets self-influence).
-
Why Read? Soros’ legendary commodity & currency trades.
③ “The Complete Guide to Futures Trading” – Jake Bernstein
-
Focus: Grain, oil, and metals futures strategies.
-
Why Read? Practical hedging & speculation techniques.
4. Trading Psychology & Risk Management
① “The Disciplined Trader” – Mark Douglas
-
Focus: Mastering emotions (fear, greed, FOMO).
-
Why Read? Essential for avoiding impulsive trades.
② “Trade Your Way to Financial Freedom” – Van Tharp
-
Focus: Position sizing, expectancy, system design.
-
Why Read? Builds a structured trading plan.
③ “The Daily Trading Coach” – Brett Steenbarger
-
Focus: 101 practical psychology exercises.
-
Why Read? Improves consistency.
5. Books on Algorithmic & Quantitative Trading
① “Algorithmic Trading” – Ernie Chan
-
Focus: Statistical arbitrage, backtesting.
-
Why Read? Math-based strategies for futures & ETFs.
② “Quantitative Trading” – Ernie Chan
-
Focus: Building trading systems in Python/R.
-
Why Read? For aspiring quant traders.
③ “The Man Who Solved the Market” – Gregory Zuckerman
-
Focus: Jim Simons’ Renaissance Technologies.
-
Why Read? How quant trading dominates markets.
6. Classic Market Manipulation & History
① “Reminiscences of a Stock Operator” – Edwin Lefèvre
-
Focus: Jesse Livermore’s trading career (1900s).
-
Why Read? Timeless lessons on speculation.
② “The Big Short” – Michael Lewis
-
Focus: 2008 financial crisis (commodities, housing).
-
Why Read? How hedge funds bet against markets.
③ “The Prize” – Daniel Yergin
-
Focus: History of oil & its geopolitical impact.
-
Why Read? Understand long-term energy cycles.
How to Choose the Right Book?
-
Just starting? Begin with “Trading for a Living” or “The Little Book of Commodity Investing.”
-
Want advanced TA? Read John Murphy and Adam Grimes.
-
Into quant trading? Ernie Chan’s books are a must.
-
Need mindset help? Mark Douglas and Van Tharp are critical.