A friend of mine who is seeking to develop his skills as an equity trader asked what book on trading he should read if there were only one.
I started to think about the different masterpieces I have read and have applied in my own trading. There are masterpieces of fundamental analysis, of technical analysis, of trading technique, and investing strategy out there. It was a daunting task to settle on just one.
When it finally hit me, though, everything fell into place. There is one book that is so powerful that it stands out head and shoulders above all others to such an extent that it is not even close.
It’s a book that has a direct effect on the trader no matter what style, time frame or technique is being applied. It works for men and women, for any kind of trader in any kind of market.
Its’ a book that bears reading and re-reading and will always allow for new insights and nuances.
It’s a book that adapts to you and your emerging style.
It gets better the more you use it.
It’s not cheap but it IS free.
It will reward you based on the amount of time you put into it. It will perfectly mirror your needs of the moment and help you find your strengths and weaknesses.
You can buy it in any store that sells office supplies, and while there is only one edition, it can fill many volumes.
It tells many stories, and the plot will often change before your eyes. It will take you to places you never imagined, although there is a thread of familiarity that ties everything together.
In short, it contains everything you will need to be successful as a trader if you put the time and effort into it.
Naturally, I am speaking of your trading journal, an intensely personal unique approach to how to trade the markets.
I’d suggest that the time and effort you put into refining the craft of journaling and reflection will be directly proportional to your continued success as a trader.
So, if there’s only one book for you to read and study as a trader, that’s the one.