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Ninety percent of all futures traders lose. That’s right 90%. Why? The plain and simple truth is that they do not have a plan. Systematic trading improves your odds of success dramatically. How come? A system removes human emotion and gives a trader a predefined plan. A systematic trader usually knows when he is going to enter a trade, how much he is going to risk and the exit point. A system doesn’t care if the trader has the flu or is having a bad day. It calmly issues its recommendations day in and day out. Sounds like the solution to all of our trading problems, right? Well, sort of. Deciding to trade a system is easy. Deciding on which system to trade is very difficult. Developing your own trading system is even more difficult. This is the reason I have decided to create this list. I have developed, tested and traded thousands of trading systems over my 15-year career and as the editor of Futures Truth Magazine I think I have come up with a good list of books on this subject. These are the books that I have sitting on the shelf next to my trading workstation. I hope they help you as much as they have helped me in my trading career.
Trading Systems and Methods (Wiley Trading)
This book is a must have -- it will provide an elaborate overview on almost all trading approaches. Fifty percent of your trading plan is found in your entry and exit techniques.
Building Winning Trading Systems with TradeStation
This book written by yours truly will show you how to program your trading ideas into the very popular TradeStation™. There are five full-blown trading systems that demonstrate the power of TradeStation™.
Quantitive Trading and Money Management: Revised Edition
I have the first edition of this book. This book and
Money Management Strategies for Futures Traders (Wiley Finance)
should be all that you need to develop the other 50% of your trading plan -- position sizing.
These are just four of the books that are on my desk -- the others are:
Beyond Technical Analysis: How to Develop and Implement a Winning Trading System, 2nd Edition
Why this book got only 3 stars is beyond me. The first edition of this book really got me going in the right direction.
Winner Take All
Don't take this book that seriously. He bashes technical analysis and shows the nasty underbelly of the trading system for sale industry. This industry probably has many more bad apples than good, but the good apples outshine the bad.
Trading for a Living: Psychology, Trading Tactics, Money Management
You MUST have this book in your library. The author is a scholar and a gentleman and he knows his business.
The Ultimate Trading Guide
This is a book that I co-wrote with my boss and mentor -- John Hill. John is considered one of the legends of Technical Analysis. This book describes Johns pattern analysis and gives a good overview of trading systems and their development.
Tradings Systems That Work: Building and Evaluating Effective Trading Systems
Last but not least. Thomas develops trading systems from a different perspective. Another must have. Products mentioned include:
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