“A book is a man’s best friend.” They motivate, they guide, they help you escape and they can travel with you anywhere. Books are a store house of knowledge. Since childhood from the basic ABC alphabets to the ABC of our bodies, we can learn anything and everything from books. But what about trading?

When it comes to trading, opening a trading account is a must and choosing the best trading account amongst various options of online trading account is a tricky task. But, practical experience is very important, understanding the know-how and basics of trading is important as well. Here is a list of some great books every trader must read.

Trading In The Zone - Mark Douglas

In his book, Trading in the zone, Mark Douglas analyses the most common issues from a psychological perspective. He takes on the myths of the market and exposes them one by one, teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the "probabilities" of market movement that governs all market speculation.

He notifies the readers the following five fundamental truths:

• Anything can happen.
• You don’t need to know what is going to happen next in order to make money.
• There is a random distribution between wins and losses for any given set of variables that defines an edge.
• An edge is nothing more than an indication of a higher probability of one thing happening over another.
• Every moment in the market is unique.

The New Market Wizards – Jack D. Schwager

Jack D. Schwager interviews the financial superstars and asks them questions that readers with an interest or involvement in the financial markets would want to ask.

Key takeaways:

• Importance of emotional discipline in trading.

“Many outstandingly intelligent people are horrible traders. Average intelligence is enough. Beyond that, emotional makeup is more important.”- William Eckhardt.

• Long-term trading success happens because of a combination of preservation of capital and hitting ‘home-runs.’
• Richard Driehaus says trading can be taught as long as a person has an open mind. He compares a young trader’s mind to a parachute because “it’s only good when it’s open.”
• Jeffery Yass emphasizes on remaining humble in the face of the market.
• Individuals should use ‘towards’ motivation rather than ‘away’ motivation.

Way Of Turtle – Curtis Faith

Way of turtle provides the entire experiment, explaining how it was possible for Dennis and Eckhardt to recruit 23 ordinary people from all walks of life and train them to be extraordinary traders in just two weeks.

Key takeaways:

• How the Turtles made money – the principles that guided their trading and the step-by-step methods they followed.
• Why, even though they used the same approach, some Turtles were more successful than others.
• How to look beyond the rules as the Turtles implemented them to find core the strategies that work for any tradable market.
• How to apply the Turtle Way to your own trades and in your own life.
• Ways to diversify your trading and limit your exposure to risk.

How I Made $2000000 On The Stock Market – Nicolas Darvas

The book narrates the story of Nicolas Darvas, a dancer by profession, who made 2 million dollars in the stock market. The book describes his unique "Box System", which he used to buy and sell stocks. 

Key Takeaways:

• Isolate yourself from financial news. Do not get influenced by the financial rumors. If you know that most advice about individual stocks is not worth following, you can shield yourself from them.
• Financial news, advisors, and trend will not help you invest. If someone has already made a fortune and you are listening to an advice on how he made that fortune, it is likely too late for you to make a fortune on this one.

Reminiscences Of A Stock Operator - Edwin Lefevre