Top Ten Finance Books For Traders & Investors
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- Опубликовано: 26 июл 2024
- Today's video is a list of my top ten books for traders, or the best finance Books to read to learn about the financial industry. I decided to come up with a list of books that are not just filled with knowledge, but that are also really enjoyable reads - the kind of book that it is hard to put down. Thus there are no university textbooks on this list, no Random Walk Down Wall Street or The Intelligent Investor. To make the list the books had to be interesting, educational, and a lot of fun to read. Many of these books are investment classics, and so people who have worked in markets for any length of time will possibly have read at least a few of these. I have put time stamps below, so you can skip ahead to the books that you are most interested in in case you have already read some of my selections.
Let me know in the comments what books you feel I left out.
Roger Lowenstein - When Genius Failed - amzn.to/2Jp0pwj
Edwin Lefevre - Reminiscences of a Stock Operator - amzn.to/3mnfXz8
Victor Niederhoffer - Education of A Speculator - amzn.to/3mlWNKc
Jack Schwager - Unknown Market Wizards - amzn.to/3mleolt
Michael Lewis - Liars Poker - amzn.to/39sSFEn
Frank Partnoy - Fiasco - amzn.to/3lliWHc
Richard Thaler - The Winner's Curse - amzn.to/3lkrdex
Edward Thorp - A Man For All Markets - amzn.to/3mkfZI8
Emanuel Derman - My Life As A Quant - amzn.to/36kdhwM
Jim Rogers - Investment Biker - amzn.to/2JdCoc2
Patrick's Books:
Statistics for the Trading Floor: amzn.to/3eerLA0
Derivatives for the Trading Floor: amzn.to/3cjsyPF
Corporate Finance: amzn.to/3fn3rvC
Visit our website: www.onfinance.org
Follow Patrick on Twitter Here: / patrickeboyle
Patreon Page: / patrickboyleonfinance
0:00 Introduction
1:41 When Genius Failed
3:02 Reminiscences of a Stock Operator
5:08 The Education of a Speculator
6:25 Unknown Market Wizards
7:28 Liars Poker
8:47 FIASCO
9:53 The Winner's Curse
11:01 A Man For All Markets
12:08 My Life As A Quant
13:19 Investment Biker
15:17 Conclusion
Professor Boyle taught me derivatives during my Master's in QMUL. If he tells you to read these books, believe me, you should do it. He made derivatives fun for me. A big 'thank you' to you, professor!
Thanks Debarun. It is good to see you here, I hope you are keeping well.
awww
Did he always dress so well? I personally love his watch and pocket squares :-)
This is so wholesome! 🎉
Would be great for a 2 year later update 😀
Yes please update
Thank u Patrick! Your gift is the ability to break down complicated trading topics to a novice like me.
Thank You Patrick for your work and time to put together this list and video. Looking for to read some of the books I didn’t heard before your recommendations!
I certainly love and respect the books on the list.
I would add that Michael Lewis' more recent work "Flash Boys" belongs on the list for any trader with a more current, super important lesson : that there are always people with more data, more money, faster computers, and better (social and internet speed) connections than you will ever conceive of having. Any trader has to think hard about what your advantage is when compared to the flash boys who may be on the other side of the trade.
Loved it as well
I enjoyed Premonition also.
“Barbarians at the gate” was such a great read!
That’s the one that first popped in my head. I had trouble putting that book down. It’s probably the best storyline of the leverage buyout process from the idea being casually tossed around to the deal being closed.
This was also the first to pop into my head as well. I would put this above When Genius Fails.
Great video! I am thankful for you sharing your best finance books.
"My Life As A Quant" wonderful book, Thanks Patrick !!
thanks for this video, Patrick. btw, I love your way of telling a story- the understated humour is very powerful!!!
This is my first time to watch your video and already subbed before the end of the video. Your style is professonial and shows expertise in the field of finance. Thank you, sir.
He really is succinct and apolitical.
A very good must-read book list, I finished Unknown Market Wizards before X'mas 2020 and will reread it in this year!
Great list old sport, on a personal note Alchemy of Finance from George was my all time best.
Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance Carl Wells, Simon Pena, Bob Slartabartfast, A Smith, Camil Dbouk, Ed, Devon Young, Pavle Obradovic, Erik Van Ekelenburg, Moe Amrane, David O'Connor, Christian Richards, Zak Patterson, Ki Ryu Chan, Pjotr Bekkering, Drew, Ivaylo Kunev, Alex, Robert W Proudfoot, EatEmAll, Michael Boensel, Adrian Phang, pooh shmoo, Ron Hughes, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Milan Tomic, Mark Hooker, Artem Vasenin, P H, Mathews Sebonego, Sebastian, Michal Lacko, Erik Montesinos, Matthew Loos, Az Indragiri, Robert Proudfoot, SK, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Kaushik Vankadkar, Cyrus Yari, Robert Feiler, Carl Wells, Soy Boomer Doomer Low IQ and Alexander EF
#youarehired #saveyourpennies for #snapchange #trillionaires
Excellent - thanks - I'm going to read every one of those. Just for fun.
Patrick. We appreciate your videos. Thank you
Thanks Patrick. I was wondering if I should buy the Unknown Market Wizards book, and bought it after watching your video. Just found your channel today after watching your interview with CoffeeZilla. Loving it so far.
Came from Nash live stream. Subbed!
Nassim Taleb's books are all excellent reads for the layman. For the more advanced reader his Antifragile book is the one with truly original insights. A must to understand the world we live in, and in particular what the Fed has been doing since the mid-90s.
Great list. If always focused on more value investing books. But i am interested in learning how traders think.
LTCM is a story that I learned in financial mathematics 101 and is one of the only parables that stuck with me long after I left the classroom. You would think that the geniuses who invented something as insanely remarkable as the first risk neutral pricing model would never fail. Their story is a goldmine of lessons in risk, but for me I think the most interesting take away is about the fundamental nature of human systems and the limits of our abilities to mathematize them.
I don't trust "..risk-neutral pricing models..", whoever invents them
What does LTCM stand for?
@@duncanreeves225 Long Term Capital Management (the American hedge fund); read Satyajit Das "Traders, Guns & Money" book 2012 edition - one of the best books about derivatives & LTCM
@@duncanreeves225 Long Term Capital Management.
@@ireneuszpyc6684 Actually, where they went wrong was using insane amounts of leverage on trades that yielded tiny potential profits. The profits weren't guaranteed, and it didn't take much to crash the operation when the trades started to show losses. (I'm getting this from Thorp's book.)
Big congrats Patrick!!! Those videos are going viral🤩🤩🤩🤩
Thank you for your tips, great video
Excellent Video! I really enjoyed it. Could you do a list around financial thriller books? I just found this category on GoodReads but I don't think I've ever read a financial thriller.
Good list, long on narrative and less how to which I think is smart. We all come to Ben Graham et al. eventually but an engaging read is much better than a how to for learning important life lessons from the experience of others.
Thank you for the quality content Patrick! Although it's dated, I'll probably put "The Intelligent Investor" in that list.
Thank you sir, i really enjoy your videos.
Wow. Reminiscences of a Stock Operator really turned me onto finance back in college. The stories of L Livermore moving up from unregulated bucket shops up through his days on Wall Street. It is very entertaining and full of good advice.
"There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win."
Nice just started to look for a finance book yesterday 👍
Newbie here Im mom in my mid 30s. New immgrant to Canada. I have enrolled to business diploma. You are such inspiration and down to earth person. Kee posting and lots of love ❤❤❤
Awesome book, but I will love also to see books for hedge manger and investment bankers. Thanks
Great content!
I was just thinking about purchasing some new books. Looks like this video dropped at the perfect time
I stumbled on your channel and I'm so glad I did. You videos are insightful and enjoyable to watch. You've convinced me to read The Education of A Speculator & Investment Biker. I've never read an autobiography so these will be the first. Thank you so much for such great video content.
I think you will enjoy them.
Great list Patrick! Other books I like are 'Barbarians at the Gate' (By Burrough & Helyar), and 'Hedgehogging' (By Barton Biggs).
Barbarians is fantastic!
I thought for sure he'd mention Barbarians
I read a book by joe nocera and noted that the big banks All demoted or fired their Risk Managers before 2008. Its something i noticed when reading the book. ALSO Carl Hiassen has wriiten tales about Florida that are just as fantastic as the columns he writes for the Miami Herald. In fact two of his books are collection of the actual columns.
I am so grateful for Patricks list as well as those other books inthe comments!
Patrick
Congratulations on 50k subscribers up from only a couple thousand a few months ago. Its true that Cofeezilla interview gave you the initial nudge but the secret to your fast climb is your authenticity. Best of luck.
Thanks for that!
Yep ... found Patrick via Coffezilla also ... found him very honest and professional .
Crazy to think that now (june/2024) Patrick has over 700k subscribers!
Excellent video thank you
Your explanations and knowledge of each book is incredible, so happy to stumbled across your channel there's not many with this much information! Was just wondering if you've read any books on future and forex? We appreciate you!
Love seeing your channel grow!
Read An End to the Bull by Gary Norden. This book sets out a frame work of how an investment bank and pit trader made markets and traded and how to apply this frame work for the retail trader.
that book had been published 7 years ago, and your RUclips channel is 5 years old:
why aren't you uploading videos, showing your triumphs in the stock market?
how come you have no videos & no subscribers?
I've just bought your book 'Statistics for the trading floor'. Using it as a complement to CFA level 1. A good addition to the shelf.
Thanks, Glad you find it helpful.
I just finished reading the book and it is exactly what I needed to understand the Statistics and Finance classes. Very good book!
Extremely thankful for this list. Currently going through Education of a Speculator and learning a lot.
Hi, love the videos. What it your opinion an WSB?
Thanks, keep it going.
This is a great channel to get unbiased financial education. I would be greatful if you could do a explainer series explaining some of the financial jargon and concepts. E.g. what's a call option, what's a derivative, difference between hedge fund and mutual fund. what is options trading, what is QE ( some says it causes inflation some says it's not).
Yes I especially like the fact that he is not trying to sell us any financial products!
Changing lives🔥 I'm really excited when u release a video
I LUV UR VIDEOS! U HAVE THE BEST CALMING VOICE EVER!!!
great book recommendations. thanks
Great, thanks
Thank you for taking time from your busy schedule to provide such high quality content
can you please recommend some trusted recent statistics books about trading strategies back-testing & win rates, it would be better if they focus on Futures day-trading strategies.
I lost a lot of money trading options, and you will lose a lot of money trading futures;
why don't you upload your own videos, showing how much money you lost this year?
@@ireneuszpyc6684 Bro all i can say I'm living the dream lowkey without the taxe agencies on my back right now i'm mainly trading cryptos mixing fundamental analysis with basic price action and it's going really good
@@ireneuszpyc6684 Simple Trading_Systems Pay!
1- Only trade good crypto projects with reputable teams, growth potential, high volume and high barrier of entry market sectors, avoid pump_and_dumps and speculative shitcoins.
2- Identify Trends Using Higher Timeframes (HTF: 4h,1d) to read the Market_Structure.
3- Read Market Momentum using Market_Cipher.
4- Only Buy Sleeping coins or buy_the_dip after liquidations avoid top performers and mooning coins or ahead of liquidity_events.
5- Time your entries using lower Timeframes (LTF: 30min,1h) place limit buy orders above Market_profile high volume areas if aggressive, or below Market profile high volume areas if cautious and never chase the market or you’ll end up holding the bag!
6- Use Keltner_channels to read market volatility and use leverage accordingly while keeping your risk below 10% maximum.
7- Place your targets bellow Market profile high volume areas and only take the trade if the reward:risk is above 1.5 for high probability trades or 2:1 for low probability trades for high expectancy.
8- Take your profits after climactic Breakouts if the prices rise above the Keltner channel and buy again above the 20 ema if the trade has more potential.
9- Hedge your trades by selling HXRO options.
10- reverse for short positions!
@@moroccanfuturestrader94 taxsummaries.pwc.com/morocco/individual/other-taxes
as far as I can see, there's no capital-gains tax (on stocks & futures trading) in Morocco, so you look like a liar, claiming that you need to hide from tax authorities
@@moroccanfuturestrader94
www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-moroccohighlights-2020.pdf
"..Capital gains derived from the disposal of SHARES are subject to tax at 20%.." - they never mention crypto-currencies & futures - I still think you're a liar
Thank you!
This dude is awesome. A great guide for an individual investor
Excellent reading list.
I believe i read the original "Market Wizards" around 30 years ago. I was fascinated by the variety of the personalities and skillsets of those highlighted in the book. From my faulty memory, I believe one guy had a very simple follow the trend system called the "turtle" system. Also, believe he tried to teach a group of 30 to be master traders.
I'll have to try a few of your selections here.
i believe you are talking about Richard Dennis. You will find the unknown market wizard as much if not more exciting as the original.
The trend is your friend.....until it isn't.
Love this channel
Nice! Thanks man :)
I really like this guru...
Let's see, I've read three and a half of your top ten!. My Life as a Quant was a little bit dry as I remember it and I stopped reading. I'll definitely pick up all the others and give them a try. How about "Business Adventures: Twelve Classic Tales from the World of Wall Street" I thought that was a pretty good read.
When Genius Failed is excellent - agree with that.
@rockyoutcrop suggested you and it was on point , great suggestions here!
another great video! Thanks Patrick.
Hello Patrick,
Its a pleasure writing this to thank you for all the hard work and the holy grail of sheer wisdom about financial markets you have opened up for layman like me (and tonnes of outsiders all across the globe). I wish you all the success and happiness in the world. You're one of the reasons who've made me confident and armed with so much knowledge about finances. I thank you from the bottom of my heart...I wish you read this comment, it'd make my day. Lots of love from India. Please keep up the good work!!!
Namaste 🙏
Thanks Shivam.
@@PBoyle I am so glad you really read this!!! :)
'when genius failed' is a great book, just read it.
Hey guys, I like Patrick Boyle channel so much, is there other finance channels that is so good as Patrick Boyle's? Any recomendations?
5/10 (+ I read the original Market Wizards) I would have included "Where are all the customers yachts?". Most hilarious and entertaining read.
Yep, love it
Think fast and slow is a classic as well.
Always a pleasure to watch you talk with such passion about finance! A book that I would recommend to beginners is “Computer analysis of the futures market” by LeBeau and Lucas (1991). It will help beginners make more sense of a trading screen, plus the authors are careful enough to explain various indicators in detail. And before anybody asks, no that book alone is not enough if you want to make money in the markets, it’s just one piece of the puzzle.
“Trading Sardines” by Linda Raschke is very entertaining and educational
A Random Walk Down Wall Street, by Burton Malkiel is seminal and a great read!
Absolutely ! Along with any one from John Bogle. But they are not the sexiest, I guess.
A book that few have heard about is Value.Able by Australian author Roger Montgomery. He goes through the Buffett methodology in fine detail, and explains it better than every other book I've read about Buffett. More interesting is he also includes a financial model that comes up with a measure of the elusive "intrinsic value". A must read for value investors.
Thanks for sharing! I'll check that out.
@@PBoylea “little” time has gone by, but what did you think of the book? Is it a buy 😂
Thank you
I went to a book signing for the Thorpe book, at UCI near his home in Newport Beach. Got to speak with him about regulating the market to protect small investors.
Protect small investors from what? Their own greed?
@@bobbybax2360 No from abuse by bad actors such as some hedge fund managers.
@@MrZola1234 Examples?
@@bobbybax2360 Do your own research. Ed Thorpe is one of the most successful investors and hedge fund managers of all time. He is an advocate of the free market system. That said, he understands how large investors and fund managers rig the system against passive small investors such as average folks 401ks.
If you disagree, I don't care. Go troll someone else.
@@MrZola1234 I'm not trolling. Been trading futures for 26 years. When retail speculates, they think they are geniuses when they win and they cry about getting screwed when they lose. It's part of the victim mentality that infects most of society today.
Great topic Patrick, you just added more books to my long list of must read😭😭😭. Never mind, one my favourite book is Trading in the zone by Mark Douglas.
Roger Lowenstein (author #1) also wrote an awesome biography of Warren Buffett.
Market Wizards is probably the most know finance book since many are still stuck in the generic TA drawing lines on a 2d chart. I would've been a bit hyped and bummed if you released university material or the indepth books since most traders are just being lead around their noses with misinformation online on how quantitative trading works
Barbarians at the Gate is a great read 👍
Mandelbrot's "(Mis)behavior of Markets" and Taleb's "Fooled by Randomness" were very good, as well.
Good suggestions!
I was thinking "Risk, Uncertainty and Profits" by Frank Knight
Fantastic! Thank you very much!
I can recommend any of the "Adam Smith" (George Goodman) books, The Money Game, Supermoney and, if you want to learn about the markets under inflation, Paper Money. All excellent reads on their own, but with real insights to markets.
Fascinating list Patrick! The only trading book I've read is Trading in the Zone by Mark Douglas. An essential read for any aspiring trader I thought, do you have an opinion on it please?
Niederhoffer's "Practical Speculation" is a good one too.
I am too biased on that book, as I helped with the research on it. :)
Also, I'd highly recommend 'Trading in The Zone' by Mark Douglas. It goes deep into the truth of retail trader psychology.
No.
Why no?
@@derekmaggard9235 he hasn't read it
@@TheMASDrummer I suspect you're right. Seems like a promising book and Muricio's "no" just makes me want to read it more.
@@derekmaggard9235
It is exceptional, even if you're not a trader. For example, I work for a superannuation company in investments and read the book twice. I think there's an audiobook version on RUclips for free.
I would add these books as well:
Dark Pools by Scott Patterson
The Quants by Scott Patterson
What I Learned Losing a Million Dollars
Flash Boys. To understand what exactly went on in the HFT world. And the ethical dilemmas involving all those things
Hi Patrick...I am really grateful for ur videos..I have a lot of my concepts cleared...
I Aspire to a be a trader on the trading floor on any major investment bank...can you make a video on how to map that path..?..What work ex do u need? Is it always.. Fresh Graduate ➡️ Analyst and then...(well I am not sure what comes after that...how do u transition from analyst to a trader?)
Thanks!
You are welcome!
Can you also give some recommendations for some technical books?
Doing an accounting course called ACCA but have read most of this stuff. Make a list of the top academic books.
yesss!
have any of you ever read Jim Grant's books? interested in any finance guys takes on his Bernard Baruch book.
Cheers from austria, great video :-)
Glad you enjoyed it!
Patrick, surely you've read it, BUT 'How I Made $2,000,000 in the Stock Market' by Nicolas Darvas is a great read for any beginner as he walks through from an absolute novice to a pro trader. In my mind its a good beginner book for someone to read before they read one of the market wizard books. Great video again Patrick, looks like I've got a few to add to my Christmas List.
Fantastic book
Hello Patrick,
Thanks for the hint of the books.
Definitive, I have a big task to do but, from amazon list, which one you will recommend for day trader or indicator ?
Did you offer classes for day trading?
Thanks
Can we get another set of book recommendations?
Hey patrick,what do you think of the importance of university in learning about fiancial markets,is it more useful to self teach and also could you do a video about ai and how it will affect the industry and all industries and what are the best steps to take for the future
The black swan by Nicholas Taleb is a must read as well.
John Bull’s Adventures in the Fiscal Wonderland by Charles Geake and Francis Carruthers Gould
Nice selection
I've been unsubscribing from a bunch of RUclips trading channels (think "look at how much I made today" type channels) as I only want to listen to those of serious substance.
I was waiting for you to upload another video for the last week (tut tut Patrick) so I could comment and ask this very thing, so this nothing short of worth the wait.
Just finished "Unknown Market Wizards" also and going through that series - excellent.
Trading in the zone - also very good.
Security Analysis: Benjamin Graham & David L Dodd - if you can't take something away from this, even if it's just a small nugget of gold (such as for me it was about company management) then I'm not sure what to say!
Thanks Patrick, looking forward to reading some of these recommendations 👍🏼
I'm planning on having Jack Schwager on the channel quite soon.
@@PBoyle good god, that would be brilliant. This is a fantastic idea 👌🏻
Thank you for spreading actual knowledge and wisdom instead of empty promises like those shady fake gurus. Much appreciated 💯
Hi Patric, what are the differences between Trading and Pricing Financial Derivates / Derivates for the Trading Floor? They appear similar in scope and I have a feeling that I will probably only need one of them (as much as I would like to support your work 😉). Thanks!
The books are extremely similar, Derivatives for the trading floor is the updated version, and it is cheaper due to a change of publisher. Trading and pricing is still available until the publisher sells their final print run.
Great, that’s what I thought, thanks for the response! Really enjoying A Man for All Markets at the moment - if the others are as good I will get through your recommendations in no time. Cheers!