Books on trading and Profitunity strategy by Bill Williams
In this article, I will share books that were useful for me in the process of studying trading and the Profitunity trading strategy by Bill Williams.
Bill Williams "Trading Chaos 1 and 2" ♡
The first and third books by Bill Williams contain complete and up-to-date information on the Profitunity strategy. The second book "New Trading Dimensions" is intermediate and less relevant.
The book Trading Chaos 1 includes trading psychology (an integral part of trading), the basics of understanding the markets, candlestick patterns (divergent bars and determining the trend based on a pair of bars, the market facilitation index, volume and squat bar), Elliott waves (characteristics, determining waves using the MACD 5/34/5 indicator, an analogue of the modern Awesome Oscillator, and the Fibonacci ratio), fractals, trading in waves (impulses 1-3-5 and ABC correction). And also very important topics — how to work with your internal structure and how our brain functions (Chapter 11).
The book Trading Chaos 2 (co-authored by Bill Williams' daughter Justine Gregory) includes a description of the Alligator indicator in combination with the Awesome Oscillator, divergent bars and fractals. And also tools for working on yourself - morning pages (Chapter 13, from the book by Julia Cameron "The Artist's Way") and autogenic training for traders by Johannes Schultz (Appendix 3).
Tom Hougaard "Best Loser Wins" ♡
The book greatly expands the perception of markets, the approach to trading and deeply describes the psychology of trading.
The book was first published in 2022 and perfectly complements the books by Bill Williams.
John J. Murphy "Technical Analysis of the Futures Markets"
A basic book on classical (linear) technical analysis, which also contains up-to-date information on Elliott Wave Theory in addition to the corresponding section in the book by Bill Williams "Trading Chaos 1".
Alexander Elder "Trading for a living" (How to Play and Win on the Stock Exchange)
A book on the psychology of trading and classical chart analysis, includes a detailed description of popular indicators and a description of the basic strategy "Three Screens" (analysis of the chart on the senior and junior timeframes), as well as an important topic "Risk management".
Steve Nison "Japanese Candlesticks"
A basic book on classical candlestick (bar) analysis.
Thomas DeMark "Technical Analysis - a new science"
Constructing trend lines based on the support price minimums and maximums described in the book led me to search for an indicator that displays such bars, as a result, I first became acquainted with the Bill Williams Fractals indicator, even before I became acquainted with his strategy.
Theodore Dreiser "The Financier" ☽
A novel published in 1912 based on the life story of the American millionaire Charles Yerkes (1837-1905). The book shows how the financial and economic environment surrounding the main character (Frank Cowperwood) already from childhood forms in him the psychology of a businessman and stock dealer...
Robin Sharma "The 5 AM Club" ☆
This book is not about trading, but about healthy habits. But for me the book became useful, including in trading, because I made the following conclusion for myself - it is important to rest (take breaks) every day, and not only on weekends and vacations. And it is worth starting with the fact that after waking up there is free time (about 1 hour) before business activity begins, i.e. either wake up earlier, or move all things forward, so that you can start your day easily. And taking breaks in trading is very important, so I recommend paying attention, for example, to the algorithm for removing limitations using neurographics.
(◉ ‿ ◉) There are many good books, as well as good strategies, but I am sure that only independent deep study, practice, good concentration and self-control will allow you to find your own understanding of the markets and your own approach to successful trading.
Bill Williams "Trading Chaos 1 and 2" ♡
The first and third books by Bill Williams contain complete and up-to-date information on the Profitunity strategy. The second book "New Trading Dimensions" is intermediate and less relevant.
The book Trading Chaos 1 includes trading psychology (an integral part of trading), the basics of understanding the markets, candlestick patterns (divergent bars and determining the trend based on a pair of bars, the market facilitation index, volume and squat bar), Elliott waves (characteristics, determining waves using the MACD 5/34/5 indicator, an analogue of the modern Awesome Oscillator, and the Fibonacci ratio), fractals, trading in waves (impulses 1-3-5 and ABC correction). And also very important topics — how to work with your internal structure and how our brain functions (Chapter 11).
The book Trading Chaos 2 (co-authored by Bill Williams' daughter Justine Gregory) includes a description of the Alligator indicator in combination with the Awesome Oscillator, divergent bars and fractals. And also tools for working on yourself - morning pages (Chapter 13, from the book by Julia Cameron "The Artist's Way") and autogenic training for traders by Johannes Schultz (Appendix 3).
Tom Hougaard "Best Loser Wins" ♡
The book greatly expands the perception of markets, the approach to trading and deeply describes the psychology of trading.
The book was first published in 2022 and perfectly complements the books by Bill Williams.
John J. Murphy "Technical Analysis of the Futures Markets"
A basic book on classical (linear) technical analysis, which also contains up-to-date information on Elliott Wave Theory in addition to the corresponding section in the book by Bill Williams "Trading Chaos 1".
Alexander Elder "Trading for a living" (How to Play and Win on the Stock Exchange)
A book on the psychology of trading and classical chart analysis, includes a detailed description of popular indicators and a description of the basic strategy "Three Screens" (analysis of the chart on the senior and junior timeframes), as well as an important topic "Risk management".
Steve Nison "Japanese Candlesticks"
A basic book on classical candlestick (bar) analysis.
Thomas DeMark "Technical Analysis - a new science"
Constructing trend lines based on the support price minimums and maximums described in the book led me to search for an indicator that displays such bars, as a result, I first became acquainted with the Bill Williams Fractals indicator, even before I became acquainted with his strategy.
Theodore Dreiser "The Financier" ☽
A novel published in 1912 based on the life story of the American millionaire Charles Yerkes (1837-1905). The book shows how the financial and economic environment surrounding the main character (Frank Cowperwood) already from childhood forms in him the psychology of a businessman and stock dealer...
Robin Sharma "The 5 AM Club" ☆
This book is not about trading, but about healthy habits. But for me the book became useful, including in trading, because I made the following conclusion for myself - it is important to rest (take breaks) every day, and not only on weekends and vacations. And it is worth starting with the fact that after waking up there is free time (about 1 hour) before business activity begins, i.e. either wake up earlier, or move all things forward, so that you can start your day easily. And taking breaks in trading is very important, so I recommend paying attention, for example, to the algorithm for removing limitations using neurographics.
(◉ ‿ ◉) There are many good books, as well as good strategies, but I am sure that only independent deep study, practice, good concentration and self-control will allow you to find your own understanding of the markets and your own approach to successful trading.
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