PMKing Trading LLC
Elliott Wave International Books
***** OMG *****
The books below are a small selection of those available from the book store at Elliott Wave International.  We will be writing reviews as soon as we study each book!  Links to Amazon, Barnes and Noble, and eBay are provided for your convenience, but we would appreciate it if you would support PMKing Trading by purchasing books directly from Elliott Wave International.
 
 
 
 

Elliott Wave Principle by Robert R. Prechter Jr. and A. J. Frost

 

Before I took a serious look at Elliott Wave technical analysis, I was of the (common I believe) opinion that it didn’t work, wasn’t specific enough, and was a couple of steps down from Voodoo in my list of ‘sound trading methods to think about using’.  All that changed when I took a serious look at Elliott Wave International and specifically the book Elliott Wave Principle (EWP) by Frost and Prechter.

 

I would consider this book the definitive guide to the theory, history, and practical application of Elliott Wave (EW) to trading.  If you are only going to read one book about the subject, this should be it.  Now I’m not saying EW is perfect, but that it is a lot more sound, robust and well-defined than the general "here say" would have you believe, and this book covers the whole thing from history to application.

 

I found the book to be relatively easy to read, but very hard to get my head around without practical application.  Imagine a chess Grandmaster writing a book on how to play really good chess.  They could describe the rules of the game, the guidelines and overarching principles, and specific examples of good play, but chess is a complex game and it would be difficult to really get a feel for the whole thing without actual play.

 

Exactly the same can be said for EWP.  The book goes into extreme detail about why 5 progressive followed by 3 regressive waves is the most efficient way for a market to move, and sets out an amazingly detailed and complete list of rules (rarely if ever broken) and guidelines (often fuzzy, but useful all the same) for the identification and application of wave theory as well as a nomenclature for identifying the complete range of cycles from the tiniest ticks to the secular movements that take decades to complete.

 

I guarantee you will have to read sections of this book more than once to get the underlying meaning, and also have to practice the application of the theory in real time before you really ‘get it’, but I believe it is well worth the effort – even if you ultimately don’t end up using the methods, there are many traders who do, and so this is a self-fulfilling technique that works because people use it, and people use it because it works.

 

I would consider myself a complete beginner in this technique, but I know enough to know that EWP contains most of what I’ll ever need or want to know about Elliott Waves.

 

Buy Elliott Wave Principle at Elliott Wave International.

Buy it directly from us for $19.95 (plus $7 shipping and handling) and get 'The Trading System Development Process' eBook for FREE (normally $9.95).
WARNING: Limited supply - this offer may be discontinued at any time.

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Prechter's Perspective by Robert R. Prechter Jr. edited by Peter R. Kendall

 

In this interview-style book published in 2004, Bob presents his own perspectives on subjects as far-ranging as Elliott Wave Principle (obviously) to the way he believes that the 'normal' cause and effect relationships people take for granted in a market environment (and the world in general) are actually inverted.

 

As well as a detailed and personal discussion of the application of Elliott Wave in the context of the practical uses in actual trading, Bob gives some simple but excellent rules for trading in general.  These include:

 

  • Having a method
  • Having discipline
  • Gaining experience
  • Accepting responsibility for your actions
  • Accommodating losses
  • Accepting huge gains

Although an interview format book is sometimes difficult for some people to extract the true ‘value’ from, it is well worth the effort of studying this book since it can give you some useful insights into things that you may currently take for granted as ‘truths’ that are actually detrimental to your trading performance.

 

The main novel theme in this book is about Bob’s concept of ‘Socionomics’, where social mood and psychology are the result of movements in the markets not the other way round.  Believing that the market goes down because people are depressed, for example is a complete reversal of the ‘conventional wisdom’ and thinking about it deeply can lead to some interesting conclusions and beliefs that have a significant practical impact on how one approaches trading.

 

Discussing specific approaches to trading, and how Bob thinks about them is a useful and informative look into the trading methods of an obviously accomplished and passionate market participant and also gives a context for the application of Elliott Wave Principle.  All-in-all it should be considered a very worthwhile read.

 

Buy Prechter's Perspective at Elliott Wave International.

 
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R.N Elliott's Masterworks edited by Robert R. Prechter Jr.

 

If you can get past the truly horrible jacket design for this book which is bright yellow and looks like it took about 10 minutes to put together, you will find a very informative insight into the life of R.N. Elliott and the genesis and evolution of his Wave Principle.

 

The books starts with a brief but worthwhile biography of Elliott which covers his business career as a consultant (who mainly charged out of additional profits generated - how's that for confidence!) and describes exactly how his Wave Principle came about.  Although this section does not really tell you anything useful (or new) about the usage and application of the Wave Principle per se, it does give additional supporting 'evidence' for the meticulous and analytical nature of Elliott himself that builds confidence that his methods are at least worthy of investigation.

 

The middle section of the book is Elliott's Wave Principle as first outlined by the man himself with useful comments and (rare) corrections (where necessary) by Prechter.  Even though Elliott's main work has been later extended and refined by others, it is still informative to see the 'definitive' version direct from the source along with practical application.

 

The remainder of the book presents articles and essays written by Elliott and gives some background about the underlying fundamental laws of nature and the universe that support the Wave Principle.  This section includes many useful perspectives and ideas and is good fuel for further study.  I think Elliott himself would have been pleased with the completeness and thoroughness of this book with the only main caveat being the amateurish jacket design.

 

Buy R.N Elliott's Masterworks at Elliott Wave International.
 
A selection of books about Elliott Wave are shown below.

 
The definitive guide to Elliott Wave history, theory, and practice.  If you are only going to read one book on this subject it should be this one.  It may take you several attempts to get through it, and a lot of practice to understand it fully, but it is definately worth the effort.
 
 
Buy it directly from us for $19.95 (plus $7 shipping and handling).
WARNING: Limited supply - this offer may be discontinued at any time.

If you can get past the horrible yellow jacket design that looks like it took about 10 minutes to put together, inside this book you will find some excellent and interesting information about R.N. Elliott and the genesis and evolution of his Wave Principle.

Along with a full biography of Elliott and comments and corrections by Robert Prechter, this book gives an added level of understanding for anyone who is interested in Elliott Wave Principle.

 

 
In this interview-style book, Bob presents his own perspectives on subjects as far-ranging as Elliott Wave Principle (obviously) to the way he believes that the 'normal' cause and effect relationships people take for granted in a market environment (and the world in general) are actually inverted.
 
Discussing specific approaches to trading, and how Bob thinks about them is a useful and informative look into the trading methods of an obviously accomplished and passionate market participant.
 

 
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