Be it on a Kindle, iPad or comparatively antiqued book, there is a short list of essential books that, for traders and investors, constitute must-reads. Classics like "Reminiscences of a Stock Operator" or "Market Wizards" brim with invaluable wisdom applicable to any market environment, exactly why so many traders, from the experienced Wall Street hedge funder to the college kid with an E*Trade account, read and refer back to them year after year.

For students of the market willing to dig a bit deeper, however, there are a number of alternative books that build on each of the classics' major concepts. They are equally insightful reads, just less well known.

The Classic

Alternative

"Reminiscences of a Stock Operator," written by Edwin Lef vre and first published in 1923, is the fictionalized life story of legendary trader Jesse Livermore, known as the Boy Plunger. Although many of the references might be dated (Anaconda Copper is no longer the world s fourth-largest company), the essentials of speculation and market dynamics have remained unchanged in nearly 100 years.

Fewer people know Lef vre s subsequent book, "The Making of a Stockbroker," which retains all of the insight and period charm of the Livermore story, but focuses instead on the life and business of a senior stock broker in turn-of-the-century Boston. Issues facing his clients: where to find yield, investing in preferred stocks, commodities or how to evaluate a balance sheet, are virtually identical to those we face today.

The Classic

Alternative

"Market Wizards," in which Jack D. Schwager interviews top futures traders, spawned two subsequent books, "New Market Wizards" (1992) and "Stock Market Wizards" (2001) and remains near the top of the financial bestseller list nearly 20 years after it was published. Thousands of traders have gleaned knowledge from the strategies of Ed Seyokta, Michael Steinhardt and other legends profiled.

A less well-known but equally legendary trader was recounted in Bill Falloon s "Charlie D.: The Story of the Legendary Bond Tradernow part of Chicago Mercantile Exchange Group). Since publication, trading pits have been almost extinguished completely by the rise of electronic markets, making the local expertise gleaned from top pit traders chronicled in the book even rarer.

The Classic

Alternative

Even before the financial crisis hit, the investment community had already long since embraced Ayn Rand. Scores of investment pros from Monroe Trout to Victor Neiderhoffer to Peter Thiel have advocated her philosophy of reason, capitalism and individual rights, as best known by her seminal 1957 work "Atlas Shrugged." The expansion of government undertaken by both the Bush and Obama administrations has only fueled interest in Rand s work: Atlas Shrugged sold a record 500,000 copies in 2009, doubling the previous year s record.

A lesser-known work of Rand s also highly beneficial to traders is "The Virtue of Selfishness," a 1964 collection of essays that further refine the morality of egoism, profit-seeking and rational selfishness. At a time in which speculators are derided as destructive parasites wrecking havoc on the economy, the book outlines a moral foundation for capitalism to which every investor will relate.

The Classic

Alternative

Options trading rose nearly 1% in 2009 to an all-time record of 3.6 billion contracts, the seventh consecutive annual increase. Amid volatile markets, investors used these nuanced tools to hedge against loss, speculate on price action or increase total return.

The comprehensive authority on trading options is "Options as a Strategic Investment" by Lawrence G. McMillan. Now in its fourth edition, the tome provides a complete overview of options strategies.

Less dense and well known, but equally useful and way more accessible is "Options for the Stock Investor." Written by James Bittman, a former market maker and Chicago Board Options Exchange instructor, the book offers a number of useful ways stock investors can use options to better their return.

The Classic

Alternative

"A Colossal Failure of Common Sense" is the best-selling story of the collapse of Lehman Brothers, which is commonly attributed as the trigger for the global economic collapse. Penned by company insider Lawrence McDonald, the book chronicles the company and culture of Wall Street from its 2000s deal-making heyday to its subsequent collapse.

An alternative and equally instructive option is "The Go-Go Years," which John Brooks accounts the stock market boom of the 1960s, a now familiar story of market growth, excess, decline and ultimately rebirth. There s a free copy available online as well.