NO! Applied Crypto is at times a fascinating book, but it is terrible for a developer that wants to learn the fundamentals of crypto and how to avoid the most common mistakes people make. Its also really old at this point.

A much better book is Schneier, Ferguson and Kohno's "Cryptography Engineering"[1]. It covers what makes for strong crypto primitives and why weaker ones are considered broken. Note that is book is starting to get a bit out dated (I don't remember it covering ECC at all, for example), but I don't know of any better book.

I also endorse the Matasano Crypto challenges and the Coursera Crypto class taught by Dan Boneh as excellent learning resources.

[1] : https://www.schneier.com/book-ce.html

Schneier himself semi-regrets this one I believe as it teaches enough to be dangerous but not enough to understand the risks you are creating. Implementing ciphers is one thing, knitting them together into a secure protocol is something very different and very challenging.

I'd recommend Cryptography Engineering over Applied Cryptography for programmers today. It has a lot of actionable info and is quite up to date.

https://www.schneier.com/book-ce.html