This article lists the best day trading books. There are many good trading books and I have compiled a list of the top 10 day trading books in my opinion. What exactly is day trading? Day trading is when you buy and sell securities within a single trading day. Although day trading can occur in any marketplace, it is most popular in the forex and stock market.
To be successful at day trading, you need to committed to studying and working hard. It is not like gambling and it is not easy. You cannot jump right into it and expect to make lots of money. Successful day traders have skills that are usually only acquired through practice and over time. First, you need the right tools and books so that you can educate yourself. Remember that you are competing with many professional and experienced traders and if you don’t take it seriously, you can wound up losing a lot of money. If you want to learn how to trade stocks, below are the top day trading books that you should have on your bookshelves.
Best Day Trading Books
1. A Beginner’s Guide to Day Trading Online by Toni Turner
This is one of the best day trading books for beginners who are new to day trading. Toni Turner shows us how the market works in a step-by-step matter so that you can day trade in today’s market. She provides us with the latest information on mastering the financial markets, including new trading products such as ETFs (exchange traded funds) and E-minis. She also teaches us decimalization of stock prices and the best entry and exit points to maximize our profits. She covers basic charting patterns that are essential to trading and explains them in simple terms. Day trading requires strict discipline and this is a great book to get started. I would also recommend this book for those who are swing trading as many of the same concepts apply.
This is another great day trading book for beginners. Andrew Aziz shows us the day trading process and provides us with real trade examples. The book is a short, easy read, with only 232 pages yet he covers a lot of very useful material. He talks about the importance of risk management, money management and trading psychology. Day trading is definitely not easy and Aziz reinforces that throughout the book. He recommends practice trading in a simulator account first instead of trading with real money. Aziz talks about having discipline and reminds us not to get emotional. He shows us his day trading strategies and explains step-by-step how to find stocks, how to trade them, and what to look for. He also teaches you how to read stock charts, candlestick patterns, and more.
3. The Simple Strategy – A Powerful Day Trading Strategy For Trading Futures, Stocks, ETFs and Forex by Markus Heitkoetter
This book is an easy read and Heitkoetter gets straight to the point. He shows us his strategy based on 3 popular technical indicators – Bollinger Bands, MACD, and RSI. He provides us with realistic profit expectations and the disadvantages of using the strategy. Although the strategy may not be for everyone, it is worth a try to backtest and see if it works for you. He walks us through the trade setups step by step and provides a lot of stock charts as examples. He also reviews popular technical indicators and how to apply them to different markets.
4. Day Trading Made Easy: A Simple Strategy for Day Trading Stocks by Matthew R. Kratter
This book is also a great day trading book for beginners. It is short and is an easy read. Even if you do not know anything at all about trading stocks, you can start by reading this book to get you up to speed. Kratter discusses how to find the best stocks for day trading, how to short stocks using the Day Sniper strategy, how to set your stop loss and profit target for the day, and more. He explains everything step by step on what to do and how to do it. He even shares his contact information in the book if you want to reach out to him by email and seek help.
5. How To Day Trade Stocks For Profit by Harvey Walsh
This book is easy to understand and is perfect for beginners to day trading. No previous trading experience is needed prior to reading this book. You will learn how to trade with other people’s money and keep profits for yourself, how to make money even when the stock market is down, and entry and exit points for maximum profit. Harvey Walsh also talks about reasons why traders lose money and how you can avoid them. By following his methods, you can learn how to not let fear and emotion affect your trading decisions. He has 14 Golden Rules of trading that will help you become successful in day trading.
Cameron shows us the trading techniques that he uses himself to profit from the stock market. He explains that even before you start trading, you need to build the foundation for success. He addresses the reason why many of the traders won’t succeed at day trading. He believes that the two most important skills that a day trader can possess are a hunter of volatility and manager of risk. He explains how to find predictable volatility and how to manage your risk so that you only have to be right 50 percent of the time and still make money.
7. Mastering the Trade by John F. Carter
This book covers a lot, including trading psychology and intraday or swing trading techniques and setups. The book begins by talking about trading psychology, such as the types of mistakes we make due to our human behavior. This holds true whether you’re trading stocks or futures. Then, the later chapters cover setups and when to enter and exit a trade. These techniques work great for day trading. It’s helpful to test John Carter’s setups to see if they also work for you.
8. The 1 Hour Trade: Make Money With One Simple Strategy, One Hour Daily by Brian P Anderson
This book teaches you how to realisticially create wealth through trading. It isn’t a get-rick-quick book but instead, you need to focus on one specific strategy until you’ve mastered it. Instead of just reading investment theory, Brian Anderson explains his actual strategy step-by-step and with detail. He will tell you the specific scanning parameters for finding trades, the type of analysis you will need to do to determine whether or not to make the trade, and how to execute the trade and be profitable. You will learn how to scan for stocks in real time and earn intraday gains, how to analyze charts to determine whether a setup is likely to succeed, and how to exit the trade for maximum profit. Following his strategy and maintaining discipline will make you become a better trader.
Josh DiPietro gives us a honest overview of the reality of trading. He explains why many people who try day trading fail. He offers practical guidance for day trading and provides us with real-life examples. This is an easy read and it is interesting to hear about his own personal experiences, such as the emotional swings that he had when he first began trading. It’s not a “get rich quick” book, but instead gives you realistic expectations of trading.
10. Day Trading: Beginner’s Guide to Make Money with Day Trading by Warren Richmond
If you are just starting out with day trading, this is a great book to read. It explains what day trading is and isn’t and whether it is right for you. There’s a lot of information out there but this book will cover the basics and the essentials of trading you need to know before you begin day trading. The information is easy to understand and he includes valuable tips and strategies. You will learn about making your first day trade, mistakes to avoid, day trading risk management, and useful tools needed to be successful at day trading. This book is well written and I would recommend it to entry level day traders.