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Best Day Trading Books

Are you looking to start day trading the stock market? Here are the best day trading books to read in 2023 to get started in day trading.

Whether you are a day trading beginner or an advanced trader, you will find these books helpful in taking your trading skills to the next level.

 

1. How to Day Trade for a Living

How to Day Trade for a Living by Andrew Aziz is one of the best books on day trading for beginners.

The book introduces you to the rules, mentality, risks, and strategies on how day trading works and how to use these rules to your advantage. Most beginners never follow any trading rules and go broke quickly without learning anything.

In day trading, many beginners focus on finding a secret strategy or a single chart pattern that would make them a millionaire which is the wrong approach to day trading. They must understand emotion plays a critical role in successful day trading, and they must manage their position size accordingly.

To make money consistently from day trading, a trader needs to learn how to manage risks, understand trading psychology, and develop a winning trading method, only then can you make money.

You will learn all these from this book. You will also learn the 9 stock chart patterns and strategies the author uses to make profits from day trading the stock market.

 



2. Trading For a Living

Trading For a Living by Dr. Alexander Elder is a classic book on short-term trading. The book emphasizes the importance of psychology, money, and risk management in trading.

The book introduces you to market crowd behavior and how it can influence the direction of a stock trend.

You will also learn some of the most popular technical indicators and stock chart patterns, and how to apply them for successful trading. The triple-screen trading system the author developed is a useful trading method that utilizes different time frames for optimal entry and exit points.

While the book is not specifically written for day trading, every day trader should read this book at least once in their life because of the trading strategies and mentality applied to day trading.

 

3. Trading in the Zone

Trading in the Zone by Mark Douglas is a must-read book for every trader. The main focus of the book is how to develop a trader's mental discipline which in my opinion is more important than any trading strategy.

It is easy to learn a trading strategy, but if you don't have the discipline to execute the strategy, you will end up losing money.

The author states that to make money in the stock market, a trader must have an edge. If you don't know your edge, you have no business trading. The first thing you should do is to find it.

If you want to stay in the trading game for the long term, you will likely be trading thousands of stocks. Do not let one or a few trades destroy your account. This is exactly how trading beginners do it. They hang on to their losing trades for far too long and allow one or a few trades to ruin their portfolio.

Read Trading in the Zone and develop the mental discipline you need to day trade successfully.

 

4. A Beginner's Guide to Day Trading Online

This is one of the best day trading books for those new to day trading. Author Toni Turner shows us how the market works step-by-step 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 the 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.

 

5. Advanced Techniques in Day Trading

Advanced Techniques in Day Trading is a sequel to How to Day Trade for a Living by author Andrew Aziz.

After introducing the mentality and day trading strategies in his previous book, this book covers some advanced day trading strategies.

Traders will learn the best trading tools and platforms to use and how to build a day trading watchlist that allows them to execute their trade quickly.

In addition, traders will learn how to apply candlestick patterns to day trading. Candlestick patterns are useful in predicting the short-term price moment of a stock. It is useful for day trading and swing trading to find trending stocks and reversal stocks based on candlestick patterns.

The author will go over price action and how to use mass psychology to evaluate where the stock price is going. You will also learn 5 stock chart patterns the author uses to day trade profitably.

 

6. Mastering the Trade

Mastering the Trade by John Carter covers psychology and 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 trading setups to see if they also work for you.

To be successful at day trading, you need to commit to studying and working hard. It is not like gambling and it is not easy. You cannot jump 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 will lose a lot of money. If you want to learn how to trade stocks, above are the top day trading books that you should have on your bookshelves.

 

7. How To Day Trade Stocks For Profit

How To Day Trade Stocks For Profit by Harvey Walsh 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.

 

Final Words

Most beginners think there is a secret strategy somewhere that would make them successful traders overnight, but that's far from the truth.

It is much harder to control your emotions such as greed and fear than learn a trading strategy.

To become a successful trader, one must learn to control emotions, learn from mistakes, track performance, and optimize trading strategies, it is an ongoing learning process.

As the trading environment changes, one strategy that works well in a certain environment will stop working in another. A day trader must learn to adapt quickly to the new environment and protect his account.

Any day trader who doesn't spend at least one hour preparing and planning for his trade each day is doomed to fail no matter how many books he read.

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