Best Day Trading Books
73Due to the increasing intraday volatility of various financial markets, day trading is getting popular in the trading community. Day trading simply means open and close positions in the same trading day to take advantage of intraday swing while avoiding overnight surprise. Although professional traders are making money day trading, it will take a great effort for less experienced traders to day trade profitably. The following list of day trading books is a good start to learn the art of speculation.
1. A Beginner's Guide to Day Trading Online (2nd edition) by Toni Turner
This is a great primer for people absolutely know nothing about day trading. Turner is articulate at introducing trading jargon in layman’s terms. The “If, Then” mentality introduced in this book is an important trading survival technique for people want to become a professional day trader. If new traders want to learn the game of day trading, this would be their first pick.
2. The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach by Markus Heitkoetter
In this book Heitkoetter offered down-to-earth guides for people who is absolutely new to the day trading arena. It started with how to define trading goals, make and execute trading plan, which is the exact reason why so many failed at day trading – they failed to plan. The secret of day trading lies in the rule – “plan your trade and trade your plan”. It also introduced how to develop a profitable day trading strategy in seven practical steps, ranged from market selection, time frame, trading approach, entry and exit points, evaluating and improving trading strategy. Noticed to the seven common trading mistakes mentioned in this book will save traders lots of money on their way to trading success.
Day Trading Resources
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3. Winning the Day Trading Game: Lessons and Techniques from a Lifetime of Trading by Thomas L. Busby and Patsy Busby Dow
There are many people participated day trading but few succeed. So what it takes to win the day trading game? Busby shared his trading experience as a professional trader. There are many invaluable lessons new traders can benefit from this book.
4. Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups by John F. Carter
In this book Carter introduced psychology 101 and market 101 helping traders to know themselves better and know the mechanics of the market as well. Carter put great efforts presenting a dozen profitable trading setups, ranged from the opening gap, pivot points, scalping, to market profile. Another particular useful tip offered by Carter is to build a premarket checklist as a game plan for the next trading day.
5. High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets by Robert C. Miner
In this book Miner proposed how to build high probability trading strategies bases on four tools, dual time frame momentum, Elliott wave, and Fibonacci price and time retracements. For people dream to buy a great trading system and get rich, Miner offered suggestion “you can’t buy success, but you can be a successful trader.”
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6. High Probability Trading by Marcel Link
There isn’t much difference between professional trading and professional gambling. The key is to know how to bet when odds are in their favor. It’s no wonder there are quite a few market wizards with profound experience of gambling. Because they know how to take those high probability trades while stay away from less promising ones. In this book reads will learn how to recognize and profit from high probability trading.
7. Trading for a Living: Psychology, Trading Tactics, Money Management by Dr. Alexander Elder
This is a must read for anyone who is serious about day trading. It starts from psychology including both individual and mass psychology to help traders to understand themselves and the market as well. Other useful information includes various indicators, trading systems, and money management techniques. Reading this book will certainly set you on the right path of trading for a living.
8. Trade Your Way to Financial Freedom by Van Tharp
Although there is controversy over the creditability of this book, I found Tharp’s 14-step approach building a trading system is helpful. If readers could walk away with only two concepts etched into their mind, how to gauge Expectancy of a trading system, and view trading results in R-Multiples, that alone are well worthy the price of the book.
While day trading offers great intraday monetization opportunities, there are substantial financial risks involved for new traders. It is imperative for people to get proper education before jumping into the day trading bandwagon. Reading day trading books is a great way to get started. There are also many free resources online that can help traders mastering the game, gaining an edge, and getting ahead of the game.
Trading Resources:
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Great job on your hubs
"The small stock trader" by Mika is also a small unique book that covers almost all the major stock market topics such as the traits of a successful small stock trader, how to choose a few simple focus stocks, market sentiment and industry, fundamental analysis, technical analysis, short selling, your edge and competition, catalysts that move the stock prices, stock trading plan, discipline, risk management and psychology. It is a simple book of about 100 small-sized pages (more like a collection of tips, perhaps 4-5 hours read), but it will answer many of your questions, so, it is a great book to start (no need to mention that about 90% of your lessons you are going to learn from your own experience/mistakes). It is also a fun-to-read book, as it is accompanied by a few jokes and observations from poker, intelligence world, relationships, happiness, Zen, and psychology.
C. Whitaker 2 years ago
Have you read day trade online? Are these 10 books better? It's the only trading book I have, so I can't really compare to anything. Good hub, book reviews are always appreciated