Do you have your list of the best day trading books that you have come across? If you don’t have one I know at some point you have been asking what is the best book on day trading, right?
I have just compiled a list of the best books to learn day trading for you in case you don’t have one.
In case you have your list of best day trading books, you can also benefit from this post by adding some of the books that are not on your list.
High-frequency trading algorithms have changed the future of the markets, and this has got people talking of late.
Because of this, many traders have been forced to change or adjust their trading strategies to account for today’s frequent changes.
Day traders have to update their skills every now and then.
You will be left behind if you do not update your skills, mindset, and strategies to tackle the changing conditions of the currency market.
Very few traders have managed to have a level of income that would just blow your mind.
There’s a reason why many traders fail, and it’s not what you think.
Finding a system to trade is not difficult. The challenge is getting or having the right/appropriate mindset.
A good understanding of day trading will save you from expensive errors and build your confidence.
For traders who read, there are quite a number of great day trading books available, which share a pool of information to help you get started or improve your day trading strategy.
Below I have assembled a list of the best day trading books that I have come across in the past while aspiring to improve my forex trading abilities.
1. Market Wizards
By Jack Schwager
This day trading book is a collection of interviews with various successful traders and comes highly recommended to those in the trading business.
The book features interviews with legendary traders like Ed Seykota, Paul Tudor Jones, and Richard Dennis among others. The content emanating from these traders makes this among my best day trading books.
For instance, there’s an interview with a trader who turned $30,000 to $80million, the T-bond futures trader who turned $25,000 to $2billion! And the hedge fund manager who has averaged 30% returns every year for over 20 years.
For anyone interested in trading, and you are not aware what is the best book on day trading, then this is a book you should read.
However, in order to understand some of the terms used, you should have some knowledge in trading. This is why I don’t consider it to be best day trading book for beginners, but for traders who have a grasp of some of the relevant concepts or terms.
2. How to Day Trade for a Living: A Beginners Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology
By Andrew Aziz
The author, Mr Aziz, starts by telling his own trading story, one that most of the newbie traders can relate.
He says that in his very first trading days, he struck gold with a pharmaceutical product that earned him $6000 in a matter of minutes. Money which he would later lose because he did not have the required knowledge to sustain other, calculated investments.
He decided to use his own story as a cautionary tale to those who have just started day trading, and those who may not know that day trading is more than just a mere hobby or a gamble.
Day trading can be an actual job that can bring you substantial returns.
This book has easy to follow step-by-step guides for beginner day traders. This is why I promote it among the best day trading books for beginners.
The writing style of the book also makes it easy for any reader to understand, and many successful traders owe their successes to this book. That is why I included it in my list of best day trading books.
3. A Beginner’s Guide to Online Day Trading
By Toni Turner
The word ‘beginner’ stands out in this title. This is a good entry level guide for beginner traders.
The author begins by giving some history of Wall Street. She also gives a few pointers on how to set up everything when you start trading.
If you are new to day trading, then this book is for you.
The author also focuses on the mentality that will lead to profits, as well as important things that will help you build your account.
Check it out and let me know whether you would consider it among the best books to learn day trading.
There are other more advanced books in this list that you can read once you are done with this.
4. Day Trading and Swing Trading the Currency Markets
by Kathy Lien
With a wealth of experience in the forex arena, the author, Kathy Lien, is not new to the financial market as she is regularly invited to some of the biggest finance channels: CNBC, CNN and Bloomberg.
She also serves as the managing director of BK asset management. She is a reliable source of day trading ideas as her market analyses are usually strong.
“Day trading and swing trading the currency markets” features sections with valuable trading strategies hence making the book a good resource for traders.
The good thing is that the book serves both day traders and swing traders. Have a read and let me know whether you would consider it among your best day trading books.
5. Day Trading for Dummies
By Ann c. Logue
I consider this to be among the best day trading books for beginners. Why? The title says it all.
For those who prefer to work from home, day trading is definitely one of the options you should consider. Although it also has its risks.
Day trading calls for patience and nerves of steel. The emotional aspect associated with day trading is among the things that differentiates it from swing trading.
A copy of “Day Trading for Dummies” comes in handy; as it’s a low-risk way of finding out whether day trading will work for you.
Written in plain English, this guidebook shows you how day trading works, identifies its pitfalls and gets you started with an action plan.
This book equips you with the confidence and knowledge that you will require to manage risks, keep a cool head and make instant decisions as you sell and buy your positions.
For a successful and lucrative career in day trading, you should read this book
Ann, through her book, gives you the tips, guidance and a solid foundation that you will need to succeed.
She also lists some of the common and expensive mistakes traders make.
You will find the top ten reasons as to why you should venture into day trading, or why you should avoid it altogether.
6. Trading in the Zone
By Mark Douglas
In his book, Mark focuses on the mental reasons that prevent traders from getting consistent results.
Market myths are tackled, challenged, and traders encouraged about facing the reality of risk and overcoming random outcomes.
This book is all about the mindset required by successful traders. That is why I consider it among my best day trading books because it highlights something that affects most of the traders.
As a beginner trader, you’ll need to have more than just a strategy, indicators and a trading plan, which are all highlighted in the book.
One of the reasons why many traders fail is because of fear, which must be overcome in order to thrive.
Technical, fundamental and mental analysis, the lures and the dangers of trading, consistency, and taking responsibility are some of the topics covered by the author in the book.
7. Day Trading for Beginners; How to Quit Your Job and Get Rich Day Trading
By Devon Wilcox
The methods that have been outlined in this book will surely help you develop a profitable portfolio and kick off a career in day trading.
There is a 100% refund guarantee, should you fail to get the expected results.
Apart from that, the book also features other things such as:
- The secret to quitting your job and day trading from home
- How to manage risks and ensure a positive return
- Understanding stocks. How to tell the stock that will skyrocket and the one that will fall
- The secret to building a portfolio that’s profitable and sustainable
- Mistakes beginners make that should be avoided.
Definitely this book had to make it to my list of the best day trading books since it delves on a variety of issues that affect day traders.
8. Mastering the Trade
By John F Carter
Having been trading for the past nineteen years, John F Carter is definitely one of the men you’d want to hear from if you are a trader.
Dotted with humor and written in a simple language, the author has explained the most common psychological traps that people fall into when trading.
He also highlights how dangerous day trading can be especially with the lack of specific knowledge and how different markets can be in terms of psychological mechanisms.
You will be provided with ideas and examples of trading plans and insights from the author’s trading experiences. Regardless of your career level, this book will surely suit you.
9. Trade Your Way to Financial Freedom
By Van K. Tharp
The author, Van K Tharp, exposes his unique 17 steps trading model in a real trading masterpiece.
Interviews with prominent traders have also been featured.
What a trading system is and how you can develop your own have also been explained.
This book has every information that you will require as a day trader. It is more of a psychological self-help manual.
Topics covered include:
- The legend of the Holy Grail
- Judgmental biases
- Setting objectives
- Steps to developing a system
- Selecting a concept that works
- Trading strategies that fit the big picture
- Six keys to a great trading system
- Entry or market timing, among other things.
What I like most, and the reason I included the book among my best day trading books is the fact that the book demonstrates the steps you could use to develop your own trading system.
Different trading systems tend to work different for varied traders, and hence you have to find what works for you.
Final Thoughts on the Best Day Trading Books
I have read several day trading books, and deciding what to include in this list was quite problematic since I have learned a lot from different books.
You cannot survive or thrive in day trading without having a good and proper guide to help you, and this may be in the form of a book or any other media.
This article lists the books that I think are important to traders.
However, you are free to refer to other sources too, just for comparison or even more additional information that might not be included in the best day trading books on this list.