Day trading is a lot about strategy. Before starting day trading, you should have a good understanding of the market movement, and you should have a well-defined strategy to be a successful trader. The best way to learn about the market movement is to read books written by people that have mastered the art of trading. This article will show you the top best day trading books.
In addition, day trading books are a great way for people to learn about trading. These books can be very helpful for beginner traders and people with small trading accounts.
What Is Day Trading?
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In simple words, day trading is a type of trading that is done within the same day of trading. It is the fastest form of trading and can give you significant profits in a short period.
Moreover, day trading can be risky and high-stress, but it can be very profitable at the same time if you know what you’re doing.
Day Trading is a series of buying and selling financial instruments within the same trading day and before the market closes. It is a form of speculation, which involves the process of buying and selling securities.
It is distinguished from longer-term trading by several characteristics, including the trader’s time horizon, the type of securities traded, positions held, and the use of leverage. Before deep-diving into the best day trading books, let’s first know some key takeaways from day trading.
Top 10 Best Day Trading Books That Will Help You Become a Financial Trader
Day trading books can be a useful learning tool for traders looking to make their first profit or seasoned traders looking to improve their profits. Here are some best books on day trading.
1. A Beginner’s Guide To Day Trading Online
A Beginner’s Guide to Day Trading Online is one of the best trading books written by Tony Turner.
Greg Capra, president of Pristine.com, very well said that if you want to know how the market works and make it work for you, read this book.
In other words, Financial markets are extremely precarious and unpredictable. This is why thorough market knowledge can be a prerequisite for successful trading.
In addition, if you want to know the complete information about the market, this book by Tony Turner will help you a lot. This book will give you all the latest as well as relevant information.
This book describes the basics of the market in detail, how to enter or exit the market, decimalization of stock prices, and many more. Furthermore, it is written in an easy-to-understand and accessible style. So, if you want to know about day trading, then this is the best choice for you.
2. Day Trading For Dummies
Day Trading for Dummies, written by Ann. C Logue.
It is the best book to know whether day trading is for you or not. The book is written lucid and in plain style; it describes the inside and outside of day trading.
In addition, this book covers modern as well as classic trading strategies.
Furthermore, Ann. C Logue teaches how to evaluate your day trading using fundamental and technical analysis. He also displays how to effectively use short-term trading to build a long-term portfolio. Along with this, readers can also find some common mistakes that traders make throughout the day.
In other words, there is a lot in this book for those people who want to learn day trading quickly and efficiently.
3. Interactive Day Trading: Ultimate Trading Guide
Interactive Day Trading: Ultimate Trading Guide by Satish Gaire is among the best day trading books available.
This book includes everything from Getting Started, Technical Trading, Company Fundamentals, Step-by-Step trading Checklist, and multiple ways to find stocks. Also includes quizzes and video courses that help traders master each concept.
Moreover, this book is unique as it contains many visuals. Along with this, the book has been written in general terms, and a video course is also included where the readers understand every subject in depth.
4. Technical Analysis of Financial Markets: A Comprehensive Guide To Trading Methods and Applications
John J. Murphy wrote this book, and it is popular and good to start with day trading.
This book is an easy-to-understand reference guide that goes in-depth into trading theory and technical analysis. It includes graphs and charts to illustrate its points.
Technical Analysis of different types of Finance markets teaches you the importance of technical analysis and reading charts. It covers Intermarket relationships, candlestick charting, and stock rotation.
Also read:- earn extra money
5. The Truth About Day Trading Stocks
The Truth About Day Trading Stocks is written by Josh DiPietro. It provides a real picture of the perils related to day trading.
Well, you know day trading is a high-risk profession. No one can master this profession without proper knowledge and preparation. It is crucial to understand before how to be self-disciplined, cautious, consistent, and avert losses.
This book is based on the author’s own knowledge and experience. Moreover, this book is written in an irresistible and often humorous manner. This book also deserves to be included in the best day trading books list.
6. Start Day Trading Now
Start Day Trading Now, written by Michael Sincere, is also the best day trading book that makes day trading straightforward.
Michael Sincere wrote this book thinking that the reader does not know anything. This book deals with the basic distribution of day trading. Moreover, the book is mostly about technical analysis, and all its jargon has been explained.
This book also provides valuable money management for the readers. However, it covers equipment and money required for day trading.
7. Mastering the Trade
Mastering the Trade, written by John Carter, is one of the best books. In this book, you will get many details about day trading.
This book is a huge book with 500 pages; the reason for this is that every concept is explained in detail in this book. It also includes multiple critical areas like a premarket checklist for assessing current market behaviour.
Besides, The book also says a lot about the safety of investments and risk management. Apart from that, Carter also explains the psychological aspects of trading.
8. High Probability Trading
High Probability Trading Books is written by Marcel Link.
It is remarkable and one of the best day trading books. This book teaches how to play safe.
In addition, this book is the best source for aspiring traders to reduce such chances of bankruptcy and make successful traders.
This book also teaches what to trade, how to set up trades, and many more. Also, describes how to make a good money management plan while keeping risk factors in mind. This book is the best because it covers almost every aspect of day trading.
9. The Disciplined Trader
The author of The Disciplined Trader book is Mark Douglas.
This is among the best day trading books because it describes all concepts of trading psychology.
In other words, Douglas emphasizes that there are some mental matters which direct us to do better work in society. They often prove to be barriers in business.
This book describes how to improve your trading. Also, describes how to develop and shape behaviors and attitudes that can transcend psychological obstacles and make for success.
10. Range Trading
Range Trading by Michael Young is an epic and step-by-step guide to range trading.
Young teaches everything outside and inside out of the range trading right from the basics.
This book begins with an explanation of what range trading is and how it works. In addition, a range of trading risks and how to mitigate these risks have been highlighted in this book. It includes a complete range of trading examples with charts and diagrams, which is the identity of this book. Last but not least Range Trading is an amazing day trading book and also deserves to be included in the best day trading books list.
Advanced Level Books of Day Trading
Once you’re comfortable with the basics of day trading and ready to move from beginner level to more advanced level, then you must check out these in-depth day trading books.
1. Japanese Candlestick Charting Techniques
Japanese Candlestick Charting Techniques offers page after page of practical candlestick charting techniques and also shows how they can be applied to almost any market and merge with other technical analysis techniques.
The author of the Japanese Candlestick Charting Techniques is Steve Nison. This is one of the leading technical analysts in the world and introduced the Japanese candlestick technique to the western world.
2. Technical Analysis Explained, Fifth Edition
The bible of technical analysis, this book is in its 5th edition since the original was published 30 years ago. This book is written by Martin J. Pring.
Pring’s straight talk blends theory with technique and offers strategies for future profits in the book “Technical Analysis Explained.”
On the other hand, this book offers a practical step-by-step guide to incorporating technical analysis into your trading strategy for portfolio growth.
3. The Simple Strategy
The simple strategy, written by Markus Heitkoetter, is also the best day trading book that makes day trading easy and straightforward.
He can teach you a powerful day trading strategy in just 60 minutes and after
88 pages only.
This easy, straightforward read outlines the author’s strategy of clear entry and exit rules and shows you how to take advantage of small intraday( occurs within one day ) trends.
“The Simple Strategy” assumes you have a working knowledge of outlined strategies and charting.
Top 5 Key Takeaways: Day Trading
- Day trading is only profitable when you take it seriously and do the research; otherwise, if you think you can make a good amount of money in a short time, then you’re totally wrong.
- If you are a day trader, then you must be focused, objective, diligent, and unemotional in your work.
- Some of the tools used by day traders to pinpoint buying points include trendlines and triangles, volume, and candlestick chart patterns.
- Webull and Interactive Brokers are two recommended online brokers for day traders.
- When it comes to buying stocks, Day traders often look at things like volume, liquidity, and volatility.
Note: According to the Securities and Exchange Commission, traders usually lose 100% of their funds within a year.
Conclusion
We hope you’ve enjoyed this article on the best day trading books that will help you become a successful day trader.
While day trading can be a rewarding career with the right education, it is important to note that this is not a career for everyone. Before you get started, make sure that you have a clear understanding of the risks involved and make sure that you can commit to the time commitment needed for this career. Once you are ready to get started, a few books will be very helpful to you.
Frequently Asked Questions
Q1. What is a good book for day trading?
Technical Analysis of Financial Markets: A Comprehensive Guide To Trading Methods and Applications is a good book for day trading. Because this book is a deep guide to technical theory and trading analysis. Applications and methods of day trading have also been described in this book.
Q2. What is the most profitable day trading strategy?
If we talk about the most profitable strategy then, Scalping is one of them. Scalping involves selling almost immediately after a trade becomes profitable.
