Best Day Trading Book for Beginners

Best Day Trading Book for Beginners

Day trading books can teach you a lot of information about strategy, risk management, psychology, and technical analysis. Unfortunately, librarians and booksellers are not day traders. This makes it somewhat difficult to find the best books. Luckily, this page is broken down and down to the best books for beginners, the best books for specialty assets, and details on how different formats might better suit your individual needs.

Alternatively, we have compiled a list of the best training academies and brokers with the best educational content in 2022. The learning package includes trading guides, webinars, and events, as well as how-to guides.

Day Trading Books For Beginners

When you decide to take the plunge into trading, you swiftly realize how complex strategies, charts, patterns, platforms, and fees can get. This is all the more reason to utilize the resources around you to hit the ground running. The best books for beginners keep it simple and offer step-by-step guides on how to choose stock, implement strategy and manage your capital and risk.

Below are 3 of the top books for beginners

When you decide to trade, you quickly realize how complex the strategy, charts, patterns, platforms and fees can be. This is another reason to use the resources around you to get started. The best books for beginners keep it simple and provide step-by-step guides on how to choose stocks, apply strategies, and manage your capital and risk.

Here are the 3 best books for beginners

1. A Beginner’s Guide To Day Trading Online, Toni Turner

Written by a businessman and teacher, the book provides clear direction and is also up-to-date with the developments in the industry. You will get a detailed overview of risk management, technical analysis and how to set up a trading plan. Recent editions have been renamed to “A Beginner’s Guide to Short Term Trading”.

The book is also a great learning tool as it is full of quizzes and checklists. The author skims through all the basic jargon while still managing to keep you busy. This is great for the day trader, especially because it differentiates between short-term and long-term trading, profit, risk, and the concepts you need to focus on.

2. Start Day Trading Now: A Quick And Easy Introduction To Making Money While Managing Your Risk, Micheal Sincere

Written from the perspective of a seasoned trading, this book focuses on technical analysis and also provides invaluable money management lessons. It initially focuses on charts, patterns and indicators. You will then be guided through the practical aspects of your first exchange.

You also get to talk to experienced traders, which will hopefully help you avoid the pitfalls they have fallen into. Plus, at less than 200 pages, the book is easy to read for the budding trader.

3. Day Trading For Dummies, Ann C Logue

Although the author is not a trader, his book is diverse, covering a wide range of topics, making it ideal for those who wish to gain a broad introductory understanding. This book is less of a guide and more information on the subject of everyday business under the sun. You won’t find the details, but it also means you shouldn’t get lost. All this makes it one of the best trading books for beginners.

If you have a question about “What are the best books for beginners?” all the above text will be at the top of the list. They give you the platform you need to get started, as well as a place you can turn to for answers as you go.

Remember that good day trading books for beginners keep it simple. They guide you through the process from stock and strategy picking to psychology and risk management.

Top best books for Day Trading

For those looking for more in-depth books that provide comprehensive information about all things in-depth technical analysis, advanced strategies, and more, there are many books you can turn to.

Below, we’ve selected the top 7 books keeping in mind reviews, ease of use, and completeness.

Best Day Trading Book for Beginners

1. High Probability Trading: Take the Steps to Become a Successful Trader, Marcel Link

This book focuses on the notion of trading only when the odds are in your favor, so it explains how you set up your trades and what to look for to know exactly what to trade and for how much.

The author draws on years of successful experience in the markets, and you can benefit from their trial-and-error approach to avoiding future mistakes. It’s well written and straight to the point, which makes it worthy of a spot on this list.

2. The Truth About Day Trading Stocks, Josh DiPetrio

While many books talk about potential money, Josh DiPatrio points out that day trading is not a quick-get-rich-quick scheme. His writing is easy to follow and you can tell that he really wants to make you aware of the dangers and give you advice on how to deal with them.

You can take some essential lessons from this book and you feel that you are getting the truth from the first chapter to the last.

3. Mastering The Trade, John Carter

This is one of the best books because there are lots of detailed instructions on how to set up trades. He leaves no chance to break out of multiple strategies and different markets. It is also well established as one of the psychology books.

If you are looking for a clear guide to the what, how, why, when and where then this is the book you need. It is considered one of the best Emini books, using real-world examples to prove points.

4. Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market moves, Kathy Lien

One of the best selling day trading books, you benefit from the experience of one of the most respected analysts in the world of forex. If you haven’t seen it on Bloomberg or CNN, you’ll appreciate it for the genre.

You’ll get insight into performing accurate market analysis, and the author is a solid source of trading ideas. If you are looking for one of the best forex books, look no further.

5. The Disciplined Trader: Developing Winning Attitudes, Mark Douglas

Many good books focus on technical analysis, strategy and risk management, but few focus on the intricacies of trading psychology. As this book aptly explains, you can have all the best strategies in the world, but without discipline you will struggle to make a profit

The book details why not letting go of your feelings is harder than it looks and provides a wealth of tips to help you stay calm and get yourself in the right frame of mind. You will also find tips on how to document your trading performance and minimize risk

6. Digital Day Trading, Howard Abell

Although not quite in the top 5 books, this lesson is worth a look. If you’re looking for an easy-to-understand book that doesn’t waste words, this is a solid choice. The author focuses on market philosophy and dives into his own trading psychology. You will also benefit from three interviews with successful day traders, gathering a range of useful tips.

The only thing to point out is that this book was written during the largely unpredictable period of the dotcom smash, so some information may be outdated.

7. The Stock Trader: How I Make a Living Trading Stocks, Tony Oz

If you want strategies that you can take from the book and implement easily, this is a great option. You get a wide range of strategies that cover entry and exit points, charts to use, patterns to identify, and many other metrics indicators.

The book has received wide reviews and is written in an engaging manner, which makes it appealing to a wide audience. Not surprisingly, it is considered one of the best trading books of all time.

Live Webinars And Trader Courses

ETX Capital currently offers a variety of educational tools for traders. They are free to register for all traders who have made a deposit of any size. More details here.

Classes are taught by in-house ETX experts and an independent trading company. It guarantees full service to those who have registered. Most courses and webinars are delivered online.

Indispensable Formats

Thanks to the prodigies of technology you can now get day trading audiobooks and ebooks. Audiobooks are ideal for harkening to whilst you ’re driving, on the routine, or when you simply want to block out the noisy kiddies. They also allow you to take notes whilst you hear, or apply the information in real- time on your platform.

You can also get books in pdf, as free downloads. Just like ebooks, having these open in a separate window whilst you trade allows you to fluently follow instructions and put into practice what you ’re reading. You ’ll also have commodity you can snappily relate back to with just a click of the mouse.

Trading Log Books

These popular day trading books are an extremely useful tool that many people overlook, to their detriment. They will allow you to keep a detailed record of all your trades. These can then be used to check back to when you’re looking for patterns, or when you want to backtest a potential strategy. Some essentials to note down are the following:

  • Entry date
  • Equity symbol
  • Entry price
  • Total purchase price (including commission)
  • Number of shares purchased
  • Initial stop loss
  • Profit target
  • Exit price
  • Total sale price (including commission)
  • Profit/loss (total sale -total purchase)
  • Profit/loss % ({total sale – total purchase}-1)

Final Chapter

Chancing online books, in general, is fairly easy, but chancing the right bone for your requirements is n’t always straightforward. Before you make your purchase, consider precisely what you want to learn. Are you looking for strategies books, books on forex, psychology, or for newcomers? Do you want a step by step companion, or do you just want to hear stories and advice from successful dealers?

Once you know that, decide what format will make the information easy to condensation and straightforward to apply, hardback, ebook, pdf or audiobook. It’s also always worth checking reviews of the supposed ‘ stylish trading books ’, just to be sure you ’ll get precisely what you ’re looking for.

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