best day trading books for beginners

best day trading books for beginners
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A list of must read books for anyone considering day trade.

Invest in these books to increase your probability of success in day trading.

The below recommendations are divided into 3 segments. The first being Trader mindset, second is trading strategy and the last is on technical analysis.

Also, there is a bonus tip at the end of this article. Do check that out.

Segment 1: Trader mindset : 

understanding the mindset of successful traders.  Each trader has a unique belief system and thought patterns which determine their trading style. Even the most profitable system can fail in the hands of a trader with failure mindset. 

Reminiscences of A Stock Operator – Edwin Lefevre

story of stock trader Jesse Livermore. various ups and downs faced by this trader.

How I made $2,000,000 In The Stock market – Darvas

story straight from an actual trader who make 2m at the age of 39. A classic stock market book to this day.

The Battle For Investment Survival – Loeb

direct account of how to profit and how to avoid loss.  Author describes in detail the constant tug-of-war between rising and falling markets.

Market Wizards – Jack D. Schwager

Author interviews seventeen of the most successful market-beaters, Market Wizards. Packed with real-life anecdotes from the trading world.

Trading For A Living – Alexander Elder

You will learn that it’s all about hard work. You will also learn  why you will fail how to turn yourself into a successful trader.

Segment 2: Trading Strategy books

the below books reveal strategies by traders.  the real nuts and bolts of a trading system.

How to Trade in Stocks – Jesse Livermore

Actual detail about approaching Livermore’s pivot points, including some actual examples.

Secrets for Profitting In Bull and Bear Markets – Stan Weinstein

Stan Weinstein reveals his successful methods for timing investments to produce consistently profitable results.

The Successful Investor – William O Neil

O’Neil reveals what his decades in the market have taught him, and outlines a stable, nonemotional investment plan.

Come into my trading room – Elder

This is an interesting book on trading methodologies. Details of trading, managind risk and execution of trading plan. 

Trade your way to financial freedom – Van Tharp

Exits are as important as entry in the market.  Also, in a trading system – position sizing is another important aspect discussed in this book.

Segment 3: Technical Analysis books

Japanese Candlestick Charting – Second Edition – Steve Nission

A must read for any Trader. Book has a mix of candle analysis with western technical analysis making the entire picture much clearer and efficient.

The Visual Investor – Murphy

Author introduces readers to the art and science of visual analysis. Clearly and simply he explains the principles of technical analysis in terms that nonprofessionals can understand

Trading Classic Chart Patterns – Thomas Bulkowski

Author gives traders a practical game plan to capitalize on established chart patterns. Written for the novice investor but with techniques for the professional, Trading Classic Chart Patterns includes easy-to-use performance tables, vivid case studies, and a scoring system that makes trading chart patterns simple.

Getting Started In Technical Analysis – Schwager

Jack Schwager demystifies technical analysis for investors, introducing them to oscillators, price-and-time charts, on-line charting applications, and much more.

Technical Analysis of the Financial Markets – Murphy

Packed with some 400 real-life charts that clarify every key point, it covers: the fundamentals of technical analysis and chart construction; what you must know about trends and the building blocks of chart analysis. Beginners and experienced traders alike will find a wealth of immediately useful information in this authoritative, yet easy-to-follow guide.

Honorable Mentions:

the below books may not have made it in the above 3 segments, however they are worth your time.

Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader

You’ll discover the importance of understanding every bar on a price chart, why particular patterns are reliable setups for trades, and how to locate entry and exit points as markets are trading in real time.

Trading Systems and Methods

The definitive reference on trading systems, the book explains the tools and techniques of successful trading to help traders develop a program that meets their own unique needs.

Sway: The Irresistible Pull of Irrational Behavior

Why is it so difficult to sell a plummeting stock or end a doomed relationship? Why do we listen to advice just because it came from someone “important”? Why are we more likely to fall in love when there’s danger involved? In Sway, renowned organizational thinker Ori Brafman and his brother, psychologist Rom Brafman, answer all these questions and more.

The way of the warrior-trader: The financial risk-taker’s guide to samurai courage, confidence and discipline – by richard mccall

The Way of the Warrior-Trader is an enlightening account of the psyche of history’s foremost risk-taker – the Japanese samurai warrior – and the many similarities between the samurai and today’s risk-taking, all-or-nothing trader.

Trading in the Zone – Mark Douglas

Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money.

Bonus tip:

Maintain a journal.  Journaling helps control your symptoms and improve your mood by: Helping you prioritize problems, fears, and concerns. Tracking any symptoms day-to-day so that you can recognize triggers and learn ways to better control them.

The Bullet Journal Method: Track the Past, Order the Present, Design the Future – Ryder Carroll

The Bullet Journal Method is about much more than organizing your notes and to-do lists. It’s about what Carroll calls “intentional living:” weeding out distractions and focusing your time and energy in pursuit of what’s truly meaningful, in both your work and your personal life.

Journal purchase

In conclusion :

Day trading is a challenging endeavor.  Hard work and preparation will go a long way in helping you achieve success.
Apart from books, you can check out page on trading workspace setup, stress buster, trading t-shirts and much more.

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