Day trading books pack a wealth of information and can be invaluable to any level of intraday trader. Most of these books cover the fundamentals: psychology of trading, technical analysis and market understanding.
To be successful in day trading, it is extremely important to be grounded in strategies, analysis and risk management skills; otherwise you risk big losses.
This article shares the best books to learn day trading that will help you hone your skills, whether you are a beginner or a successful trader.
Best Day Trading Books for Beginners
Beginner day traders need books that thoroughly spell out the building blocks of day trading, including software, brokers, strategies and risk management.
Here are the three best books for beginners to learn how to trade.
How to Trade for a Living by Andrew Aziz
It’s an absolute beginner’s guide to trading tools and tactics, money management,
discipline, and business psychology. The author simplifies fundamental concepts, including
A detailed overview of setting up a trading station
Choosing the correct trading software,
How to use technical indicators to analyze the market.
This book is not a ticket to becoming a profitable day trader. Success requires continued training and the sustained practice of market theories, tools and software.
A Beginner’s Guide to Day Trading Online (2nd Edition) by Toni Turner
Toni Turner is a best-selling author, successful trader and world-renowned educator.
She offers a comprehensive introduction to short-term trading, covering topics such as technical analysis, charting techniques, trading strategies, risk management and the psychology of trading.
The book is written in an accessible format with an emphasis on the following topics:
The decimalisation of share prices
Precision inputs and outputs
The new breed of trader
New trading products such as exchange-traded funds (ETFs)
Getting Started in Technical Analysis by Jack D. Schwager
Jack Schwager is an American author and trader who is widely recognized as an expert in futures and hedge fund trading. He is also a founder of a platform called Fund Seeder designed to find trading talent from around the world.
This book briefly introduces technical and chart analysis, including topics revolving around it
The author targets intraday traders interested in technical analysis. He provides several examples that explain how a solid understanding of analysis can help you make better trading decisions, especially on mechanical trading systems.
In addition, the author draws lessons from his years in short-term trading with valuable insights into market observations and trading rules.
Best Day Trading Books for Advanced Traders
These books aim to help traders progress beyond the fundamentals of intraday trading. They usually cover in-depth technical analysis, risk management, trading psychology, case studies and much more. We have collected some of the best books to improve your trading knowledge and skills.
Best Books for Day Trading Psychology
Day trading requires making quick decisions effectively, entering and exiting trades within short periods of time. Here are some of the top books you can read to better understand the psychology of day trading.
Trading Psychology 2.0: From Best Practices to Best Processes by Brett N. Steenbarger
The author lays down techniques and trading methods to help the reader gain a better understanding of the markets. It includes practical examples, illustrations and case studies, making for an interactive read.
Brett Steenbarger is a best-selling author and a veteran in the psychology of trading who has been involved in the market since 1970.
So you can take advantage of his trading experience and statistical modeling to gain insight into the practical psychology of trading. Some of the main topics you can expect in the book include:
Applying the psychology of trading to your trading
Adapt to change
Insights from a day trading veteran
The development of best practices and processes
Building strengths by understanding the core aspects of the psychology of trading
Thinking, Fast and Slow by Daniel Kahneman
It is a New York Times bestseller, with over 2.6 million copies sold. Although the book does not directly touch on the intricacies of day trading, it does explain how different ways of thinking affect our decision making.
It explains how users can benefit from the two systems of thinking and the biases that can arise when making decisions for business.
Daniel Kahneman is a professor of psychology known for his research on the intersection of psychology and economics.
The main sections of the book cover the following:
Two systems
Heuristics and biases
Overconfidence
Choices
Two myself
Trading in the Zone by Mark Douglas
The book aims to help readers master their psychology by developing powerful mental habits and attitudes critical to intraday traders. It debunks market myths and explains the methods traders can apply to be more consistent.
Mark Douglas draws on his experience in commodities and futures in the 1970s. He later became a coach, providing insights into trading psychology using his knowledge and skills.
Best books for technical day trading
The technical aspect of trading is essential, and to succeed, an intraday trader must understand topics such as chart construction, trading strategies, indicators and much more. Here are the best books you can read about technical trading.
Mind Over Markets: Power Trading with Market-Generated Information, Updated Version by James F. Dalton
This book is recommended for successful traders with an interest in the market profiling method and its application in a powerful day trading strategy.
As Dalton explains, the market profile approach uses the variation of price over time to reveal patterns of behavior.
The book explains several topics including:
Define market structures and dynamics
Determination of price rejection points and value areas
measure the strength of buyers and sellers.
As a result, you can learn how to synthesize market action and determine its direction to your advantage.
James Dalton is an author of two important books on Market Profile Trading who has been trading and studying the markets for over 50 years. He uses real-life examples and illustrations to show how a market profile can be used to reduce risk and improve the chance of success.
He offers a unique perspective on trading strategies and market analysis, helping readers to understand markets more deeply.
This is a great tool to have as a day trader and can help develop your knowledge in Market Profile Analysis.
Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader by Al Brooks
This book provides a comprehensive guide to technical analysis and price action with details on practically profiting from trends in institutional trading.
It covers a host of topics ranging from market structure to chart patterns. The book also details price action using bar-by-bar analysis and discusses ways to spot profitable market opportunities.
Al Brooks takes a text-heavy approach and emphasizes the need to find a trading system that works for you. He is a lecturer and a price action trader, drawing on years of experience trading 5 minute price charts.
Best books to learn how to trade
There are many books that cover different topics and intricacies of day trading. How to Day Trade for a Living by Andrew Aziz and A Beginner’s Guide to Online Day Trading by Toni Turner are two of the best books a beginner can use to learn the fundamental concepts of day trading.
There are advanced books that cover topics that day traders can use to hone their market theory and strategies. These include Trading Psychology 2.0 by Brett N. Steenbarger and Mind Over Markets by James F. Dalton.
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