I am pretty sure that you know that day trading isn’t suitable for everybody. Closing down trades before the end of the day brings some limitations such as incapability to gain overnight profits- which may be very significant.
Staying focused on the events of the day and watching charts can be very tiring as well as stressful. Truly prosperous traders can also suffer burnout if they aren’t careful.
Primarily, managing risk as well as maintaining a level head are the greatest lessons that any day trader needs to learn. Therefore, if you’re to start out in the business, these are the seventeen best day trading books of all time that you have to read.
PS! If I were to choose just one, to begin with, it would definitely be this book.
PPS! I would also recommend reading my “how to day trade” article.
THE 17 BEST DAY TRADING BOOKS OF ALL TIME
Below is a list of 17 all-time best day trading books:
0. How to Hack Day Trading & Become Consistently Profitable
I’m sorry for the selfish promotion, but this is a book that I’ve just put together myself. The main idea of the book is to show how I would teach and mentor someone on how to become a consistently profitable trader.
The core idea is to give you guys the same basic guidelines that I was given in the prop trading firm where I was taught to trade.
In addition to the guidelines, I’m showing you the 7 core strategies that have made me the most amount of money in the past 3 years I’ve been trading through my own company.
I really think this book will add value to your trading. My core aim was to provide a fluff-free straight to the point & easy to follow trading guide. I hope I delivered and am open to your feedback & constructive criticism.
Now onwards to the real list:
1. Day Trading and Swing Trading the Currency Markets
by Kathy Lien
The author of the book is one of the best analysts in the forex space. Kathy Lien is a regular invitee on some of the major finance channels such as CNN, CNBC, and Bloomberg.
She is also the MD of BK Asset Management. Her market analysis is usually strong and she is a reliable source of day trading ideas.
This trading book is definitely among the finest day trading books of all time for traders. The book features sections on important strategies which are very valuable.
2. Range Trading: Your Step-by-Step Guide to Consistent Range Trading Profit by Michael Young
Day trading is very difficult and ways to steadily make cash with short-term horizons aren’t easy to come by.
Trends are also very choppy, while momentum breaks down frequently. In the meantime, the cost of trading inhibits most high revenue strategies, like scalping.
One of the finest ways to make profit from day trading is called range trading. The method works well since it tunes in to the mean reversion nature of day trading.
Although day trading is not easy, this book does a great job of explaining the concept as well as explaining how to purchase support as well as sell resistance.
3. Mastering the Trade, 2nd edition: the Proven Techniques to Profit from Intraday & Swing Trading Setups – John Carter
This book by John Carter is a complete guide to trading that mainly focuses on intraday as well as swing trading setups.
The author is a Commodity Trading Advisor, this implies that he mainly focuses on futures. But that is not bad since day trading techniques apply to futures as much as they do to stocks.
Therefore, even if you trade stocks, you will find plenty of useful information on trading psychology from the 1st two chapters of the book.
Furthermore, the book explains the main tools that are essential in day trading and it also talks about some of the internal market indicators that you need to watch out for.
4. The Art of Short Selling by Kathryn F. Staley
This book is one of the best-selling books on short selling. The book takes a vital view of day trading and it also covers the theme of short selling from estimation as well as forensic perspective.
The book explains how fundamentals usually drive long term stock prices, why stocks usually get overestimated and why they remain overvalued for long periods.
Furthermore the book also tells about the kind of catalyst which can signal good time to day trading as well as what to look out for in fundamentals so as to discover trading opportunities.
5. The Disciplined Trader: Developing Winning Attitudes – Mark Douglas
Psychology has a very important role in day trading. So, if a trader allows losses to get the better of him, he will struggle in order be successful. Furthermore, most people are not disciplined enough to be successful in day trading.
Therefore, it is very important that traders keep a journal of trades and also trade with minimum risk percentage. Moreover, they should also avoid looking at their profits and losses while they trade.
Although there are many day trading psychology books in the market, The disciplined trader: developing winning attitudes by Mark Douglas is definitely one of the best ones.
6. High Probability Trading: Take the Steps to Become a Successful Trader – Marcel Link
The notion behind this book by Marcel Link is to only trade when the probabilities favor you. Therefore, when a trade setup comes and the odds favor you, your capability to distinguish between risk and reward will improve.
How you will ultimately act upon the probabilities will determine whether you will be successful or not. If you combine this with the correct frame of mind then you’ll have the perfect winning method to riches.
Before the author was successful in trade, he spent many years going through various trading methods as well as trading systems and he learnt various lessons in the process. The lessons are well documented in the book.
7. Building Winning Algorithmic Trading Systems: a Trader’s Journey All the Way from Mining data to Monte Carlo Simulations to Live Trading Kevin j. Davey
This book tells about the trading journey of the author, as well as how he developed trading strategies. The author is an award-winning full-time trader, with more than 25 years of trading experience.
Unlike other trading educators, Kevin J. Davey has actually audited third-party proof of his skills. He has finished in either first or second position in the world’s premier real cash futures trading contest in three years.
If you’re frustrated with your poor trading performance, this book can greatly help you to improve your trading techniques. If you are serious about having a successful long-term carrier in trade then you must read this book.
8. How To Day Trade For a Living: A Beginner’s Guide to Trading Tools & Tactics, Money Management, Discipline & Trading Psychology – Andrew Aziz
This book has it all! It’s particularly helpful if you are a beginner in the field. It offers real trade examples and outlines the process of their success in easy-to-follow guidelines and descriptions.
The author talks you through the entire process of day trading, ensuring the reader is aware this isn’t an online game of poker, so you are aware that trading is not a form of gambling. It is something you need to work at in order to be successful. It requires perseverance rather than leaving to chance.
He talks you through his own experiences in the field, the times when he was lucky and when he made mistakes to ensure you don’t have to go down the same path.
The book is aimed at new traders, so if you are at square one, the advice in here will be able to steer you in the right direction. Once you enter the day trading system you will be competing with the big boys of the business on an international scale. So knowing what you’re doing is pretty important.
The author ensures you don’t lose sight of your goal and makes sure you know how to reach it.
9. A Beginner’s Guide to Day Trading Online, 2nd Edition – Toni Turner
Toni Turner covers a huge array of information in quite a small text, which is good for those who prefer a shorter read. The book will still be challenging, as it is highly informative, but this can work better for those who want a quick read that they can keep going back to if needed.
The author takes you through trading techniques, methodology, resources you need to be aware of, stock price directions, the idea of certainty, the notion of chance and gets you in the right mindset so you can be a successful trader.
There is a lot of technical analysis in the book and some charting to explain to you the reader how different modes of the business work.
The graphs are a nice touch to aid visual learners and the strategies Turner puts across ensures you have all the details you need in one place.
This one is definitely worth a read, especially if you prefer a more academic reading style.
10. The Simple Strategy – A Powerful Day Trading Strategy for Trading Futures, Stocks, E.T.Fs & Forex – Markus Heitkoetter
Don’t be fooled by this book’s size. It might be little but you can learn more from it than a lot of the bigger, more expensive books out there.
Markus Heitkoetter’s book offers techniques and strategies by guiding you with examples. It clearly states that this book won’t make you into an overnight millionaire, but what it can do, is offer you the technical sides to the business and give you the keys to move from that beginner step into something more intermediate, and even advanced.
Once you have studied the information in the book you will be able to begin a stress-free style of trading as you know all the risks and how to go about avoiding them.
It is a fairly fun read for those who want something lighter but still want to learn. Very easy-to-follow steps and range bar diagrams make this a must-have for those wanting to start a trading career.
11. Digital Day Trading: Keep Moving from One Winning Stock Position to the Next – Howard Abell
Howard Abell provides a guide that is not only useful but practical. He doesn’t waffle or use particularly academic language which can keep his technical considerations short and sweet, which in turns makes for an easier read for you.
He offers advice from his own work in the field and gives insights into his passion and main area of skill, which is trading psychology. This is always something that is good to learn about as you can get an edge over other traders.
For some, this book can seem a little heavy. Despite it being relatively easy to read, Abell does shower you with a lot of information about a lot of different topics. If all you want are the basic guidelines then a different choice of book would probably suit your needs better.
But, if you want an in-depth discussion on not only technical analysis and day trading but on trading psychology as well, this could be the ideal book for your shelf.
The approach is sensible and ultimately, Abell gives you the information to make you a better trader. So, if you fancy learning a lot, this is the book for you!
12. How to Day Trade Stocks for Profit – Harvey Walsh
If you are unfamiliar with the trading market but do fancy giving it a go, Harvey Walsh might have the answers you need.
His style is clear, reasonably compact and easy to read, which is of great importance when you are approaching a new subject of learning. Trading itself can be temperamental so you need a research resource that is clear and explanatory.
Walsh offers various techniques and ideas on day trading which allows you, the reader, to follow the path that best suits your mode of thinking. This is a beginner’s guide and there’s a chance that after a while you might not adopt any of these techniques and create one for yourself, but everyone has to start somewhere and this is a great book to do so.
This is, however, a book you might want to read a couple of times to benefit fully. A lot of information can be missed with the first read, but luckily it isn’t a boring one.
13. Come Into My Trading Room: A Complete Guide to Trading – Alexander Elder
Despite its title, this book does require a little bit of knowledge before tackling it. Complete beginners might struggle with some of the technology and at times the chapters are detailed and complex. This isn’t necessarily a bad thing and some beginners will be fine with the read, but some background research before a purchase can’t hurt.
This book is a serious one for those who are genuine about trading professionally. Unlike a lot of other books, it doesn’t offer much in the way of advice on specific types of investing and trading. Instead, it takes an approach that tells you how to openly conduct your own small-scale trading businesses that you can then expand.
Some of the chapters in the book are ones that you can revisit when you’ve gained the experience needed to fully understand them. As an overall guide, this is one of the more popular ones on our list.
There is a lot of emphasis on money management, types of process,es and the psychology of trading. So, if you want to broaden your knowledge on the subject overall, this is a must-have read.
14. All About Day Trading – Jake Bernstein
With a lot of options in the way of books out there, it can be difficult to know where to start. If you want something less complex that slows the aspects of day trading down, with breaks and informative chapters that don’t overwhelm you, this could be the book for you.
The general basis of the book is to give an overview of how day trading works and how this adapts to the larger fields of other online financial markets. You can learn about navigating your way past potential hazards and the basic fundamentals of the day trading field.
Once you have a firm grasp of the basics, Bernstein moves more onto the advanced notions of day trading, but you can revisit the basics at any time. The book isn’t a heavy read so it’s one that can be revisited without problems.
Essentially this book is a guide that offers it all, and for a beginner who is wanting to learn more before tackling the markets, it is more or less perfect.
It even includes some sections of psychology by teaching you of psychological pitfalls and what to do should these occur.
15. Financial Freedom Through Electronic Day Trading – Van K. Tharp
Despite this book being both well written and clear, it can be a challenging read; so make sure you are up for some intense learning if making this purchase.
It offers some harsh realities, by informing you that 95% of day traders end up wasting both their time and their money, but then makes every effort to ensure you don’t fall into this statistic.
This is essentially a guide to success, but it goes beyond the usual trading techniques and technical analysis to offer the reader more. It takes serious consideration of the reader and what you need personally in order to make your trading experience a successful one.
By looking closely at yourself, this book allows you to uncover exactly what you need to create a trading career. It’s an unusual approach but one that can work wonders as long as the reader is willing to keep an open and focused mind.
The book overall is fairly simple to understand as long as you have the basic knowledge and a willingness to learn.
For the beginner, it offers low-risk strategies to give you a feel of day trading. For those with a higher level of experience, it offers some momentum strategies. So it does hold something for everyone.
This book is one that will keep you going on your journey from a beginner to an advanced trader.
16. Day Trade Online: Start Trading for a Living – Christopher A. Farrell
Farrell offers a well-rounded and disciplined approach to day trading that is ideal for beginners. This book is educational, informative and easy to follow, which makes it ideal for those with little knowledge and those looking to expand on their learning.
While a lot of day trading books focus primarily on momentum strategies, Farrell takes a different approach and focuses on scalping. This is not to everyone’s taste, but it is something worth looking into and might just be the key that unlocks your trading success.
Farrell explains that all traders, of all experience levels, should focus on a conservative system of trading that gives you an edge over those using the well-known momentum process. He also takes one concept and explores it from a variety of explanations in an aim to suit a variety of reader’s needs.
He takes the concept that momentum trading can be triggering for error, especially in beginners, as the trading pace becomes very fast, very quickly. Of course this is not always the case and different methods work differently for different traders, but this is a view point worth considering if you are aiming to make a successful career from day trading.
17. Day Trading: Beat the System & Make Money in any Market Environment – Justin Kuepper
This is another example where some background knowledge helps. Day trading can be overwhelming, so some research on your own path before a purchase is advised.
With a desire to learn, Kuepper has provided a lot of information in his book that can help you expand your knowledge and get the experience needed to move on from beginner status.
The book is an ideal guide that takes you through tips and ideas that can help mould your trading technique and is ideal for someone already in the trading business. The tools Kuepper offers demand you to take a look at your strategies and form these into something successful.
As with any subject that is new, the start can be overwhelming. But don’t be put off by the amount of technical language and information some of these books possess. They are all there as tools to help you, and with a little learning, you could be well on your way to making money!
Although there are many other books on day trading, the ones listed above will offer you a lot of good bits & pieces on how you can manage your money, trading psychology, emotions, hope, fear, and greed.
The books will inform you about trading strategies as well as systems and help you to improve your motivation, trading expertise, as well as your motivation.