Why Should You Dabble in Swing Trading?
Because swing trading is one of the most popular ways of trading the global markets simply because it allows traders freedom from having to sit and watch the charts all day long (like day-traders usually have to).
Not everyone has the time or the desire to spend hours in front of a screen, and this is where swing trading has a distinct advantage over other types of trading.
This kind of trading is well-suited for those who have a day job or who would otherwise like to be doing other things with their time. Swing trading is a good option for trading forex, stocks, indices, and commodities.
THE CONCEPT of it is simple: you just establish the direction of the trend, wait for a pull-back, and enter when the trend continuation is confirmed.
There are a number of outstanding books on swing trading that are available out there, and this article is going to review the five best swing trading books that you should definitely check out.
The Best Swing Trading Books
#1 The New Trading for a Living- by Dr. Alexander Elder
#2 The Master Swing Trader Toolkit: A Market Survival Guide – by Alan Farley
#3 Mastering the Swing Trade – by John F. Carter
#4 Come into my Trading Room – by Dr. Alexander Elder
#5 Dave Landry 10 Best Swing-Trading Patterns and Strategies – by Dave Landry
NB! The books are ranked based on which I think is the most useful to actually advance your swing trading skills.
#1 The New Trading for a Living by Dr. Alexander Elder
Why we chose it:
This book is a revised and expanded edition of a popular modern classic which is loved by all traders, both private and institutional. It introduces time-proven concepts in tune with today’s fast-moving markets, with new studies and techniques added for the modern trader. Inside you will find classic strategies for approaching the markets in a calm and disciplined manner.
What you are going to love about this book is how it teaches you not only the swing trading systems and tools but how it also focuses on helping you master self-management as well as risk management by providing simple and clear rules for both.
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What’s inside the book?
This book from Dr. Alexander Elder includes templates to help you rate stock picks, create trade plans, and rate your own readiness to trade. The New Trading for a Living provides you with the knowledge, tools, and perspective you need in order to develop your own effective trading system.
This book was written in a way that was designed to make it easy for anyone to read and understand all the information contained within. Inside this book, you will find a wealth of information including new, full-color charts, clear comments on techniques and rules.
This is one that you definitely want to read before you place another swing trade. It has practical illustrations and essential skills that make it a model for the industry. If the string of 5-star reviews online is anything to go by, The New Trading for a Living is a book that should definitely have a spot on your list of must-read books for this year.
Whether you are a beginner or an experienced trader, you will appreciate the clarity of the language used in this book as well as the insights into the way the modern markets move.
#2 The Master Swing Trader Toolkit: A Market Survival Guide by Alan Farley
Why we chose it
This is an updated version of Alan Farley’s original classic but with added swing trading ideas and even more examples. This book not only contains some excellent swing trading ideas, but it also has some scatterings of good humor throughout, which will keep you smiling as you learn.
Risk management is a major factor in a trader’s success or failure, and this book was created to assist you in identifying low-risk trading opportunities in swing trading by clearly identifying your exits before placing live trades.
What’s inside this book?
The Master Swing Trader Toolkit is divided into three parts:
– Technical swing trading setups
– How to understand the trading psychology for swing trading opportunities
– Swing trading trade management
Alan Farley does a magnificent job of explaining how to read the market depth. In the book, he explains how this is something that is always true and cannot be manipulated in any way as it contains all the market participants at that particular moment in time. He goes on to clarify how you need to understand the psychology of the market participants at these key levels in order to optimize your trading systems. He helps you to get into the mind of the traders so you can position yourself for success.
Trade management: The basis of your swing trading success
A key part of this trading book focuses on trade management. Here Alan teaches you how to manage trades properly, and also how to manage multiple trades at the same time. This is the most important section of the book for most traders who are still learning about swing trading, and it’s the part they will revisit most often.
For those looking to learn about or improve their swing trading systems in 2018, Master Swing Trader Toolkit is a definite must-read. Pick up a copy and get started using the ideas and strategies in the book to help you become a consistently profitable swing trader.
#3 Mastering the Trade by John F. Carter
Why we chose this book
In this book, John Carter reveals some proven techniques detailing how to profit from intra-day and swing trading setups. If you are considering trading as either a part-time or full-time occupation, then this book is directed at you.
Veteran trader and educator John Carter spends a significant amount of time dealing with trading psychology. If you are among the millions of traders who have let (and continue to let) emotion cloud their thinking while trading, this book is going to be of particular benefit to you.
Mastering the Trade falls into the ‘how to’ category, and basically acts as a primer for aspiring traders. It contains expert tactics to help you make the most of every swing trade. There is a whole chapter devoted to how you can develop ‘The trader’s business plan’.
What’s inside this book
Although this book is great for any trader’s library, the one thing about this book that may count as an Achilles’ heel is the fact that the chapter on technology is a bit outdated as technology has progressed (a lot) since this book was written in 2006.
Other than that, this is a beautifully written book which goes into extensive detail about various setups for both intra-day and swing trading. The topics in the book are quite comprehensive, covering everything from the different technical indicators one might use for various trades, to John’s five-point procedure for successful swing trading.
In addition to the techniques for mastering the five key traits of professional traders, in this second edition book, John explains how markets really work and details the ‘behind the scenes’ market. The more you understand how the markets flow, the more confidence you will have in your trades. This book is definitely a ‘buy and hold’ that you will be referring back to for a long time.
#4 Dr. Alex Elder’s Come Into My Trading Room
Why We Chose It?
This is a complete guide to trading written by the noted trader and author, Dr. Alexander Elder. It expands on his teachings of the three M’s – Mind, Money, and Method. He also identifies some unique, little-known indicators that can help you make your way to huge profits as a swing trader.
For new traders, this is a book that will take you from the basic fundamentals of swing trading to the secrets of being a profitable and successful trader. If you are an experienced trader, it will enhance your trading knowledge and skill and help you make the most of your trades.
This book shifts the focus from technical analysis to helping swing traders to effectively manage their money, strategy and time. It’s a comprehensive guide that comes with a complete introduction to the essentials of successful swing trading.
What’s In This Book?
Inside Come into my Trading Room you will find a new perspective on the three M’s which include a proven money management strategy that is explained in a simple and easy-to-follow way. You will also get an in-depth look at effectively organizing your trading time.
Dr. Alexander Elder does an exceptional job of reviewing the basics of trading stocks, futures as well as options. He also clearly explains the psychological tactics for discipline and organization, the goal of which is to help anyone change their mindset to one of a successful and profitable trader.
Come Into My Trading Room provides readers with the knowledge and insight to confidently enter the market and easily exit with profits. It covers a wide scope of topics and has an unrivaled depth that will keep all levels of traders informed and engaged.
This book is very well written and shows traders how to successfully combine the elements of their mindset, money management, and method. Well worth the price in value.
#5 Dave Landry On Swing Trading
Why We Chose It?
This book by Dave Landry is a companion volume to the book that was introduced in 2001 and became a #1 best-seller. Today, the book continues to be one of the most popular swing trading books on the market. In this updated volume, Dave shows you even more time-tested strategies to help you enhance your swing trading skills.
Dave Landry put all his knowledge on swing trading methodology into one book and now he has updated it! This is a must-have for anyone and everyone who hopes to become a successful swing trader.
This book offers you a wealth of swing trading wisdom. Dave uses simple language to explain his system of trading pullbacks effectively. This is a simple and easy-to-follow strategy that anyone can use.
What’s In This Book?
Dave Laundry’s book will help you gain the confidence of knowing that you’re trading on the right side when you follow his simple but effective strategies. He outlines everything for you in a clear and straight-forward way, from the entries, profit-taking, trade management, right up to the exits.
His writing style makes it easy for even beginners to understand and assimilate all the information in this book. In no time at all, you will be able to quickly and easily identify the right setups to find stocks that are trending. This book is perfect for you if you’re a swing trader looking for information on identifying and taking trades effectively.
As with most other books written a few years back, there are some parts of this book that may be a little dated, but like all other well-written books, most of the information is still valid and works just as well today as it ever did. Get this excellent resource from Dave Landry and begin right now to put all his swing trading wisdom to use in your trades.
It’s obvious that all of the above-mentioned authors put their heart and soul into writing their swing trading books, and for less than the price of one losing trade you can get your hands on some of the best strategies employed by full-time swing traders.
Just by investing a few hours of your time into reading these books on swing trading, you will have access to their knowledge, ideas, strategies, trading psychology, and how they manage their trades.
Although it takes months or even years to master the skills associated with swing trading, these books will definitely give you an enormous head-start into building your ideal trading system.
Now is your chance to put the principles in any one of these great books to use and experience the benefits. You too can become a successful swing trader. if others have done it before you (and even left you a ton of information on how to get there) then there is nothing standing in the way of you doing it as well.