A thorough day trading education can save you from costly errors and build your confidence. We've put together a list of several great books available to assist novice or experienced traders hone their craft and analyze stocks for better returns. These books share a wealth of information to get you started or perfect your day trading strategy, but remember,
Quick Look at the Best Day Trading Books:
- Interactive Day Trading: Ultimate Trading Guide by Satish Gaire
- Technical Analysis of Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
- A Beginner's Guide to Day Trading Online by Toni Turner
- Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East by Steve Nison
- Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points by Martin J. Pring
- The Simple Strategy: A Powerful Day Trading Strategy for Trading Futures, Stocks, ETFs and Forex by Markus Heitkoetter
- The Mental Strategies of Top Traders: The Psychological Determinants of Trading Success by Ari Kiev
- Trading In The Zone: Master the Market with Confidence, Discipline, and a Winning Attitude by Mark Douglas
The Best Books for Beginner Day Traders
1. Interactive Day Trading: Ultimate Trading Guide
Interactive Day Trading: Ultimate Trading Guide” is a day trading book that covers everything from getting started, technical trading, indicators, company fundamentals, various ways of finding stocks, & a step-by-step trading checklist to help you minimize loss. It also includes a video course & quizzes to help traders master each concept.
This book is unique because it includes a lot of visuals, is written in laymen terms & includes a video course where the author explains each topic in depth. What we liked about this book was that, instead of a long list of information, the author gives actionable strategies.
2. Technical Analysis of Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
This landmark bestseller was written in 1999 but is still a top seller on Amazon.
This easy-to-comprehend reference guide goes deep into technical analysis and trading theory and includes charts and graphs to illustrate its points.
"Technical Analysis of Financial Markets" teaches you how to read charts and the importance of technical analysis, and covers candlestick charting,
The author offers a study guide that includes quizzes to help you understand and digest the information.
3. A Beginner's Guide to Day Trading Online by Toni Turner
This accessible, easy-to-read best-seller teaches you how to make money day trading.
It teaches you the basics you need to know to master the market, including decimalization of stock prices, precision entries and exits and reviews different trading products including E-minis and exchange-traded funds (ETFs).
In "A Beginner's Guide to Day Trading Online," Toni Turner shares her day trading experiences and offers straightforward guidance and direction.
Books for Expanding Your Understanding of Strategy and Charting
Once you’re comfortable with the basics of day trading and ready to move from paper trades to make real money, check out these in-depth trading strategy and charting guides.
1. Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East by Steve Nison
This classic offers page after page of practical candlestick charting techniques and shows how they can be applied to almost any market and combined with other technical analysis techniques.
Steve Nison, the author of "Japanese Candlestick Charting Techniques: A Contemporary Guide," is one of the foremost technical analysts in the world and introduced the Japanese candlestick technique to the western world.
2. Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points by Martin J. Pring
The bible of technical analysis, this book is on its 5th edition since the original published 30 years ago.
Pring's straight talk blends theory with technique and offers strategies for future profits in "Technical Analysis Explained."
The book offers a practical step-by-step guide to incorporating technical analysis into your trading strategy for portfolio growth.
3. The Simple Strategy: A Powerful Day Trading Strategy for Trading Futures, Stocks, ETFs and Forex by Markus Heitkoetter
Heitkoetter boasts that he can teach you a powerful day trading strategy in 60 minutes and after just 88 pages.
This easy, straightforward read outlines the author’s strategy of clear entry and exit rules and shows you how to take advantage of small intraday trends.
"The Simple Strategy" assumes you have a working knowledge of charting and outlines strategies.
Books on Trading Psychology
Your knowledge of charts and analytic techniques can shipwreck you if you don’t have the right mindset. It’s important to gain confidence and understanding of the psychology behind successful day trading.
1. The Mental Strategies of Top Traders: The Psychological Determinants of Trading Success by Ari Kiev
This careful analysis of the characteristics of successful traders dives deep into the sometimes-contradictory traits of their willingness to take on risk in a very tight and controlled manner.
"The Mental Strategies of Top Traders
2. Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude by Mark Douglas
Douglas is a master of trade psychology. He dives into the mental habits that hold traders back and causes them to lose money in "Trading in the Zone."
He exposes the myths of the markets, teaches traders to look beyond random outcomes, and understand the realities of risk.
No amount of understanding of charts will teach you the psychology to be a successful trader, but this book does.
Audio CD edition: Buy it now
Learn from the Best Day Trading Books
You never want to go out and navigate the day trading waters without a good guide and these books will help you set and chart your course. Then get out there and let your experience help you gain the right knowledge and mindset for success.
Frequently Asked Questions
What are good day trading books for novices?
How to Day Trade for a Living, A Beginners Guide to Day Trading and Reminiscences of a Stock Operator are good options for new traders.
What makes day traders fail?
The number one reason is a lack of knowledge.
How can I learn about day trading?
You can get a great education about day trading by reading day trading books.