Top 20 Best Day Trading Books
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The key word for this book is “beginner” because it is an entry-level type book for traders. However, I’ve found that the masters practice the basics. It’s better to practice one kick a thousand times than to practice a thousand kicks once. Ah, you agree trader-san? Good. I like the fact that she gives you some history of Wall Street, as well as a few pointers on how to set up everything when you start. She also focuses on the mentality that leads to profits, as well as some fundamentals that will help you build your account. This is a great book, but it is for beginners. You’ll want to read this to start and then move on to some of the more advanced books on this list. Rating: 4.4/5 |
2. How to Day Trade for a Living by Andrew Aziz
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I actually got the Audible version of this book and enjoyed it. I think this book is unique in the sense that both beginner and intermediate traders can benefit. The book has a decent overview of some of the classic strategies that successful traders have used, as well as where to start and how to develop your strategy. Dr. Aziz pulls no punches. He tells you that profitable trading doesn’t come from listening to an audiobook or browsing online. It comes with practice (lots of practice, I might add), good tools, and ongoing education. Rating: 4.7/5 |
3. Mastering the Trade by John Carter
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At nearly 500 pages, this is a big beefy book that will take up a lot of space on your desk, but it’s well worth it. It’s one of the few books on this list that takes a deep-dive into the psychological aspect of trading, which is super important because poor trader psychology will often separate the trader from his wallet. The author, John Carter, is the son of a Morgan Stanley stockbroker, so he’s been around stocks his entire life. He was introduced to trading as a sophomore in high school and he hasn’t looked back since. Several big names in the day trading space, including Mark Douglas (who’s featured on this list) and Price Headley, recommend this book. John Carter covers several critical areas, including premarket checklists for analyzing recent market behavior and several risk control techniques for protecting your trading capital. Rating: 4.3/5 |
4. How to Day Trade Stocks for Profit by Harvey Walsh
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Despite the cheesy cover, this is a really good book. It’s a complete course that is designed to help you get started trading stocks, even if you’ve never made a trade before. The best part about the book is that it’s simple. There’s no jargon and it starts from the basics. Then it builds up to the strategies and tactics behind making money as a day trader. This book has a lot of useful information, including a few reasons why most traders lose, what makes the stock market tick, and how you can get started with no risk. However, my favorite part of the book has to be the “14 Golden Rules” of trading. Every trader should take these 14 rules, frame them, and keep them above their desk. Rating: 4.3/5 |
5. The Art of Short Selling by Kathryn Staley
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Short selling is often misunderstood or even ignored by most stock market investors and traders. There’s so much focus on going long in stocks that people completely miss the opportunities that abound with short selling. Yet, short selling isn’t just about betting that a stock will go down - it’s a means of hedging your plays, decreasing your volatility, and much more. This book will help you understand short selling and allow you to make it one of the most valuable tools in your day trading arsenal. Perhaps the most interesting part of this book is where Staley shows you how to identify flaws in a company before its share prices drop. She goes into detail about how to evaluate financial statements, make sense of returns, and more. If you’re a day trader who has ignored short selling or doesn’t know much about it, I strongly recommend that you get this book. Rating: 3.8/5 |
6. The Disciplined Trader by Mark Douglas
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You will see Mark Douglas’ name a few times on this list because he’s authored some of my favorite day trading books. The guy focuses on the psychology behind successful trading and he’s an absolute beast. After all, if you’ve been a day trader for any length of time, you know how important your thinking and emotions are to your trades. In this particular book, Douglas examines the reasons why most traders can’t keep and grow their capital consistently. He talks about limiting mindsets that hold people back and how you can get rid of your own limiting beliefs. This book will help you understand the thoughts that may be limiting your ability to become a successful trader. If this book can help you get your head on straight, it’s well worth the price. Rating: 4.4/5 |
7. Day Trading for Dummies by Ann C. Logue
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This is another example of a beginner-friendly book that should be referenced every few months to keep you fresh on the basics. If you’re a beginner day trader, this should be near the top of your “to-read” list. It’s written in simple English and goes from classic strategies to nitty-gritty trading practices. While it doesn’t go deep into any particular area (like some of the books on this list) it gives a good bird’s-eye overview of everything. My favorite part of this book is the chapter on taxes. While I’m not a tax professional and I’m NOT giving you advice, if you want to a day trader full-time, you need to know about Form 3115, filing your 1040ES and paying estimated taxes each quarter. You also need to learn about how to keep good records of your trades and deductions. Please make sure you consult a CPA or tax professional, but the tax chapter in this book will get you thinking. Rating: 3.6/5 |
8. High Probability Trading by Marcel Link
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This was one of the very first day trading books I ever read, and I remember it fondly. It’s over 400 pages, but it’s still an easy read. It picks apart almost every aspect of trading and shows you how to be successful. The focus of this book is on teaching you how to make trades that are highly likely to be profitable. Marcel Link talks about how you should set up several systems, including a money management plan and risk parameters. My favorite chapter is chapter 17, “The Dangers of Overtrading”, where Link explores one of the biggest mistakes that amateur traders make. Rating: 4.2/5 |
9. All About Day Trading by Jake Bernstein
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Here’s another book that should go on your beginner list, since it covers all aspects of the subject. You might be thinking, “Wow - all these beginner books seem to cover the same stuff”, and I thought that too. However, when you start reading the different books you realize that different authors have certain details that, when combined, help you better understand trading as a whole. This book teaches you how to track news and important events - also known as “trading the news”. It also shows you how to use basic stuff like moving averages, momentum gaps, and more. Rating: 3.4/5 |
10. Start Day Trading Now by Michael Sincere
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In this entry-level day trading book, Michael Sincere assumes that you don’t know anything. He is super clear about how to get started and breaks down day trading into several topics, including the equipment you want to have, how much money you’ll need, how to set up a trading account, different trading strategies, and how to manage risk. This is another book that’s easy to understand and gives you the fundamental lessons and realities of day trading. It has nice anecdotes and doesn’t throw around too much technical jargon. I read this book later in my trading career and wish that I read it earlier. Rating: 4.1/5 |
11. The Truth About Day Trading Stocks by Josh DiPietro
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This is one of my favorite day trading books, and the best way to describe it is “no-holds-barred”. Josh doesn’t hold back. He tells readers that day trading is a high-risk profession and that nobody should contemplate becoming a day trading without giving thought to some harsh realities. He doesn’t sugarcoat anything - he explains that most people enter the game with false expectations and they get crushed. This book is unique in the sense that it feels like a reality check. It talks about when you should take breaks, why overexposure to the market can hurt, why traders make mistakes, and why most day trading training programs are just ripoffs in disguise. My favorite part of this book is the last two chapters, “The Perfect Trading Day” and “The Worst Trading Day”. If you’re serious about being a day trader, this book will get you to think differently. Rating: 4.1/5 |
12. Digital Day Trading: Moving From One Winning Stock Position to the Next by Howard Abell
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This book was published in 1999, so it has that antiquated “internet stock boom” feel to it. Ah, good ol’ history. However, it’s still a great book. It was recommended to me by several of my successful day trader friends and I brushed it off at first. Yet, when I started reading it I couldn’t put it down. Looking at the Amazon reviews is like stepping back in time - a bunch of them are from 1999 and 2000. This book was popular back in the day and it still has some useful information. My favorite chapters are 5, 6 and 7 because they contain interviews with 3 day traders and it gives you a good look into their thought process. Rating: 3.5/5 |
13. Range Trading: Your Step-by-Step Guide to Consistent Range Trading Profits by Michael Young
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I think this is one of the best day trading books that talks about range trading. Successful day traders have several strategies under their belt, and range trading is just another strategy that you can whip out and use. This book is only 25 pages, so it’s extremely short, but it cuts straight to the chase and tells you what range trading is, why it works, how to select buy and sell prices, etc. If you’re interested in range trading, this is a good place to start. Rating: 3.4/5 |
14. Trading Price Action Trends by Al Brooks
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Following trends and trend trading is another strategy that traders use, and this book is one of the leaders of that strategy. At nearly 500 pages, it’s another big beefy book but it’s meant to be a guide that you continue to reference for the rest of your career. I’ve got my copy on my bookshelf behind me right now as I type this. I like the author’s philosophy because he teaches traders that there are no rules, only guidelines. This is similar to Marcel Link’s philosophy of identifying high probability trades. This isn’t the easiest read, but it isn’t meant to be. Al Brooks’ trading system relies on trading 5-minute price charts and he’s found a way to capture profits regardless of market direction. He reveals his own successful trading strategy in this book, and I’m forever grateful. Rating: 4.1/5 |
15. Stock Trading Wizard: Advanced Short-Term Trading Strategies for Swing and Day Trading by Tony Oz
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This book isn’t just about day trading - it includes information about swing trading too, so if that floats your boat, this book is for you. One of the nice parts of this book is Tony’s stock screening formulas. While you should never rigidly stick to one strategy, these formulas serve as a nice guide that you can check every now and then. I like this book because it explains technical analysis and charting in a way that makes it seem less like voodoo or reading tea leaves and more like something useful. It also has tons of high-quality illustrations, so if you get this book, make sure that you get the actual printed version. Rating: 3.6/5 |
16. The 1 Hour Trade: Make Money With One Simple Strategy, One Hour Daily by Brian Anderson
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I was skeptical about this book because it seemed like an “easy money” book, but I was impressed when I got it. I got the Kindle version and read it before bed each night until I finished it and I was surprised at how good it was. At 101 pages, it’s a short book but it gives you a detailed, step-by-step blueprint that works. There’s no theory or fluff in here. You get taught a successful strategy in its entirety, including the specific scanning parameters for locating the trades and the specific steps you need to execute the trade. I don’t want to give away any of Brian’s proprietary information, but I can tell you that he spoon-feeds you what you need to know. It’s like sitting down and having a conversation with him. Rating: 4.3/5 |
17. How to Day Trade: A Detailed Guide to Day Trading Strategies, Risk Management, and Trader Psychology by Ross Cameron
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Well, the title of the book pretty much sums it up. I also bought this book and Kindle and enjoyed reading it. Author Ross Cameron said something cool that I wrote down in my notes. He said that “a day trader is two things: a hunter of volatility and a manager of risk.” I think that’s one of the most brilliant things I’ve ever heard in the day trading space and it’s 100% true. This book will help you tilt the odds for success in your favor by doing those two things, which is what day trading is all about. The last chapter of the book is called “Three Step Day Trading Plan” and it alone is worth the price of the book. Just make sure that you follow what he says. Rating: 4.5/5 |
18. Charting and Technical Analysis by Fred McAllen
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I’m not sure whether I would list this book as a beginner book or not, because it’s fairly technical (no pun intended) but it’s full of stuff that every day trader should know, such as different charting patterns and signals. This book is fairly in-depth and it explains what different price movements mean and what your response should be. Of all the books that I’ve read on stock and chart analysis, this ranks in the top 3. It’s not some huge 500-page book (it’s like 250 pages) but it still gives you enough valuable information that you can apply right away. You probably want to read this book two or three times to fully absorb all the information. Rating: 4.5/5 |
19. Trading in the Zone by Mark Douglas
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When I started day trading, this was one of the books I saw on Amazon and immediately purchased. I’ve always been interested in psychology and this book takes a good look into the psychology of a successful day trader. Douglas outlines the different limiting beliefs and “head trash” that traders have, including how to undo them. If you want to trade with a carefree state of mind, this is the book for you. A lot of people think that this book is better than Douglas’ first book, “The Disciplined Trader”. While I think both books are awesome, I have to agree that this one is better - probably because he was more experienced when he wrote this one. Rating: 4.5/5 |
20. Technical Analysis of the Financial Markets by John J. Murphy
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This is a big book and it’s definitely not bedtime reading, but it’s well worth your while as a day trader. I originally got this book from the library to check it out and see if there was anything I could glean from it. At that point, I had already read several technical analysis books and didn’t want to buy it if it was going to repeat the things I already knew. Well, when I got the book I was blown away. Yes, some of the concepts are the same, but the way that they’re explained and presented is so well done. There’s a reason why this is one of the most popular technical analysis books ever written. Every trader needs this book on his/her bookshelf. No exceptions. Rating: 4.6/5 |