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This post is simple, it's MY personal favorite list of the top/best Day Trading Books I've read in 2023!
American entrepreneur, Tim Ferriss, once stated in an interview that if you wish to be an expert on a single topic, read at least three books on the matter. Though whether or not all the skill and savvy needed for day trading can be acquired in reading just three books -- the fact of the matter is if you wish to be a great and successful day trader, you're gonna need to educate yourself!
Top 10 Best Day Trading Books for 2021
Luckily, we have compiled the to 10 books that you should start reading to better grasps all the techniques, tactics, and intricacies of day trading:
1. How to Day Trade - A Detailed Guide to Day Trading Strategies, Risk Management, and Trader Psychology - by Ross Cameron
Straightforward and as comprehensive as they come, How to Day Trade is a book that is highly favored by new stock investors and even loved by seasoned investors too. It takes you into the different strategies that traders make when day trading -- in the simple, easy-to-understand language of course. It also seeks to get the reader to understand the risks involved with day trading and how to effectively manage them to have a better chance of overcoming them.
On top of that, it also has some useful guides to trader psychology for you to get into the mindset of an effective trader and manage the emotions that might lead you to make bad decisions.
Ross Cameron is the founder of Warrior Trader and is a frequent lecturer on financial subjects. His book applies to traders of all skill levels and experience.
2. A Beginner's Guide To Day Trading Online - by Toni Turner
For the true novices out there, this book is more akin to a textbook from college in that it is written by an educator and is stuffed with quizzes and checklists. This is, of course, for your own benefit because the book deals with things like technical analysis, trading strategies, the very basics of trading, and risk management -- all these things must be hammered into your mind if you are to be a great trader.
Though most of the examples are geared towards short-term investments -- this is exactly the quality that makes it a favored option for those looking to learn the basics of day trading (which by its very nature is infamously short term). The book is an easy read and even decodes trading jargon which will be greatly appreciated by any trading novice who reads it.
3. Day Trading For Dummies - by Ann C. Logue
If you have read any of the ...For Dummies books, then you can have a basic idea of what to expect from this kind of entry. Though it can be expected to explain everything in full detail or be up to date with developments in trading styles and technological advancements, it is still one of the better book options for a beginner to get a general idea of day trading.
Though short on practical knowledge, think of the book as a simple springboard into the topic -- this is especially necessary if you don't have any trading experience or knowledge at all. That being said, there are still some tips on risk management and strategy forming in the book that makes all the more worthy for a beginner's education.
4. How to Trade for a Living - A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology - by Andrew Aziz
Those who decide they want to become a day trader mean that want to make a career out of trading. The market and its happenings will be their main source of income indefinitely. For that purpose, Andrew Aziz's book is a definite must-read. It is a simply worded guide that starts from the beginning and guides you through all the ways one can effectively make a living off of trading. It is even read by seasoned traders looking to up their game.
The book properly outlines the different types of trading patterns, tactics, and strategies used by traders to get an edge on the market, and how to manage both your money and the risks to come out ahead with day trading. Even if you feel like another book already gave you what you needed to know, this is still a necessary read to augment your knowledge and expand your trading arsenal.
5. The Truth About Day Trading Stocks - by Josh DiPetrio
Whereas other books are clear on their intention to help you make as much as you can from day trading, this book is necessary because it highlights the potential risks of day trading. It points out how dangerous the practice is financially and dictates the steps a responsible trader can take to manage these risks. Simply knowing how to day trade is not enough, one has to have a full grasp of how it can hurt people who are less than careful.
Better to learn from other people's mistakes than to make them your own, some would say.
6. Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves - by Kathy Lien
Day traders are rarely just that. A trader can take up swing trading on the side and also engage in long-term investments for future stability and dependable payout. It all really depends on how you manage your finances to keep you in the black -- this is what this book offers its readers. In it, you will learn the key fundamentals of high-risk trading and the strategies used by master traders to make it big with it.
The author of this book is a frequent commentator on the news and is highly regarded in the investment circles for her expertise on matters related to finance. In this book, she tries to give you sold market analysis free from fluff or overly grand language. You'll be instructed on how the market works, what are the signs to look for about how it moves, and take up a position to profit from it like a pro.
7. The Disciplined Trader: Developing Winning Attitudes - by Mark Douglas
Another book that does not directly instruct one on day trading, though there are a host of examples and lessons in it which work just the same, but is necessary nonetheless if you are to be a successful day trader. The biggest enemy to a trader is himself and his propensity to make judgments based on whims and emotions. There are a plethora of stories of traders who got greedy or rode a trend too hard only to be left with nothing in the end.
This book is essential if you are to avoid ending up like one of those failed day traders. Learn how to manage your emotions and attain a trader's mindset in all things related to day trading -- such qualities are imperative in the stock market.
8. Digital Day Trading - by Howard Abell
What makes this book worthy of a read is its delving into the modern forms of day trading. We live in a digital age and the pictures most people have in their head about a trading floor filled with shouting people and high energy is becoming less and less accurate. As time goes by, trading will likely move into the digital sphere completely and become the kind of job one does in an office or from the comfort of the home. To get ahead of the times and adapt yourself to the likely future or day trading, you best give this book a quick read-through.
9. Charting and Technical Analysis - by Fred McAllen
It is no secret that day traders use charts and make decisions based on technical analytics. It is a profession that, unfortunately, deals heavily with math. Though by no means too mathematical for a normal person to comprehend, picking up this book is essential to getting a better handle on how these charts and tools benefit and serve you as a trader.
Without the skills to properly read and understand these concepts, you run the risk of making uninformed and potentially costly decisions with your money. It's a good thing too that the book is written in such a way that can be understood by almost everyone.
10. The Simple Strategy - by Markus Heitkotter
The Simple Strategy is a straightforward book that seeks to impart to its readers some strategies that are tried and tested. It is written in simple enough language but it might be expected that the reader has some basic knowledge about trading before reading this.
Reading this book gives you access to different kinds of trading techniques that you can make use of depending on the situation you find yourself in. It also teaches you on formulating a good entry and exit strategy, how to capitalize on trends, and even make suggestions on the kinds of software you can use for your analysis.
Hopefully, with the education you have acquired from any one of these books, you have all the skills you need to make the most successful day traders.
Good luck, and let me know if you have any questions!