What are the Best Day Trading Books of All Time?

Reading the best day trading books can prepare you to dive into the world of short-term trading. These are some recommendations to help you get started.

It has become common knowledge that day trading is one of the most favored methods to gain profit in a short time. It refers to the practice of buying and selling an instrument within a single trading day. It's a very common practice in the forex market, but it can also occur in any other market. Day trading commonly uses high short-term trading strategies to gain profit on small price movements that occur in volatile markets.

There are plenty of benefits of day trading. For example, you can avoid overnight risks. The nature of day trading also makes it possible for you to gain profit quicker, assuming your trading is profitable. Although the targets are minuscule, the sum of your profits (if done well) can be extremely lucrative. By implementing a relatively short-term trading strategy, you can be free from the stress of holding a position for such a long time.

There are different kinds of strategies day traders use. Those are:

1. Scalping: Refers to the act of buying and selling in an attempt to make profits from numerous small prices changes throughout the day. Scalping is typically done within a very short time period like 5 to 30 minutes.
2. Range Trading: This strategy uses support and resistance level to determine buy and sell positions.
3. News-based Trading: Utilizes high volatility around news events to make profits within one day-trading.
4. High-frequency Trading (HFT): Uses powerful computer programs to analyze multiple markets and execute orders based on market conditions. Traders with the fastest execution speeds have better chances to gain more profits.

There are, however, some risks that follow. For example, day traders are prone to common mistakes that lead to devastating losses. It's because they are very active, therefore the risk would be bigger compare to long-term trading. If they aren't careful in reading the charts, they might suffer a great loss in a short time. Not to mention this method can be very complicated and needs various skills. Most day traders use leverage to increase their buying power, but that means they increase the risk by purchasing instruments with borrowed money. In some cases, their funds can be subjected to margin calls.

That's why day trading is not recommended for inexperienced traders. Nonetheless, it doesn't mean you have to avoid it altogether. Reading the right day trading books can help you understand the idea behind the strategy and the way to practice it the right way. These books can be a guide for those who want to start day trading.

1. A Beginner's Guide To Day Trading Online by Toni Turner

If you are looking for the best day trading book for beginners, this should be on your list. This book was written by Toni Turner, a trader as well as an educator. Her book can give you directions about day trading, and help you keep up with the industry developments. On the plus side, this book also gives you a detailed overview of risk management as well as technical analysis and trading plan.

Turner did a great job to keep readers engaged with easy-to-understand remarks while also helping them learn using quizzes and checklists. This book also helps readers learn to distinguish between short-term and long-term trading, as well as the benefits, the risk, and the concepts you need to focus on.

2. Start Day Trading Now by Micheal Sincere

This is one of the best day trading books if you want to learn about risk management while also making profits. Because it also contains interviews with experienced traders, you can learn valuable lessons that can help you avoid any failure they went through.

This book also focuses on technical analysis, indicators, charts, and patterns, in addition to money management lessons to help you control your funds when trading. After that, it will guide you to make your first-day trading.

3. Day Trading for Dummies by Ann C Logue

Although this book isn't written by a trader, it still covers all the necessary topics about day trading. That itself makes Day Trading for Dummies one of the best day trading books for beginners. It contains all the information on the subject, served with simple explanations that won't give you a headache. It doesn't give too many details but it is still a great read to get you started in becoming a day trader.

4. The Truth About Day Trading Stocks by Josh DiPietro

Josh DiPietro makes sure this book is easy to follow, even for inexperienced day traders. He wants to make sure you understand that day trading is not a get-rich-quick scheme. He wants everyone to understand the danger and how to manage them. In short, there are a lot of essential lessons you can get from this book. That's why it can be one of the best day trading books on your list.

See also: The Complete List of Trading Books You Can Get for Free

5. The Disciplined Trader by Mark Douglas

Technical analysis and strategies are not the only important aspect of day trading; you have to maintain your trading psychology too. This book focuses on the psychology behind successful trading and discusses the reasons why most traders can't keep and grow their capital consistently. It also talks about limited mindsets that hold people back and how to get rid of them. This is one of the best day trading books to help you grow as a trader.

6. Digital Day Trading by Howard Abell

This book was published in 1999 and was very popular among traders back then. It hasn't gone out of style despite all the developments in the industry throughout time. This book has rightfully earned its place among the best day trading books because of the useful information it provides. In some chapters, you can read interviews with successful day traders that can give you a good look into their thought processes.

7. Day Trading Grain Futures: A Practical Guide To Trading For A Living by David Bennett

While it is mostly done within the forex and stock market, day trading can happen in the futures market as well. This book presents some of the best practical advice on how to trade futures effectively, get clear strategies to apply anytime, as well as eliminate the need to rely on technical and complex indicators. Although it is mostly about trading, the strategies can be applied to any intraday market.

8. The Simple Strategy: A Powerful Day Trading Strategy for Trading Futures, Stocks, ETFs and Forex by Markus Heitkoetter

This is one of the best day trading books with clear instructions for entry and exit rules. It also teaches you how to capitalize on small intraday trends, as well as choosing software that you need or do not need. It's very easy to understand and engaging even for those with no experience in day trading. This is truly a must-read if you want to start intraday trading.

9. How to Day Trade for a Living by Andrew Aziz

This book is very unique and caters to both beginners and intermediate traders who want to day trade for a living. One thing that makes it one of the best day trading books is a decent and deep overview of classic strategies used by successful traders. It teaches traders how to develop their own strategies. With this book, Andrew Azis emphasized that successful trades come with a lot of practice, good tools, and ongoing education.

10. All About Day Trading by Jake Bernstein

This is another book you should add to your best day trading books collections. Not only does this cover all the subjects, but it also gives you certain details to help you understand trading as a whole. Another thing you can learn from All About Day Trading is how to track important events for trading the news. There is information about using basic stuff like Moving Averages, momentum gaps, and many more.

Although the risk of day trading is no joke, there are people who can profit from it. There are many ways you can start studying this method, from reading online articles to learning from the best day trading books by experts. That being said, the books mentioned above can help you learn all the basics about day trading. Some of them even contain information about making your own trading plans, risk management, and many more.

After learning all about day trading, the next step is to find the right brokers. There are essential aspects that specifically deal with day trading. Further information about this can be found in the Top 10 US Brokers for Day Trading.