Best Day Trading Books For Beginners – Top 8 Picks Investors Recommend

by | Jan 8, 2021 | Investing

If you’re new to the world of day trading, one of the best ways to grow your knowledge quickly is to pick up a book. Day trading books written by professional traders not only provide valuable advice for new traders, but also go into great detail explaining strategies and setups that you can start trading with today.

So if you’re wondering what the best day trading books for beginners are, you are in the right place! We’ve gathered up the winners to bring you the books you want and need.

Best Day Trading Books For Beginners

There are hundreds of excellent books written for new day traders, which can make the task of choosing the right one somewhat daunting. To help, here are 8 of our most recommended day trading books for beginners.

1. Mastering the Trade by John F. Carter

Mastering the Trade by John F. Carter

In this extensive day trading guide, Carter provides a wealth of actionable tips and strategies that you can use to start trading right away. The book covers key risk management tools, pre- and post-market checklists to help you plan out your trading, and intricate details of day and swing trading strategies.

The pages are packed with in-depth examples, which makes it easier to understand not just what the strategies are doing, but why they’re designed the way they are. Throughout, Carter pays special attention to trading psychology to prevent you from falling into traps while you’re trading.

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2. High Probability Trading by Marcel Link

High Probability Trading by Marcel Link

High Probability Trading starts out with the ugly truth that the vast majority of new traders lose money and end up leaving day trading within a year of setting out. The rest of the book covers how you can avoid that fate.

Specifically, Link focuses on how to identify trades with a high probability of success so that you can boost your win rate and generate consistent profits. He covers how to set up your trades, what kind of setups to look for, and how to manage risk when operating in high-probability situations. Link offers concrete examples and never strays from his main points, making the book easy to understand and digest.

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3. A Beginner’s Guide to Short-term Trading by Toni Turner

A Beginner’s Guide to Short-term Trading by Toni Turner

This book from Toni Turner is a lengthy read, but it’s worth every minute for new day traders. The book starts out with the basics, introducing the various types of assets you can trade and the risk that comes with each. She then dives into topics like technical analysis and indicators, risk management strategies, and how to identify profitable setups.

Another thing that’s great about this book is that it’s filled with quizzes, checklists, and other examples. Turner isn’t shy about including charts, which helps familiarize you with the tools you’ll use when you start trading on your own.

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4. Momo Traders by Brady Dahl

Momo Traders by Brady Dahl

Momo Traders is an inspiring read if you’re not sure where to get started with day trading. In this book, Dahl interviews 10 top day traders who started out as beginners themselves, with just a small amount of money and a drive to beat the market.

The traders cover the day-to-day basics of day trading, including what tools they use, how they enter and exit trades, and how they manage risk. They also cover topics like how to deal with losing streaks – and remind beginners that losing trades happen even for seasoned day traders.

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5. Technical Analysis Using Multiple Timeframes by Brian Shannon

Technical Analysis Using Multiple Timeframes by Brian Shannon

This classic day trading book from Brian Shannon is a how-to guide for beginners that answers some of the most pressing technical questions. Shannon focuses on tips about how the markets work and how you can use common patterns to anticipate rather than react to price movements.

Notably, while technical indicators play an important role in the book, this isn’t a book primarily about indicators.  Instead, indicators are there to help you recognize the patterns that Shannon brings attention to and that underlie a successful trading strategy.

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6. Market Wizards by Jack Schwager

Market Wizards by Jack Schwager

Market Wizards is a must-read day trading book for new traders looking to learn from the experts. In this book, Schwager interviewed dozens of highly successful traders including such names as Bruce Kovner, Marty Schwartz, and Tom Baldwin.

For every trader he interviews, Schwager lets them tell their story in their own words and then adds his own analysis that perfectly summarizes how they operate and how you can mimic their strategies. The overriding theme of the book is that a strong strategy and a strong mental game are the two most important components of trading success.

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7. The Daily Trading Coach by Brett Steenbarger

The Daily Trading Coach by Brett Steenbarger

The Daily Trading Coach reads more like a self-help book than a typical day trading guide. Steenbarger presents 101 distinct lessons, each a couple pages long and broken down into a problem, approach, and suggested implementation. While not every lesson might seem relevant right away, the magic of Steenbarger’s book is that it’s a guide you can find yourself returning to again and again as you encounter new challenges in your trading.

More broadly, The Daily Trading Coach offers empowerment for your trading. The approach the book takes to problem solving while trading is something you can apply even to situations that Steenbarger doesn’t cover.

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8. The Disciplined Trader by Mark Douglas

The Disciplined Trader by Mark Douglas

Although The Disciplined Trader was first published in 1990, this book still has profound lessons for today’s new day traders. The book takes a close look at the mental strategies that lead to success in trading and homes in on discipline as a key factor that distinguishes mediocre traders from great traders.

The Disciplined Trader doesn’t just talk about the important of discipline – it also explains how you can develop it. The book makes it clear that trying to ignore emotions isn’t enough to trade well and offers tips on how to perfect your headspace for trading.

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Conclusion: Best Day Trading Books For Beginners

Picking up a day trading book is one of the best ways to jumpstart your trading. Plus, it’s a lot less costly to buy a book and hit the ground running than it is to trade without having a proven strategy or strong mental discipline. With these 8 top day trading books for beginners, you can learn how to trade like a pro.

Still looking for a little more guidance when it comes to trading and investing? If so, you may be interested in our guides to the best investing books for beginners, how to invest in commodities, and how to invest in the S&P 500.

Get going and get trading!

<span style="font-size:12px;font-weight:500">Author</span><br><a href="https://wealthpursuits.com/author/kevin/" target="_self">Kevin</a>

Author
Kevin

Kevin is an ambitious entrepreneur that is obsessed with all things related to finance. From a young age, Kevin has always been involved with side hustles ranging from online selling to freelance work. Over the years, Kevin graduated from side hustles and started launching multiple online and offline businesses. Kevin is a serial entrepreneur who loves starting new businesses and exploring all things related to business and finance. He is constantly looking for new ways to save money, invest money, and create income streams.

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