New traders often ask us what day trading books we can recommend to give them a head start on their journey.
Before we recommend any day trading books, we always manage expectations first!
Everybody wants to trade from their bedroom in pajamas and make millions of dollars.
Is it possible? Yes. Is it as easy as the marketers make it out to be? …Not in the slightest!
This is actually one of the hardest jobs in the world despite how social media displays trading.
The highs are high and the lows can be low but once you find consistent profitability it is a life changer!
With that said, day trading is not for everyone and requires a great deal of effort, time, and mental resilience to truly succeed!
If you’re still set on becoming a day trader despite the high chances of failure, keep reading to find out our personal favorite day trading books to get you into the winner’s circle.
Best Day Trading Books-Setting Expectations!
While day trading books can teach you about strategy, risk management, psychology, and technical analysis, they will not make you a profitable day trader!
A lot of them are seen as staples in the industry that are written before the market crash of 2008 and before the emergence of high-frequency trading in the industry rendering them obsolete! The books that matter most for your developments will teach you about the importance of risk management and trading psychology.
After all, trading success comes as a result of effort, mental resilience, and being wrong…often!
In fact, the main distinguishing factor between a winning trader and a losing trader is the mindset.
Consistently profitable traders understand that success in the markets is 80% mindset and 20% strategy.
Winners focus internally on strengthening their psychology and mindset in order to optimize performance. Whereas losing traders focus externally on the holy grail and bounce from system to system in search of it.
Don’t chase the shiny ball when you are starting. Instead, focus on developing your mindset into that of a successful trader and your results will follow! Let’s see what these day trading books have to offer!
Trading in the Zone by Mark Douglas
This one is a classic and one of my personal favorites that I still reference when I am going through a rough patch.
It was written by Mark Douglas who was an active trader and trading coach.
Mark spends no time on trading strategies in this book and focuses on the necessary steps required to think like a successful trader.
It’s no secret that emotions can get in the way of your objective thinking while trading and cause you to lose money. Mark introduces you to the 5 fundamental truths and 7 principles of consistency that help you gain confidence and take responsibility for your failures.
This day trading book is a staple for trading mindset in the industry and is a must-read! It can get a bit repetitive but Mark does well driving his points home. If you are interested in finding out more information on it you can check it out at Amazon.
We also made a review on the key takeaways from this book on YouTube, check it out below:
Street Smarts by Larry Connors and Linda Raschke
Street Smarts is a little bit dated. But it was one of the first books that I read on short-term strategies that really made sense to me. The concept of trading against trapped traders was an aha moment. It was something I instantly knew I could repeat consistently with a bit of hard work.
Technicals are nice to have but understanding the psychology behind price action is when real trading mastery starts taking place.
This book introduces you to some 20 strategies which include Elite Trading concepts and short-term set-up patterns. You also learn how to identify volatility shifts and profit from pullbacks and reversals.
In fact, some of the concepts such as the turtle soup pattern and its variant have been incorporated into my analysis on a daily basis!
The strategies in this book still hold weight to this date if you disregard the indicators and focus on the psychology behind the set-ups. If you want to find out more information on it you can check it out at Amazon.
How to Day Trade For a Living: A Beginner’s Guide to Trading Tools & Tactics, Money Management, Discipline & Trading Psychology by Dr. Andrew Aziz
This book is easy to follow beginner’s guide to day trading.
The author relates to readers by sharing his own trading story at the beginning of the book where he experienced the highs and lows of day trading.
He also cautions readers that day trading is an actual job – and not gambling – which must be treated as a business to ensure success.
Aziz outlines the entire process of day trading in easy to follow guidelines and descriptions.
Most importantly, he sets a realistic expectation of what is possible with hard work and perseverance.
For the visual learners, this book has colorful examples of charts on technical analysis, the anatomy of a day trade, as well as, day trading setups.
It is a good starting point for a new beginner to the world of day trading. If you want to find out more information on it you can check it out at Amazon.
High Performance Trading: 35 Practical Strategies and Techniques to Enhance Your Trading Psychology and Performance by Steve Ward
You can probably guess what the main focus of this next book is. It should really come as no surprise. If there is one thing I want you to take away from this article beyond some awesome books is this; your mindset will either make or break your trading career. There’s a reason behind this selection of books and that’s to get you in the best position for success.
The author Steve Ward is a Performance Coach, Trainer, and Consultant to Trading, Investing, and Banking Professionals.
He provides you with 35 techniques and strategies to enhance your trading performance and psychology based on the latest research and feedback, advice from industry professionals, as well as personal experience.
If you want to become a better trader, this is a must-have in your library!
You learn to avoid common trading pitfalls, how to strengthen trading discipline, and develop and hone your mental edge.
Think of this as a more advanced edition of Trading in the Zone. If you are interested in finding out more information on it you can check it out at Amazon.
Market Wizards by Jack D. Schwager
This final book is an absolute classic!
The author Jack D. Schwager interviews top traders that have made fortunes trading the markets.
He really dives into the minds of the traders that lost it all, made it back, and are now sitting on millions. Some of the traders that make a feature in this book include Marty Schwartz and Paul Tudor Jones to name a few.
This book is more of a fun read than anything but also gets you to notice how successful traders think and how they handle adversity.
These interviews are a testament to that! But there is also a lot that you can learn from these stories and apply to your trading. Setbacks are a natural part of the journey, it’s the hunger to dominate that is the common connection between these market wizards.
Reading about these success stories can help inspire you to dream big, set massive goals, and get to work!
The Final Chapter
Just like anything new, the start can be overwhelming! But don’t worry!
Day trading as a career will take time. The most important thing to do is to act.
We’ve recommended some great day trading books to get you started, however, the journey only begins here!
Learning to trade from a book is one thing. Learning to trade alongside professionals using strategies that work in today’s markets is another story. Books will only get you so far!
The most important thing that you can do now to cut down your learning curve is to find a mentor and join a community of professional traders.
TRADEPRO Academy offers futures education and a live trading room where you can interact with the top mentors to better your futures trading.
If you want to join with us in our live trading room, Check This Out.
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The information contained in this post is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable for your own financial situation. TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.