As a budding day trader, one of the ways to beat these odds is through educating oneself. By learning about the markets, day trade rules and strategies, risk management, and the psychology involved in day trading, you can vastly increase your chance of long term success.
If you want to learn how to day trade smart, and need some trusty material, keep reading as we share with you five of the top day trading books for beginners.
1. Day Trading for Dummies—Ann C Logue
Day Trading For Dummies by Ann C Logue is an ideal book for getting started with the basics of day trading. The "For Dummies" series is famous for breaking down complex information into easily digestible formats.
If your knowledge of day trading is little-to-none, and you want a crash course, this is the book for you.
2. Start Day Trading Now: A Quick and Easy Introduction to Making Money While Managing Your Risk—Michael Sincere
If you want to get a better understanding of the technical components of day trading, such as how to find stocks to day trade, Michael Sincere's book is a great starting point. Here the professional trader shares his knowledge on the technical processes of day trading, providing charts, patterns, and indicators so that you can get a comprehensive visual of the concepts.
If you are getting ready to open your first day trade, this book will guide you step by step through the process.
3. Range Trading—Michael Young
If you're at the point where you need a little more info than the basics, you might want to take a look at Range Trading by Michael Young.
In this book, Young does a deep dive into more advanced strategies, including range trading, and scalping to offset intraday fees. Although these strategies are considered anything but beginner level, Michael Young manages to illustrate them clearly enough that almost any level of trader can benefit from the information.
4. The Simple Strategy—Markus Heitkotter
Got your eye on the forex and options markets? If so, you don't want to miss The Simple Strategy by Markus Heitkotter.
Markus gives simultaneously clear and detailed information on how to set up effective entry and exit strategies and also provides advice on day trading applications.
An enjoyable read, The Simple Strategy is written in a light and engaging tone, which can come as a welcome break if you have been plowing through dry content in your quest to learn all of the day trade rules.
5. The Disciplined Trader: Developing Winning Attitudes—Mark Douglas
Mindset is a very important component for all types of trading, and particularly day trading. In his book, The Disciplined Trader: Developing Winning Attitudes, Mark Douglas delves into why the right attitude is so crucial, and how to achieve it.
In addition he covers risk management strategies and the psychology behind them.
Did You Know That Being Comfy Is One of the Top Day Trade Rules?
Just joking! This isn't in the list of day trade rules at all, but we feel it should be.
This is why we have developed a range of trading apparel made out of the softest and most durable cotton on the market. What's more, to help you keep your sense of humor, through the market upsides and the downturns, we have decked out our high-quality lines with some tongue in cheek humor.