Any recommended book for day trading beginner?

Discussion in 'Professional Trading' started by ty001, Feb 8, 2010.

  1. ty001


    hey all, i'm recently new to day trading, and hope to get some advice on picking up some useful books to look at, thanks for your time and help.
  2. Hi,

    Just go to Borders or your local bookstore and look through them. I have probably 10-20 books on trading and none of them are really helpful. You can find the same info online for free.

    They mostly just say things like this:

    - here are some indicators (and then they show you examples of when those indicators worked, which makes you think that indicators are profitable, when they are not)

    - here are some basic rules (and then they say things like "don't trade when you're angry or having a bad day, cuz your losses, let winners run, etc."

    - some of the books have funny anecdotes designed to make you feel good

    - oh, and most of them have a section where the author is like "omg, back in the day I used to have to phone in my orders and pay $100 per round trip, but today there are online brokers and it is under $10 per round trip with much faster execution time!"

    But no books have profitable trading systems.

    I would be willing to bet that most people who write trading books aren't profitable traders.

    But if you're a noob, you might benefit from them because you'll be immersed in the terminology and everything, so they can be helpful in that regard.

    Oh yeah, they're expensive, too. I bought most of mine from the used vendors on and they were still like $30-40 each (for a $60-80 book).
  3. JRL


    A Beginner's Guide to Day Trading Online - Toni Turner.

    Useful because it's filled with actual chart patterns of actual stocks which Ms. Turner explains in depth - it's not just words.

    There are also quizzes done at the end of each chapter, which are a nice refresher to the material learned.

    $16.95 US. Give it a shot.
  4. One of the best books you'll ever read on trading is the one you write .... a page a day.
  5. * A random walk down Wall Street
    * Fooled by randomness

    These books should give you a good insight on market randomness, and how you are being suckered into daytrading by brokers, who only want you to generate commissions, no matter if you lose.
  6. LOL. If that's the point of those books then the authors are probably failures at trading.
  7. Go to the library. Read everything you can get your hands on. When it starts to make sense and you get an idea of what you want to trade (stocks, options, futures, insults on ET) then look through the stores or web sites that have trading books. When you have an idea of what you're looking at and interested in, you'll be able to figure out which books might be of interest and usefulness to you.

    Find a free trading room. There are some on Paltalk. Don't sign up for anything. Learn the lingo and look at live trading when ideas/trades are discussed/taken. Reading it in a book makes sense but observing it happen real time sinks in.

    Get on a simulator and start trading, preferably a simulator from the broker you're going to trade with. It's not the same as the real thing but it gets you closer. It also helps you learn your broker's platform.

    There's no instant gratification in this. There's a lot to learn and a lot of mistakes to make before "some" get there.
    hurricane_sh likes this.
  8. Andiroo



    Having been on similar journey and built a big library i would recommend these books. They are more general trading than strictly day trading but the insights / knowledge and evidence base is highly applicable and these are terrific books - at least IMHO.

    Market Wizards, Jack D. Schwager

    New Market Wizards, Jack D. Schwager

    Futures: Fundamental Analysis, Jack D. Schwager

    Futures: Technical Analysis, Jack D. Schwager

    Trade Your Way to Financial Freedom, Van Tharp

    Stan Weinstein's Secrets For Profiting in Bull and Bear Markets ,Stan Weinstein

    Martin Zweig Winning on Wall Street by Martin Zweig

    How I Made $2,000,000 In The Stock Market by Nicolas Darvas

    Absolutely no fluff or garbage here. They have all stood the test of time and these are / were the best.


    #10     Feb 9, 2010