What's the best book on day trading
Learn the best books to trade.
If you are a Trader If you want to make a living in the future, it is best to start at the beginning: by studying various trading books on the topics of stock exchanges, day trading, chart analysis, currency trading, commodities, intermarket analysis, stocks and more. Because only when you have laid a solid theoretical foundation should you dare to trade with real money. Of course, it is advisable to try out and implement the knowledge gained on a demo account in order to get a feel for the market. Before you dive into the available trading literature, however, you should be reasonably clear which of the possible approaches you actually want to take: Equity investment (dividend portfolio, buy & hold)? Swing trading? Options trading? Day trading? (Order book) scalping? Setting the wrong priorities can lose a lot of time here, as these individual trading disciplines differ in part, such as parachuting and gliding - both have something to do with flying, but that's about it. It is therefore advisable to first concentrate fully on one strategy and to master it completely, in order to then gradually move on to other segments of the subject area Trading and Investment further training. The following Trading books represent a personal recommendation and have all been read by me personally. The books I think are the most important are at the top. It made sense to set up this ranking because I myself had a rather poor book on the subject Forex trading and only later discovered the best trading books that I can now pass on to my readers in this way. Books will be added to this page as I read them. More reviews can be found under the corresponding article on the Amazon.de page. Small reading tip: Read a book again after you have gained practical trading experience after a few months. In retrospect, new insights often emerge and what has been read becomes even more comprehensible.
1. John J. Murphy: Technical Analysis of Financial Markets
The book "Technical analysis of financial markets"by John J. Murphy is, in my opinion, a must have for every trader or anyone who wants to become a day trader. This is why this compendium comes first. In this book, Murphy illuminates not only all chart and candlestick formations in a way that is understandable for everyone , but it goes one step further and includes seasonality and fundamental indicators. Friends of oscillators and indicators get their money's worth as well as the purely chart-oriented trader. Also the topics of intermarket analysis and seasonality, which many traders incomprehensibly neglect or neglect Even completely ignored are very important to Murphy. Trading successfully also means successfully managing your psyche and your risk, Murphy goes into this in detail. In short: This book actually contains everything you need to know about trading. If you only want to read a single book on the subject of trading, you should get someone at least treat yourself to this. At the end of the book you can check your learning success with the help of a 144-page workbook.
Conclusion: The ultimate "bible" for everyone interested in the stock market and a must for every trader and everyone who wants to become a trader!
About the book: Technical Analysis of Financial Markets
2. John J. Murphy: Trading with Intermarket Analysis
When is a rising dollar good for stocks, when is it bad? How important are gold, silver and copper in the financial markets and how does their price development affect the prices of stocks? The information provided here is basically vital for every trader, regardless of whether they want to position themselves as a swing trader or a scalper. When do bonds correlate with stocks and when do they tend not? John J. Murphy takes them here in his second book Intermarket correlations under the microscope and tells its readers how to be skillful and countercyclical invests in upswing and boom phases. If you want to know which values indicate an imminent crash on the stock market, how the relationship between stocks and bonds has developed and changed over the decades, and why gold cannot simply be viewed as a commodity, you cannot ignore this book. Murhphy not only analyzes fundamental aspects, such as national debt or a loose and expansive central bank policy, but also combines his explanations with the findings from technical analysis by superimposing various charts and pointing out correlations and divergences. The focus of the book is on the major crashes that have already occurred on the financial markets in 1987, 2000 and 2007/2008 and the resulting intermarket correlations between stocks, currencies, bonds, raw materials and precious metals. Although the book is primarily designed for long-term investors and swing traders in order to understand all the big movements in the markets and to anticipate them in good time, day traders can also make use of important correlation principles that are worth knowing for daily trading.
Conclusion: Murphy's latest book is anything but light meals before bed. Some sentences and some pages have to be read twice in order to internalize the correlations described or their changes over time. Especially for longer-term swing traders or investors who manage a larger portfolio with physical stocks or certificates, this book, in which Murphy has packed all his knowledge and tireless work from many decades, provides almost priceless information.
About the book: Trading with Intermarket Analysis
3. Sandra Kalde: My 1st year as a trader
The author Sandra Kalde documents in her book "My 1st year as a trader" her first year as a trader. Their goal: to make the leap to becoming a profitable stock exchange trader within a year without having to buy an expensive training package. When her children played a stock market game, she quickly succumbed to the fascination of the financial markets and at first had no idea how this experiment would change her existence. The special thing about this book: Unlike many other theoretical treatises on stock selection, chart formations or market relations, 100% real practical experience is reflected here, which sometimes makes the reader smile, cheer or think back to their own beginnings in trading. The factor Trading psychology rightly plays a very important role here, and the author doesn't skimp on trading tips for beginners who sooner or later are confronted with the same nerve-racking emotions when they plunge into the adventure "learn to trade". A selection of profitable chart formations is not missing in this new book for trading beginners as well as screenshots of unsuccessful trades, which reflect the actual hurdles in trading. There is no room in this book for the false trader romance that many other authors have led to believe. Instead, one thing becomes clear: trading is a tough business and the market does not take prisoners. Every trading beginner should treat himself to this little book in order to be able to circumnavigate some of the icebergs that are approaching him better and to be prepared for what to expect in trading. On her new website Sunny's Trading Blog she would like to document her further progress.
Conclusion: No, this book cannot be compared with a compendium like Murphy's or Uwe Wagner's complete training to become a trader. Nevertheless, it offers something that hardly any other trading book has: 100% authentic practical experience of an ambitious stock market novice who has dared a very difficult experiment. Therefore it can help many trading aficionados more than some overpriced tome in this segment.
About the book: My 1st year as a trader
4. Norman Welz: Trading Psychology
The topic Trading psychology is unfortunately and wrongly the most underrated among beginners when it comes to trading and / or investing. Many successful traders even claim that psychology accounts for 90% of success, all the remaining knowledge about entry and exit strategies, intermarket correlations, fundamentals etc. only the rest. And there is some truth to it: Without the necessary mental stability and proper risk and money management will result in losses with any trading strategy, no matter how great. Norman Welz dedicates this book to the trader's greatest enemy: the anxiety: If you are afraid, you lose when trading. The trained psychologist reveals the abysses of the human psyche and explains why humans are by their nature not actually suitable for trading and why we have to learn to channel deeply rooted evolutionary automatisms in order to be successful in the financial markets. The other obstacles are not neglected, such as greed, anger and despair, which we encounter in daily trading: "Greedy people are usually afraid of getting too little and those who want something too quickly may be afraid that at some point they will no longer be able to be there, miss the train." (P. 39) In addition to the fear, the discipline and the topic also take off Behavioral Finance a large space in this book. Because only with the help of discipline can our primal fears be controlled and we can learn to operate profitably in the markets over the long term.
Conclusion: Anyone who has already dealt with day trading will quickly notice how seriously one can be confronted with the abysses of one's psyche if it does not go as it is imagined. Therefore, this book comes in third place directly after the two Murphys, since successful trading is not possible without a sound psychological basis and disciplined adherence to self-imposed rules.
About the book: Trading Psychology
5. Uwe Wagner: The professional training to become a trader
Uwe Wagner is one, if not THE veteran, of the German trading scene. In his book "The professional training to become a trader" No less than 25 years of market experience at EUREX and MEFF have gone into it, and you can tell. The focus of the book is the DAX trading on the minute chart. So this book is specially tailored to profitable DAX trading. Anyone expecting tips on dividend yield, stock trading or commodity trading is completely wrong. In addition, you should already be familiar with the basics of stock market trading and roughly know what candle sticks and futures are and how an order book is structured. The complete beginner will be overwhelmed with this book. The topic "Reflexivity of the Markets", which corresponds to Uwe Wagner's stock exchange philosophy, is of great importance in this book and provides the consistent justification for his ultra-short-term trading approach. At the same time, the following topics are taken up and worked on: Can you really live from trading? How much capital is necessary for this? How do you set goals and keep a trading journal? What traces do the big players leave behind on the market and how can we benefit from them? Since the DAX is a heavily opted-for market, the topic also comes up Options, Option trading and open interest not too short.
Conclusion: If you want to become a successful "tracker" in the DAX, the book is an indispensable "must have". Many a short-term trader who has so far broken their teeth on the DAX will find it falling like scales from their eyes here. Wagner's theory of the reflexivity of markets is convincing and manifests itself in daily practice. It becomes abundantly clear that this book was not written by a theorist just trying to make money, but by a real trader and practitioner. For the advanced trader who has already devoured all the literature on the market and who is looking for new knowledge, an interesting stock exchange philosophy and alternative trading approaches, this book is worth gold for. The complete beginner, however, who has just downloaded Metatrader 4 and pressed 3 buttons, will initially be overwhelmed with the information provided here.
About the book: Professional training to become a trader
6. John F. Carter: The Great Book of Swing and Day Trading
This book shows that the trading profession comes from America. While the German market has been looking for competent trading advisors for a long time, the Americans have been well looked after for a long time and have been waiting for a good translation. The author of this excellent book is President of Trade the Markets Inc. and has 20 years of trading experience in stocks, options and futures. Compared to Uwe Wagner's book, the prospective trader gets a somewhat more global insight into the world of financial markets and the everyday work of a professional trader. John F. Carter is more convinced Swing and day traders and gives the inclined reader not only his specific trading approaches and strategies, but also basic knowledge on the subject of trading psychology (what you have not yet been taught about trading), seven basic rules for a wide range of intraday trading and an insight into his typical trading day.
Conclusion: Ambitious stock and futures traders get their money's worth here. Your own trading approach should also be intraday to swing so that you are satisfied with this book. Also the topic, which is becoming more and more popular in Germany "Market Profile"takes up a small part of the book, even if the author himself does not act exclusively according to Market Profile. The methods and strategies presented are of course adapted to the American stock and futures market, but can be transferred to the domestic market with a little abstraction the sometimes bumpy and questionable translation prevents me from placing the book a little further up front.
About the book: The big book of swing and day trading
7. Steve Nison: Technical analysis with candlesticks
If Murphy's candlestick section is not detailed enough, you should get Steve Nison's book. The author was the first to make the candle stick technique and various candlestick formations, originally from Japan, known in the western world. Years of intensive study of the various candlestick patterns is reflected in the attention to detail and the many illustrations. In the current edition, Nison has now also dedicated itself to the shorter-term timeframes. The highlight of the book is undoubtedly the link between the Far Eastern and Western analysis methods. Because it is only when the two analysis methods are linked that it becomes clear how similar both analysis methods are and if both methods then also deliver the same entry signal at the same time, nothing stands in the way of a profitable trade.
Conclusion: An absolute must for candle stick freaks, if necessary as an alternative to Murphy if you want to rely more on trading with the help of different candlestick patterns.
About the book: Technical analysis with candlesticks
8. Michael Voigt: The big book of market technology
There is hardly a trader on this planet who does not know Michael Voigt. His standard work "The big book of market technology" conveys the interrelationships of the financial markets in an entertaining way and ensures that one also understands the background that takes place when our colorful candles move up and down. The book is characterized by the fact that a novel story is woven in, which is very conducive to the flow of reading and ensures that what you have learned is internalized much better and retained in the long term. Alternately, there is theoretical knowledge for the reader, whereupon in the next chapter he accompanies the fictional character Philip, who describes his first experiences as an intern at a hedge fund. Humorous, entertaining and extremely educational. Anyone who buys the Big Book of Market Technology should know, however, that this book is purely about market technology, nothing but market technology and again about market technology. So if you want to learn something about oscillators, indicators, seasonality or candlesticks, this book is the wrong place. For this, the market technology is explained and explained in a unique way and with many clear colored examples from the chart. Psychology is also not neglected in this book and the reader has to smile at one point or another when he can look over Philip's shoulder and see him make the same mistakes that we all made at the beginning and that often make us a lot of money have cost.
Conclusion: The book is an absolute MUST for anyone who wants to focus their trading according to market technology in the future, but also beginners who do not necessarily want to trade according to market technology benefit from the clearly described relationships on the financial market and from the psychological hurdles that Philip as an intern has to master just as much as each of us at the beginning.
About the book: The big book of market technology
9.Giovanni Cicivelli: Job (un) day trader
Giovanni Cicivelli, this name should be familiar to almost all trading enthusiasts in the scene. The native Italian has been active on the stock exchange for many years and is known from various TV documentaries and trader fairs. Giovanni Cicivelli is living proof that you can also make it a success as a follower of Fundamental Analysis and news trading. If you mainly want to trade stocks in the future, you should definitely buy this book, because stocks, and here in particular penny stocks, are Giovanni's hobbyhorse. In a matter of seconds, he can interpret company news and then place an order. However, it should not be overlooked that this type of action requires a lot more experience than learning technical analysis, for example. This book is a mixture of biography and trading guide, but with a lot of valuable practical tips. Giovanni is the only one in the books presented here who deals with the chapter trading and taxes or explains his money management. From the right hardware and software for the trader to the appropriate account size and how to deal with risky situations, this book offers everything you need to know as a day trader if you want to turn your hobby into a profession. The purpose of this book is to present the normal everyday work of a trader and to answer any questions that arise on the subject. At the end of the book, the author goes into the forex market a little and explains some example trades using charts. However, if you are expecting detailed information on the subject of foreign exchange trading or debauchery on technical analysis, this is wrong. Of course, attention is also drawn to the possible dangers in everyday trading, not being run over by a bull or being eaten by a bear, but how to wipe out your account simply by overestimating yourself or making other mistakes.
Conclusion: This book is an absolute MUST for stock and news traders! But the book is also recommended for foreign exchange and other day traders, as it is very entertaining and entertaining and you can also take some tips with you, even if you don't necessarily want to plunge into the exciting world of new trading.
About the book: Vocation Daytrader
10. John Momsen: Superstar Seasonals
"18 Proven-Dependable Futures Trades for Profiting Year after Year," is the subtitle of the promising book by John Momsen. How much is a book worth to you that can be statistically proven to generate 100 percent per year? Although Momsen's book about the best seasonal trades is actually designed for the futures market, most of the values described can also be implemented with a CFD account or an ETF. After a brief introduction to the subject of "seasonality" or "trading with seasonality" and an excursion into the important topic of risk and money management, Momsen goes into practice and uses the following values with their respective entry dates to show us what is possible with seasonality : Soybean oil, beef, corn, cotton, crude oil, heating oil, pork halves, wheat, orange juice, frozen pork bellies, soybeans, sugar and gasoline. Each individual value receives a certain entry price at a specific point in time. As soon as the buy stop (in the case of a long trade) or the sell stop (in the case of a short trade) has been broken, the trade is activated. The trades run as long as the market produces profits, so there is usually no take profit, but the trade is always followed by a stop in profit. The author points out various extreme values to which one should also pay attention in the case of positive seasonality, e.g. B. one should be careful with a short entry at an oil price of less than 30 USD, even if the seasonality may favor the bears.
Conclusion: As this book is only available in English, you should have a solid working knowledge of English to read it. Nevertheless, it is written in very simple English, so that a good knowledge of school and basic vocabulary should be sufficient. John Momsen's book about seasonal trades is one of my all-time favorite books, but it is clearly more of an option for the experienced trader who is already familiar with the realities of technical analysis and has his money management under control. Then this book is the best addition to a profitable strategy. A small negative point is that Momsen does not list any trades on indices or currencies that can also be traded according to seasonal patterns.
About the book: Superstar Seasonals
11. Carl-Wilhelm Düvel: Forex trading in practice
Forex traders are in a category of their own. No other of the books presented so far goes into such detail on the peculiarities of forex trading. The author has been a trader himself for many years and mainly earns his money on the foreign exchange market. He presents his wave pattern strategy in detail and explains the importance of Fibonacci levels. Those who want to specialize in the foreign exchange market should buy this book as a complement to Murphy. As a sole basis, however, it does not offer enough background information; for example, the intermarket analysis is missing and the psychology of trading is also neglected. The usual chart formations are completely absent and apart from the Fibonacci levels, little is learned about indicators and oscillators.
Conclusion: For pure foreign exchange traders a welcome addition to Murphy or Nison, because the author picks up on peculiarities of the foreign exchange market in particular that are not discussed in the other works presented. Not recommended as a first reading, or only to a limited extent, as a lot of important basic information, such as the usual chart formations or information on risk and money management, is completely missing.
About the book: Forex trading in practice
12. Arne Sand / Max Schott: The best dividend stocks
Trading and investment are two completely different subject areas at first glance, but it doesn't hurt to deal with the advantages of long-term investments as a trader and a little bit from time to time Money in a dividend portfolio to get stuck. You have as Trader already an unbeatable advantage over other long-term investors who bought a few shares years ago. We already know how to hedge a stock portfolio against falling prices and know all the psychological pitfalls from risk and money management as well as from trading psychology that one is confronted with day in and day out in day trading. At the same time, building a dividend portfolio is an interesting, relaxed, and instructive story that you should use to cover at least part of your retirement savings these days. Without a doubt, stocks with regular and high dividend payments are the most important investment trend of the following decade to combat the investment crisis, as there will probably no longer be bank interest in the foreseeable future. This little guide is of course not a comprehensive compendium on the subject, but gives you the first important information on how to evaluate a solid company, how to find the really good stocks and what opportunities there are on the global market. The topic interest and Risk management finds its place here as well as the topic of diversification of its portfolio.
Conclusion: To get into the topic "Cash flow investment" this little guide offers a good first basis. This book is also suitable for newbies and laypeople who want to familiarize themselves with stock trading and are looking for a way to build a profitable cash flow portfolio. Especially against the background of collapsing pension and social security systems, every young investor today should familiarize himself with the possibilities of the stock market in order to have a (further) stream of income in old age.
About the book: The best dividend stocks
13. Marion Schlegel / Markus Bußler: Crash course raw materials
Anyone interested in commodities - whether as a long-term investment or as a day trader, should familiarize themselves with their peculiarities in the commodities crash course. The authors have divided the book into energy resources, precious metals, industrial metals, rare metals and agricultural raw materials. Commodities are becoming increasingly scarce, so it is no coincidence that they are the trend in the investment market in the 21st century. For example, the reader learns the difference between Brent and WTI oil, gets suggestions for a lithium investment and then knows why rare earths are not rare at all but can still become very valuable. Although the book is intended more for long-term investors who want to build up sustainable retirement provision in the form of commodity investments, for example, it is also suitable for day traders, since as a trader one then better understands the correlations between the individual commodities and thus more efficiently reacts to certain price movements can react.
Conclusion: An up-to-date and compact guide on all important raw materials, which is not geared towards the topic of day trading but nevertheless provides important knowledge and market contexts. Definitely a clear reading recommendation for commodity and long-term investors.
About the book: Crash course raw materials
Look out for ours Trading books recommendations also on our broker recommendations, either for stocks or for Forex and CFD trading, because every trader is only as good as his broker!
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