Knowledge is power, and reading is fundamental. When you combine both of these essential tenants, good things can happen. For day trading investors, it makes perfect sense to bone up on various strategies, tactics, and methodologies by curling up with a book about the fine art of day trading. Indeed, the marketplace is chock full of reads that can provide day traders with excellent ways to maximize profits and minimize risk. While each of these books work toward the same financial endgame, the fact that they reach this terminus in different ways provides invaluable depth to investors – the kind of depth they can use for their own potential gain.
You got to start somewhere when it comes to trading. If you’re planning on diving into the world of day trading, Turner’s book is an essential read. It’s not a complete guide that goes into the minutiae of the day trading process, but that’s not what’s needed here. What is covered is all of the basics that newbies need to get the proverbial ball rolling. What’s more, it’s written in a very easy to follow style, so you won’t have to necessarily acclimate yourself to a wide array of jargon to use it effectively.
If you regularly watch Bloomberg, CNBC, or CNN, Kathy Lien’s name probably rings a bell. The managing director of BK Asset Management routinely appears on each respective networks, and her strong advice and deep knowledge has made her a very reliable source when it comes to day trading ideas. Lien’s book provides a wealth of essential info on the breadth of day trading on the forex market, from learning how to properly deploy technical analysis to going over the fundamental mechanics of the forex market as a whole. It’s little wonder why some point to this book as a terrific starting point for brand new investors looking to take their initial foray into the market.
Successful day trading doesn’t just come from having a solid bankroll. It’s a psychologically-fueled process that requires a high level of mental fortitude. Without it, the practice can lead to frustration, self-doubt, and a lot of lost funds. Because of this, Douglas’ book is rather essential. The tome takes a deep dive into the ways that a savvy investor can build up his or her confidence and mental fortitude. The practical approach to day trading that underscores the text ultimately provides valuable information that helps the book be a handy guide to the tactic as a whole.
We know, we know. A book by a guy named Oz with “wizard” in its title. The correlation to the adored children’s story may cause you hesitation to pick up the book, but the info found on the pages is far from child’s play. Oz presents a complete picture of the ins and outs of day trading, from the psychology behind the practice to how to assess and handle risk management. The book was written in the midst of the dot.com boom, so some of the text may not necessarily connect to today’s market. However, there’s more than enough meat to the text to make such outdated info a relatively minor infraction.
If you have even the slightest thought of day trading doubling as a potential get-rich-quick scheme, you should probably pick up this book sooner than later. Easy to read and chock full of lessons, DiPietro effectively eviscerates the notion of day trading being used to make a quick buck, demonstrating the practice as a legitimate stock trading tactic along the way. While it doesn’t dive into trading strategies, it does dial into the mindset of a successful trader, which is something that’s just as important as strategy development.
Obviously, there’s no way to guarantee profit from day trading – or any other form of stock trading, for that matter. This doesn’t mean that you can’t take advantage of a practical how-to guide to help maximize your profits while minimizing your risk. Walsh’s book is exactly this, as he manages to cover the key elements of a practical trading strategy within 200 pages. The book also includes several exercises that are designed to help sharpen your day trading skills.
The title of the book is admittedly off-putting, since it as the word “gambling” in it. While there are risks to playing the market, it’s generally not the best tack to lump it into the same sentence with a word associated with blackjack tables and slot machines. Skiena more than makes up for this by producing what may be the best source of demonstrating the importance of risk vs. reward. The computer scientist uses computer simulations and the game of jai-alai of all things to show how mathematics can be the element that turns an average trader into a good one, and a good trader into a great one. It can be pretty dense reading at times – the pages are steeped in math jargon – but it’s worth patiently working through the verbiage to improve your approach.
A Studious Day Trader is a Smart Day Trader
Day trading is not something to enter into blindly. It’s important that you develop a pretty solid base of day trading acumen before you even think about pulling the trigger on your first trade. Picking up a few tomes on the subject is one of the best ways you can develop this personal database. Doing so will give you a glimpse of how learned stock market pros approach the practice, and this can go a long way into turning this fast-paced, sometimes crazy method of playing the stock market into an effective way to potentially earn gains on your money.