You’re new to investing, and you want to know what it will take to earn enough money to be financially secure throughout the rest of your life. You’re determined to figure out ways you can earn cash on the side – or perhaps take on a whole new career – as an investor. One route that people frequently take is becoming a day trader, either as a hobby or a job.
Figuring out the best ways to day trade and make money through investments requires a thorough education. That’s why it’s important to read the best day trading books for beginners when you’re just starting out.
Before diving into these books, learn about what day trading is, and discover whether or not this new hobby or career will suit your investing style.
What is Day Trading and What are Popular Day Trading Strategies?
Day trading is very short-term investing; it is the buying and selling of securities within a one day time period, from when the market opens at 9:30 a.m. EST to when it closes at 4:00 p.m. EST. Day traders have a minimum of $25,000 in their trading accounts, and they make money by selling securities for more money than the original purchasing price. Professional and expert day traders will read the best day trading books for beginners, learn how to read stock charts, analyze what’s going on in the news, and control their emotions.
After all, this is a riskier type of investing, and it moves so fast that you may become stressed out. When you read these trading strategy books, you will discover ways to control your emotions, so you don’t double down on losses or get too caught up in winnings and make bad trades. You’ll also learn why it’s important to set up a stop-loss amount, or the amount of money you’d be willing to lose before you back out of a trade. It’s usually 1-3% of your total portfolio. These best day trading strategy books will explain how it’s critical that you participate in paper trading prior to doing the real thing. You’ll learn the best time to buy securities, the times of day when it’s best to trade, what day trading indicators are, and where to turn for day trading news and access to stock charts.
If all of this sounds good to you, then here are the best day trading books for beginners you should pick up online, at the library or your local bookstore.
Day Trading for Dummies
One of the best day trading books for beginners is “Day Trading for Dummies” by Ann C. Logue. The Dummies series is easy to follow and understand and will lay out all the basic information you need to know about day trading. It has four stars on Amazon, which means it is highly rated by other customers.
The guide will tell you how day trading works, show you all its pitfalls you need to avoid, give you advice on how to choose an online broker, show you updated examples of tax laws and SEC rules and regulations, and give you an action plan on how to transform your day trading hobby into a very lucrative career. You will also learn research techniques to use in day trading and tips for managing your stress on a trading day, which may be off the charts (figuratively). Reading this book, you’ll also discover market indicators and key characters of successful day traders. It’s packed with thorough information and will empower you to take the first steps to become a day trader.
How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology
Another one of the best day trading books for beginners is “How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline, and Trading Psychology” by Andrew Aziz. With more than 1,000 customer reviews on Amazon and 4.5 star rating, this book is a clear winner for beginning day traders.
Aziz is a trader with many years of experience, and in the book, he explains techniques that even beginning traders can use to succeed as did. In the book, you will learn about the ins and outs of day trading, why it’s different from other forms of trading, and critical strategies that the top day traders are using on a daily basis.
You’ll figure out how to use tactics like top reversal trading, moving average trend trading, and bottom reversal trading. You will also find out what a stop loss is, when to enter and exit a trade, what indicators to use, and how to find the stock in play for trade. Aziz says, “I invite you to join me in the world of day trading. I’m a real person who you can connect with. I love what I do.”
The 1 Hour Trade: Make Money With One Simple Strategy, One Hour Daily
“The 1 Hour Trade: Make Money With One Simple Strategy, One Hour Daily” by Brian Anderson is another one of the best day trading books for beginners. It has 4.5 stars on Amazon, and with it, you will learn how to scan in real time for stocks that will make huge intraday gains and figure out areas that allow for optimal exits. You’ll also learn to listen to what the price action and volume are telling you, so you know whether to buy or sell a security. This is not a theoretical book; it gives you strategies you can actually employ to make money through day trading. With this book, you will discover how to turn a profit, one hour a day.
Learning More About Day Trading with The 10-Minute Millionaire
Now that you know the best day trading books for beginners that you should read, it’s time to continue your education. You can subscribe to The 10-Minute Millionaire, which is run by New York Times bestselling author and frequent Fox Business and CNBC contributor, D.R. Barton, Jr. You’ll learn more day trading strategies and discover the best day trading investments to make.
The only thing you must do is sign up for the newsletter, and then open the emails when they come in. Read all about day trading and decide whether you want to take strategy advice from D.R. He is one of the most trusted financial experts out there, and he’s been successful with day trading on his own, so you should seriously consider putting into good use the information he provides.
What are you waiting for? Make sure you read the best day trading books for beginners and then subscribe to The 10-Minute Millionaire to continue building your wealth now and for the future.