Below is a list of the top 10 books we recommend that every day trader should read.
1. Reminiscences of a Stock Operator
Reminiscences of a Stock Operator tells the story of one of the greatest traders that ever lived, Jesse Livermore. By reading the story of his successes and failures it provides a deeper perspective for traders on the rules, and consequences, of speculating in the market.
2. The Total Money Makeover: A Proven Plan for Financial Fitness
The Total Money Makeover provides practical financial advice regardless of your current financial situation. Whether you are working your way out of debt or investing for retirement, it is important that you establish discipline in the management of your personal finances before beginning your journey as a day trader.
3. The Wordly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers, Seventh Edition
The Worldy Philosophers is a bestselling classic that offers a deep look into the history of economics. We believe that in order to be a successful trader it is important to have a firm grasp of the “bigger picture” from a historical point of view.
Trading, as we know it, is a byproduct of a relatively “new” brand of economic theory that was birthed in the 14th century. We fondly know it is capitalism. We recommend that you read The Worldy Philosophers to get better understanding what capitalism is and the diversity of economic theories that exist
4. The Intelligent Investor: The Definitive Book on Value Investing
The Intelligent Investor is a classic book written by Benjamin Graham. His value-based approach to investing has shaped the philosophies of the most successful investors, including Warren Buffet. Although trading is a much different practice from investing, this book offers foundational principles which are important to help frame an understanding of the fundamentals of the stock market.
5. Trading for a Living: Psychology, Trading Tactics, Money Management
Trading for a Living delivers a three-prong strategy for successful trading based in the three M’s: Mind, Method, and Money. If you are committed to your long-term success as a trader, this book provides advice from every aspect including how to balance your emotions and how to use your computer to find trades.
6. Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude
Trading in the Zone is a book intended to help traders develop consistency through disciplined mental habits. Trading is a mental game that requires a balanced perspective of risk, reward and probabilities. This book will help you define and maintain that balance.
7. Japanese Candlestick Charting Techniques: Second Edition
Japanese Candlestick Charting Techniques, written by Steve Nison, gives a comprehensive overview of all the types of Japanese candlesticks and how they can be used in trading any type of financial instrument. This book offers hundreds of timeless examples that have been proven by years of study and research.
8. Market Wizards: Interviews with Top Traders
Market Wizards gives you an insider’s perspective from traders who have amassed millions of dollars in wealth. There is no better way to learn about day trading than to hear it from those who have actually done it for a living.
9. Confessions of a Street Addict
Confessions of a Street Addict is a revealing book written by one of the most well-known faces on Wall Street, Jim Cramer. Often heard (very loudly) proclaiming his thoughts on the market, this book provides Cramer’s perspective on how the game is played on Wall Street.
10. The Big Short: Inside the Doomsday Machine
The Big Short is an attempt at answering the tough questions about what led to the 2008 financial crisis. This historic financial catastrophe impacted people across the globe and tells the stories of those who saw the crisis coming and eventually made billions in the process.