Day trading is a very good trading strategy for beginners in forex trading. If you want to learn from A to Z about this strategy, I suggest you check out the best day trading books written by experienced traders or the professionals in this field. They are the masters when it comes to this strategy. So, let’s check out the 5 best books for new day traders.
Mastering The Trade
This book is written by John F. Carter. He has been a professional trader and consultant since 1998. He also set up a website called tradethemarket.com to support traders. In this book, Mr. Carter shares the tools and techniques that traders need every day. He calls it the five essentials that professional traders must have.
This book has 3 parts. Part 1 explains to traders how the market works so that they rely on it and not resist it. Most traders lose money because they do not understand the mechanism of market operation.
Part 2 will cover setups on day trading as well as swing trading for Futures and Forex markets. In part 2, we will learn a lot of trading techniques used by professional traders.
Part 3 will discuss how to plan transactions appropriately. What needs to be fully prepared to be able to cope with unexpected market fluctuations. In addition, there are some tips that can help you wriggle to survive better.
Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market moves
Kathy Lien’s “Day Trading and Swing Trading the Currency Market” is a forex book that is gaining popularity among new forex traders who are trading and are on the rise. Her book provides a two-dimensional approach, giving both theory and application, with an equally thorough understanding of Forex trading strategies both in the basic and technical way designed to make a profit. often for traders. Lien’s book provides detailed information on all aspects of the currency market and Forex trading. Lien guides readers, step by step, through the basic principles of Forex – such as the long-term and short-term factors affecting currency pairs – as well as the technical analysis trading strategies that professional forex traders use daily.
Lien is a famous monetary analyst in the world and has many years of experience in this field. Previously she worked at JP Morgan Chase & Co (NYSE: JPM) and currently is the managing director of BK Asset Management. She is a frequent guest on Bloomberg, CNBC and Reuters.
The Disciplined Trader: Developing Winning Attitudes
You probably already know Mark Douglas with his famous book Trading in the zone. This time, I want to introduce to you The Disciplined Trader: Developing Winning Attitudes. This book was actually published before the Trading in the zone, but due to the less popular, the less known traders.
Much of the content of the book explains how you learn from your emotions during the trading process and how you can become a self-disciplined person (meaning there is no need to exert too much effort to comply. the rules when trading.
Is a book about trading psychology, so do not expect to have instructions on how to trade, any secret trading system here. But this is definitely a book that is suitable for those who want to learn deeply about trading psychology.
Pit Bull: Lessons from Wall Street’s Champion Trader
It is written by Martin “Buzzy” Schwartz, or Marty. Marty was a former stock analyst, then moved on to becoming an independent trader. Schwartz succeeded when he combined technical analysis with statistical probability in mathematics. He turned $40,000 to $20 million and won the US Investing Championship in 1984. When asked if technical analysis worked, he answered, “I used basic analysis for 9 years and now get rich by technical analysis “.
This book contains not only instructions on how Marty trades, but also stories that I think are also very helpful for you to understand how to become a successful trader.
Written by Larry Connors and Linda Raschke, this book must be said to be the immortal work on Trading. It is suitable for any trading style, not only Day Trading professionals. Not only do you find information about price models that are mentioned such as The Anti, Holy Grail, Turtle Soup etc … but also know very well the properties of these price patterns as explained by the two authors.
The 5 books I introduced are not enough to become a successful Day Trader, but it can be said that it is okay to reach the intermediate stage. In Day Trading there are many different trading styles, but the approach is almost always about some fundamental rules such as: must know how to read the market, must have knowledge about price models … And I believe that the 5 best day trading books I recommend all revolve around these basic topics.