timothy sykes logo

Trading Psychology

Which Day Trading Books Are the Best for Beginners & Advanced Day Traders?

Timothy SykesAvatar
Written by Timothy Sykes
Updated 9/17/2023 16 min read

There are a lot of day trading books. And some of my biggest realizations came from reading books that painted a clearer angle of the market.

In case you forgot … they didn’t teach stock trading in school.

At least they didn’t when I started more than 20 years ago.

And it’s unlikely anyone starts taking classes from their local day trader. So where are we supposed to learn from?

The way I see it, each trading book is like your own personal mentor.

There’s one thing every new trader needs …

Experience.

Books can help translate that experience between individuals. I don’t want to get too philosophical. But understand, books are valuable tools we can use to gain niche knowledge.

I encourage all of my students to read in their free time.

And if you’re serious about trading in the market, you’ll check out one of the books below at your local library.

Table of Contents

What Are Day Trading Books?

© Millionaire Media, LLC

Day trading books are your window into the strategies, patterns, and psychology that rule Wall Street. Written by traders and market wizards, these books offer real-world examples, insights, and advice that can elevate your trading game.

They are part education, part inspiration. From the practical techniques of charting to the psychological warfare of trading, these books become your library of trading wisdom.

They’re more than just pages and chapters; they’re an investment in understanding, a source of knowledge that can shape your trading future.

Best Day Trading Books for Beginners

If you’re taking your first steps in the trading market, you need a guide, something to support your journey.

I don’t claim to be the best trader or the best teacher in the world …

But I have over $7.4 million in trading profits and over 30 millionaire students. And I don’t know anyone that can say the same.

If you’re looking to trade volatile price action in the market for a profit. The best book I can recommend is “The Complete Penny Stock Course.”

This book comes with bonus information you won’t find in the library. It’s niche information for serious traders.

But if you’re just perusing, let’s look at some beginner-friendly books that do just that.

Here’s a list …

A Beginner’s Guide to Day Trading Online by Toni Turner

Post image

Get my weekly watchlist, free

Sign up to jump start your trading education!

Toni Turner’s book is a source of solid insights and practical advice for beginners. Through its pages, you’ll find easy-to-follow steps that help you grasp the concepts of trading.

It’s not just about the stocks and money; it’s about risk management, understanding trends, and finding your style. A fine addition to any aspiring trader’s library.

Grab “A Beginner’s Guide to Day Trading Online” here!

Start Day Trading Now: A Quick and Easy Introduction to Making Money While Managing Your Risk by Michael Sincere

Michael Sincere’s guide cuts through the jargon and gets to the heart of day trading.

It’s a book that speaks to you, the beginner, with tips, real-life examples, and an approach that takes the anxiety out of day trading.

If you’re looking for a content-rich, detail-oriented book that can help you win and not lose your shirt, this is it.

Get your copy of “Start Day Trading Now.”

Day Trading for Dummies by Ann C. Logue

Ann C. Logue’s work is a place where any novice can start.

With clear insights into charting, risk management, and even mistakes to avoid, this book offers a comprehensive look at trading.

It’s not just about patterns and stocks; it’s about the entire process, the insights, the mindset, and yes, even the excitement and fear that are part of the job.

I especially like the title because it’s true … anyone can day trade. You could be a dummy. This isn’t rocket science.

Check “Day Trading for Dummies” out here!

The one thing you need to know when starting is that we trade using obvious patterns.

Focus on one, and build upon that knowledge.

I linked a great starter pattern below …

Interactive Day Trading: Ultimate Trading Guide by Satish Gaire

Looking for an interactive experience? This ultimate guide provides examples, techniques, and strategies that cater to different levels of traders.

This hardcover work is a blend of essential trading tools, concepts, and lessons that can set you on the path to success. It’s more than a book; it’s a course wrapped in pages.

Log onto “Interactive Day Trading” right here!

Books for Expanding Your Understanding of Strategy and Charting

Tim Sykes tosses his book An American Hedge Fund in the Alps
© Millionaire Media, LLC

Advanced strategies, technical analysis, and charting—these are the elements that elevate a trader from good to great. Here’s where you can find the expertise that makes the difference.

In the realm of day trading, indicators play a pivotal role in shaping strategies and decision-making processes. They provide traders with a quantifiable way to measure market dynamics and predict future price movements.

If you’re looking to delve deeper into this topic, my article on day trading indicators offers a comprehensive overview. It’s a valuable resource that can help you understand and utilize these tools more effectively in your trading journey.

Technical Analysis of Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy

John J. Murphy offers an insight into technical analysis that goes beyond mere charts and indicators.

It’s a work that combines market wisdom with hard facts, providing readers with strategies that encompass the full spectrum of trading assets.

Whether it’s futures, stocks, or ETFs, this book has something for everyone.

Get the textbook on TA right here!

Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East by Steve Nison

Steve Nison’s book on candlestick charting techniques is an authoritative text that adds depth to any trader’s library.

From patterns to psychology, this hardcover book delves into the ancient art of reading market trends. But it’s not stuck in the past; it’s a contemporary guide that aligns ancient wisdom with modern market realities.

Buy the BEST BOOK on Candlestick Charting ever written!

The Simple Strategy: A Powerful Day Trading Strategy for Trading Futures, Stocks, ETFs, and Forex by Markus Heitkoetter

Markus Heitkoetter’s work is about simplifying the complex.

It’s a concise book that breaks down day trading strategy into something tangible and applicable.

Whether it’s the stock market or forex trading, this book’s advice, examples, and content offer a direction that even advanced traders can appreciate.

Grab “The Simple Strategy” by clicking here.

The Best Day Trading Books on Trading Psychology

Trading is as much about the mind as it is about money.

In fact, one of my most successful students, Tim Gittani, gave a presentation that highlighted the nuances of trading psychology.

He has over $13.5 million in trading profits. And He’s a perfect trader to follow while you’re on your trading journey. I linked his speech below …

Understanding fear, greed, confidence, and discipline is crucial. These books shed light on the psychology of trading.

Trading psychology is a crucial aspect of successful day trading, but it’s not the only factor.

Understanding and using technical indicators, such as the momentum indicator, can also significantly impact your trading outcomes.

My article on the momentum indicator provides an in-depth look at this tool, explaining how it can be used to identify potential trading opportunities based on market momentum.

This knowledge can be a valuable addition to your trading toolkit, complementing your understanding of trading psychology.

The Mental Strategies of Top Traders: The Psychological Determinants of Trading Success by Ari Kiev

Ari Kiev’s book is not just about trading; it’s about the mind of a trader.

How do you manage anxiety, excitement, and risk? What separates a win from a loss? This book delves into the mental strategies that define success in the trading world, offering valuable insights that can help traders at any level.

I’ve always said that trading comes down to you against you

Learn how to overcome your own limits with “The Mental Strategies of Top Traders.”

Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude by Mark Douglas

Mark Douglas’s work on trading psychology is a seminal piece. It’s not about charting patterns or technical analysis; it’s about you, the trader.

This book offers a deep understanding of what drives decisions, attitudes, and outcomes in trading. From confidence to discipline, it’s a psychological guide that every trader should read.

Get your copy of “Trading in the Zone” here!

Best Day Trading Books for Advanced Day Traders

Tim Sykes holding An American Hedge Fund in Italy after creating his top penny stocks list
© Millionaire Media, LLC

Advanced traders require content that goes beyond the basics and delves into complex strategies, tactics, and analyses. These books offer exactly that.

Want to reach an advanced day trading level?

All of my millionaire students started right here.

Scalping is a popular day trading strategy that involves making frequent trades to profit from small price changes. It requires a solid understanding of market trends and the right set of indicators to execute effectively.

For traders interested in mastering this technique, my article on the best indicators for scalping is a must-read. It provides a detailed guide on the most effective indicators for this strategy, helping you make more informed trading decisions.

Advanced Techniques in Day Trading by Andrew Aziz

Topics: Order, Range, Volatility, Systems

Details: A comprehensive guide to advanced trading strategies and tactics, this book leverages insights from an experienced trader, Andrew Aziz. It covers aspects like money management, entry and exits points, and order systems, focusing on risk management and profits.

Learn “Advanced Techniques in Day Trading” here!

Mastering the Trade by John Carter

Topics: Trading Strategies, Fundamental Analysis, Entry, Exits

Details: This book equips the reader with in-depth strategies and a range of tools. From identifying investment trends to trading platforms like TradingView, John Carter covers it all, providing key insights into stock position and volatility.

Master trading with this book!

High Probability Trading: Take Steps to Become a Successful Trader by Marcel Link

Topics: Probability Trading, Money Management, Risks, Wealth

Details: Marcel Link explores the concept of probability trading, emphasizing risk management, data analysis, and building wealth without being poor in trading decisions. A must-read for anyone interested in a more statistical approach to day trading.

Check out “High Probability Trading” here.

Other Noteworthy Day Trading Books

These books cover a wide range of topics from fundamental analysis, trading strategies, tactics, and platforms, to understanding the psychology of trading.

Whether you’re just starting out or looking to enhance your trading skills, these titles provide a mix of theory and practice, wealth management insights, and the importance of consistent reviews and learning from the mistakes of others.

The Truth About Day Trading Stocks by Josh DiPietro

Topics: Swing Trading, Trades, Speculation

Details: DiPietro’s book exposes the myths and reality of day trading stocks, focusing on the psychology and mistakes that lead traders astray.

Peep “The Truth About Day Trading Stocks” here!

How to Day Trade for a Living by Andrew Aziz

Topics: Day Trading Strategies, Tactics, Platforms, Risks

Details: Aziz offers a beginner-friendly guide that can be used by traders at various levels. A transparent view of day trading, complete with practical tools and platforms.

Here’s the second Andrew Aziz book on my list.

The Complete Penny Stock Course by Jamil Ben Alluch

Topics: Trading Strategies, Money Management, Reviews

Details: A comprehensive guide, co-authored by myself, Tim Sykes, focusing on the patterns and profits of trading penny stocks, including risk management and reviews.

Grab your copy of “The Complete Penny Stock Course” here!

Trade Like a Stock Market Wizard by Mark Minervini

Topics: Stock Trader, Entry, Exits, Trading Strategies

Details: Minervini shares insights into his SEPA® methodology, exploring key entry and exit points for stock traders.

Learn how to “Trade Like a Stock Market Wizard” here!

The 30-Minute Stock Trader by Laurens Bensdrop

Topics: Swing Trading, Automation, Systems

Details: A unique perspective on trading with automation, focusing on systems that make swing trading more efficient.

Get on the fast track for trading here!

Key Takeaways

most active penny stocks timothy
© Millionaire Media, LLC
  • Understand your risk tolerance, strategies, and use the right platforms.
  • Focus on your entries, exits, and keep tabs on market volatility.
  • Learn from the pros, practice regularly, and don’t neglect fundamental analysis.
  • Invest in continuous learning from experts like Andrew Aziz, Jesse Livermore, Alexander Elder, and Martin Schwartz.
  • Balance the theory and practice of day trading for consistent profits.

It isn’t a silver bullet for your trading plan — but reading the best day trading books is a HUGE part of your trading education!

Trading isn’t rocket science. It’s a skill you build and work on like any other. Trading has changed my life, and I think this way of life should be open to more people…

I’ve built my Trading Challenge to pass on the things I had to learn for myself. It’s the kind of community that I wish I had when I was starting out.

We don’t accept everyone. If you’re up for the challenge — I want to hear from you.

Apply to the Trading Challenge here.

Trading is a battlefield. The more knowledge you have, the better prepared you’ll be.

What are your favorite day trading books? Let me know in the comments — I love hearing from my readers!

Frequently Asked Questions

Us writers are in the information business, and these are our FAQs…

What Makes Day Traders Fail?

Factors such as poor risk management, lack of understanding of trading strategies and systems, over-speculation, and not adhering to well-proven practices can lead to failure.

How Can I Learn About Day Trading?

Reading books by credible authors like Howard Abell, Martin J. Pring, Jesse Livermore, and utilizing services, platforms like TradingView, and attending trading courses are good ways to start.

There are books on stocks, options, commodities, investing, and overall market behavior.

As sure as my name is Timothy Sykes, if you’ve got a question, there’s a book that covers the whole topic.

What Financial Publishers Have Books on Day Trading?

Publishers like McGraw-Hill, Wiley, and Simon & Schuster offer books on day trading, with ratings and reviews available online to help you find the right fit.

Books cover everything from fundamental theory to advanced practice, with insights from experts like Tony Oz, Alexander Elder, and links to valuable resources in finance and wealth management.


How much has this post helped you?



Leave a reply

Author card Timothy Sykes picture

Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”