When you decide to take the plunge into trading, you swiftly realise how complex strategies, charts, patterns, platforms, and fees can get. This is all the more reason to utilise the resources around you to hit the ground running. The best books for beginners keep it simple and offer step by step guides on how to choose stock, implement strategy and manage your capital and risk.
Below are 3 of the top books for beginners.
1. A Beginner’s Guide To Day Trading Online, Toni Turner
Written by a trader and educator, the book gives clear direction and is also up to date with industry developments. You’ll get a detailed overview of risk management, technical analyses, plus how to set up a trading plan. Recent Editions have been renamed “A Beginner’s Guide To Short Term Trading”
The book is also a fantastic learning tool because it’s packed full of quizzes and checklists. The author also runs through all the basic terminology, whilst somehow managing to keep you engaged. It’s great for the day trader specifically because it distinguishes between short term and long term trading, the benefits, the risks and the concepts you need to focus on.
2. Start Day Trading Now: A Quick And Easy Introduction To Making Money While Managing Your Risk, Micheal Sincere
Written from the perspective of an experienced trade, this book centres on technical analysis and also offers some invaluable money management lessons. It initially centres on charts, patterns, and indicators. You’ll then be walked through the practicalities of making your first trade.
You also get the benefit of hearing from interviews with experienced traders, hopefully enabling you to avoid any of the pitfalls they fell down at. Plus, at less than 200 pages this book is an easily digestible read for the aspiring trader.
3. Day Trading For Dummies, Ann C Logue
Although the author’s not a trader, her book is diverse, covering a wide range of topics, making it ideal for those who want to get a broad initial understanding. This book is less of a guide and more information on every day trading topic under the sun. You won’t get detail, but that also means you shouldn’t get lost. This all makes it one of the best books on trading for beginners.
If you had to answer ‘what’s the best books for beginners?’ All of the texts above would top the list. They give you the platform you need to start, as well as somewhere you can turn to for answers as you get going.
Remember, good day trading books for beginners keep it straightforward. They walk you through the entire process, from choosing a stock and strategy, to psychology and risk management.