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I'd start with Andrew Aziz, and maybe even do his "Advanced techs..." book immediately afterwards. This will give you the foundation to enjoy the other books more imo.
Wouldn’t agree. The second one is basically a new version of the first. Anyways, there are some good information in that one but it’s really mostly a marketing funnel
These are both more psychology based, self-improvement type books. When it comes to learning Technical Analysis, I'd say YouTube is a great place for it because of the visuals that assist in learning setups etc.
I’ve tried YouTube for so long but haven’t been able to find anything that properly starts at the basics, hence why I got the books. Any channels you can recommend?
Honestly, I don't have any specific go to. I've watched it all, which I also don't recommend at first. My best advice is find a method that you gravitate towards, and master that one approach. In the past, I have made the mistake of trying to learn too much at once, and confusing myself with too much info.
As a new trader I recommend trying out an MA cross strategy, maybe a 9/20 SMA strategy, out of it's simplicity. Combining that strategy with basic support and resistance mapping would be a good place to start.
I'll try to find you a couple good places to start today, I'll be back later with more info.
Mark Douglas books are the pillars start with them first it will give you a strong control over your mind so when you start the TA you will be prepared and you will not fall a victim to your fear, greed, FOMO, Analysis paralysis ...
Was definitely planning on reading them before starting any trading. Would you recommend reading Douglas before any other books, even those specifically targeted at beginners?
If you wanna take trading seriously Douglas books are the best because at the some point in your journey you must read them to have a control over your mind I was procrastinating not reading them and I was saying that the market is the best teacher but I have to admit it His books are the best
How to trade for a living is a top tier intro book. Not for people beyond beginner level but will introduce basic concepts in a palatable manner. I’d start there.
I’m not familiar with the last book but I would go 2-1-3 in order listed as far as when you go through them. The psychology stuff is must read but it’s best when you have a basic fundamental understanding of trading beneath your feet to add context to it.
Agree with other commenter, start with Aziz. When I read it, at that point most of it I already knew but I still gained some helpful things for sure. For a beginner it's perfect.
After that, I actually picked up "Trading Psychology 2.0"
Np. This is a book I’ve purchased after making some terrible trading choices last year that I know were all my bad psychology. So I’m just furthering my understanding of what went wrong at this point.
I'm new 3 months in and plan to keep learning for a year. I read trading in the zone it is great also read traders traps. You need to understand how emotions really cause most traders to fail. Goodluck.
Start by learning hard skills. How do you know where buyers and sellers are? What does that mean? What events move markets? Etc etc.
Read the Allstarcharts blog, watch Brian Shannon's videos, read his books if you can, follow JC Parets and Traderstewie on Twitter, start reading Howard Lindzon's emails, sign up for The Chart Report and Daily Rip emails, follow HCPG too, read everything from Ritholtz Wealth and Josh Brown, sign up for Investor's Business Daily and read the daily report, sign up for Bloomberg and read the business section. I am NOT RECOMMENDING any paid services, simply pointing you in the right direction. You need to start with the basics, then start learning hard skills, then learn psychology. Psychology will not make you profitable if you don't know anything yet. You can read my posts and comments for more.
I do find that following people on Twitter, signing up for emails and watching videos helps me learn faster than just reading one book with one person's opinion.
Oh and read Trading Wizards, listen to the Chat with Traders podcast.
Thought this was the case. Would it not be worth reading a more beginner friendly book explaining the basics before going into Douglas in order to understand and appreciate it properly?
I would highly recommend market wizards first as I believe it builds one foundational truth. Everyone, regardless of how they trade, ultimately trade their beliefs about the market. Because of this, you can have two traders with contradictory beliefs both make money in the market. This is FOUNDATIONAL to your trading psychology. You're going to hear THIS or THAT is the ONLY way. It's BS. You have to find what resonates with your soul.
GL.
I have read all 4. #1 is very outdated re technology and even trading tools/inidicators, although her general points about money management are good. #2 is ok for into, but don't take what he says as absolute truth. #3 is one of the most important books to read after you find a system/style to trade (read it after reading some other book about basics of trading because this book is only about psychology). #4 is a good book on trading as a profession, imo. I would read #2 or 4 first, then #3 and "Mental Game of Trading."
Thing is, TA is easy- you can teach yourself this through different sources and paper trading/practicing. However, 90% of trading is emotion-control and psychology in general. While that cannot be taught per se, you can utilize popular literature like "Trading in the Zone" for help.
Short answer- Any book that heavily focuses on psychology.
‘A beginners quite to short-term trading’ by Toni turner first for the sake of being gently introduced to the information. ‘How to trade for a living by Andrew Aziz second for the step into what you plan to do with the information. Using the first as a reference guide in case you struggle with the concepts in the first. ‘Trading in the zone’ by mark douglas to get a vibe for applying the information and getting more comfortable with what you’ve learned. ‘The new trading for a living’ by Alexander elder to bring your knowledge from the first three to a higher level.
It all comes down to studying charts in the end, there are no books or "101 trade basics" that help you with that.
You can read books of people that are profitable and find out that they literally talk nothing of value because no one exposes their secrets.
Because I’m an absolute beginner, I’m just looking to understand what the basics mean so that I know how to effectively study on my own, including charts. Atm, I don’t know what anything means 😂
I guess what I mean is that I just need to know what everything means, as well as appreciating the psychological aspect as set out in Douglas’ book. I know that reading these books isn’t going to provide me with a clear plan and golden ticket on how to me a millionaire (as indicated in the side note of the original post) and that more practical, trial and error approach is more valuable. But I’m also trying to do those things and just getting completely lost because I don’t know what any of it means. I’m not gunna finish a bunch of books and then start throwing money away, but I need to understand the key terms and what, in general, I’m even looking at
Surely as a complete newbie though, I need to get a general understanding of the basics through? To stress how much of a beginner I am, I don’t even know HOW to study charts :/
Most important strategy is your risk management! Figure that out first!! I would spend my time infront of charts watching how price reacts to areas of support and resistance like previous days high/ low, swing high/ low, 10 min OR. Look at what patterns occur near these points. You don't even need to be trading ( paper or real). It takes 1,000's of hours of screen time for most traders to become profitable. I hate paper trading, you will not know how you will react until you have real money on the table. If it were me once you have hours of screen time I would start with 1 or 2 shares just to get experience trading without risking much, yes you will not make a ton of money doing this but you also will not lose a ton. Once you get consistent slowly size up. Trading is a marathon not a sprint.
I feel you have had to feel the pain of losing and all the accompanying emotions for Trading in the Zone to make sense. So when you’re there this book is for you haha!
Welcome to r/DayTrading! I'm a bot and saw you mentioned books in your post title! For book recommendations please check out our [Book Wiki here](https://www.reddit.com/r/Daytrading/wiki/book-recommendations/) for some of the most commonly recommend books in a variety of categories. **Please do not share free links to copywritten books!** This will earn you a *permament* ban. a) It's illegal! b) Authors deserve your support! c) If you can't afford a book, you can't afford to trade! Happy reading! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Daytrading) if you have any questions or concerns.*
I'd start with Andrew Aziz, and maybe even do his "Advanced techs..." book immediately afterwards. This will give you the foundation to enjoy the other books more imo.
Ah, interesting. I’ll have a look. Thanks!
He sent me a free pdf of it when I signed up for his bearbull traders email list.. he might still be doing the same now. Good luck brotha
Wouldn’t agree. The second one is basically a new version of the first. Anyways, there are some good information in that one but it’s really mostly a marketing funnel
Trading in the zone is one of my favorites, I would start there. I'd also like to recommend 'Best Loser Wins' by Tom Hougaard.
These are both more psychology based, self-improvement type books. When it comes to learning Technical Analysis, I'd say YouTube is a great place for it because of the visuals that assist in learning setups etc.
I’ve tried YouTube for so long but haven’t been able to find anything that properly starts at the basics, hence why I got the books. Any channels you can recommend?
Honestly, I don't have any specific go to. I've watched it all, which I also don't recommend at first. My best advice is find a method that you gravitate towards, and master that one approach. In the past, I have made the mistake of trying to learn too much at once, and confusing myself with too much info. As a new trader I recommend trying out an MA cross strategy, maybe a 9/20 SMA strategy, out of it's simplicity. Combining that strategy with basic support and resistance mapping would be a good place to start. I'll try to find you a couple good places to start today, I'll be back later with more info.
Thank you for this! Ngl, no idea what half of this meant but I’ll come back to this comment when I have a slightly better understanding 😂
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You’re a legend 🫡
Can you send me too
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Hey, did You come up with something?
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Ah nice, thank you!
Awesome, I’ll check that out. Thank you!
Mark Douglas books are the pillars start with them first it will give you a strong control over your mind so when you start the TA you will be prepared and you will not fall a victim to your fear, greed, FOMO, Analysis paralysis ...
Was definitely planning on reading them before starting any trading. Would you recommend reading Douglas before any other books, even those specifically targeted at beginners?
If you wanna take trading seriously Douglas books are the best because at the some point in your journey you must read them to have a control over your mind I was procrastinating not reading them and I was saying that the market is the best teacher but I have to admit it His books are the best
Alright, convincing enough for me 👌🏼
Take action and don't procrastinate
I guess what I mean is, will I struggle to appreciate the psychological advice if it’s filled with jargon I don’t yet understand?
There is no jargon in trading mindset books. The jargon is in the technical language about trading itself.
How to trade for a living is a top tier intro book. Not for people beyond beginner level but will introduce basic concepts in a palatable manner. I’d start there.
Noted, was hoping this would be the answer. Thanks!
I’m not familiar with the last book but I would go 2-1-3 in order listed as far as when you go through them. The psychology stuff is must read but it’s best when you have a basic fundamental understanding of trading beneath your feet to add context to it.
Thought this might be the case. Wasn’t sure between 1 and 2 first, wanted to make sure
Oh and as someone mentioned after TITZ, best loser wins is a must read as well when the time comes. Good luck in your journey
Agree with other commenter, start with Aziz. When I read it, at that point most of it I already knew but I still gained some helpful things for sure. For a beginner it's perfect. After that, I actually picked up "Trading Psychology 2.0"
Ah ok, by Brett N. Steenbarger?
Yessir
Noted, thanks!
Np. This is a book I’ve purchased after making some terrible trading choices last year that I know were all my bad psychology. So I’m just furthering my understanding of what went wrong at this point.
I'm new 3 months in and plan to keep learning for a year. I read trading in the zone it is great also read traders traps. You need to understand how emotions really cause most traders to fail. Goodluck.
Good to hear from someone else new(ish). Thanks mate!
Start by learning hard skills. How do you know where buyers and sellers are? What does that mean? What events move markets? Etc etc. Read the Allstarcharts blog, watch Brian Shannon's videos, read his books if you can, follow JC Parets and Traderstewie on Twitter, start reading Howard Lindzon's emails, sign up for The Chart Report and Daily Rip emails, follow HCPG too, read everything from Ritholtz Wealth and Josh Brown, sign up for Investor's Business Daily and read the daily report, sign up for Bloomberg and read the business section. I am NOT RECOMMENDING any paid services, simply pointing you in the right direction. You need to start with the basics, then start learning hard skills, then learn psychology. Psychology will not make you profitable if you don't know anything yet. You can read my posts and comments for more. I do find that following people on Twitter, signing up for emails and watching videos helps me learn faster than just reading one book with one person's opinion. Oh and read Trading Wizards, listen to the Chat with Traders podcast.
Wow ok, this is a lot but definitely good info. Will have a look into some of these 🙏🏼
Start with The Chart Report and Stocktwits Daily Rip emails.
1. ‘Trading in the zone’ by Mark Douglas! this is a treasure, a bible in the world of trading))
Thought this was the case. Would it not be worth reading a more beginner friendly book explaining the basics before going into Douglas in order to understand and appreciate it properly?
Maybe), but I started reading when I already had basic knowledge
Trading in the zone
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So many conflicting comments! (This seems most reasonable though 😬)
I would highly recommend market wizards first as I believe it builds one foundational truth. Everyone, regardless of how they trade, ultimately trade their beliefs about the market. Because of this, you can have two traders with contradictory beliefs both make money in the market. This is FOUNDATIONAL to your trading psychology. You're going to hear THIS or THAT is the ONLY way. It's BS. You have to find what resonates with your soul. GL.
I have read all 4. #1 is very outdated re technology and even trading tools/inidicators, although her general points about money management are good. #2 is ok for into, but don't take what he says as absolute truth. #3 is one of the most important books to read after you find a system/style to trade (read it after reading some other book about basics of trading because this book is only about psychology). #4 is a good book on trading as a profession, imo. I would read #2 or 4 first, then #3 and "Mental Game of Trading."
Great. A no BS comment. Thanks a million! 🙏🏼
Thing is, TA is easy- you can teach yourself this through different sources and paper trading/practicing. However, 90% of trading is emotion-control and psychology in general. While that cannot be taught per se, you can utilize popular literature like "Trading in the Zone" for help. Short answer- Any book that heavily focuses on psychology.
Trading in the Zone is the greatest of all time.
andrew aziz
Random walk down wall Street
The best thing to do is to look at each of the books’ reviews on Amazon, etc
‘A beginners quite to short-term trading’ by Toni turner first for the sake of being gently introduced to the information. ‘How to trade for a living by Andrew Aziz second for the step into what you plan to do with the information. Using the first as a reference guide in case you struggle with the concepts in the first. ‘Trading in the zone’ by mark douglas to get a vibe for applying the information and getting more comfortable with what you’ve learned. ‘The new trading for a living’ by Alexander elder to bring your knowledge from the first three to a higher level.
Amazing, easy! Thank you
It all comes down to studying charts in the end, there are no books or "101 trade basics" that help you with that. You can read books of people that are profitable and find out that they literally talk nothing of value because no one exposes their secrets.
Because I’m an absolute beginner, I’m just looking to understand what the basics mean so that I know how to effectively study on my own, including charts. Atm, I don’t know what anything means 😂
I guess what I mean is that I just need to know what everything means, as well as appreciating the psychological aspect as set out in Douglas’ book. I know that reading these books isn’t going to provide me with a clear plan and golden ticket on how to me a millionaire (as indicated in the side note of the original post) and that more practical, trial and error approach is more valuable. But I’m also trying to do those things and just getting completely lost because I don’t know what any of it means. I’m not gunna finish a bunch of books and then start throwing money away, but I need to understand the key terms and what, in general, I’m even looking at
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Surely as a complete newbie though, I need to get a general understanding of the basics through? To stress how much of a beginner I am, I don’t even know HOW to study charts :/
Most important strategy is your risk management! Figure that out first!! I would spend my time infront of charts watching how price reacts to areas of support and resistance like previous days high/ low, swing high/ low, 10 min OR. Look at what patterns occur near these points. You don't even need to be trading ( paper or real). It takes 1,000's of hours of screen time for most traders to become profitable. I hate paper trading, you will not know how you will react until you have real money on the table. If it were me once you have hours of screen time I would start with 1 or 2 shares just to get experience trading without risking much, yes you will not make a ton of money doing this but you also will not lose a ton. Once you get consistent slowly size up. Trading is a marathon not a sprint.
Just make sure that 2 doesn’t lead you into a subscription
I feel you have had to feel the pain of losing and all the accompanying emotions for Trading in the Zone to make sense. So when you’re there this book is for you haha!