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The Intelligent Investor

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Benjamin Graham’s “The Intelligent Investor” is considered the classic text on value investing, which is still one of the most popular basic investing strategies and the underlying principle of hundreds of investing strategies developed since Graham’s book was first published in 1949.

This book holds the distinction of being touted by famed investor Warren Buffett as the best book ever written on the subject of investing, and as one of the primary sources for his own education in trading stocks. In the book, Graham presents his core investing philosophy of identifying the intrinsic value of an investment and then looking to buy into it at a price below that value.

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Best Conceptual: A Random Walk Down Wall Street

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The updated version of this Wall Street classic helps investors understand important stock market concepts including exchange-traded funds (ETFs), emerging market investments, derivatives, and more. From Princeton economist Burton Malkiel, this book popularized the “random walk hypothesis.”

The random walk hypothesis states that one cannot consistently beat the markets, so it makes more sense to build a balanced portfolio that matches market performance. This idea also supports the efficient-market hypothesis.

Fundamental concepts in the book include technical and fundamental analysis, whether or not actively managed mutual funds make sense, and other tried and true investment theories.

16. Extraordinary Popular Delusions and the Madness of Crowds

Book: Extraordinary Popular Delusions and the Madness of Crowds Author: Charles Mackay

Tulipomania, the South Sea bubble and the Mississipi Land scheme are covered in this book, showing how herd mentality worked to create bubbles in past eras. It may serve as an interesting read as well as a guide for dealing with future bubbles.

8. Trade Your Way to Financial Freedom

Book: Trade Your Way to Financial Freedom Author: Van Tharp

This is a gem that encompasses investor psychology and system construction. While it may not give you a “Holy Grail” (an unbeatable method to the markets) for trading, it will give you the basics you need to construct a winning system. There is something for everyone in this book.

The Alchemy of Finance

By George Soros

Alchemy focuses on purifying and perfecting certain objects. In this book, George Soros, known as the man who moves markets, presents a theoretical and practical account of current financial trends and a new way to understand the financial markets today.

Reading this book can help someone perfect their investment strategy in today’s market. Soros also presents his new “theory of reflexivity” which shows his unique investment strategies.

This book features extraordinary advice and valuable business lessons. The Alchemy of Finance reveals the principles of an investing legend.

#4 John J. Murphy “Technical Analysis of the Financial Markets”

John J. Murphy’s “Technical Analysis of the Financial Markets” is considered by many as the ultimate handbook for technical analysis, providing everything you need to know about trading using technical analysis. It gives a comprehensive overview of:

  • Reading charts;
  • Understanding indicators; 
  • How to track and analyse market behaviour.

This book is a revised version of Murphy’s earlier release “Technical Analysis of Futures Markets”, which includes new material on candlestick charting, Intermarket relationships, stocks and stock rotation, with examples and over 400 charts to help apply theory to practice.

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#9 Jack D. Schwager “Market Wizards”

Certainly a must-read for any aspiring trader, “Market Wizards” offers insights into the minds of the most successful traders the world has seen. You’ll hear straight from the experts from this interview-style book, featuring investing superstars including Bruce Kovner, Paul Tudor Jones and Jim Rogers. To make it all the more appealing, the author has condensed their responses to a set of principles you can apply to your personal trading career. 

Though it makes for a captivating read, the real value of the book lies in the commonalities as well as the differentiators it uncovers between the interviewees. Revealing once more that success on the market is determined by a sound methodology and mental state, rather than luck or extreme wits. 

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Day Trading Books For Beginners

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 jargon, 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.

“A Beginner’s Guide to Day Trading Online” on Google Books

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.

“Start Day Trading Now: A Quick And Easy Introduction To Making Money While Managing Your Risk” on Google Books

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.

“Day Trading For Dummies” on Google Books

Competition Demystified

By Bruce Greenwald

Greenwald, a Columbia Business school professor, offers a bold new theory of competition that is easy for strategic planners to apply in the real world. He argues the essential factor in competitive advantages is how easy it is for competitors to either expand or enter in a given market.

If a company can form strong barriers to entry it can manage these advantages, anticipate its competitor’s moves, and achieve stability through bargaining and cooperation. Greenwald also explains what to do in the case of weak or nonexistent barriers. His lessons can be applied to any business owner.

Competition Demystified will give owners a new way to take advantage of competitive advantage and achieve phenomenal profits. It will become a management classic.

Trading Log Books

These popular day trading books are an extremely useful tool that many people overlook, to their detriment. They will allow you to keep a detailed record of all your trades. These can then be used to check back to when you’re looking for patterns, or when you want to backtest a potential strategy. Some essentials to note down are the following:

  • Entry date
  • Equity symbol
  • Entry price
  • Total purchase price (including commission)
  • Number of shares purchased
  • Initial stop loss
  • Profit target
  • Exit price
  • Total sale price (including commission)
  • Profit/loss (total sale -total purchase)
  • Profit/loss % ({total sale – total purchase}-1)

Best Biography: One Up On Wall Street

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The author of another great investment book, "Beating the Street," Peter Lynch's "One Up On Wall Street"is a go-to for investors who want to draw on their own common sense and knowledge to make smart investments.

Lynch managed the prestigious Magellan Fund at Fidelity from 1977 to 1990 producing an average 29.2% annual return — more than double the S&P 500 in the same period. His investment success led the fund to swell from $18 million in assets when he took over to $14 billion. The legendary investor has plenty of lessons in "One Up On Wall Street" for you to take to your investment accounts.

Lynch is another advocate of long-term investment strategies. He is a proponent of investing in what you know best and investing in companies where you see the investment power right in front of you. From the supermarket shelves to workplace tools and products, you might already know the next big thing. And according to Lynch, you may want to put your money behind it. 

Read Next: The Best Investing Books for Beginners

Frequently Asked Questions

Q

A How to Day Trade for a Living , A Beginners Guide to Day Trading and Reminiscences of a Stock Operator are good options for new traders.

Q A The number one reason is a lack of knowledge.

The Disciplined Trader

Amazon

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"The Disciplined Trader: Developing Winning Attitudes" written by Mark Douglas in 1990, addresses the subject of the psychology of trading, the mental discipline that is required in order to be a successful trader.

Although many other books have since been published on this subject, Douglas’ book is still considered a “must read” classic text on trading psychology. One of the strengths of the book is the fact that, although it addresses a subject that might appear dauntingly complex to some, it is a very clear and easy read.

Douglas does an excellent job of describing the basic mindset and attitudes that are essential for traders. Douglas subsequently penned another very popular book on trading psychology, “Trading in the Zone.”

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