Best Trading Books to Read

2022-04-06 | Simpler Trading Team

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In the world of trading, there are so many resources traders can utilize to help them grow as a trader. You have Google, YouTube, and trading platforms that can help you gain a better understanding of trading in the stock market. But, one of the most overlooked forms of publication is actually an ancient form of communication, books. 

Books have always been the best path to enlightenment, and it’s because of the process of how books are made that makes them valuable to society. Books with subjects such as finance and trading are intended to be educational. As a result, they’re written by prestigious experts with vast amounts of knowledge in that particular subject. The information in books is then critiqued by other subject matter experts who then verify the validity of the information. Once the information is signed off, the information is then edited and formatted. So that way readers can understand the information in a readable and pleasant manner. Let’s get into the best books traders can read and apply that information to the stock market.

Do You Need More Help Trading? 

Books are a great source of information, but sometimes traders learn better with a professional that can guide them throughout their trading journey. And Simpler Trading offers exactly that with the MEM Edge Report. The MEM Edge Report is personally controlled by Mary Ellen McGonagle herself. She’s been a top portfolio manager with extensive experience in finding high-quality stocks for 20 plus years. Twice a week she scouts the market and updates her report so that way you can focus on the best trades in the market. Sign up today and gain access to one of the most talented fund managers the market has ever seen. 

Best Trading Books for Beginners   

Many traders, may understand the importance of finance and know what it means for their future, but they may have no knowledge of where to start. If you can relate, you’ll find this article to be very helpful because we’re going to list all the books that can provide the answers you’re seeking. We found books that entry-level traders will appreciate as they break down complex trading strategies and teach you how to be a better trader. With that newfound knowledge, you can build a foundation and start mastering your craft. 

Mastering the Trade  

Mastering the Trade written and published by one of the most famous traders to date, John Carter. It’s a fantastic book that new traders can study. The book goes into great detail about the trends of the market, the psychology of trading, entry and exit points, and of course, the best indicators to use such as the Squeeze Pro. This book is great for beginners because it goes into the very basics of trading, and teaches some of the most popular strategies that beginning traders should learn and use.     

Mastering the Trade

Technical Analysis and Stock Market Profits

For any technical trader, Technical Analysis and Stock Market Profits by Richard W. Schabacker is a must-read regardless if you’ve started trading just yesterday or you’ve been doing it for years. Although the book was originally published in 1932, it has truly stood the test of time. It offers relevant information and principles that still apply to today’s standards. Although you won’t have sophisticated indicators listed in this book, you’ll have a complete guide to chart patterns and explanations that will help you become a better trader. 

Technical Analysis and Stock Market Profits

Best Trading Guide Books

Depending on your skill-level trading guides can not only be a great way to build a foundation for beginning traders, but they can also help experienced traders get back to the basics. Professional traders who are the most disciplined and dedicated to trading can get caught up in making bad decisions which can lead to bad trading habits. However, the books below are the best trading guides to follow regardless if you’re just starting out or an established trader who wants to break some bad habits. 

The Wagon Wheel Income Generator

The timeless guidebook The Wagon Wheel Income Generator was authored by Simpler Trading’s very own trader Bruce Marshall. The book’s purpose is to guide traders into the world of trading and teach them how to navigate it successfully. Bruce Marshall teaches how to identify the best stocks, he teaches the best tools to use, and he goes through the common mistakes that traders tend to make. It’s one of those books that traders can read, study, and apply throughout their trading careers. And, no matter what, you can always revert back to it and learn something new. 

The Wagon Wheel Income Generator

Fibonacci Trading: How to Master the Time and Price Advantage

The Fibonacci Sequence is one of the greatest mathematical discoveries ever made; the golden ratio of 1.618 or the inverse 0.618. Its application to trading in the stock market has made it a very popular strategy to use. And, with Fibonacci Trading by Carolyn Boroden, traders get a comprehensive guide by the Fibonacci Queen herself. She thoroughly goes into great detail about the complex strategy and teaches you exactly how to trade using the Fibonacci Method. It’s a book that you won’t want to miss. 

Fibonacci Trading

 

Best Trading Books of All-Time

When we talk about the best trading books of all time, we want to list books that have been tried and tested by real-life traders who swear by the contents of the book. We’re also looking for timeless guidance that traders can use throughout their careers in trading. That way regardless of the trader’s experience, they can always review the book in a different light and apply something new. 

Trading in the Zone 

Trading in the zone authored by Mark Douglas is a book that can be relevant to you at any stage of your career. It talks a lot about the psychology of trading and how to overcome mental barriers when it comes to the market. He goes through a plethora of common mistakes and bad habits traders tend to make, and he goes on to teach consistency and the understanding of risk. The book can especially be helpful for a trader who has become successful but complacent. Or, vice-versa, when a trader runs into a losing streak, it’s possible to form bad habits. Keeping well-read on the subject can help mitigate a bad routine.  

Trading in the Zone

  

Trading Options Greeks 

Trading Options Greeks authored by Dan Passarelli, is one of the best books on options trading. However, it’s an advanced take on options that traders need to be aware of. The book emphasizes the usage and techniques of the Greek Alphabet used in options trading. For example, the author teaches about the delta, gamma, theta, vega, and rho and how they pertain to the decision-making of options trading. If you’re a trader who has recently started to find success in options, this book is highly recommended as it can break down the complexities of options at an advanced level of trading. However, if you’re new to options the book might be too high-level as it gets into elaborate options trading.   

Trading Option Greeks

Trading takes time to master, but while you aren’t trading, reading up on it and refining your skills is one of the most important things you can do. Reading teaches you the fundamentals, it helps keep you sharp and helps you stay well-rounded in an environment that’s constantly changing. Any of the books listed above can be a tremendous help to your trading game. 

However, as important as reading is, it’s not for everyone, and that’s okay. That’s why Simpler Trading offers the Mem Edge Report. The Mem Report is a service that’s personally managed by Mary Ellen McGonagle, who was one of the top portfolio managers in the country. She now focuses on individual investors where she shares her vast knowledge of stocks. Sign up today and get her report of the best stocks in the market, updated twice a week, so that way you never miss an opportunity.

FAQs on other Resources

Q: Is there other ways to learn about Trading? 

A: Absolutely, here at Simpler Trading we offer many ways traders can learn. We have a Simpler Trading YouTube channel where our own professional traders have done countless videos for your convenience.

Q: What’s the best way to learn about the Squeeze Pro?

A: We have an excellent selection of blog articles and YouTube videos that can be very beneficial for any trader to learn about the Squeeze Pro.

Q: How much of trading is psychological?

A: Some experts say that 60% of trading success is psychology. However, the books listed above do help traders learn how to handle the psychological side of trading.

Q:  Is day trading really worth it?

A: Day trading is fast-paced and that fast pace is not for everyone. And it’s not easy. To answer if day trading is worth you need to determine how much time you’re willing to invest in learning the craft.

Q: Can you day trade with less than $1000?

A: No. Day traders need a $25,000 minimum balance in their trading accounts at the end of the trading day, according to US regulations. However, there are ways to get around the PDT rule.