10 Best Books on Intraday, Swing, and Options Trading
Updated: Feb 21, 2022
When it comes to learning about Trading and Investment, the internet provides plenty of options. Besides, Amazon has millions of books on the topic of ‘Stock Market Trading.’ However, it’s tricky for beginners and intermediate-level traders to find good books on Trading and Investment.
Here I have compiled a list of some of the best books that can guide anyone looking to boost their Trading or Investment skills. So, be with me for the next few minutes for the insight and short review of all these books.
1 - Reminiscences of a stock operator
2 -Trading in the Zone
3 - How I Made $2,000,000 in the Stock Market
4 - One Up On Wall Street
5 - Mind Over Markets
6 - Trade like a casino
7 - Stan Weinstein's Secrets for Profiting in Bull and Bear Markets
8 - How to Make Money in Stocks
9 - How to Day Trade for a Living
10 - Price Action Breakdown
11 - Bonus
12 - Summary
|Also Read: Top 10 Most Influential Books to Change Your Life
1. Reminiscences of a Stock Operator
This book is recommended for all types of traders.
This book is ranked #1 on my list of 10 must-read books on the stock market. I have multiple versions and copies of this book. It is written by Edwin Lefevre and can be described as a fictionalized biography of Jesse Livermore, one of the most famous and debated traders of all time.
Jesse was known as "Boy Plunger" for his ability to make money in the bucket shops. Later, he also got the title "The Great Bear of Wall Street" as he made several million dollars during the 1907 and 1929 market crashes. He was carrying a massive short position during the 1929 crash and made over 100 Million Dollars, which is equivalent to 1.5 Billion in today's dollars.
Jesse started his carrier as a quotation board boy in a broker office. He was fascinated by the price fluctuations and maintained a diary to log his observation every day. It's only after receiving a "hot tip" from a colleague; he jumped into betting in bucket shops to put his theories into practice. Very soon, he started making good money in bucket shops, and all of the bucket shops banned him. Left with no choice, he moved to New York and created havoc many times on Wall Street.
During his stint at the initial stage, Jesse experienced both wild successes and massive failures. He was a contrarian in some of the approaches and looked at markets in many ways that others simply did not understand. Jesse made a fortune on trades that are placed before the earthquake in 1906. After this incident, he became a known figure on Wall Street.
Even though it's a century-old book, the advice which is present in the book is still relevant today; after all, whatever happens in the stock market today has happened before and will happen again.
One of the book's lessons is that Jesse made money when he followed his own advice and lost it when he followed others.
Jesse is considered a great trader of all time. There are many debates over his death and fortune at the time of death. Besides, his trading style (going bankrupt a few times) may not get the nod from investment giants like Warren Buffet, Charles Munger, and John C. Bogle. However, this book is a must-read book for all the traders because of the many remarkable lessons. It's also a fascinating guide to the psychological aspects of trading. I have copied some of the lessons here:
10 Quotes from Reminiscences of a Stock Operator
- There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.
- I always made money when I was sure I was right before I began. What beat me was not having brains enough to stick to my own game — that is, to play the market only when I was satisfied that precedents favored my play.
- They say there are two sides to everything. But there is only one side to the stock market, and it is not the bull side or the bear side, but the right side.
- A man cannot be convinced against his own convictions, but he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort.
- The big money in booms is always made first by the public-on paper. And it remains on paper.
- There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn!
- It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.
- Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.
- No man can always have adequate reasons for buying or selling stocks daily - or sufficient knowledge to make his play an intelligent play.
- A stock operator has to fight a lot of expensive enemies within himself.