There are an awful lot of books out there dedicated to the subject of stock trading, and through my career it feels like I’ve read most of them. A trader never stops learning. But with the advent of the internet and the world wide web, not only has the business of trading stocks and shares been made accessible to the masses, but so too has the availability of some great books designed to educate and help traders, whether novice or seasoned.
No longer do you need to visit a specialist bookseller to buy a copy of an overpriced hardback explaining how to place a limit order across 200 pages. Now you can log on, do a google search and be reading an eBook in minutes. And the beauty is that many of these books are free. Ok so the provider of the eBook will most likely be using it as a way in to sell you a subscription to its website, or a trading platform, but what this means is that the eBook is usually very good: it has to be, otherwise you won’t be tempted to move forward and subscribe.
Here we look at what we consider to be some of the best free Ebooks that will enhance a stock trader’s experience and knowledge.
Sharpening Your Trading Skills: Tools The Winners Use by Jim Wyckoff
Jim claims that he explains everything in plain English, taking out the mumbo jumbo, and he doesn’t disappoint. This concise 24 pager takes you through common mistakes, types of order, explains cyclical trading, and looks at the technical indicators of Fibonacci. He then looks at swing trading for sideways markets. The book ends with quotes from trader Jesse Livermore, revered stock trader of the early to mid-1900’s. The book isn’t about stock trading per se (he mentions weird things like orange juice and pork bellies!), but is a great beginners guide all the same.
Your Personality & Successful Trading by Windsor Advisory Services
Being disciplined in your trading approach will help make you a more profitable trader. This book helps you to realise what type of trader you are, the emotional traits of successful traders and looks at the Chaos Theory. Reading this neat little eBook will definitely help you to avoid the loss making emotional trade. For those that like their trading psychology potted, this is the book to download.
1-2-3 Trading Signal by Mark Crisp
This is a must have addition to the eBook library of any trader who trades with momentum and uses charts to indicate buy and sell levels. Mark takes you through chart building, explains when entry and exit points exist, and how to stay disciplined and use this chart 1-2-3 methodology.
The Truth About Fibonacci Trading by Bill Poulos
If your interest in this area was whetted by Jim Wyckoff’s opener, then Bill’s book looks at the subject in a whole lot more detail. It’s packed with examples and graphs that help explain the theories and referring to these will enable you to put into practice what is preached. The other thing I like about this book is that Bill points out the weaknesses of Fibonacci. Understanding these will make using these theories more profitable, not less. A must read for chartists and swing traders.
The Trader Business Plan by Christopher Terry
When first setting out on a life trading the markets, many people fail because they fail to plan properly. This book is a step-by-step guide to writing a trading business plan that will help you achieve success and keep your eyes firmly on your goals. Though only a few pages in length, it says all it needs to say. Don’t be put off by the rather garish cover!
The Trading Parables compiled by Cory Mitchell
This is a book with a difference. It tells stories from history that relate to stock market practices and ‘rules’. It’s interesting, a good little read, and something different that will focus your mind. History repeats itself, and if you want to know how the ancient Romans can teach us a trick or two about trading stocks, then download this book!
Charting Made Easy by John J Murphy
Charting Made Easy is a definitive guide for all those new to charts and technical analysis. This book takes you through a step-by-step guide to how charts build, what signals they show, and how to confirm those signals before committing cash. If trend lines, oscillators, triangles, saucers, and spikes are a mystery to you, they won’t be after reading this.
The Complete Guide to Day Trading by Markus Heitkoetter
Ok, the first thing to note about this book is that it is harder to download than most. You’re going to have to sign up for a newsletter, and then take a very quick one question survey to get the download book button to appear. But once you’ve struggled through, then you’re going to have one of the most comprehensive day trading books on the market.
At 273 pages, this really is a book. This book walks you through your reasons for day trading, the basics, trading strategies to employ, trader psychology, and mistakes you might make along the way. At the back of the book are a whole bunch of templates that will help you to record your trades and increase awareness of your trading skills. There’s also a list of further reading, and a glossary to boot. Possibly the best free eBook for stock traders available today. It’s just a shame that you know you’ll be bombarded with sales emails.