Best Day Trading Book

As a beginning trader, one of the first pieces of advice you may receive from more experienced day traders usually revolves around learning as much as possible, oftentimes from books written from expert traders.

At MOJO Day Trading, we understand this and wanted to save you some time from taking a trip to the local book store by providing you with a list of the best trading books on the market.

These books are all very well regarded and written by respected and experienced traders who can teach beginning traders many of the fundamentals and concepts that are vital to your success as a trader.

However, at MOJO Day Trading, we consider the books “The New Sell & Short Shell” and “The New Trading for a Living” by Dr. Alexander Elder, to the must read of all day trading books.

Many of the key principles and concepts in the book overlap with what is taught in MOJO University. These concepts help MOJO ProTraders learn and develop the skills and tools necessary to beat the market and run successful businesses. While many of these high level conceptual ideas are the secret propriety information of MOJO University, I did find a few select and meaningful quotes to share with you!

What major MOJO trading concept does this quote make you think about? JOURNALING! Great minds think alike and all profitable traders recognize the undeniable power or journaling and record keeping. Journaling is an absolute pillar of MOJO Day Trading and MOJO University, and like Dr. Elder says, it is the factor that integrates and brings all the others together! Never trade without your journal!

Again, Dr. Elder touches on the importance of journaling, but he also touches on something much deeper and more powerful here. The idea of self-sabotage. Take a minute to think about your worst trading losses in your personal trading career. Now, be honest and ask yourself “was that loss a form of self-sabotage?” Were you overtrading? Were you trading premarket? Did you trade after you had hit your daily goal? I would bet good money that your biggest personal trading loss is a direct result of self-sabotage and breaking rules that directly conflict with the core MOJO Principles of Trading!

This concept really just furthers the importance of journaling and keeping ACCURATE and HONEST records of your trades. Why do you think ProTraders values transparency so deeply? Because you need to be 100% honest with yourself to be a profitable trader. When you write in your journal, you need to be able to identify and recognize where you succeeded and where you failed. If you were trading premarket only to lose, guess what? Self-sabotage. If you tried one last trade after hitting your goal for the day, guess what? Self-sabotage by going directly against MOJO Wave Theory!

Remember, it is ok to make mistakes in trading, it happens and it is a part of growing and getting better. However, make sure you are honestly journaling your notes and discussing your mistakes with ProTrader Mike to ensure that you grow and improve as a trader. Do not repeat your trading mistakes, rather combat them through journaling.

How often do you hear ProTraders preach the important of patience? Easily 10 times every single day. It is no coincidence that PATIENCE is a key concept in the announcements in the MOJO Day Trading Room every single morning.

Further, Dr. Elder points out that a profitable trader must eliminate greed. This is exactly why ProTrader Mike has set one of the rules of trading with MOJO as: “Hit goal for day, shut it off!” When MOJO ProTraders hit their goals for the day, they are gone. They close down the trading room, shut down their trading platform and they go enjoy the day. ProTrader Alan has been able to maintain his phenomenal winning streak because he immediately shuts it down for the day when he hits his goal. Why should he be greedy? He comes to the MOJO Day Trading Room every morning and hits his goal every morning. Why risk it on trading once MOJO Wave Theory has taken effect?

Like Dr. Elder says, the goal is to trade well, not to trade often.

MOJO ProTraders make their livings off just executing HEINZ trade plays. They ignore all other trading opportunities and only enter a position when the HEINZ set up is right. That takes extreme patience and will power, however those ProTraders understand that the goal is not to make a lot of trades, the goal is to make a lot of money!


Featured Posts
Recent Posts
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square

Stay Connected

Disclaimer: MOJO Day Trading is a provider of stock market entertainment and education. MOJO Day Trading is not a registered as an investment adviser either with the U.S. Securities and Exchange Commission or any other federal, governmental or regulatory authority. The business services and activities of MOJO Day Trading do not requires any such registrations. You understand and acknowledge that there is a very high degree of risk involved in trading securities. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented are for educational purposes only. Such picks, alerts, set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

Please note: Hypothetical computer simulated performance results are believed to be accurately presented. However, they are not guaranteed as to accuracy or completeness and are subject to change without any notice. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Since, also, the trades have not actually been executed; the results may have been under or over compensated for the impact, if any, of certain market factors such as liquidity, slippage and commissions. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any portfolio will, or is likely to achieve profits or losses similar to those shown. All investments and trades carry risks.

While MOJO Day Trading accepts payment to publish press releases, sponsored videos and articles, we do not endorse and cannot guarantee any claims made in those content pieces. None of the content published on MOJO Day Trading should be construed as investment advice. We strongly advise our readers to always do their due diligence before investing in any stock, futures, cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, MOJO Day Trading does not guarantee or imply that the stocks or cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding stocks, cryptocurrencies and ICOs in his or her country.

Copyright (c) MOJO Day Trading, LLC. 2012-2021. All Rights Reserved. No part of this website, videos or any of its contents may be reproduced, copied, modified or adapted.