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The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach
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List Price:
$15.99
Homebizpc.com Price: $15.99
Subject To Change Without Notice
Availability: Usually ships in 24 hours
Manufacturer: BookSurge Publishing
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Average Customer Rating:  
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Binding: Paperback
Dewey Decimal Number: 332
EAN: 9781419695636
ISBN: 1419695630
Label: BookSurge Publishing
Manufacturer: BookSurge Publishing
Number Of Pages: 296
Publication Date: 2008-04-28
Publisher: BookSurge Publishing
Release Date: 2008-04-28
Studio: BookSurge Publishing
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Editorial Reviews:
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Do you want to be a day trader? Every day, millions of dollars change hands in the markets, presenting the perfect opportunity for people just like you to make significant money and profits through the art of day trading. But here's the question: is day trading right for you? And, if it is, how do you get started? In his new three-part guide, professional day trading coach Markus Heitkoetter lays out a simple, proven system for trading success. From the basic essentials of trading to the actual process of making money in the markets, he'll cover it all. - What You Need To Get Started: The Tools, The Methods, The Mindset
- Finding the Best Market to Trade: Futures, Forex, Stocks, or Options
- A 7-Step Approach to Developing Your Own Profitable Trading Strategy
- The 10 Power Principles of Successful Trading Strategies
- Avoiding The 7 Common Mistakes of Traders
- Get Started Without Risking A Single Penny
- Ready-To-Use Trading Plan Templates, Checklists, Resource Directories, & More
Loaded with easy-to-use information, proven and reliable strategies and guidelines, and a practical hands-on approach to the industry, The Complete Guide to Day Trading is your own personal manual to success in the markets.
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Spotlight customer reviews:
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Customer Rating:
Summary: Great book, very basic, but right to the point.
Comment: Day trading is not easy, and this book does a great job in "keeping it simple." The book explains how to always go for singles consistently, not the home run everyone wants. Also, good traders have a plan, and they are disciplined toward it. Traders without a plan are just gamblers. This book is so to the point, and for $15.95, you cannot afford to not have this book! 5 stars!
Customer Rating:
Summary: Trading Review
Comment: The book is definitely insightful. I am happy that I purchased it. I do believe if I had a better understanding of the trading world then maybe the information would resignate more.
Customer Rating: 
Summary: Is Day Trading in Your Professional Future?
Comment: Day trading is a potentially rewarding but also quite risky profession. Many day traders jump into their new career role with both feet, but they don't succeed and often quit as quickly as they started. They either end up losing money or they make so little that they cannot leave their day job and work exclusively as a day trader.
Lack of education, lack of discipline, and other factors are among the reasons many people don't succeed when they attempt to make a living as a day trader and this is where The Complete Guide to Day Trading can help. This book explains the do's and don'ts of the profession and it includes graphic illustrations that help explain how to spot trends, how to know the right timing for buying and selling, and how to realize when the time is right to get out of a specific investment and move on to the next.
Day Trading requires discipline, education, timing, and planning. These areas, and others like them, are emphasized over and over again in this book because anyone who is lacking in any of these areas is almost certain to fail. For example, one of the most common mistakes made in day trading is not having the discipline to quit while you're ahead. A person will be trading away and will have made a decent amount of money for the day. But because market conditions are favorable and the money is looking good, the day trader will suddenly feel a surge of greed and want to continue trading. Sometimes, more money will be made but more often than not, the gains from earlier in the day will be wiped out, resulting in no positive cash flow for the day. On the opposite end, the same occurrence is commonplace. A day trader might be having a bad day with losses of a few hundred dollars. Instead of quitting for the day and hoping for a better tomorrow, the day trader will suddenly increase the amount of his/her investments in an effort to gain back what was lost. Panic can then result, leading to even greater losses. This is why discipline and planning are so important. The day trader needs to set a goal for daily earnings and then stick to that goal, resisting the temptation to continue trading.
Besides the advice on attitude, education, and the like, The Complete Guide to Day Trading is also very practical about the science of day trading and it includes many graphic illustrations to help day traders learn how markets work. This is very valuable information and these graphs and the accompanying text rank amount the most helpful parts of the entire guide. Many individuals may have sufficient education, discipline, and planning strategies, but they may have little knowledge about the actual tracking of stock options, futures contracts, foreign currency, etc. This book offers a quick overview of these different investments and how they work, followed by actual graphic illustrations that indicate the pricing trends for a specific commodity or financial security on a given day. Using these illustrations, the book indicates precise ways to spot trends and the exact moment to buy and sell.
Day trading should never be viewed as a get rich quick scheme and I like that the author doesn't promote day trading in this manner. I also like the way he includes evaluations of different software products for tracking pricing changes throughout the day and I like his lists of helpful hints and principles for day trading. Some of the educational material on stock options, futures contracts, etc., isn't as thorough as it could be, but the approach of this book is very practical and hands- on, and it serves as an effective resource for someone considering day trading as a full or part time profession.
Customer Rating:
Summary: The best trading book ever!
Comment: I bought this book for one reason, and one reason only - to see what the author had to say about trading strategies. I appreciated the sections on what it takes to become a day trader - mindset, funds, goals - and the chapters that dealt with info for newbies, like finding a broker and picking a market, but I've been a trader for awhile. It was nice refresher material, but not the main reason I bought the book.
Since I first began trading, I've been trying to find the ideal strategy for me. I've found a lot of elements from different trading strategies that I like, but I haven't found any one strategy that seems to fit me perfectly. Because of that, I've thought a lot about what it takes to create a well-tested, reliable strategy. What do you need? How much depends on numbers and how much depends on your personal preferences? And how do you go about creating a new strategy that's successful in the markets and also works for your trading style?
When I read the back cover of this book, I finally found something that might be able to answer my questions. One of the main elements of the book is that it lays out a seven-step approach to creating your own trading strategy, and I was hooked. I bought my copy right then and there. And I'm really glad I did.
These are the seven steps outlined in The Complete Guide to Day Trading for creating your own strategy:
Step 1: Selecting a Market
Step 2: Selecting a Timeframe
Step 3: Selecting a Trading Approach
Step 4: Defining Entry Points
Step 5: Defining Exit Points
Step 6: Evaluating Your Strategy
Step 7: Improving Your Strategy
I can't really go into detail on each step, even though I'd like to, but the ones that were really essential to me were Steps 3-7, especially 6 and 7. I finally feel like I have a good idea of what a reliable trading strategy needs to be. And I have the knowledge to test my strategy, revise it, improve it, and use it in a way that complements my trading preferences and style.
I'm a satisfied reader, and if anyone else out there is interested in the same thing as me, then I would say this book is exactly what you're looking for.
Customer Rating:
Summary: Good book for beginners
Comment: I've been studying day-trading for about a year but still found this book to be a good read. It doesn't get too heavy into trading strategies or a lot of market internals but it does give you a good place to start if you're new. It discusses some essential things like having the right mindset about trading (which is one of the most important things). There are two things that the author states that I disagree with and they are:
1. You need multiple strategies for when the markets are going up, down, or sideways.
2. You should be trading different markets.
I don't know about you, but I would rather find ONE good strategy that works most of the time (nothing works 100% of the time). I don't want to have to worry about trying to change my strategy every day, I would have have my strategy be flexible enough to adjust to the market.
I also don't want to have to switch between markets to try to make money, this seems counter productive. Why try to be a master of all markets when you can follow one market closely and learn how it moves and behaves.
Other than these 2 things, I think this book is a good place to start.I would recommend it to those looking to get into day-trading.
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