Most of us have been conditioned to approach the stock market as a long-term proposition. Many of the bestselling investment books coach readers to seek value in the best companies for long periods of time. Day trading, a recent phenomenon brought on by the reform of the financial markets and by the growth of online trading, goes in just the opposite direction. Instead of buying and holding stocks for years, successful day traders make money by dipping in and out of the market in a matter of minutes, finding profit in the tiny fractions between the bid and asking price of a stock or by catching the ups and downs of stock prices, which are driven by everything including the latest news from CNBC or speculation on what Alan Greenspan ate for breakfast.
In The Electronic Day Trader, authors Marc Friedfertig and George West explain the rationale behind day trading and offer strategies that can help you become successful at this fast game of speculation and timing. The authors write, "Day trading appears so deceptively easy, yet in reality it is a never-ending challenge. It is a game, an opportunity to match wits against the majority and thereby prosper. Day trading the stock market is the ultimate opportunity to speculate and the ultimate game."
The book goes into great detail about how the various stock exchanges work and shows how to get direct access to the NASDAQ through various electronic trading systems. If you're looking for an investment book that will help you build a retirement portfolio, look elsewhere. But if the daily fluctuations in the price of a stock make your heart beat faster and if you're seriously interested in honing your skill as day trader or want to become one, The Electronic Day Trader is definitely worth a look. --Harry C. Edwards
Customer Review: Another book with old strategies, however....
There are some good ideas that you can rescue from this book. Therefore I think you should buy it since you can make much more money and certainly recoup your small investment if you employ 2 o 3 good tips.
Any way, from my point of view a trader must always read as much as he can. There is simply no other way to prepare one self for this difficult yet incredibly rewarding activity, but to learn and put into practice as much ideas as you can, at least by paper trading first.
The are a lot of books on the subject, however many of them where written 2 o 4 years ago and that kind of makes them obsolete in this constantly changing field.
The internet offers great places where you can learn more specialized trading techniques. One of those places that I have found to be worthy is ProfitableStockmarket dotcom.
They focus mainly on momentum trading and employ a rather simple yet effective strategy. I think that for a trader to survive and be profitable, its neccessary to keep their trading as simple as possible. To much confussion and technical indicators will most of the time make you slow in your decisions and froze you up when a good opportunity is right in front of you.
In the end it's all about buying or selling with out hesitation, and doing it over an over again according to your set ups.
Customer Review: What became of Broadway Trading, LLC??
They went bankrupt, which is where you would be if you followed West and Friedfertig's methods. The book was a copy of Jack Schwager's Market Wizards series, due to the interviews conducted with "traders". You would be amazed if you saw some of these people and didnt read their words in print. Somehow they would not come off so sharp. Trust me!
Also do you think our authors would be able to spot "managerial talent" over a few aspiring proprietory traders? No they hire guys who have previously filed bankruptcy in their past and pipe up their accomplishments, which are a joke when you realized they bailed on creditors!!
Save yourself a dime and avoid it-if someone gives it to you, and you can't return it, use to start the BBQ grill. I could go on and on about SEC/NASD violation, getting short on a downtick, etc but I wont!
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