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Product Description
Product Description
Day trading is undoubtedly the most exciting way to make your own money. Before you begin, you need three things: patience, nerves of steel, and a well–thumbed copy of Day Trading For Dummies the low–risk way to find out whether day trading is for you.
This plain–English guide shows you how day trading works, identifies its all–too–numerous pitfalls, and gets you started with an action plan. From classic and renegade strategies to the nitty–gritty of daily trading practices, it gives you the knowledge and confidence you′ll need to keep a cool head, manage risk, and make decisions instantly as you buy and sell your positions.
- Advice on choosing an online broker
- Updated examples reflect current market and economic conditions and the latest information on SEC rules and regulations (and tax laws)
- Other titles by Logue: Hedge Funds For Dummies, Socially Responsible Investing For Dummies, and Emerging Markets For Dummies
Read Day Trading For Dummies and get the tips, guidance, and solid foundation you need to succeed in this thrilling, lucrative, and rewarding career!
From the Back Cover
This plain–English guide shows you how day trading works, identifies its all–too–numerous pitfalls, and gets you started with an action plan. From classic and renegade strategies to the nitty–gritty of daily trading practices, it gives you the knowledge and confidence you need to keep a cool head, manage risk, and make decisions instantly as you buy and sell your positions.
Understand day trading — discover the fundamentals of day trading, from what it is and how it works to what to expect in the day of the life of a day trader
Start strategizing — get the 411 on the different strategies and research techniques day traders use to determine how and when to buy and sell their positions
Pick up the tools of the trade — find out how to set up your office to improve your response times, choose the support services you need to research trades, and get through the treacherous day with your sanity intact
Get down to the nitty gritty — grasp the day–to–day "stuff" that separates day trading from other types of trading, like paying taxes on your gains, figuring out how well your day trading is performing, and much more
Open the book and find:
Market indicators and day trading strategies
Advice on how to manage money and your positions
Key characteristics of successful day traders
Guidance on understanding risk and return
How to differentiate trading, investing, and gambling
A look at rules and regulations
Research techniques used in day trading
Tips for managing stress in the trading day
Learn to:
Get started with an action plan
Avoid pitfalls
Succeed in this thrilling, lucrative career
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Customer Reviews
The content is so blindingly obvious it was at times embarrassing to read. If you think this book is helpful you should not be day-trading.
Ah, beware of hubris! I was pleasantly surprised at what I learned. The book has a good introduction to how to obtain the sorts of information that a real day trader will need, but is best on the emotional. Emotions are almost always overlooked. I've seen lots of bright people rise to a certain point on a trading desk and then just implode because they couldn't handle the stress. And these were people working with other's money. It is even worse when it's your own dough on the line. The guy who practices day trading until he has his system all ready and then blows out a month after going live is very common.
Early in my career I started my own firm. This was before day trading was even technically possible and the firm was in the options pits. I got on the emotional roller coaster: on good days it was "Come on Honey, its steak dinner time!" On bad days I tried to save money by rationing toothpaste. It all ended in tears.
This is all by way of stressing the role emotions play in successfully trading the market. This book discusses strategies actually employed by some of the best traders on Wall Street and the book is worth looking into for that alone.
The only downside to the book is that the author constantly states that you should "pick a trading strategy and stick to it" but doesn't give any guidance about legitimate strategies. There are a lot of cracked pots who have written books on trading strategies. A book like this, designed for introduction, should give you a little more information about where to go for the next step in your trading education.
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