- Hardcover: 224 pages
- Publisher: McGraw-Hill Inc.,US (1 Jun 1998)
- Language English
- ISBN-10: 0070158088
- ISBN-13: 978-0070158085
- Product Dimensions: 22.9 x 15.5 x 2.8 cm
- Average Customer Review: 3.5 out of 5 stars See all reviews (136 customer reviews)
- Amazon Bestsellers Rank: 1,822,357 in Books (See Top 100 in Books)
- See Complete Table of Contents
The Electronic Day Trader
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More About the Author
Product Description
Product Description
Providing a review of actual trading philosophies and strategies necessary to become an effective and profitable trader in the market of electronic day trading, this text also explains the working of various electronic order entry systems, for example: SOES, Internet, and Watcher.
From the Author
Cyber trade like the pros in today's volatile markets.
When I first came to Wall St., I knew nothing. In an attempt to educate myself, I read every market and trading book that I could get my hands on. While many of the reoccurring themes in these books have helped me to form a sound fundamental trading strategy, I was constantly left with the feeling that I was missing something. I realized the importance of strategies such as "cut your losses and hold your winners," but there had to be more to profitable trading than that. I feverishly searched for something, anything, which would enlighten me and show me the tricks that the pros were using to reap fortunes.
When I first came to Wall St., I knew nothing. In an attempt to educate myself, I read every market and trading book that I could get my hands on. While many of the reoccurring themes in these books have helped me to form a sound fundamental trading strategy, I was constantly left with the feeling that I was missing something. I realized the importance of strategies such as "cut your losses and hold your winners," but there had to be more to profitable trading than that. I feverishly searched for something, anything, which would enlighten me and show me the tricks that the pros were using to reap fortunes.
The first thing I wanted to know was why the professional trader seemed to always know more than the individual. As I began to trade and eventually gained exposure to both the NYSE and NASDAQ, I started to learn more and more about what was going on behind the scenes. As a professional on the floor of the American Stock Exchange, and later a trader on a block desk, I learned how a specialist would open a stock where he could make the most money, how an institution handled a large order, why stocks would move for no apparent reason and much, much more. Every time I learned something new I thought, "If only I had known that before, I would have made a ton!!!"
The Electronic Day Trader is the answer to Pandora's Box, for the individual investor. It provides the answers to those behind the scenes events which have such a great effect on our markets during the day. In addition, it provides the reader with the basic skills and rules which are the foundation of success for many of today's top traders. If I had this book when I began trading, I would have been light years ahead in my learning curve (and have more money too!!)
Find out how to unlock the potential in the markets like the pros do, using the same cutting edge technology, blazing execution speed and low cost commissions. Now you, the individual investor, can be on a level playing field with the industry's best and profit from one of the greatest times in history to day trade.
Sincerely,
George West
President
Broadway Consulting Group
george@daytrading.com and Marc@daytrading.com
Inside This Book
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First Sentence
The art of speculating in one form or another has been around forever. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
The art of speculating in one form or another has been around forever. Read the first page
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Concordance
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
4 of 4 people found the following review helpful:
3.0 out of 5 stars
For Beginners and a Primer for the Authors' Seminars,
By A Customer
This review is from: Electronic Day Trader (Hardcover)
This book does give the beginning day trader a lot of information. It will give you details about how the NYSE and NASDAQ exchanges operate. It will tell you how the different ECN's operate. It will even give you a few day trading strategies. However, it will NOT, as the back cover states, "put you shoulder-to-shoulder with other active traders." It simply does NOT give the reader enough specific information on how to become a full fledged day trader. While I was reading, I was under the impression the authors were withholding or omitting information. In some chapters, the text is so cryptic or filled with meaningless technobabble, it is difficult to understand how it is applied to actual trading. I'm sure many who read this book will recall the '80s when "no money down" real estate seminars became all the rage. Throughout this book, the authors mention their web site and how you can learn more about day trading. Apparently, the authors are using this book as a primer for their $1700 week long seminar. All necessary information should be in the book and the seminar, which others offer for $200, should only be used for augmentation. The book is rather short. Although it is 208 pages, only the first 165 are useful. The last 2 appendixes deal with CNN and stock index information which is either outdated or may be obtained elsewhere. In fact, a true day trader will not be watching CNN to be making trades. He will be using his Level 2 screen and realtime newsfeed. The term "day trader" carries a special connotation which most beginning investors don't understand. Most day traders use only NASDAQ Level 2 screens. L2 shows the demand for a NASDAQ stock. The biggest objection I have with this book, and with most other day trading books, is that there aren't enough examples and instructions on how to use the L2 screens. Even the author's mention how their own program, "Watcher", only deals with NASDAQ stocks. Yet, there isn't a SINGLE colored L2 screen in the entire book. Furthermore, there are too few L2 examples and the authors do NOT show you how to use L2 "step by step." If a reader were to rely solely upon this book to learn day trading, he wouldn't be around for very long.
1 of 1 people found the following review helpful:
5.0 out of 5 stars
This book is helpful if you are a trader or want to start,
By A Customer
This review is from: Electronic Day Trader (Hardcover)
Mark Friedfertig and George West's The Electronic Day Trader is an exceptional read for those interested in becoming a day trader or improving their day trading skills. Each chapter was informative and helpful. Since I am a beginner at day trading, the first two chapters "The Reemergence of Day Trading", and "What is Online Day Trading?" were excellent background material, familiarizing me with the terrain before beginning in earnest. It seems, day trading is just like trading in the old days in the bucket shops as written by E. Lefevre in his famous "Reminisces of a Stock Operator" in 1923. In this book Larry Livingston made millions executing his own trades following the ups and down ticks in the market. Apparently, the same applies now. After the SEC mandated lower commissions on May 1, 1975, big brokerage firms making huge spreads are now facing stiff competition from day traders who will take increasingly smaller spreads. They suggest brand new technologies, such Island an (ECN) Electronic Communication Network allow traders compete against big brokerage firms by executing trades directly on the NASDAQ with real time quotes. To get involved, Friedfertig and West even invite prospective traders to trade at their firm and even take their course and learn the tools to get started, as detailed in Chapter 7 and appendix A. The third chapter explains the market, its specialist and the marker makers. These are the people who you compete against for money. This material is definitely useful to review. The fourth chapter details how to gauge the strength of the market. Indicators such as the S&P, futures, Bonds, and stock market leaders are important to observe when trading as they may affect the direction of your particular stock. Moreover, they hit on other factors like the time of day, volume, charts and stock patterns in explaining the essentials of day trading. Chapter 5 "An insiders Look at Day Trading" is chuck full of useful secrets useful to strong day trading. Tips like reading the tape, how to know what the market makers and ECN traders are doing, uptrend, downtrend dynamics, levels, momentum, when to buy and sell and timing are offered to give the reader a head start. They wrap up the book stressing the importance of having a solid "trader's philosophy". They suggest that particular habits can make the difference between a successful and unsuccessful trader. After reading the book twice and would recommend it highly. In fact. I have already recommended it to my friends and others who have expressed interest in this field. The book was comprehensive and informative. The chapters are clearly written. The scope was broad; yet the information was concise. They did a solid job synthesizing material. I have learned a lot from this book and look forward to applying it in my future career as an "Electronic Day Trader."
1 of 1 people found the following review helpful:
5.0 out of 5 stars
A great overview of trading through NASDAQ and NYSE,
By A Customer
This review is from: Electronic Day Trader (Hardcover)
When I see the one and two star comments I just shake my head and laugh. This is an excellent book if you are a real day trader. I can see where it would be over the head of those just starting out. But anyone who uses Level II quotes will find a lot of useful info. to pick from. I day trade for a living, it's how I pay my bills! What I can tell you is that there is no magic formula for buying a stock, never has been and never will be! Daytrading is a game of momentum and volume. Understanding why stocks make runs and then pullbacks throughout the day is half the game. Watching how market makers act during the runs up and the pullbacks will stop you from getting shook from your positions, and give you a good point for opening new positions. To those that rip this book, I thank you for your daily contributions to my trading accounts. To those with access to Level II quotes I think the authors give you a pretty good overview of how the game is played. There's no magic formula to becoming a great trader. Any book that promises one is a sham. Trading skills come through experience and application, the game is keeping your capital preserved to survive the learning curve. This book is a good foundation to build upon.
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