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Day Trade Online Audiobook: Start Trading for a Living Today (Wiley Audio) Audio Cassette – Abridged, Audiobook

3.0 out of 5 stars 92 customer reviews

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Audio Cassette, Abridged, Audiobook
£150.40 £65.99
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Product details

  • Audio Cassette
  • Publisher: Penton Overseas Inc (Wiley Audio); Abridged edition (1 Sept. 2000)
  • Language: English
  • ISBN-10: 1560159081
  • ISBN-13: 978-1560159087
  • Product Dimensions: 17.9 x 11.8 x 2.2 cm
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (92 customer reviews)
  • Amazon Bestsellers Rank: 8,509,132 in Books (See Top 100 in Books)
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Product description

Amazon Review

Day trading such stocks as Amazon.com, eBay and Yahoo! sounds like a game for the gun slinger: jump into the fray and pull the trigger. Is that really the case? No, according to author Christopher Farrell, who earns his money just as Wall Street does--by making very small, short- term, high-percentage trades. Farrell, who works from home, has traded more than 15,000,000 shares of stock via the Internet, producing a 65 percent annual return for his investment fund in its first year. Using detailed, user-friendly examples, Farrell shows how to place orders online and then sell minutes later for small profits that can potentially add up to thousands of dollars a day--if you pick the right stocks. He explains how the New York Stock Exchange allows traders to buy on the bid and sell at the offer, just like the professionals. Farrell also includes loads of tips, such as how to choose an online broker, how much to pay for commissions and how to cope with a technology that's still in its infancy. If you've been thinking about joining the estimated 5 million online traders, then this book is for you. --Thom Hartle, Amazon.com --This text refers to the Paperback edition.

Review

Of the many day–trading books that have made it on the Business Week list in the past year, Farrell′s is perhaps the most readable. Unlike the other tomes written by veteran traders, his book really starts from the beginning, explaining how stocks are traded. Then he lays out some basic common sense –day traders should choose their moments carefully, getting in and out of stocks quickly, aiming to "hit singles, not home runs," he writes. He clearly explains the pros and cons of using regular online discount brokerage accounts and advises readers to expect occassional glitches and late order fills as part of the costs of doing business...Ultimately, DAY TRADE ONLINE is most successful at giving the reader a realistic picture of what the life of an online day trader is like. --This text refers to the Paperback edition.

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Customer Reviews

Top Customer Reviews

By A Customer on 21 Jan. 2006
Format: Paperback
It has a few good points but generally not worth it. The same points are repeated over and over throughout the book as if it was intended for a three year old!!!! Also the main technique ouitlined is outdated and does not work any more. In short this book should no longer be for sale. I understand the author has written another day trading book that is much better but I have not read it. After reading this one I am reluctant to buy another book by this author!
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Format: Hardcover
Excellent book well worth the money. It has shown investing to me in a new light. After I spent a bit of time looking around at different stocks I noticed this exact thing happening - 1 stock had maintained a value that had fluctuated only 1pt in almost 12 months. During the day I noticed trades such as someone buying 125,000 shares at 6.00 (that is 6 pence, not 6 pounds), a few minutes later someone sold 125,000 share at 6.25. They made £312 in a few minutes. Similar amounts were traded 2 more times that day, making nearly £1000. Of course stocks need to be watch to find out if they meet the criteria, and what amounts to place the limit orders at.
The main problem in UK seems to be finding companies that charge low amounts for trades, the lowest I found is £7.50 per trade. The highest charged 1% upto a maximum of £100 per trade.
When I have enough cash put aside for this, I will give it a go.
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By A Customer on 12 Jun. 1999
Format: Hardcover
Well, I have been trying the method for four weeks now and my total net profit is $143.50. I believe it can work, but in today's marketplace it is very difficult. Things happen that are not described in the book. For instance, once you purchase a security for say, 6 1/2 (a sixteenth above the bid) and turn around to try to sell it for 6 9/16, you watch the spread change to 6 7/16 to 6 1/2. Bammm. I have lost hundreds of dollars this way. Also, one "loss" is a minimum of $145.00 and more likely much more. If you are impatient you can lose $1,000 or more. It has taken me quite a few "wins" to make up for one loss. Sometimes the trades work exactly as described in the book. Four minutes and I make $104. Most of the time, however, I am stuck in a trade ALL DAY to try to just break even. You can only do one or maybe two trades at a time unless you have a lot of money. The most I made in one day of trading was $220. Also, contrary to what Farrell says in the book, market conditions play a very BIG part in this kind of trading. Look at the utility sector last week and tell me it doesn't. Overall, I think the method works in an "up" market with good volume. Doesn't work so well in sideways or down market with medium or low volume. If you try this method, just be careful.
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Format: Hardcover
Most daytrading books recently published concentrate on "Momentum" trading. Farrell's book on, the other hand, is the first to concentrate on scalping (trading for teenies). He describes in detail why most beginning (and experienced!) traders should be using a more conservative trading system than the momentum system espoused by so many other authors. Some of what he writes is repetitous, but for readers like me that is how to consolidate newly acquired knowledge -- write about the same concept from multiple angles. Another point repeated regularly is that by trading over the internet you must accept the fact that your trades may take several seconds longer than professional traders. This RELATIVE slowness MUST influence your approach to trading. Chris also covers trading momentum stocks and trading situations to look for. Trading happens at a much faster pace in the momentum area which translates into higher risks that beginning traders should avoid. Chris' contention is that the bread and butter of traders can be in an area usually overlooked by daytraders -- stocks with low volatility traded on the NYSE. This is almost the opposite of what most other daytraders are looking for. If you want a well rounded education on daytrading I would buy this book. It covers in depth what most other daytrading books mention in passing. Thankyou Chris for opening my eyes to a more disciplined approach to daytrading.
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Format: Hardcover
For one if we all started utilizing this technique we would be competing against eachother for the golden 16ths this book advocates are just waiting to be had making it virtually impossible to do. (And you thought those docile sleepy mkt makers of the ever unaffected reits and utility stocks would be the only wrenches in the works.) And second; why would an author write a book creating tremendous competition for himself at what he does for a living. Writing a book about grabbing these 16ths from professional mkt makers who closely guard and watch their spreads would be the last thing he would want to broadcast to the world especially if he is making the 300k/year he claims to be making with his method. (I seriously doubt this poorly written book will bring in THAT much for him by comparison.) Proceed with great CAUTION. The stock mkt is a barracuda industry with NO mercy. Be smart.
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Format: Hardcover
Wish the author had shown us his trading history and provided more information on which broker he uses! Ameritrade has been very reluctant in filling some of my limit orders, some have lingered for weeks as GTCs. Although Ameritrade offers an unlimited number of shares for a $12 GTC limit -- able to be filled through the day in increments of partial fills, it sometimes seems as if Ameritrade will only fill at the bid if they want to, ie. the stock is going down...has anyone had better luck with another broker? Email me or post here. Calling Ameritrade doesn't help: the brokers actually INSIST buying on the bid can't be done! Even when it happens once in a while. The book is often shallow and obscenely repetitive, but worth it...since as far as I know it's about the only book describing scalping -- which might only be possible if you have a willing broker or are unwittingly taking risks with fills your broker would otherwise sell at the ask just to dump the stock. Does anyone know of a book explictly describing Market Maker/Specialist strategies in dealing with daytraders and the general public? It would seem as if there should be texts as concise as those written for chess, go, poker, etc.
Finally, if a trade goes against you make sure it just isn't an intra-day swing or temporary downturn before you sell at a loss. Or something like that....
P.S. This is THE most boring method of continuing your existence on this planet as a living thinking human being. Congratulations! You've just figured out a way to stare at a monitor and watch that know-it-all fathead in the mornings on CNBC for the rest of your life! Oh what a creative feature of existence you are. Good luck.
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