The new breed of trader Written in an accessible, step-by-step manner, A Beginner's Guide to Day Trading Online, 2nd Edition shows how to day trade stocks in today's market.Summary: Teaches about daytrading but not how to daytradeRating: 2I have been a successful position trader for few years and decided to venture into daytrading to cash in on trendless market periods. What I found out is that being a successful position trader does not necessarily mean you will be a successful daytrader.
As a daytrader you have to make quick decisions and pull the trigger with little delay. This book focuses on too many technical indicators that may be useful in position trading but not of paramount importance in daytrading.In essence all they do is delay yor ability to take action thus missing your opportunity. I have finally been able to become slightly profitable using the help of a daytrader friend of mine who opened my eyes to the importance of having a thorough and deep understanding of level II. Although this book does discuss Level II, it is done in a superficial manner with little depth. It is critical to know the games that market makers and large position holders play to fool you. One common ploy used by large institutions to sell large amounts of stock is to use ECNs. The ECN will only show a small amount of shares while hiding the rest. The unsespecting daytrader wil see high volume at the bid and low ask volume and think the stock is moving higher.The exact opposite usually occurs since the ECN at the ask is only showing a small amount of shares they have to sell. While they show all the shares they are willing to buy at the bid. There are many more games played by the AXE etc and my point is unless you understand these issues being a successful daytrader will remain a difficult goal to achieve.THis book will certainly not provide this critical informationSummary: This book is too basic to make you moneyRating: 2While i like Tony as a speaker and think most her work make sense, this is a book is just too basic. Everything is so idealized and oversimplified that trust me, it is unlikely that you will learn how to make money - however, you make learn how to day trade online. For sure you will loose money. Now if you take this and continue your journey, you will need to eventually read everything by Linda Raschke and Toby Crabel, because they are the only two hedge fund managers that i am aware of that have written books that are still trading, managing money and doing what they preach. So i may browse through this book, but really focus not on this author who tends to make its money from seminars and books, but by reading the real traders - Linda Raschke and Toby Crabel. Summary: mostly basic informationRating: 3If you need basic information this is a good book. It does give a good survey of what day trading can be. It does not give a lot of information on what works. It's a good start. Summary: Tons of info, without overloadRating: 5I really enjoyed this book!! It offered simple explanations for some truly complex trading concepts. The book maintained the perfect pace for a beginner to pick up new ideas, and for a more experienced trader to reference as a 'refresher'. In addition, I appreciated the summary and breakpoints at the end of every chapter-providing some much needed guidance (within and beyond the world of candlestick chartsSummary: My Two CentsRating: 2This book took me longer to finish than expected and it was struggle to get to the end. While a lot of the basic information in it was helpful, I found that the author got overly technical too quickly. The first few chapters were fine, but then in one chapter there was an avalanche of technical detail and terminology that was difficult to absorb all at once. Perhaps if the technical stuff was disseminated at a slower pace, I would have learned a lot more in this first pass. Several chapters will obviously be read multiple times in order to get it all.