Day Trade Online
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The First Edition of Day Trade Online became a worldwide phenomenon—and reached the Wall Street Journal, New York Times, BusinessWeek, and USA Today business bestseller lists. Since it was first written, the stock market has evolved, and so too have the opportunities for profit. That's why renowned trading expert Christopher Farrell has created a fully revised and updated Second Edition of his popular guide. Written in a straightforward and accessible style, Day Trade Online, Second Edition provides a comprehensive overview of how to consistently capture profits as you trade stocks over the Internet. It skillfully examines all aspects of this exciting field—from what it takes to get started to an in-depth analysis of which trading techniques work, which don't, and why. Most importantly, this book will show you how to beat Wall Street at its own game, by exploiting the buying and selling of the investing public in the same manner that the Street's most powerful brokerage firms and trading houses do.Opening with a detailed discussion of how Wall Street works—and what it takes to make it as either a part- or full-time online trader—this reliable resource quickly moves on to reveal the inner workings of the short-term movements of the market and how stocks actually trade. From here, Farrell examines the mechanics of the market maker system, the role of the "specialist" on the New York Stock Exchange (NYSE), and the importance of the bid-ask spread; while laying the groundwork for trading NYSE stocks and National Association of Securities Dealers Automated Quotation (NASDAQ) stocks.With this information in hand, you'll become familiar with specific strategies that will help you quickly spot trading opportunities and take advantage of short-term inefficiencies in today's market.Filled with in-depth insights and practical advice, this step-by-step guide will help you: Get started in online trading, avoid common pitfalls, and make money in any market conditionIncorporate short-term trading techniques that were once only known by highly paid Wall Street traders—such as the practice of exploiting the bid-ask spread—into your online trading endeavorsSee the market from the perspective of an NYSE specialist or NASDAQ market maker, and profit from this newfound view Learn why the fair order handling rules and recent changes to the NYSE can be your ticket to profitDiscover how to quickly spot trading opportunities before others, by using the NYSE's specialist system, and its so-called "house edge," to your advantageAnd much more The independent online trader can compete and thrive in a marketplace dominated by large Wall Street trading houses, but only by knowing their secrets and beating them at their own game. The Second Edition of Day Trade Online will show you exactly how.
PrefaceAcknowledgmentsIntroduction - Swimming with the Sharks1Sect. IThe World of the Day Trader7Ch. 1The Baptism by Fire: Preparing the Uninitiated for Their First Trade9Ch. 2The Golden Age of Internet Day Trading13Sect. IIIntroduction to Day Trading25Ch. 3Trading 101: The Mind-Set of an Online Day Trader27Ch. 4The Day Trader's Arsenal: Choosing and Using Online Brokers, Real-Time Quote Systems, and the Home Office38Ch. 5Considerations for Quitting Your Job and Trading for a Living49Sect. IIIHow to Beat Wall Street at Its Own Game59Ch. 6Price Takers versus Price Makers61Ch. 7The Day Trader's Crystal Ball: Understanding the Bid-Ask Spread74Ch. 8The Role of the Specialist on the New York Stock Exchange96Sect. IVTrading for Teenies: Taking Food out of the Specialist's Mouth125Ch. 9The Day Trader's Secret Weapon: Exploiting the Bid-Ask Spread127Ch. 10Prospecting for Gold in the Land of 1/16S148Sect. VTrading the Momentum - Dow Stocks, NASDAQ, and Event-Driven Trading175Ch. 11The Momentum Game177Ch. 12Riding the Market's Momentum189Ch. 13A Day Trader's Ticket to the Poorhouse: How I Managed to Lose $12,000 in Less than 24 Hours220Index233
