Digital Day Trading: Moving from One Winning Stock Position to the Next
The playing field has been leveled. It doesn't take big bucks, connections, or a seat on an exchange to be a professional trader anymore. Advances in technology have made it possible for individual investors (with the proper PC and Internet access) to compete with market professionals who have made a living on the day-to-day fluctuations of the market. If you have your own PC, are tired of paying your broker to think for you, and have a lively interest in the day-to-day activity of the stock...
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The digital age of financial investment has arrived. Individual traders and investors can now bypass brokers and enter the formerly rarefied arena of the major Wall Street players with just a PC, strengthened by their own knowledge and trading ability. As one financial writer recently quipped, "Electronic day trading is really starting to click." In fact, trading online is fast, redefining the entire concept of individual investing. As Dave Pettit, a Wall Street Journal editor, noted, "The rush to go online promises to dramatically change the nature of individual investing both for the investors themselves and the businesses that cater to them." For individuals, online investing has meant a chance to take full responsibility for their finances: you execute your own trades without a broker to hold your hand. The Internet has also provided a radically cheaper way to invest. One hundred years ago the French novelist Marcel Proust observed, "The more things change the more they remain the same." This observation is also true as it relates to trading. Whether it is done digitally or conventionally, trading is the ultimate psychological chess game based on brains, guts, and timing. Trading profits are cultivated in the rich soil of market discipline, strict money management, and strategy. No day trading system is perfect; however, the use of one is critical for trading success. To be successful, a day trading system must be profitable, consistent, and personal. In short, it must be guarded by an overriding and all-encompassing trading strategy that takes into account the real-time characteristics of dynamic markets: debilitating emotions and ambiguous technical indicators. The key question then is, How does the trader create a real-time profitable day trading strategy that conforms to the unique psychological and methodological needs of the individual, given the special technical and psychological demands of the arena in which he is forced to perform? Historically, books on day trading stocks offer either a survey of systems and indicators that may be used for short-term trading or a compilation of specific techniques that are presented in the abstract, a hypothetical offering at best. When the psychology of trading is introduced into the discussion, it is typically mentioned in passing or as a theoretical construct rather than as an underlying and integral aspect of any winning market approach. Digital Day Trading: Moving from One Winning Stock Position to the Next addresses all of the above considerations in detail and goes beyond anything written to date on the subject of day trading. It presents everything you need to know to trade stocks electronically on a short-term basis, including specific charts and computer setups. It combines age-old insights about risk taking and risk management with the realization and knowledge of cutting-edge, state-of-the-art technology. It is based on my 25 years of personal day trading success, intimate knowledge of the psychology underlying profitable trading based on my previous publications (see "For Further Reading"), and my work training successful traders on and off the exchange floors as a principal of a clearing firm specializing in its own proprietary traders, as well as interviews with literally hundreds of successful short-term traders. I believe Digital Day Trading builds logically on the insights of my previous books and will provide an invaluable resource for market philosophy and strategy. It also offers specific technical and tactical methods bolstered by considerations of money and risk management, which will significantly strengthen a trader's day trading performance. Booknews Bypassing stock brokers requires savvy about trading psychology, a game plan, and technical factors for online trader success. The CEO of the trading division of a financial services company expands on his previous books in offering advice, computer-generated indicators, and interviews with professional day traders. Includes a list of major stocks traded on the Nasdaq 100 and S&P 500, excerpts from the TradeCast 3.0 user manual, and a useful glossary. Annotation c. Book News, Inc., Portland, OR (booknew.com)
PART ONE Psychological and Strategic Considerations 1. The Day Trader's Advantage 3 2. The Psychology of Successful Day Trading 15 3. Strategy and the Overall Game Plan 31 PART TWO Trading on a Level Playing Field 4. Competing with the Market Makers 39 5. Interview with David Jamail 51 6. Interview with Stuart Shalowitz 63 7. Interview with Andy Kershner 71 PART THREE Technical Analysis and Day Trading 8. Technical Considerations 89 9. The Digital Day Trading Method 107 PART FOUR Principles of Successful Day Trading 10. How Winning Traders Think167 Appendix A: Major Stocks Traded: Nasdaq 100 and S&P 500177 Appendix B: Electronic Trading Platform: TradeCast 3.0197 Glossary257 For Further Reading 261 Index263 About the Author269
\ BooknewsBypassing stock brokers requires savvy about trading psychology, a game plan, and technical factors for online trader success. The CEO of the trading division of a financial services company expands on his previous books in offering advice, computer-generated indicators, and interviews with professional day traders. Includes a list of major stocks traded on the Nasdaq 100 and S&P 500, excerpts from the TradeCast 3.0 user manual, and a useful glossary. Annotation c. Book News, Inc., Portland, OR (booknew.com)\ \
