Financial Freedom Through Electronic Day Trading
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Masterful Trading Advice and Insightsfrom Two of Today's Day Trading PioneersMore than ever before, a high-income career as a full-time trader is within your grasp. Financial Freedom Through Electronic Day Trading shows you how to do itwithout risking your savings or your sanity! This step-by-step short course on electronic day trading takes you through the nuts-and-bolts technical and strategic basics you need, then tackles the all-important psychological aspects of tradingtransforming you from an awkward, second-guessing novice into a confident, knowledgeable day trading master who knows how to turn market inefficiencies into fast, solid gains.Noted trading coach Van K. Tharp and top-level trader Brian June combine their formidable knowledge and experience to give you: Proven market analysis techniques adapted to a day trading perspective Key tacticaland mentalcomponents for developing your personal trading plan Below-the-radar methods to determine a market maker's position Today's high-volume, high-profit markets are a formidable, but beatable, foeas long as you have the knowledge and wisdom to not beat yourself. Financial Freedom Through Electronic Day Trading gives you the trading tools and the psychological insights to control your emotions, master every market and trading environment, and knock hundreds of hoursand thousands of dollarsfrom your electronic trading learning curve."Our goal in writing this book is to show you another way..."Van K. Tharp and Brian JuneEvery electronic day trader has access to the same technology and information for locating and locking in quick trading profitsalong with the same tired advice on how to use these tools. Financial Freedom Through Electronic Day Trading shows you how to master a third essential elementtrading psychologyand discover how to gain the ultimate market edge.While it gives you numerous examples of what to buy, when to sell, and why, this follow-up to Dr. Tharp's revolutionary Trade Your Way to Financial Freedom shifts the focus to using psychological preparedness and expectancy to gain the advantage. Based on the principle that there is no universal strategy that will work for all traders, this hands-on e-trading blueprint combines the latest techniques in business and trading success with established tenets of behavioral finance to detail: Broad-based strategic guidelines to help every trader, with specific trading tactics that can be tailored to fit any plan Chapter-ending Knowledge Keys and Calls to Action that summarize each chapter's messagesand serve as a fast fingertip reference Recommendations for integrated hardware and software configurations Profitable uses of mechanical aspects from expectancy to position sizing Applications of NeuroLinguistic Programming (NLP) to the science of trading Financial Freedom Through Electronic Day Trading isn't out to dazzle you with arcane, elaborate facts and equations. Its only goal is to make you the best trader possible, in the shortest time possible. From Rmultiples, momentum patterns, and market maker tactics to market-making strategies, momentum strategies, and simulations, each of these intricate trading aspects is explained in straightforward, conversational style, easy to understand and apply.Electronic day trading is the first great entrepreneurial opportunity of the tewnty-first century. But to be a successful electronic day trader, you must first have the knowledge to understand the markets and the wisdom to understand yourself. Financial Freedom Through Electronic Day Trading is the only book on today's crowded trader's bookshelf to give you knowledge and the wisdom to intuitively isolate fast-gain opportunities and grab the profitsdramatically increasing the odds of success on every trade you make.Van K. Tharp, Ph.D., is president of the International Institute of Trading Mastery (IITM) and has been a consultant to traders and investors for over 15 years. Internationally recognized as today's number one coach and trainer for traders, Dr. Tharp is the author of Trade Your Way to Financial Freedom as well as a five-volume home study course, a monthly newsletter on systems and psychology, and a number of articles in industry publications. His trading models and techniques were featured in the book Market Wizards: Interviews with Great Traders.Brian June moved directly from a successful corporate career into a sizable income as an electronic day trader. A popular speaker at day trading seminars and expositions, June has written numerous articles for Market Mastery, the IITM newsletter, and is an expert at applying sound business principles to achieve trading success. He also developed a popular workshop on electronic day trading tactics and strategies.
ForewordxiPrefacexvAcknowledgmentsxxiPart 1How to Develop a "Laser-Guided Rocket" to Trading Success1Chapter 1The Journey to Trading Mastery3The Mind of a Master Trader3Is a Master Trader inside You?12The Most Important Steps to Trading Mastery13Knowledge Keys17Chapter 2Prepare Yourself for Trading Heights19The Power of Commitment19The Truth inside You22The Mission You Must Accomplish23I'm Starting with the Man in the Mirror26The Most Powerful Trading Questions You Could Ever Ask27The Belief Dynamic29If You Don't Believe It, You Can't Trade It29To Get Clear on Your Goals, Link Your Beliefs to Your Mission31Turn Your Goals into Action34How to Develop Powerful, Action-Oriented Goals36The Most Critical Goal-Setting Secret38Knowledge Keys39Calls to Action39Notes40Chapter 3Design a Plan Even Goldman Sachs Might Envy41How to Create a Dynamite Plan43Stepping through Your Own Business Plan44Show Me the Money or Why Have a Trading Plan?54Make an Inventory of Your Market and Trading Beliefs55Ya Gotta Have an Edge57Choose Your Trading Styles and Time Frames58Does Size Really Matter?66The More Tools the Merrier68Final Countdown69Effectively Marshaling Your Resources80Sample Business Plan85Sample Trading Plan91Knowledge Keys96Calls to Action96Notes97Part 2Putting the "Laser-Guided Rocket" Together99Chapter 4The Trader's Toolkit: Essential Secrets for Getting the Most from Your Hardware and Software101How Much Computer Do You Need?102Sweat the Small Stuff103Internet Connectivity--Get a Big (Broadband) Pipe!106Where Can You Rent That Big Pipe?109Keep That Connection Connected!111Technology Risks--The Dirty Little Secret of Trading112Integrated Trading Software--The Heart of Your Trading Platform113Reading the Gauges--The Most Important Trading Screens115Knowledge Keys131Calls to Action131Chapter 5Understanding the Golden Rule of Trading--R Multiples and Expectancy133The Golden Rule of Trading--Cut Your Losses Short and Let Your Profits Run!134Knowing Your Initial Risk: Begin with the End in Mind135Knowing the Expectancy of Your System--Will This Dog Hunt? Or What Kind of Return Can You Expect for Your Risk?138Defining and Calculating Expectancy (Relax, the Math's Easy)138The Opportunity Factor148Knowledge Keys149Calls to Action149Notes150Chapter 6Position Sizing: The Key That Makes It All Work for You151Positioning-Sizing Techniques That Work155Simulating Your System to Determine What's Possible158Position-Sizing Mistakes You Must Avoid160Answers to the Position-Sizing Problems163Knowledge Keys164Calls to Action165Notes165Chapter 7Prelaunch Preparation--Your Daily Routine167The Power of Simplicity167Start Your Day the Evening Before168T Minus 2 Hours and Counting169Applied Behavioral Finance--Know Thyself171Knowledge Keys175Calls to Action176Notes176Part 3Launching Your Trading Rocket177Chapter 8The Trading Day Liftoff: Navigating Trade by Trade179NASDAQ Level II--Your Booster Rocket to Trading Orbit179The Supply and Demand Model180The Ax181Other Market Makers Know the Ax184To Save Your Ask, Find the Ax!184Who's Playing Poker?186Chippies on the Bid--What Does It Mean?188The Secret of Collapsing Tiers189Understanding ECNs and Order Routing-- Getting Filled When It Counts!193Execution Strategies--When to Use Each Route203Some Finals Words on Order Routing205How to Get Filled in a Fast Market: He Who Hesitates Is Lost205The Mystery of Hidden and Reserve Orders207ARCA Reserve Orders209Speaking of Edges211Develop Expectations for Your Trading Day211The Art of Interpreting News213Stock Selection at a Glance217Directional Bias218Deciding to Enter221Pulling the Trigger222The Weight of Your Decision222Getting Your Fill224Never Enter a Trade Without Knowing Your Stop!224A Secret for Keeping Your Stop225Profit-Taking Exits226Don't Forget to Reenter230Position Sizing230To Make Maximum Profits, Remain Flexible230Defending Against Whipsaw231Trading Day Quick View232Knowledge Keys232Calls to Action234Notes235Chapter 9Market-Making Strategies237You Can't Trade What You Don't Believe238Strategies and Tactics238Market Making--The Stealth Specialist240Profit Potential246NASDAQ Market-Making System249Price and Trading Levels250The Ax Revisited252Understanding the Market Makers253Differences between Market Makers and Specialists254Recapping Market Makers and Specialists255Market Making--The Channel Feeder255Knowledge Keys263Calls to Action267Notes267Chapter 10Momentum Strategies269Momentum Philosophy269Momentum Patterns271Market Makers during the Open275Market-Maker Manipulation277Detecting Market-Maker Manipulation279Possible Interpretations of the MM's Activities279Illustration of Fading the Trend282Key Momentum Concepts288Momentum Strategies--The Sonic Boom Dive291Knowledge Keys307Calls to Action307Part 4Feedback and Maintenance309Chapter 11Common Mistakes Everyone Makes--And How You Can Avoid Them311Knowledge Keys335Calls to Action335Notes335Chapter 12Getting Feedback and Refining the Process337Review Your Trades: Live and Learn338Debriefing the Trades: Rules Are Not Made to Be Broken340Correcting Mistakes on the Spot: Do It Now or Forget It Later343Take the 30,000-Foot View for Loftier Profits344Refining the Process: If It Ain't Broke, Fix It (a Little) Anyway346Knowledge Keys348Calls to Action349Notes350Chapter 13Peak Performance Trading--The Keys to Gaining Control of Your Trading351Commitment to Yourself and Trading354Psychological Awareness (Soul-Searching)354Overcoming Psychological Biases357Emotions and Trading360Knowing and Stating What Fits You362Knowing Your Objectives and Using Position Sizing to Meet Those Objectives364Rules and Knowing What to Expect from Your System366How to Correct Mistakes367Checklist for Peak Performance Trading369Knowledge Keys370Notes371Glossary373Bibliography381Index383
