Strategies for the Online Day Trader: Advanced Trading Techniques for Online Profits
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Strategies for the Online Day Trader is packed with advanced techniques and strategies to help you become a high-energy professional electronic day trader. This step-by-step, nuts and bolts guidebook takes you beyond the basics to detail in-depth, proven techniques that experts use to study the market, determine in which direction it is headed–and lock in profitable trades every step of the way! In this action-oriented book, online trading veterans Fernando Gonzalez and William Rhee provide: blow-by-blow trading accounts that give you the anatomy of a profitable trade–and cut years off your learning curve! risk management techniques to stop losses short while letting profits run; tips and tactics for expertly negotiating the NASDAQ Level 2 screen; insights and shortcuts for SOES, SuperDOT, ECNs, and other electronic trading systems; expert insights of scalping, going short, following the trend, and other strategies of the professional trader.
Introduction:
The purpose of this book is to familiarize you with the obstacles of day trading, the psychology and philosophy behind it, and the pitfalls that plague most novice day traders. It will help you to prepare for day trading in a step-by- step process so that you too can take advantage of the cutting-edge technology that has helped thousands of other individuals to profit from the stock market. This book is divided into two parts. Part I, containing Chapters 1 through 4, lays the foundation for understanding market basics; understanding yourself in relation to the market; gaining an overall perspective on the market; and understanding the forces that affect the market.
Part II includes Chapters 5 through 12. Chapters 5 and 6 help you to understand price action; learn how to anticipate and develop your timing; and understand momentum, trends, and the technical analysis behind charts, which attempts to systematize the movement of prices. Chapter 7 focuses on order execution, because it is your extremities in cyberspace. Being able to execute orders at the command of your thoughts will help you to buy and sell with split-second precision so that you will not miss key price levels. We then lay out the basics of fundamental and technical analysis.
While day trading involves a micro-version of price volatility, understanding the overall perspective of fundamental and technical analysis will give a better indication of the intrinsic value of stocks and where the course of momentum may encounter support and resistance from the opposite forces. Next, we provide an overview of trading strategies and styles in Chapter 8different techniques for trading that vary according to scales of price and time, personal inclinations, and risk tolerance levels. In Chapters 9 through 11, we present examples taken from our own trades. We provide the details of various trades and document the split-second as well as longer-term decisions that trigger an entry point, and the management of risk that leads to different exit points. Finally, Chapter 12 includes a variety of important trading notes.
Most individuals fail in their attempt to day trade not from any lack of mental capacity, but from a stubborn refusal to avoid a head-on collision with the market’s forces. Rather than facing the full impact, using the market’s forces as leverage to ride the waves of buying and selling pressures will help you to surface from the turmoil of a volatile day in the market not just unscathed, but victorious and profitable. The strategies outlined in this book will help you to apply that leverage as you participate in the growth of online trading. With competition growing from major exchanges around the world and technological breakthroughs occurring in order handling, online day traders are part of a major revolution in the stock market as we enter the next millennium.
Contents:
- Market Basics
- Risk Management, Psychology, and Discipline
- Market Preparation
- Forces That Move the Market
- Price Action and Momentum
- Patterns, Trends, and Gaps
- Efficient Order Execution
- Trading Styles
- Scalp Trade Examples
- Swing Trade Examples
- Core Trade Examples
- Trading Notes
Strategies for the Online Day Trader: Advanced Trading Techniques for Online Profits By Fernando Gonzalez, William Rhee pdf
| Author(s) | |
|---|---|
| Format | |
| Pages | 233 |
| Publication Year | 1999 |
9 reviews for Strategies for the Online Day Trader: Advanced Trading Techniques for Online Profits
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Salvatore Buchanan (verified owner) –
This book is well written and concise….I have been tradingfor three years through Terra Nova. This book is unparalleled forgiving the proper well rounded understanding of direct access day trading. I only hope that they see fit to write another on even more advanced techniques. I will be in line to write another review…
Abby Galindo (verified owner) –
For the authors that is. There is nothing in this book that you will not find in the book Electronic Day Trading Made Easy by Misha Sarkovich, which is about half the price of this book. Misha’s book covers all that is in this book and a lot more. Do not buy this book.
Mackenzie Rowland (verified owner) –
This book is very basic, hastily written and offers absolutely no advanced trading tips whatsoever. Read Tony Oz’ “Stock Trading Wizards” for a solid advanced day trading book. Our traders at Daytrading University, trainingaloha.com, benefit from good books, but I do not recommend this title as it offers nothing that could benefit anyone but the greenest of traders. ‘Daytrading Into the Millenium’ by Turner is also good, as are the Schwager’s ‘Market Wizards’ books. If you buy this, you’ll return it like I did. Flipped through it in 30 minutes and said ‘so what’s new?’. Can’t blame these guys for trying to cash in on the daytrading phenomenon, I just wish they’d produce a meaningful or insightful book. This one’s a dud.
Eliezer Ball (verified owner) –
The content of this book is superb. More importantly, I love the way they write their ideas. Trader and writer are different profession; and sadly, most traders are very bad in writing. Theses guys seem to have big talent both in trading and writing arena. Reading their books is like reading Hemmingway or Tony Morison…
Hector Cohen (verified owner) –
I have ordered a number of books from sacred traders over the last few months, and this is by far my favorite. This is a no-nonsense collection of trading tips and techniques that rocked my world! The experience displayed here is pretty obvious if you watch the market closely enough, you will see how you can apply this practically everyday. This book goes where I go, as I read it over and over to absorb as much as I can. I cannot say enough good things – Thanks to the authors for a great no-nonsense book!
Marisol Hail (verified owner) –
I have read many, many Day Trading books in search of the Holy Grail. Most books give you the same fundamentals (blah, blah, blah). This book gave me more “hands on” techniques that I am using successfully. It is the most “real world” book I have read and not overloaded with theoretical ideas and technicals. To each his own but it is my favorite….
Ruben Hamilton (verified owner) –
THE BOOK IS AN GOLDMINE FOR AN DAY TRADER.IT CLEARS THE MISTAKES AND IMPROVES TRADING DRAMATICALLY.
Myra Colon (verified owner) –
There has been a rash of sales pitches for expensive chat rooms and seminars disguised as books (see Velez’ poorly written “Master Day Trader” book for another example) and This is another one.
The book has a nice cover, great graphics. “Don’t judge a book by its cover” fits perfectly. There was nothing advanced in this book, a lot of simple “how to look at a trend” type of information. Nothing on market maker plays or time & sales strategies.
Destiny Malone (verified owner) –
Everything that comes out of this place seems to be overpriced beginner material. There is nothing advanced at all about this book, I felt like I was being talked down to, as there was no “meat”.
Funny, the occasional positive reviews for this book sound like they were all written by the authors themselves, using different names. This book is not advanced, has nothing at all about market maker plays.