Day Trade Your Way to Financial Freedom, tells you everything you need to have–and know–to launch a successful and satisfying career as a stock trader. From behind-the-scenes details on market makers and Level II trading to the stock-picking strategies and trading techniques of today’s top pros, renowned trader and trainer Sammy Chua shows you how to:
- Use your Level II screen to look behind the action–and discover what the market makers are really doing
- Interpret technical indicators to identify trends and accurately forecast pending reversal points
- Stay in winning trades for the maximum possible profits, while avoiding huge losses that can cripple a trading program
Introduction:
DAY TRADING IS THE MIRROR OPPOSITE of the buy and hold strategy. It means trading frequently, trying to capture small profits while
limiting risk. You do not buy a stock and hold it for years. Good traders learn what makes stock prices move up or down, and they use this knowledge to make money on a daily basis.
Day trading is not for everyone. To be successful, you have to love what you do. If day trading does not fit your personality, you will not last long. For example, day trading can be risky. You can lose money in a few seconds. Risk taking comesnaturally to some people but shakes others to the core.
If you feel comfortable buyingonly companies with strong, long-term fundamentals, then short-term trading,particularly day trading, is not for you. But if your desire for financial freedom is strong enough, if you are willing to develop the discipline it takes to trade successfully, you have the right mentality to be a frequent trader.
As you read this book, try to decide whether you have the type of personality it takes to be a trader. Remember, trading is an ongoing process of learning. You must be willing to constantly adapt to the ever-changing market. Trading requires constant reading, picking the brains of those who have already succeeded, and a bulldog tenacity to learn your craft.
It can be exciting, even exhilarating, when things go your way. There is no limit to the profits you can earn. Your success depends on how much effort you are willing to commit to learning.
Contents:
- The Big Board and Nasdaq
- Brokerage Firms
- Direct Access Order Entry System
- Elements of Successful Trading
- Trading Strategies
- Technical Analysis
- Candlestick Charting Techniques
- Spotting Trends
- Preparing for the Open