The Day Trader’s Survival Guide was written 15 years ago and was released in the year 2000. For more up to date information and trading tips from Christopher A. Farrell, including addressing the important changes to market structure and trading on the NYSE and NASDAQ that have occurred over the past decade.
Author’s Note:
In this day and age, successful day trading is about surviving lightning fast market movements, bad executions, the unfair and unscrupulous practices of the Wall Street trading firms, and, last but not least, surviving the ridiculous stereotypes and misinformation about day traders that exist. I am excited about this book because it says many of the things about Wall Street-and about day trading-that other people have been afraid to say.
I’m sure many of you have read the horror stories in the media about investors who have lost their life savings after they “dabbled” in day trading. Many individuals enter the day trading arena with the intention of making a quick killing, and instead the market teaches them a harsh lesson and they leave the arena penniless. In fact, there have been industry reports that say that as many as seven out of every ten day traders ultimately lose money. But not everyone loses money. Some make a very good living, and there are a privileged few-many in their early twenties-who have been able to make six- and seven figure salaries year after year.
Aside from Hollywood, Silicon Valley, and professional sports, successful day traders can make more money in a shorter space of time than they can in any other profession. So what, exacdy, is it about the short-term mechanics of the market that prevents so many day traders from being profitable? What is this mysterious “market force” that has claimed the life savings of so many novice day traders yet is also capable of producing incredible riches for a lucky few who can harness its power? This book is intended to answer that very question.
One of the early mistakes that many novice day traders make is that they get caught up in the hype of the online trading revolution. Technology is advancing at a faster clip every single day, but don’t believe the ads you see on television. Just because you can get a trade executed in a split second with the click of a mouse, that does not mean that you are on a level playing field with the rest of Wall Street.
If most day traders lose money, it logically follows that someone is making money at their expense. If you lose $25,000 playing the market, the money doesn’t just vanish into thin air. So what are all of these day traders doing wrong, and why are they always on the losing side? How come those few day traders who are successful end up with all of their money? Consider this: Do seven out of ten Wall Street trading firms lose money? Do Goldman Sachs, Morgan Stanley, First Boston, and Merrill Lynch consistendy lose money? Absolutely not! They make money hand over fist, year in and year out. This merely proves that there is a way to exploit this system for profit, and it involves beating Wall Street at its own game.
From this point forward, take everything that you ever learned about investing and forget it. The first thing that the day trader must understand is that in the short term stocks act quite differently than they do over the long term. The techniques that apply to long-term investing do not work in the short term. If you approach day trading the same way that you approach investing, you are sure to lose money.
You will learn many things in this book that you have never known before. There are cutting-edge trading strategies mentioned here that you will never see in any other books written on day trading or online trading. My intention in writing this book is not to sell you on the dream of quitting your job and trading for a living. Instead, we will take the high road. This book will show you how it is done. Remember, all of Wall Street is out to take your money. This book will show you how to take their money instead.
Contents:
- Wall Street’s Money-Making Machine
- Gouging the Customer: Dirty Little Secrets of the Online Brokerage Firms
- A Momentum Trader’s Diary
- Instigating the Day Trader Stampede: How the Market Makers Manipulate Stock Prices
- The Day Trader Strikes Back: How You and I Can Manipulate Stock Prices
- The Momentum Trader’s Quiz: Applying What We Have Learned
- The Scalp Trader and the Hunt for Razor-Thin Profits
- Moving the Market: The Scalp Trader and the Art of Trading Illiquid Stocks
- How the Specialist Manipulates Stock Prices to Derail Day Traders
- Arbitrage Trading: Unsustainable Valuations and the Hunt for “Free Money”
- Beating the Specialist at His Own Game
- A Utopian Vision for a Fair Marketplace: The Twenty-four-Hour Unified Exchange, the Virtual Specialist, and the Extinction of Traditional Wall Street
The Day Trader's Survival Guide: How to Be Consistently Profitable in Short-Term Markets By Christopher A. Farrell pdf
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