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Title: The Day Trader's Survival Guide: How to Be Consistently Profitable in Short-Term Markets by Christopher A. Farrell ISBN: 0-06-662085-6 Publisher: HarperBusiness Pub. Date: 01 November, 2000 Format: Hardcover Volumes: 1 List Price(USD): $29.00 |
Average Customer Rating: 4.29 (24 reviews)
Rating: 4
Summary: A Complete Insight Into The Day Trader's Survival Guide
Comment: There are many daytrading books out these days. I've read quite a few of them, each having a different slant on how to attain success at trading the stock markets successfully. Most involve trading Nasdaq stocks exclusively, while focusing on market maker activity, support and resistance, chart setups or patterns, etc.
Christopher A. Farrell's book stands out as a different and brutally honest look at both the Nasdaq and the NYSE, how they work, and the pitfalls they hold for traders. Numerous quotes by market notables supporting the author's contentions are interspersed throughout the book.
One of the book's major themes is technical and fundamental analysis are useless to the daytrader who is contemplating a trade where a large market maker could be manipulating the stock's price. I couldn't agree more. However, I believe the author goes too far in discounting the usefulness of these valuable tools, as he sounds as if he believes that charts and fundamental information would never enter in as valid trading criteria in any other styles of trading. Nevertheless, I found his insights about market makers to be invaluable.
Ways in which a trader can gain somewhat of an edge over the Nasdaq market makers are spelled out, such as how to use "hidden orders." Also, "Spoofing" was a very interesting tactic exposed by the author: the advertising of huge size to buy or sell on Level II with no desire to be filled, but to manipulate the stock higher or lower. The author is very experienced at trading.
Insights into the NYSE specialist's role are covered in great detail, as well as a number of NYSE daytrading tactics. The author puts us in the specialist's shoes, giving various scenarios of market conditions and what a specialist does in his own interest and in the interest of the public. A more informative piece I have not read.
The author concludes by speculating on a trading world of totally fair markets, or "The 24-hour Unified Exchange, the Virtual Specialist, and the Extinction of Wall Street." A nice sentiment, but a lot of big money and influence stands in the way. All told, this book is an excellent read for any trader.
Rating: 3
Summary: A Good Addition To Your Library
Comment: I read Farrell's first book, which was downright awful, so I was a bit skeptical when I bought his latest work. This one is much better than the first. However, it might be better titled, 'NYSE Day Trader's Survival Guide' Farrell specializes in NYSE stocks.
Despite what the author might have you believe, it is difficult to trade NYSE stocks. The specialists simply are thinking one step ahead of you. As an actual trader, I often found it impossible to scalp 1/16 as Farrell mentions in his books. You are going to lose money if you try this strategy. Also, trading large quantities of low-priced stocks is an almost sure way to blow out your account sooner or later. The author doesn't warn the reader.
Be aware that the NYSE is soon going to replace specialist trades of 1,000 shares or less with a system closer to that of trading NASDAQ stocks. The activation date is getting close, as this topic was in the news just a few days ago. You won't find this covered in the book.
'The Day Trader's Survival Guide' is a well polished effort. If you decide to buy it, then by all means Be sure to read Farrell's first book, 'Day Trade Online' so that you get a better depth of what Farrell and trading NYSE stocks are actually about.
Rating: 5
Summary: Are you new to the TABLE?
Comment: This is the first book on the subject matter that I have read. I must say this book is a must for any novice investor. The author sheds light on understanding why the online novice daytrader is not on a level playing field. (Did you know 7 out of ten daytraders lose money?)Upon reading this book, you will understand why. Currently, I have delayed further day-trading until I get access to a "more" level playing field. For example, quicker connection's, perhaps not using an online brokerage firm. Researching NASDAQ LEVEL II QUOTES!, understanding who,what,why,how the specialist, and money makers role is, researching software, and of course getting my hands on other books!!!
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Title: A Beginner's Guide To Day Trading Online by Toni Turner ISBN: 1580622720 Publisher: Adams Media Corporation Pub. Date: 01 March, 2000 List Price(USD): $15.95 |
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Title: A Beginner's Guide to Short-Term Trading: How to Maximize Profits in 3 Days to 3 Weeks (Jataka Tale Series) by Toni Turner ISBN: 1580625703 Publisher: Adams Media Corporation Pub. Date: January, 2002 List Price(USD): $15.95 |
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Title: Day Trade Online by Christopher A. Farrell ISBN: 0471331201 Publisher: John Wiley & Sons Pub. Date: 31 March, 1999 List Price(USD): $29.95 |
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Title: The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities by Alan S. Farley ISBN: 0071363092 Publisher: McGraw-Hill Trade Pub. Date: 13 December, 2000 List Price(USD): $55.00 |
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Title: High Probability trading by Marcel Link ISBN: 0071381562 Publisher: McGraw-Hill Trade Pub. Date: 17 March, 2003 List Price(USD): $39.95 |
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