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Title: How to Get Started in Electronic Day Trading: Everything You Need to Know to Play Wall Street's Hottest Game by David S. Nassar, David S. Nasser ISBN: 0-07-134566-3 Publisher: McGraw-Hill Trade Pub. Date: 30 November, 1998 Format: Hardcover Volumes: 1 List Price(USD): $24.95 |
Average Customer Rating: 3.63 (134 reviews)
Rating: 3
Summary: Don't quit your job to day-trade quite yet!
Comment: The information in this book is simplistic and (in my opinion) there does indeed seem to be a not-so-hidden agenda aiming readers toward the author's courses and his trading firm. On the other hand, if you don't know much about trading, it's a pretty good introduction to the basics.
Most of the strategies discussed would work equally well simply by using any of the reputable on-line brokerage firms such as Waterhouse or E*Trade for trade executions. In my experience, placing appropriate limit orders with a good online broker results in almost instantaneous executions and if you want to play the level II NASDAQ game, well, good luck! May I say from many years of trading: If you wish to "scalp" or do short term swing trading, or make money on 1/8 point moves at the speed of light, beware! (At least the author warns of the inherent dangers lurking to snag the day trader.)
It's OK to be optimistic, and this book certainly is. It's a little reminiscent of the now-infamous "Wall Street Money Machine" (by a former cab driver who will go un-named) but to be fair, it's not nearly as irresponsible. It IS a GREAT idea to simulate trades before you use real money and, to the author's credit, this rational approach is advocated. Then details get quite fuzzy and the clear message seems to be: For more details, take my course.
In the 1990's I have watched friends and aquaintances jump into the various "hot" and "exciting" arenas of OEX options, option writing and buying, commodity futures, short-term-day trading, and the like. These are not dumb or untrained people, but PhDs in engineering, business professionals and the like. Results have been, to put it kindly, mixed, and one of them got wiped out to the tune of $200K rather efficiently.
My wife was a financial analyst for a Fortune 500 company and I have been a trader for many years. Now that I am retired from my engineering career, I have lots of time to dedicate to the craft of trading...I choose the word "craft" deliberately...and my advice to those who "have a passion for trading" is: Take a cold bath for the passion, learn as much as you can as long as you can, and then start with teeny trades, one at a time. Maybe one day I'll actually meet somebody who was an instant success in this challenging area, but I haven't yet.
Rating: 5
Summary: Read Chapter 5
Comment: Picked up this book at our local library. Was'nt expecting much, but then I flipped through to Chapter Five.
Chapter Five is worth the book price. In it you will learn how the market is moved, by watching the bid/ask prices and size.
I only trade futures, not stocks, but the information in chapter five confirmed the reality of trading in all markets. The strong money will win - every time - at will. You need to know what to look for and which side they are on.
Rating: 5
Summary: Great Read!
Comment: I read both of Nassar's books and they are both excellent additions to anyone's library on trading. He is clear, direct, firm, and no nonsense. That is what I like about this author the most. He does no selling in the book and only offers information, page after page. I have read many books on trading and most authors have something to sell, Nassar's book makes you search for how to reach his firm,... I think he is world class in his approach and has integrity. His material is simple to understand and the ideas are easy to incorporate into trading yet rewarding. He makes it clear that trading success is about you, not a magic formula that so many portray is possible, which in fact is not. Read Nassar's books if you want it straight.
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Title: The Electronic Day Trader: Successful Strategies for On-line Trading by Marc Friedfertig, George West ISBN: 0071364285 Publisher: McGraw-Hill Trade Pub. Date: 24 August, 2000 List Price(USD): $16.95 |
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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: Electronic Day Traders' Secrets: Learn From the Best of the Best DayTraders by Marc Friedfertig, George West, Jonathan R. Burton ISBN: 0071347674 Publisher: McGraw-Hill Trade Pub. Date: 31 March, 1999 List Price(USD): $29.95 |
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Title: Rules of The Trade: Indispensable Insights for Online Profits by David S. Nassar, Bill Lupien ISBN: 0071354638 Publisher: McGraw-Hill Trade Pub. Date: 22 February, 2001 List Price(USD): $24.95 |
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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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