Features
- Cover Type: Paperback with 360 pages
- Published by: For Dummies October 29, 2007
- Written in: English
- ISBN 10 Number: 0470171499
- ISBN 13 Number: 978-0470171493
-
Book Dimensions:
9.1 x 7.4 x 1.1 inches
- Weighs: 1.1 pounds
Book Description
Are you thinking about day trading as a career? If you love the thrill of the markets, can handle the pressure of waiting for the right moment to buy and sell stocks, and you like taking risks, then
Day Trading For Dummies is the guide for you!
Day Trading For Dummies explains the ins and outs of day trading—both online and through a brokerage house—and helps you determine if this quick-action, trading-for-income opportunity is right for you. You’ll discover how day trading works, what the pitfalls are, and what some of the alternatives are for your portfolio and for your career. This simple, straightforward guide presents a step-by-step plan of action for getting started, giving you the tools and strategies you need to:
- Understand a “day in the life” of a day trader
- Know the personality traits of a successful day trader
- Learn about and sign up for asset classes
- Weigh your risk tolerance
- Plan and research your trades
- Navigate the short-term markets
- Raise capital and protect your principal investments
- Comply with regulatory issues
- Subscribe to research services
- Use technical and fundamental analysis
- Set up your home office to improve response times
- Know when to hold onto a trade and when to exit
- Use day trading to expand your investment options
Complete with sample trading plans, a list of ten common day trading mistakes and how to avoid them, and solid advice on handling stress and keeping your emotions in check,
Day Trading For Dummies gets you on the path to becoming a great day trader!
Back Cover Copy
Features sample trading plans Know the markets, gain confidence, and buy and sell like the pros Want to succeed as a day trader? This plain-English guide shows you how day trading works, identifies the all-too-numerous pitfalls, and gives you a step-by-step action plan to get started. From classic and renegade strategies to the nitty-gritty daily practices, you'll see how to keep a cool head and manage risk while you buy and sell your positions.
Discover how to: -
Set up your accounts and your office -
Plan and research trades -
Comply with regulatory issues -
Leverage limited capital -
Profit from price drops -
Make better portfolio decisions
Reader Reviews
I received this book as a gift and, at first, I was skeptical. I spent twenty years working for investment banks starting as a runner on the floor and retiring as the head of a trading desk. "What," I asked, "does this book have to teach me?" Ah, beware of hubris! I was pleasantly surprised at what I learned. The book has a good introduction to how to obtain the sorts of information that a real day trader will need, but is best on the emotional. Emotions are almost always overlooked. I've seen lots of bright people rise to a certain point on a trading desk and then just implode because they couldn't handle the stress. And these were people working with other's money. It is even worse when it's your own dough on the line. The guy who practices day trading until he has his system all ready and then blows out a month after going live is very common. Early in my career I started my own firm. This was before day trading was even technically possible and the firm was in the options pits. I got on the emotional roller coaster: on good days it was "Come on Honey, its steak dinner time!" On bad days I tried to save money by rationing toothpaste. It all ended in tears. This is all by way of stressing the role emotions play in successfully trading the market. This book discusses strategies actually employed by some of the best traders on Wall Street and the book is worth looking into for that alone.
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