The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach [Paperback]

Markus Heitkoetter (Author)

Editorial Reviews

Review

"As a former instructor at the Chicago Mercantile Exchange and founder of Commodity Boot Camp, I wish this book were given out by every instructor in our classes. It is a nice overview of the pitfalls and opportunities that exist in day trading. Before you go down the day trading path, spend time and seriously consider reading this "easy to read" overview." -- Neal Weintraub, Professional Author, Trader, & Instructor

"I have been trading for 22 years, full-time for over 16 years. There are few traders out there who I feel have a well-rounded understanding of what is necessary to be a successful trader. After reading The Complete Guide to Day Trading, I feel that Markus Heitkoetter is one of those traders.

In trading, context is everything. You can have great entry and exit signals, but if you don't address other important factors such as money management, fear, greed, and developing a trading plan, you only have a small part of a big puzzle. This is what I like about The Complete Guide to Day Trading - it provides the context necessary to cover other critical aspects of success.

I would highly recommend The Complete Guide to Day Trading as preparation for anyone who is considering day trading... It will save you many, many costly mistakes while setting up a solid foundation from which to build your day trading plan." -- Ryan Jones, Author of The Trading Game: Playing By The Numbers to Make Millions

"If you are interested in day trading, this is definitely a book you must check out before jumping in. Easy to read and understand, entertaining, and right to the point... A great book from Markus Heitkoetter!" -- Francesc Riverola, CEO & Founder of FXstreet.com

"If you're looking for a great trading book that shows you how to profit from a balance of technical tools and usable trading experience lessons, look no further." -- Glen Larson, President and CEO of Genesis Financial Technologies

"There are plenty of books out there that can teach you about daytrading, but I'm not sure there are any other books like Markus Heitkoetter's The Complete Guide to Day Trading. What I especially like about the book is that for an experienced trader like myself, the book was a terrific review down "memory lane"...Heitkoetter's book had me get focused on doing things right again." -- Norman Hallett, CEO of Subconscious Training Corporation --This text refers to an alternate Paperback edition.

Product Description

Learn the Art of Day Trading With a Practical Hands-On Approach

Do you want to be a day trader?

Every day, millions of dollars change hands in the markets, presenting the perfect opportunity for people just like you to make significant money and profits through the art of day trading.

But here's the question: is day trading right for you? And, if it is, how do you get started?

In his new three-part guide, professional day trading coach Markus Heitkoetter lays out a simple, proven system for trading success. From the basic essentials of trading to the actual process of making money in the markets, he'll cover it all.

* What You Need To Get Started: The Tools, The Methods, The Mindset

* Finding the Best Market to Trade: Futures, Forex, Stocks, or Options

* A 7-Step Approach to Developing Your Own Profitable Trading Strategy

* The 10 Power Principles of Successful Trading Strategies

* Avoiding The 7 Common Mistakes of Traders

* Get Started Without Risking A Single Penny

* Ready-To-Use Trading Plan Templates, Checklists, Resource Directories, & More

Loaded with easy-to-use information, proven and reliable strategies and guidelines, and a practical hands-on approach to the industry, The Complete Guide to Day Trading is your own personal manual to success in the markets.

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Product Details

• Paperback: 296 pages
• Publisher: Outskirts Press (June 30, 2008)
• Language: English
• ISBN-10: 1432721178
• ISBN-13: 978-1432721176
• Product Dimensions: 8.9 x 5.9 x 0.7 inches
• Shipping Weight: 12 ounces (View shipping rates and policies)
• Average Customer Review: 3.7 out of 5 stars  See all reviews (39 customer reviews)
• Amazon Bestsellers Rank: #138,859 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

58 of 63 people found the following review helpful:

2.0 out of 5 stars Title is Misleading. Good book for newer traders, will help with organization for some., May 15, 2008

By	Forrest L. Penn (Chicago, IL USA) - See all my reviews (REAL NAME)

This review is from: The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach (Volume 1) (Paperback)

I have been actively Day Trading for about 2 months now, and have managed to remain profitable. I have gotten better over time, and I eventually see this as a way to earn a living.

I heard about this book as I attended one of Marcus's free seminars online.

I really struggled on whether to give this book a rating of 2 or 3 stars. And that is based on what I think the book is good for. I think the title is a bit misleading? The title kind of bills this book out as a 'COMPLETE Guide to Day Trading.'

When I read the word 'COMPLETE,' I tend to think that it will cover money management, trader mentality, how to identify trends, and most important, detailed explanations into trade setups. Basically I would think it would cover many things about day trading, but most importantly.....specific trade setups.

This book was a decent, quick read. And it does a pretty good job at explaining the basics to brand new day traders. It also has some good organizational information in there for anyone. But if you're looking for a book to explain specific setups, time of day, etc.....this isn't the one for you. Specific trade setups really are just mentioned as a blurb more or less in the book in one chapter. If you've been trading for a while, I would say that since it IS available in paper back, and is relatively in inexpensive, it's not a bad buy, but there are more useful books in my opinion. 'Mastering the Trade' is still the best book I've read thus far.

If this book were billed as anything BUT the 'COMPLETE' guide to day trading, or if the word 'Beginner' were somewhere in the title, I would have given it 3 stars. But to be billed as the COMPLETE guide is what swayed me to report 2 stars. Even after reading this book, there is no way a new trader will read it and be capable of day trading.

I don't feel bad about purchasing this book at all. Decent read, but I do not think it's going to help most day traders. Happy trading!!!

Forrest

22 of 25 people found the following review helpful:

1.0 out of 5 stars Regurgitated and repackaged information for the beginners, September 8, 2008

By	D. Gapkalov (Miami, FL, USA) - See all my reviews (REAL NAME)

This review is from: The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach (Volume 1) (Paperback)

I have had high hopes for this book based on good reviews. I admit, I slacked off and didn't check the reviewers as I normally do. For me this book was a disappointment - regurgitated and repackaged information for the beginners that you can find free on the internet.

Markus Heitkoetter of Rockwell Trading sells day trading seminars that are priced in middle four-digits. You always have to do your due diligence, whether it is a $15 book or a four-digit seminar. Otherwise you risk to buy an inferior product. In case of trading, always do research online in depth or ask the vendor to provide the track record. If any teacher cannot provide a successful track record in their field - run. Buyers beware!!!

33 of 42 people found the following review helpful:

5.0 out of 5 stars Navigate through the complexities of day trading, May 1, 2008

By	Digger's Domain "Digger's Domain" (Minneapolis, MN) - See all my reviews

This review is from: The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach (Volume 1) (Paperback)

If you're looking for a book to help you navigate through the complexities of day trading, Markus Heitkoetter's The Complete Guide to Day Trading is the one you should use.

Heitkoetter starts from the beginning, as anything calling itself a Complete Guide should do, by explaining that although it is possible to make a great living as a day trader, day trading is not for everyone. And even day traders who are successful and make large amounts of money MUST accept that losses are a part of the business, and you - as a day trader - must be prepared for that, too.

Heitkoetter emphasizes what every good day trader needs to know - you have to be in charge of your emotions, make a plan, and execute the plan. He can't emphasis this enough, as a matter of fact. Day traders must be able to control their emotions, and never ever "trade angry."

The table of contents is very detailed - from selecting a market (stocks, stock options, forex, futures) to selecting a trading approach (fundamental analysis, technical analysis, day trading charts, and technical indicators.)

Then, he covers perhaps the most important part of a day trader's job: "Defining Exit Points!"
I also like the fact that he identified the seven common mistakes that day traders make which cost them money, from trading the wrong market, to not having a trading strategy, to not limiting your losses. Knowing what mistakes NOT to make is almost as important as knowing what you should be doing!

Heitkoetter explains his principles in simple, easy-to-understand prose and covers everything thoroughly.

My one complaint: as detailed as the table of contents is, I still would have preferred an index, to help me find things even quicker. However, there is a glossary of terms, reading resources, and a trading plan template, as well as bonus materials available from his website, including an ebook containing a fully disclosed trading strategy - which I'll be using soon.