Customer Reviews

The Day Trader's Course: Low-Risk, High-Profit Strategies for Trading Stocks and Futures

5 star:		(2)
4 star:		(1)
3 star:		(2)
2 star:		(0)
1 star:		(2)

 

 

What a disappointment! Almost nothing of real value. Of the many dozens of books on daytrading, and I own most of them, only a handful present useful information that you can actually utilize. Tony Oz, Jea Yu, Joe Dinapoli, Toni Turner and Linda Raschke are your best sources. I intend to either return this waste of paper and ink or sell it. Frankly I would hate to rip someone off so I hope I can return it for a credit. I had high hopes, I even ordered this six weeks before it was published.

Hey, if you are like me and have a full-time job while you trade, then I think that you will find this book valuable. This is real world stuff from a real trader. I mean, if failure is the best teacher then this guy can has learned alot. In the book, Borsellino talks about how he worked over $4 million down to $100K and what he learned from it. That's the best part about this book, lessons like that broken down into a simple set of rules to trade by. Another plus, Borsellino gives you his support and resistance levels every day on the S&Ps free on TradingMarkets.com!

This work is a very useful resource for the aspiring or successful index futures trader. My trading library is quite extensive at this point and this work by Mr Borsellino gets my highest rating. He presents his area of expertise in trading for what it really is, no fluff. His portrayal of "Stepping Through the Trades" and "IntraDay Dynamics" would be useful to anyone at any stage of trading since he honestly shows how a trade setup that is evaluated and entered properly can be a winner - looser - or prematurely closed. Being able to clearly evaluate a setup and then execute it with predetermined goals is emphasized. This book presents technical analysis in two chapters. I think some new traders might look at his presentation and feel as though they were short changed. Most new traders want a complex method to dissect the market thinking it will reveal something no one else can see. In reality the simple methods presented in this book cover it all and it is all that Mr Borsellino and the traders working with him use day to day. There are few traders out there with Mr Borsellinos' level of success and experience, probably none willing to share the methodology that they use for the small price of this book.

Lewis Borsellino has earned a reputation as one of the greatest for his 20 years of pit trading at the Chicago Mercantile Exchange. Now that computers have brought trading to offices and homes around the world, Lewis is able to teach people lessons he has learned the hard way and that are as applicable now as they ever were. This book offers the essential ingredients that have given the author what it takes to become one of the best. Through Lewis' real-world experiences, the virtues of mental preparation, technical analysis, devising a trading plan, execution and discipline, should hit home with clarity.

The first chapter of the book is dedicated to mental preparation, and the importance of fully understanding the basic truths about trading. Lewis has seen people from all types of professions think they can take what they have learned in their fields and apply it to trading. This is not the case. When Lewis shares his experiences, it is clear that the market requires a certain "frame of mind" that is like nothing else.

At one point in Lewis' career, he had gained $4.5 million in profits, but saw it evaporate to only $100,000. From this loss, he learned that certain errors in his thinking were the culprits. For example, trading in big size may be good for the ego, but it can get you into situations that a poor market won't accommodate for. As Lewis said:

"I couldn't fling around hundreds of contracts to satisfy my ego or because people in the pit expected that of me. I had to trade what suited both my own plan and the market conditions. After that my trading was noticeably on track."

With a proper mindset in place, a good trader needs a good plan to execute. Essential to Lewis' plan is technical analysis. According to Mr. Borsellino, technical analysis, as far as drawing up the images, is the easy part; interpreting them is where the real expertise comes in. With this book as your guide, insight into what Lewis looks for in a chart will be made clear. The goal here is to identify the trend at an early stage and stay with the trend until it has ceased. Just learning the patterns will only get you so far, it takes the advice of a real pro to gain a superior edge in the markets.

The most important aspect of trading for Lewis is discipline. This means adhering to a plan, focusing on the trade, not the money, and goal setting. Without discipline, the best strategies in the world will fall apart. Knowing when, and when not to trade, as well as not letting matters outside of trading interfere with your decisions, are the results of practicing good discipline. This challenge is something even Lewis deals with now in his career. Through sharing personal experiences, the author gives tips and advice on how to incorporate good discipline, and to avoid common pitfalls that will wreak havoc on your account. Again, just being familiar with the importance of discipline is one thing, but having Lewis as your guide is a real treat.

I will admit that I am a trading book junky and find something to learn from just about everything I pick up. But this one comes from the perspective of one of the world's greatest, and with co-author Patricia Crisafulli, this well-written read will help solidify what's really important when it comes to obtaining success. As Larry Connors, CEO of TradingMarkets.com, puts it, "If you're looking for theory, this is not the book for you. But if you want to learn how to trade in the real world, Lewis is your greatest teacher."

One of the trading legends of this generation , I'd imagine it might have been painful for Lewis to "talk down" and write the book in this total trading newbie tone. Experienced traders will find little information here of any use. Just very basic TA, bit of overworked trading principles and the customary psychology chapter. I did find one page discussing fair value and premiums to be interesting and there are a few pages going over the economic indicators at the end of the book that might be worth taking notes on. Overall, a decent pick up for a total beginner though useless for any seasoned trader.

Here we go again, another trader joins the herd of new writers and "experts"!. The writer spends more time talking about his web site and himself than teaching how to trade !!. I managed to return this book and I got my dollars back. DO NOT BUY THIS BOOK, PERIOD!

This is exactly as described a how-to book for daytraders. There is a perfunctory rehash of the basics of technical analysis and execution systems. The material here is helpful as a stepping stone if the reader has never been exposed to the material but there is nothing groundbreaking presented. That alone is of interest to me. Here is a trader that has been successful on the floor with little more that a few support and resistance numbers in his head. It is clear from his book that you will make bigger profits if you understand the market, even if you invest little time reading the latest book from newest technical analyst.

There are sections about how to prepare for the trading day, the dynamics during the trading day and how to use time effectively after trading is done. Again, the material presented is basic in nature. Perhaps when a book is written with such a large scope, it would be impossible to add much depth to the various topics. Borsellino is a legend of trading. But I would recommend Schwartz's Pit Bull over this effort.