Day Trading For Dummies [Paperback]

Ann C. Logue (Author)

Book Description

Publication Date: October 29, 2007

Day trading is undoubtedly the most exciting way to make money from home. It's also the riskiest. Before you begin, you need three things: patience, nerves of steel, and a well-thumbed copy of Day Trading For Dummies—the low-risk way to find out whether day trading is for you.

This plain-English guide shows you how day trading works, identifies its all-too-numerous pitfalls, and get you started with an action plan. From classic and renegade strategies to the nitty-gritty of daily trading practices, it gives you the knowledge and confidence you'll need to keep a cool head, manage risk, and make decisions instantly as you buy and sell your positions. Learn how to:

• Set up your accounts and your office
• Connect with research and trading services
• Plan and research trades carefully and thoroughly
• Comply with regulations issues and tax requirements
• Leverage limited capital
• Cope with the stress quick-action trading
• Sell short to profit from price drops
• Evaluate your day-trading performance
• Use technical and fundamental analysis
• Find entry and exit points
• Use short-term trading to establish a long-term portfolio

You'll also find Top-Ten Lists of good reasons to go into day trading, or run from it in terror, as well as lists of the most common (and expensive) mistakes day traders make. Read Day Trading For Dummies and get the tips, guidance, and solid foundation you need to succeed in this thrilling, lucrative and rewarding career.

Editorial Reviews

From the Back Cover

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

About the Author

Ann C. Logue is the author of Hedge Funds for Dummies (Wiley, 2006). She has written for Barron’s, The New York Times, Newsweek Japan, Wealth Manager, and the International Monetary Fund. She is a lecturer at the Liautaud Graduate School of Business at the University of Illinois at Chicago. Her current career follows 12 years of experience as an investment analyst. She has a B.A. from Northwestern University and an M.B.A. from the University of Chicago at Illinois, and she holds the Chartered Financial Analyst (CFA) designation.

Product Details

• Paperback: 360 pages
• Publisher: For Dummies; 1 edition (October 29, 2007)
• Language: English
• ISBN-10: 0470171499
• ISBN-13: 978-0470171493
• Product Dimensions: 7.4 x 0.7 x 9.2 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars  See all reviews (33 customer reviews)
• Amazon Best Sellers Rank: #28,042 in Books (See Top 100 in Books)

More About the Author

Ann Logue is a freelance writer and consulting analyst who is fascinated by business and technology. Among her clients and publications are Barron's, The New York Times, Newsweek Japan, Compliance Week, and the International Monetary Fund. She also teaches finance at the University of Illinois at Chicago. She holds a B.A. from Northwestern University, an M.B.A. from the University of Chicago, and the Chartered Financial Analyst designation.

Customer Reviews

Most Helpful Customer Reviews

154 of 166 people found the following review helpful:

5.0 out of 5 stars More than for just Dummies, December 4, 2007

By 

Donald Padou (Washington, DC United States) - See all my reviews
(REAL NAME)   

This review is from: Day Trading For Dummies (Paperback)

I received this book as a gift and, at first, I was skeptical. I spent 20 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.

32 of 34 people found the following review helpful:

4.0 out of 5 stars A good start, January 9, 2009

By 

R. S. Wales (South Carolina) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Day Trading For Dummies (Paperback)

"Day Trading for Dummmies" gives the reader a very basic overview of the various stock markets and other financial instruments available for trading. It also discusses various aspects of technical analysis. Very clearly presented and useful information.

The only downside to the book is that the author constantly states that you should "pick a trading strategy and stick to it" but doesn't give any guidance about legitimate strategies. There are a lot of cracked pots who have written books on trading strategies. A book like this, designed for introduction, should give you a little more information about where to go for the next step in your trading education.

23 of 25 people found the following review helpful:

5.0 out of 5 stars Great for beginners, July 21, 2008

By 

Phil P (Apple Valley, MN United States) - See all my reviews

This review is from: Day Trading For Dummies (Paperback)

This book has been wonderful for me explaining the very basics of day trading! I would highly reconmend this book to anyone who wants to see what it's all about and how things work. It's obviously not meant to be a detailed book but more of "what this means and what that means". Perfect for dummmies!