16 of 19 people found the following review helpful:
5.0 out of 5 stars
Day Trading on the Edge Leslie Masonson, November 22, 2000
This review is from: Day Trading on the Edge: A Look-before-You-Leap Guide to Extreme Investing (Hardcover)
Approximately three years ago,I became intrigued with the 'day
trading'phenomenon.There is no shortage of news stories and incidents
to confirm or negate pre-conceived opinions.I have read dozens of
books on the subject,along with hundreds of news stories and visited
scores of websites.With the abundance of raw information,one can
understand,the need for structure and focus. Finally,here is a book
that focuses on all the issues you need to address on whether to
become a day trader or not.This book is:Day Trading On The Edge by
Leslie Masonson.It is the definitive book on the subject to date.
Mr.Masonson,takes on the struggle of whether or not to become a day
trader.The writer takes an impartial,passionate approach and gears his
findings towards the newcomer,the novice day trader,and the online
investor. The book is divided into five sections.Part One leads off
with a hard look at the requirements.The beginning framework provided
is brutal in its honesty about minimum requirements,psychological
makeup,capital requirements,education and commitment. A roadmap is
provided for acquiring the 'best trading education'.The tabulated
results of a fifty-seven question survey of over two hundred day
traders gives an empirical view of requirements.Along with this are
two expert opinions on the importance of psychology in trading.Ten
steps are provided to guide in the selection of a trading firm.Their
names and websites are listed along with a questionaire to assist in
reference checking. If you are more comfortable trading from a home
environment,the requirements are also detailed.There is a wonderful
section entitled 'all about connections'contributed by Gibbons
Burke,that demystifies this area.The author has painstakingly detailed
additional critical info you will need.No detail is spared,Mr.Masonson
even helps you to select a comfortable chair.You are treated to a
picture of his 'Herman Miller Aeron Chair'.A plush $750 cushioned
chair geared to comfortable seat any daytrader for a stressful day.
Mr.Masonson uses simple everyday language,along with easy to follow
charts to summarize critical factors and data for easy reference and
decision making. The educational resources catalogued are virtual.It
leads off with a questionnaire to frame your needs.This is followed
with a focused listing of websites,related phone numbers,books,a
technical analysis workshop along with its demanding
curriculum,professional trading magazines and financial columns.You
could spend a good portion of your life structuring and researching
all the material on the web.This is all conveniently grouped together
from a traders' perspective in this book. Money management,an
integral part of day trading is handled deftly and expertly by John
Piper,Oscar Goldman,Ryan Jones and Ted Tesser.To accomodate the
differing styles of processing information,various approaches are
highlighted.From general rules,to the highly technical approaches of
the fixed fractional method,optimal f,and Oscar Goldman's 'new
age'approach-Your Mind's Money Machine. Everyone agrees legally
keeping what you make is a core strategy.Ted Tesser tackles this issue
with refreshing simplicity and humor (Mr.I M Screwed's A/C), head
on.You will find comprehensive analysis of 'broker-dealer/market
maker'strategy,entity and VEBA structurings and how to incorporate
these strategies into your trading program.Like rare fine wines,a list
of tax advantaged websites is provided. Would you like to go one on
one with traders and CEO's of trading firms?The author goes head on
and ask 1001 questions you would have asked such luminaries as Theresa
Lo,Larry Pesavento,Tim Cho(TCI Corp),Donald and Robert Bright,Alan
Farley,Chris Manning and a host of others.Check out the curriculum for
one of the best technical analysis seminars around-MATS(Manning
Advanced Training Seminars).These interviews in section four are
riveting,balanced and essential in your consideration to daytrade or
not. The CEO's of trading firms are grilled.Their honesty and ability
to openly respond to issues such as daytrading services,the Mark
Barton incident,potential suitability of a client,their training
programs,the future of daytrading,SEC issues,margin requirements
etc.,is compelling when you are deciding whether to trade with a firm
or from home. Contributing CEO's are from On-Site Trading
Inc,EdgeTrade.Com, Bright Trading,Inc,Market Secs,Inc and Carlin
Equities Corp,all luminaries in the field. The Regulatory findings on
the daytrading industry are all collected,and referenced for your
perusal.A roadmap is provided for you to evaluate these findings and
decide whether you want to be a part of this industry.The industry's
concerns-comparison to gambling,firms' flaws and failure to prove
their claims,lending arrangements,deceptive advertising are discussed
without qualifications. The author challenges you to explore this
intriguing world and decide if you really want to be a part of it.Or
else,why would he include as one of his final chapters-Why In The
World Would Anyone Become A Day Trader?- by Saul Nirenberg.If you
still opt for this world,then pg.364 of the final chapter is for you.A
comprehensive,finely crafted plan for venturing into the nether world
of day trading. Whatever you decide,it is a riveting and compelling
discourse.
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