78 of 83 people found the following review helpful:
2.0 out of 5 stars
Read this review!, December 28, 1999
This review is from: Electronic Day Trading Made Easy: Become a Successful Trader (Hardcover)
Great writers make complex tasks easy and not vice versa. I read this book, because one of my protégés bought it and asked for my opinion. My background is of a professional futures, options and equity trader for 23 years. Here are my conclusions:
1. The author is trying really hard to show his knowledge by defining almost every little thing in this industry. He over did it and included things he should have not. For example, on page 159 he talks about "Trading Against the Hedge Box" He says clearly in the first sentence that NASDAQ market would no longer allow this type of trading, but he goes on to explain the concept over the next five pages! Why? This is not making things EASY ...
2. The author tries to explain how scalping stocks (trading for 1/8 of a point) is the way to go on 1000 share lots. He sounds just like a graduate of the Online Trading Academy, and I will tell you this doesn't work. You will also find contradicting statements arguing if volatile NASDAQ stocks should be your favorite or trying to scalp the specialist on the NYSE should be the way to go? You can try and scalp the specialist, but let me tell you, the odds are not on your favor, because trying to make a 1/16 buying on the bid and selling on the ask (all day long as the author suggests) works in fantasy land.
3. The coverage of order execution is just completely WRONG! Page 113 "When stock prices are moving up FAST, the SOES buy order is an excellent tool for getting into the market ... if stock prices are declining QUICKLY, the SOES sell order is an excellent tool for getting out of the market quickly. Whoever wrote this statement, never traded a fast moving stock in his life! SOES will be the last place to go. Here is more, page 114, "Getting in the market with the SOES is one of the most common execution methods of day trading" WRONG AGAIN!
4. Level II screens are wrong, they are quoted in 1/32 increments for $50+ stocks. That is not something you will see in real life and it hurts illustrations of S/net orders.
5. Page 148 contains a strategy using Instinet. "A large Instinet BID volume by itself is ALWAYS a positive or bullish indicator." The author fails to tail you about MM and ECN tricks, and headfakes. There is more to it than that!
6. Page 167, "The day trader must have a higher percentage of winning trades than losing trades." In reality, professional traders such as Sunny Harris will say that on the average, out of ten trading days, successful traders will have 6. losing days and 4 winning days.
7. ARCA? One of the best execution vehicles was completely omitted from the book!
I can keep giving more examples, but I think I made my point clear. This book does not offer the TRUTH. If it did the title would be SUCCESSFUL Day Trading Made Easy. It seems to me that the author took the already published books and repackaged them. No real substance, and a guaranteed method to lose all your money.
An important method for making money in the stock market is to FILTER out the noise. I wish the author would have FILTERED out the fluff and fillers out of his book and made it EASY, other than including information that is not correct or irrelevant.
I doubt that the author would be able to show a real life WINNING trading record, based on what is in his book.
Afterall, what do you expect for twenty bucks?
One more thing, I hated the idea that the author will even say that it is possible to get financed by someone else. Page 24, "Hypothetically, the loan money is never at risk." WRONG AGAIN! What happens if you used those 100K to buy 1000 shares of ABC at 100, and the stock was halted intraday and opened for trading at 28? The trader will lose $72,000, but only $10,000 was his equity, who will pay the rest?
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45 of 46 people found the following review helpful:
5.0 out of 5 stars
Superb introduction to Day Trading, February 25, 2000
This review is from: Electronic Day Trading Made Easy: Become a Successful Trader (Hardcover)
This has to be *the* Day Trading text for would-be and novice Day Traders. The author and publisher are to be congratulated for producing a comprehensive yet easy-to-read book on the many different aspects of Day Trading that beginners need to understand.
Misha Sarkovich's clear and concise writing style, together with the logical structure and sequence of material, combine to produce a superb book on Day Trading.
Everything is covered in the book: NYSE and NASDAQ, and their differences; Level I and Level II trading screens, and how to interpret and use them; stock price movements and alerts; technical analysis (price charting) tools and how to use them to identify potential trades; the different Buy/Sell Order types and their execution on NYSE and NASDAQ.
All this is explained as clearly as you'll find anywhere; and the explanations benefit from some excellent diagrams and illustrations, leaving the reader in no doubt at all about the author's message.
For me, though - as a relative novice in this field - what sets this book apart from the others that I've read is the chapter setting out four different styles of Day Trading, and their associated trading strategies. Each style is illustrated with a profile of a live day trader who practices that style. The "breakthrough" for me, after reading this, was that I now understood how to establish a manageable "stocks-to-watch" list, based on the chosen trading style/strategy. Up to then I'd been overwhelmed by the problem of watching too many (all...! ) the stocks which might move; a hopeless - and impossible - task. What joy, now that I have the answer!
The book also provides: a good list of internet sites (for stock information, price data feeds, trading software platforms, trading firms, and internet brokers); a substantial list of NYSE and NASDAQ stocks with suitable trading volume and price volatility for day trading; a list of the key NASDAQ Market Makers; and (importantly) a comprehensive index.
I can't fault it. It's superb. If you're new (or fairly new) to Day Trading, get the book now. You won't regret it.
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35 of 36 people found the following review helpful:
4.0 out of 5 stars
Great Book For Beginners, November 7, 1999
By A Customer
This review is from: Electronic Day Trading Made Easy: Become a Successful Trader (Hardcover)
I found this book to be one of the most complete guides for the day trading beginner. Ive probably read all of the most popular books on the subject and this one was by far the most insightful. It not only dealt with stratigies on trading the NASDAQ market but also gave an in depth review on how to trade NYSE stocks as well. I felt this topic was extremely undervalued and overlooked in other books. It covered almost every topic imaginable including how to effectively use Level II and technical analysis to become a more profitable trader as well as which style of trading might best suit your personality whether it be a position trader, market maker, or a scalper. It combined every book Ive ever read on the subject and wrapped it up in this easy to read package. Dont get me wrong. No one book can guide anyone to success in trading. It takes practice and time to develop your own strategies and trading style. But this book is a good start in obtaining an inside look into the world of day trading. I only wish I had access to this book when I first began trading.
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