Customer Reviews

Electronic Day Trading Made Easy, Revised and Expanded 2nd Edition: Become a Successful Trader

5 star:		(20)
4 star:		(5)
3 star:		(4)
2 star:		(4)
1 star:		(5)

 

 

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?

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.

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.

I have read several books on this topic and this book is by far the most complete guide and reference book on day trading. Everything is there: from Level I and II screens, technical analysis, order executions, risk management, to day trading strategies. The apendices even include a list of Nasdaq and NYSE stocks that are suitable for day trading. The best part is that everything from A to Z was well explained in simple and easy to understand terms. Finally, the book was professionally illustrated.

I liked the fact that the author and publisher did not promote this or that trading software, or endorse a specific brokerage firm. The author wrote responsible book, which disclosed upfront the risk of day trading. Well done!

I wish I had this book when I started day trading. It would have saved me a lot of money, eliminated a lot of trading mistakes and strees and pushed me up the learning curve much faster. Everything was here in the book: from A to Z, from the Level I and II information to technical analysis indicators, from the day trading strategies to tax issues. This is by far the most complete guide to day trading that I have read so far, I have read most of them.

The trading information was presented in easy to understand language, and most significantly, it was well written so it was pleasure to read. The author defined and explained all of the day trading terms and concepts so there are no gaps in the material. The book was logically organized, so the information was easy to follow from chapter to chapter. All illustrations and particularly the technical analysis charts were professionally done and easy to understand.

Finaly, what I like about this book is the author's honesty. The author disclosed all of the risk of day trading up front. This book is not a promotional piece. (I really liked the risk management chapter.) The author made it clear that day trading is a risky business that requires a lot of knowledge. Consequently, this book is a step in the right direction. It will help readers to acquire that knowledge.

Day Trading Made Easy is not exactly what you will call a strong how to book. The book contains many definitions, but no substance. The title is great, the execution is poor at best. There is nothing easy about day trading. The book is confusing. If you are looking for definition of day trading terms, then read this book. If you are looking to learn how to trade successfully, spend the money and take a seminar. This book will teach you nothing of value.

I have to agree with the reviews written by Steve Flacks, Stephen, and Fred Morgan. I think they have expressed their feelings about this book very well. Read those reviews before you buy this book it will save you more money than just the price of this book.

this book does lack the most important thing about day trading and that is the author's trading records. The question that I had while reading the book was can the author show profitability trading any of the suggested strategies?

I also felt that the book was incomplete. The author spent a lot of time repeating the obvious, but failed to deliver as far as what has worked for him best as a trader.

One section of the book that I did like was the "Trader Profile" section where the author presents 4 daytraders with different trading styles. One of the four does not trade anymore. However, in no chapter does the author tell us what type of trader he is.

I think this book is OK, it defines certain things very well, and it does have very nice illustrations. However it lacks the "THIS IS HOW I DO IT" concept which you get from a book like "Stock Trading Wizard" where the author tells you, "This is How I Make Money in the Stock Market!" Someone like me enjoys that type of aproach.

I want to see, hear and smell the money the author has made in the market. "Stock Trading Wizard" did that for me. This book didn't.

This was an excellent book. Finally, a book on daytrading that really covers actual strategies for trading both the NASDAQ and the NYSE. At first I was thrown by the title since there is nothing easy about trading. I thought that it was another of the "get rich quick by daytrading" books, but I was wrong. This book doesn't just give the history of SOES bandits and then plug the author's seminar or brokerage. It gives actual strategies and techniques to put into practice. My favorite part was the section on determining the type of trading best suited to the reader. The author gives real life examples of traders who are successful using various styles of trading from scalping to position trading. I haven't read another book that spent any time on this but it may be one of the most important things for new traders. If you buy one book on daytrading, buy this one. Then if you feel trading is for you move on to Tony Oz's book "Stock Trading Wizard".

I finished the book last week, and have been watching the market with a new viewpoint. I'm starting to see the things happening just as the book outlined. If for no other reason, the information on the "level two" screen is worth the price of the book, but there is lots of other information to be gleaned. It is easy to understand, and fun to read.

I recommend this book to all novice day traders or short term investors without any qualification. The book is well organized and easy to read. And most importantly the book is very complete. All of the day trading tools are presented. I particularly liked the technical analysis illustrations.