Customer Reviews

The Guts and Glory of Day Trading: True Stories of Day Traders Who Made (or Lost) $1,000,000

5 star:		(9)
4 star:		(1)
3 star:		(1)
2 star:		(1)
1 star:		(5)

 

 

"What is a day trader? Maybe it doesn't matter."

Unfortunately for us readers, this statement (taken from the book) is not meant as a joke. Many of the chapters are about people who have absolutely nothing to do with day trading. It is amazing that the author claims to have selected these people from a much longer list of candidates. Well, maybe it isn't that amazing when you consider that everything in this book is based on phone interviews in which the "traders" presented their own stories. No trading records were reviewed, not a single account was audited.

Let's look at two examples taken from the book:

Example 1: "Barbara Hamilton" (her real name was not given in the book): divorced and received $525,000, which she turned into (the text isn't very specific about this) a little more than one million...by buying and holding internet stocks in 1998 and 1999. Despite being considered a "day trader" by the author, she was still holding them all the way down, and lost most of her money. The chapter ends with the words: "And she was bound and determined to make back her million."

Example 2: Mary Pugh: Bet all her money (!) on one single penny stock, held it on the way up, held it one the way down. Needless to say, that's a little different from what I consider day trading.

Just as an aside: The cover blurb ("Real-life lessons that any trader can profit from.") was written by Jamie Heller, editor-at-large at TheStreet.com, the web site Mark Ingebretsen used to write articles for. I guess that's what friends are for.

The 'error' in the title of this book is a representative of the appalling quality of the book. To be fair, the author cites his definition of 'day trading' which is *NOT* the industry accepted definition.

A couple of problems with this book:

- the author appears to have no idea regarding the topic of trading;
- it generally has little to do with day trading;
- most subjects in the books are average people who got lucky with apparently no skills (nor common sense);
- the book is written in a style suited to magazines, particularly those for pure entertainment - although unfortunately it is not entertaining at all. The author is unable to direct subjects to the appropriate topics and fails to extract anything substantial in any area; and
- there is very little useful and educational information in it at all (eg statistics / methods / psychology / money management).

There are many other books that are significantly better than this one, particularly Schwager's Market Wizards books.

If you're looking for some possibly fun (for those who haven't read anything in this area), brainless and easy reading - this could be your answer to boredom.

If you want anymore, I'd almost guarantee your disappointment.

After reading numerous books on trading & investing. This book would have to be one of the most disappointing sharemarket books ever published.
Basically it's just interviews and stories about average people (with very limited market experience) who basically just gambled on and as one chaptered is titled "Betting it all" on the stockmarket during the heady days of the tech bubble. (and in most cases losing it all)..
I think the title would be more appriorately titled " True stories of day traders who LOST (or made) $1,000,000.
One story is about a lady, who "betted it all" on a stock - called e.digital. She bought at 70c, watched it go to $25 and "letting it all ride" and I guess praying for it to go back up (current price is under $1.00). Talks about how she is still keen on it - despite her losing millions on it. No stop losses - just a punt on it.
If you are looking for book on learning the share-market - look elsewhere. If looking for a book, with stories on how to basically just put thousands of dollars on penny-stocks and watching it disappear - this book is for you.
There are loads of great books out there. If you're looking for great "interview" book - I recommend any books by Mark Schwager - in his books, he interviews successful traders and investors (i.e people with many many years in the stockmarket game - i.e managers of huge hedge funds... people with records of steady returns over numerous years), as compared to this book, where the average person, has basically just quit thier day-job and decided to gambled it all on the tech bubble - watch it all go up, thanks to irrational times of the tech bubble and with the help of no rules - lose it all.
I love reading (particularly about the stockmarket/trading/investing etc) and have never give a book a bad rap - but unfortunately this book is one of the worse. Sorry for being so critical - But I won't feel right in recommending this book, as a buy and watching other people lose money on buying it, when it's been so much of a disappointment, in that, it has no useful information about the sharemarket at all.

So in conclusion - Save ya money

This book is billed as a Market Wizards of Day Trading. Well it tries to be but it isn't. It's a fairly shallow knock off.

The main problem that is that author is not a day trader himself which while not necessairly a bad thing in itself means that half the time he doesn't know where to focus. That's what makes the Schwager books so good. His book is written for traders by a trader.

The second problem is that no strict documentation of trading success was required.

The third is that the interview is all rehashed by the author and so you don't get the real dialogue which makes you wonder what's getting lost in the translation.

Having said all that, every book has some value so if you have the money go ahead and get it. At the very least you can take a look at some traders and their style. You may glean something.

But get Market Wizards or Reminiscences of a Stock Operator if you really want an introduction to trading.

This book is a far cry from those.

After reading numerous books on trading & investing. This book would have to be one of the most disappointing sharemarket books ever published.
Basically it's just interviews and stories about average people (with very limited market experience) who basically just gambled on and as one chaptered is titled "Betting it all" on the stockmarket during the heady days of the tech bubble. (and in most cases losing it all)..
I think the title would be more appriorately titled " True stories of day traders who LOST (or made) $1,000,000.
One story is about a lady, who "betted it all" on a stock - called e.digital. She bought at 70c, watched it go to $25 and "letting it all ride" and I guess praying for it to go back up (current price is under $1.00). Talks about how she is still keen on it - despite her losing millions on it. No stop losses - just a punt on it.
If you are looking for book on learning the share-market - look elsewhere. If looking for a book, with stories on how to basically just put thousands of dollars on penny-stocks and watching it disappear - this book is for you.
There are loads of great books out there. If you're looking for great "interview" book - I recommend any books by Mark Schwager - in his books, he interviews successful traders and investors (i.e people with many many years in the stockmarket game - i.e managers of huge hedge funds... people with records of steady returns over numerous years), as compared to this book, where the average person, has basically just quit thier day-job and decided to gambled it all on the tech bubble - watch it all go up, thanks to irrational times of the tech bubble and with the help of no rules - lose it all.
I love reading (particularly about the stockmarket/trading/investing etc) and have never give a book a bad rap - but unfortunately this book is one of the worse. Sorry for being so critical - But I won't feel right in recommending this book, as a buy and watching other people lose money on buying it, when it's been so much of a disappointment, in that, it has no useful information about the sharemarket at all.

So in conclusion - Save ya money

Guts and Glory tells the fascinating stories of day traders. Though few of us may be willing to live with the risk and stress that these traders thrive on, it's fun to get a peek into their lives and their trading strategies. Ingebretsen's clear, compelling writing brings these traders to life. A good read!

Ever since completing the Guts and the Glory of Day Trading: True Stories of Day Traders Who Made (or Lost) $1,000,000 by Mark Ingebretsen, I've been pondering the question, "How is it that after reading the following, I've been thinking about becoming a day trader?" "I danced through a minefield for a whole year." "I became obsessed with watching the market." "This was truly an example of addiction..." I got hooked by this book and found myself eyeing my computer and visualized myself trading aggressively in flannels while my daughter packed her school lunch. This represents the perfect read for an aging member of Bowie's coffee generation. Despite our collective caffeine rush, we'd generally rather watch other individuals take risks. Simply put, it was exciting living vicariously through the stories of these twelve day traders. Voyeuristically inclined anyway, I turned the pages as if plowing through a best selling thriller. It's a testimony to the author's interviewing that he was able to get such diverse individuals to openly share the "guts and glory" of their experiences both personal and financial. With an even-handed style, he serves as a steady, dependable and trustworthy guide regarding the effective trading strategies gleaned from the biographical vignettes. Perhaps the question best asked of Ingebretsen is "Why is it that addiction appears to be so much fun?" For now, I'll stick with drinking coffee and clipping coupons at the kitchen table.

I was researching ways that I could expand my investment portfolio, and considered day trading as a vehicle to accomplish this. While browsing at the bookstore, I came across Mark Ingebretsen's book. It saved me months of research and probably lots of money too. This book neatly compiles the stories of individuals who I'm sure I would have never heard of. But, now, I have a bigger picture of what the pitfalls are, and how I can avoid them. Mr. Ingebretsen definitely has a talent for extracting details! I would highly recommend this book to anyone who is interested in the stock market.

Dear Mark,

I just wanted to say how much I enjoyed your book. Of course I am trying to make a living as a daytrader, but what I find interesting is that your book has the mistakes the various traders have made as well as their success
stories. It is very inspirational to know that other people have setbacks too. I am living in Japan; I teach in the evenings then come home and trade from 11:30pm (Japan time) through to early morning, then sleep, then new day begins.......so I am a "night-trader"......... Anyway I just wanted to say I read and appreciated your book very much! Write another!

and algorithms and assorted automated technologies it feels comfortable reading these tales of everyday individuals who invest with the hopes of striking it
rich. I found Mark Ingebretsen's book to be a lively account of investing for the everywoman. His research into the lives of these individuals was sympathetic and
insightful. The book is readable and entertaining and takes one far away from the current Wall Street mishaps and greed. I highly recommend.