Customer Reviews

How I've Achieved Triple-Digit Returns Daytrading: 4 Hours A Day

5 star:		(4)
4 star:		(2)
3 star:		(1)
2 star:		(0)
1 star:		(1)

 

 

I have been trading professionally for about three years now. Most books on trading, particularly day trading get into a very in depth analysis of indicators (mostly lagging ones) and such. In the end, you do more analysis than trading and never make a trade because all "the indicators" have not lined up.

This book was refreshingly different, it was so simply written and walked you through step by step what the thought process is when making a trade that a trader of any level could grasp the concepts. The funny thing is that despite his simple approach, Mr. Floyd's strategies work, and work well. They work execcedingly well in a volatile market.

In short, a great read and wonderful reminder about one of the most important lessons in life, Keep It Simple. It is nice to see veterans of the day trading industry still proving that it is a viable profession.

JJ, Seattle

Scalping Glorified with some trendy indicators.

Candle stick charts : opposite from everyone else. BLACK bar is an UP bar (close higher than open) and WHITE bar is a down bar (close lower than the open). Beware of that ! This book uses opposite colors for the bars from everyone else in the world !

Lots of mistakes such as mentioning buy instead of sell (short) (page 33, arbitragers should be SELLING and not buying in that case). The author corrects himself few lines later. S&P tick charts have incorrect values compared to the 1 min S&P chart as its shown. The author should have either corrected the values OR simply drawn the tick charts by hand. Tick charts are only used as illustration purpose for showing breakout/breakdown/consolidation, so numbers were not important anyway.

Dont go by the number of pages in the book. It could have been written in less than 40 pages. Big pages, big font, some pages have simply 1-3 lines such as (See the chart on the next page and look at the XYZ indicator going under/above/turning blah blah blah).

Author has given very less information considering the price of the book ! He doesn't tell anything about 1) source for the quotes (need for S&P futures tick by tick data) 2) direct access broker (how to chose, which ones are there etc etc) 3) his FN numbers (come on for $50 bucks, give some more info about them instead of one line).

The information in this book is nothing new and can be found at various day trading website for FREE ! And I think that information is little better than the one in the book.

The insiders (market makers, professional traders etc) love to feed off trades generated from these methods ! Taking the other side of these trades is their bread and butter.

Less than 0.1% of the traders using these methods religiously can barely breakeven after gazillion trades (slippage, commissions, quote fees $50/month for just S&P futures data , bad fills, missed trades, etc etc).

If author is consistently making 3 digits returns, why sell a book for only [item price]? Why not manage money and make millions in fees !

My advice, dont waste your money on this book.

This book tells you to basically trade with the trend using stochastics, s&p futures and moving averages intraday to capture small moves . It does not work all the time and you must monitor the stock closely and be very disciplined with exiting the position when necessary. If you are a hyperactive trader this book can be of some value. Buy it if you can find it for a lower price than $50.

The first person who reviewed this book must have bought it for the wrong reason. Floyd is not interested in discussing all things about day trading i.e. brokers, data feeds, charting packages, ect... he is only interested in telling how he has made his living for the last 10 years by day trading stocks. Floyd's styles are laid out in a very easy to understand way. This book can easily be read in one sitting. Floyd just tells you how he has made his money. His returns are proof that the guy can trade. His trading style in not for fund managers or hedge funds, his style is that of an individual trader with 100k in their account plus margin. His style is simple and fairly easy to follow. But most of all they work!

With that said this book is not for everyone. You have to really want to be a very quick in and out trader and like trades that only last a couple of minutes. That is all he talks about in the book. He calls it HVT trading and the whole book is only about this one style. Even though the book is good it is not quite worth 50 bucks and it is very cheaply made. (Some of the pages in mine fell out the first time I opened the book.)

Bottom line, if you like very quick, intense, in and out trading all day, Floyd's methods will work. Look around and try to find the book for less money. I bought mine for 6 bucks, it was money well spent.

I am surprised by some of the reviews here stating that the techniques are worthless. No trading strategy can be transferred to a new user without spending some time working with the techniques. Trading is not an exact science, techniques must be practiced and perfected. If one thinks a trading book can immediately result in riches, then they should not be trading anyways. I have worked with these techniques over a 2 month period and they have shown their merit to me.

With regards to the "reverse colors" on the candlesticks, so what, the color of the candlestick is more a matter of preference than some absolute rule.

Don't trip over the pennies to get to the dollars.

Frank Stafford

Floyd explains how he made his living for the last 10 years by day trading stocks. His strategy is very easy to understand, and can be read in one evening, which I consider a selling point. And Floyd can prove he has made a living day trading stocks this way.

The style of trading is super quick -- sometimes only staying in a trade a few minutes. This trading style requires at least $25,000, leverage, and direct access to place trades, but after having that, anyone can't implement this style. I really like the explanation and use of stochastics - the best I've even found.

Best of all, these trading is ideal for the first two hours of trading. If you're on the West Coast, you can trade for two hours before going to work.

The book could be better put together, both on durability and editing, but I got my money's worth. Learning a new trading style for $50 is more than reasonable.

As someone who is completely new to day trading, I loved this book. It was easy to understand and well laid out. The concepts and strategies were easily applied into real world trades.

B.F.

I do not know what people want from a trading book, it is inherently difficult to convey all the nuances associated with making a trade, especially when you are talking about day trading.

The author does a solid job of laying out his approach which should serve as a good place to start for new traders.

The reviewer who was so down on this book and referenced that the author, if such a good trader, should simply manage money rather than selling a book, truly understood day trading, he wold have realized that day trading (as described in the book) is simply not scalable to a point where you could manage millions of dollars.

Walter Devon