The Strategic Electronic Day Trader [Hardcover]

Robert Deel (Author)

Book Description

Series: Wiley Online Trading for a Living | Publication Date: February 11, 2000

WILEY ONLINE TRADING FOR A LIVING

MASTER MOMENTUM TRADING AND PROFIT FROM THE TREND!

Where are you in the market's food chain?

You've decided to take the plunge and pursue today's most popular and sophisticated trading method----computerized electronic day trading. With a click of a mouse the market is at your disposal. You are now on the same playing field as the very best professional traders in the world. You feel invincible. You are as good as they are and you are going to show the world. Within hours you could be as rich as the pros.
Or you could lose your shirt.
Without the proper training and mental preparation, the great equalizing power of your computer is dangerously seductive. Even if you're a talented entrepreneur, in the highly specialized, fast-moving world of electronic trading, your past success means very little. But this realization is your first step toward becoming a winner. You must learn new strategies and mentally prepare yourself for this hi-tech arena of profit and loss. In The Strategic Electronic Day Trader, professional trader Robert Deel shows you how to survive and profit in electronic day trading.
This invaluable book addresses the variety of questions and hazardous-to-your-wealth misconceptions about day trading----and reveals the strategies and mental conditioning secrets of the successful minority. Identifying what type of trader you are and adopting the right mind-set before you start trading will give you the crucial advantage over the competition----and save you a fortune in uncontrolled losses. Find out if you're best suited to day trading, micro trend trading, or position trend trading. Along with an in-depth look at the mechanics of electronic trading strategies, Deel shares his revolutionary approach to developing the emotional control and psychological preparation to get you in the game----and keep you there.

WHY MOST DAY TRADERS FAIL
HOW YOU CAN SUCCEED

Can you imagine entering a marathon without conditioning, competing against the best in the world---and expecting to win? What about starting a business without a business plan? Yet this is exactly what most first-time traders do, and why many don't suceed. To be a success in the technologically sophisticated, competitive arena of computerized electronic day trading, your strategy needs to be specific to your ability. From strategy and shorting to sleeping and de-stressing, The Strategic Electronic Day Trader will prepare you to fulfill your dream of making a living trading the market. Learn how to:Profit from seven extremely successful short-term trading strategiesIdentify three to five high probability/profitability trades per dayScreen for momentum acceleration pointsShort intradayUnderstand the mathematics of trading and commissionsLeverage the strengths of your trading personalityAvoid the trader's trap of large, uncontrolled losses

"The most comprehensive manual available for those interested in learning basic principles of short-term electronic trading. Offers sound strategies for combining technical signals with fundamental analysis at the same time paying attention to the psycholgical traps that ensnare traders. A must read for novice and experienced traders."
---Ari Kiev, author, Trading to Win: The Psychology of Mastering the Markets

Editorial Reviews

Amazon.com Review

Anyone with a computer can day trade, but day trading clearly isn't for every one. In fact, as Robert Deel makes clear in The Strategic Electronic Day Trader, only a very few who try it will survive and prosper. Deel, who has trained thousands of traders in the last decade, says 92 percent will lose money in the first two years, and only 2 percent will make money on a consistent basis. He compares the challenge to war: "Most battles are won or lost in the preparation stage, long before the first shot is fired. Trading is high-tech warfare. Never underestimate your opponents. Remember, if you are not the marksman, you are the target."

The first six chapters explain what every day trader needs to know: how to read the NASDAQ level-two screen; order routing, execution methods, and rules; and trading through the Electronic Communications Networks (ECNs). Included are sections on charting and technical indicators with specific advice for adapting these to very short-term trading strategies. Deel shows how to create screens and filters to identify high probability/profitability trades, and he discusses the best times of the day to trade and when and how to go short. Also included is a section on recommended hardware configurations and proper setup of the trading environment.

In final chapters, Deel describes "the biomechanical trader" who prepares for battle through an intense process of mental training and conditioning that includes biofeedback, meditation, visualization, and hypnosis. This is a practical, easily understood presentation of what it takes to be one of the few who will succeed as marksmen. --Scott Harrison

From the Inside Flap

Where are you in the market's food chain? You've decided to take the plunge and pursue today's most popular and sophisticated trading method-computerized electronic day trading. With a click of a mouse the market is at your disposal. You are now on the same playing field as the very best professional traders in the world. You feel invincible. You are as good as they are and you are going to show the world. Within hours you could be as rich as the pros. Or you could lose your shirt. Without the proper training and mental preparation, the great equalizing power of your computer is dangerously seductive. Even if you're a talented entrepreneur, in the highly specialized, fast-moving world of electronic trading, your past success means very little. But this realization is your first step toward becoming a winner. You must learn new strategies and mentally prepare yourself for this hi-tech arena of profit and loss. In The Strategic Electronic Day Trader, professional trader Robert Deel shows you how to survive and profit in electronic day trading. This invaluable book addresses the variety of questions and hazardous-to-your-wealth misconceptions about day trading-and reveals the strategies and mental conditioning secrets of the successful minority. Identifying what type of trader you are and adopting the right mind-set before you start trading will give you the crucial advantage over the competition-and save you a fortune in uncontrolled losses. Find out if you're best suited to day trading, micro trend trading, or position trend trading. Along with an in-depth look at the mechanics of electronic trading strategies, Deel shares his revolutionary approach to developing the emotional control and psychological preparation to get you in the game-and keep you there.

See all Editorial Reviews

Product Details

• Hardcover: 224 pages
• Publisher: Wiley; 1 edition (February 11, 2000)
• Language: English
• ISBN-10: 0471254886
• ISBN-13: 978-0471254881
• Product Dimensions: 9.1 x 5.9 x 0.9 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 3.5 out of 5 stars  See all reviews (21 customer reviews)
• Amazon Best Sellers Rank: #1,442,136 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

28 of 32 people found the following review helpful:

5.0 out of 5 stars The Strategic Electronic Day Trader, March 16, 2000

By A Customer

This review is from: The Strategic Electronic Day Trader (Hardcover)

At last a book that addresses the truth about electronic trading. This book is very unique and is obviously written by a trader with years of experience. I found I could not put it down. I can assure you that just is not the case with other books I have read on the subject. In this book you will find information that you just don't get anywhere else. The chapter on shorting intraday is just one example. If you are serious about learning to trade this is the only book I have read that tells it like it is and gives you the information you need.

12 of 12 people found the following review helpful:

5.0 out of 5 stars Amazing Book On Trading, July 15, 2000

By A Customer

This review is from: The Strategic Electronic Day Trader (Hardcover)

The book is one of the most unique and comprehensive books on trading I have ever read. In my 12+ years of experience I can say it opened my eyes to information and mistakes which have cost me thousands of dollars. This old dog has learned some new tricks and I can't thank the author enough.

The Strategic Electronic Day Trader covers new ground. The professional review at the beginning will give you an excellent overview of the subjects covered in this book. It is well written and once you start you won't be able to put it down.

10 of 10 people found the following review helpful:

5.0 out of 5 stars Don't even think about trading without reading this Book, July 11, 2000

By 

Brendan DeLamielleure - See all my reviews

This review is from: The Strategic Electronic Day Trader (Hardcover)

I have been a professional trader for six years and have a profitable track record so I know what I am talking about,,, I wish before I ever began I would have obtained a book of this quality,, Here are the facts if you want to save yourself tons of time and money do yourself a favor and pick up this book,,, no not every chapter is awesome,, but the overall content of the book is excellent,,, I highly reccomend it and would encourage you not to tread water in the trading arena with out it..