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The Guts and Glory of Day Trading: True Stories of Day Traders Who Made (or Lost) $1,000,000 Hardcover – January 25, 2001


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Editorial Reviews

Review

Previous praise: "An excellent successor to Jack Schwager's 'Market Wizards'. I highly recommend it to anyone serious about trading and investing." Zhiwu Chen, Professor of Finance, Yale University School of Management "Mark Ingebretsen subtly debunks the worst day-trading stereotypes. The stories offer real-life lessons that any trader can profit from." Jamie Heller, Editor-at-large, TheStreet.com "Invaluable reading for anyone who considers making money in the stock market a priority." Kris Skrinak, General Manager, ClearStation.com --This text refers to the Paperback edition.

From the Inside Flap

Jump Into the Day-Trading Trenches and Sharpen Your Own Survival Skills
Every battle has its winners and losers. Every day, thousands of day traders take their battle positions in front of their computers to go head to head against the world's best, and most powerful, trading institutions. There are casualties?many casualties. But there are also victories?moments when an individual trader reaches the pinnacle of our capitalist system to take a profit from the market.
Making money isn't easy?with a 75 to 90 percent failure rate, only the strong survive, and only the most savvy live to trade another day. But despite the negative press, a wildly unpredictable market, and the possibility of losing their shirts on any given trading day, these market mercenaries continue to trade, and day trading continues to grow as a profession. What drives them? How do they do it? What are their secrets? In The Guts & Glory of Day Trading, you'll read the astounding stories of those traders who have been skilled enough to make significant money, and the gut-wrenching dramas of those who were unfortunate enough to lose vast fortunes.
Whether you're a trader yourself or just a casual investor, their stories and strategies will keep you on the edge of your seat. The valuable lessons from this trading dozen tell more than just the pits and peaks of stock trading. They teach the survival skills and tactics necessary to live to trade another day. You can learn how to improve your own trading or investing techniques by learning what most of them did right?and what some of them did wrong.
"An excellent successor to Jack Schwager's Market Wizards. I highly recommend it to anyone serious about trading and investing." ?Zhiwu Chen, professor of finance, Yale University School of Management
"Mark Ingebretsen subtly debunks the worst day-trading stereotypes. The stories offer real-life lessons that any trader can profit from." ?Jamie Heller, editor-at-large, TheStreet.com
"Invaluable reading for anyone who considers making money in the stock market a priority." ?Kris Skrinak, general manager, ClearStation.com
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Product Details

  • Hardcover: 304 pages
  • Publisher: Crown Business (January 25, 2001)
  • Language: English
  • ISBN-10: 0761528032
  • ISBN-13: 978-0761528036
  • Product Dimensions: 5.8 x 1.1 x 8.8 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Best Sellers Rank: #1,262,390 in Books (See Top 100 in Books)

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Customer Reviews

I would highly recommend this book to anyone who is interested in the stock market.
Claire Celsi
To be fair, the author cites his definition of 'day trading' which is *NOT* the industry accepted definition.
vikingtraider
This book would have to be one of the most disappointing sharemarket books ever published.
A.P

Most Helpful Customer Reviews

55 of 57 people found the following review helpful By A Customer on October 5, 2001
Format: Hardcover
"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.
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18 of 18 people found the following review helpful By A.P on September 25, 2001
Format: Hardcover
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.
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23 of 24 people found the following review helpful By vikingtraider on December 24, 2003
Format: Hardcover
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.
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16 of 17 people found the following review helpful By A Customer on March 22, 2001
Format: Hardcover Verified Purchase
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.
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