Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day, Swing, and Position Traders (Hardcover)

~ Oliver Velez (Author), Greg Capra (Author) "How high is the cost to be a master trader?..." (more)
Key Phrases: bullish reversal bar, bottoming tail, several bar advance, Wall Street, Jun Jul Chart, Looking Ahead (more...)

Editorial Reviews

Product Description

Over 30,000 online investors daily flock to pristine.com, the top-rated Website run by day trading legends Oliver Velez and Greg Capra, for up-to-the-minute strategies and market commentaries. In Tools and Tactics for the Master Day Trader, Velez and Capra revisit and completely update over 100 of their daily commentaries from the past four years, with new material explaining what worked, what didn't, and why.

This no-nonsense, easy read, meant to be referenced by traders every trading day, covers everything from potent trading strategies to intuitive insights on psychology and discipline. Proving once again that the best teacher is experience, Tools and Tactics for the Master Day Trader will help any trader log on with the technical skills, market knowledge, and confidence they need to capture more winning trades, and reap new profits.

From the Back Cover

Techniques-Driven Tips of the Day Trading Pros­­Direct from the Experts of Pristine.Com!

Today's stock market gives smart, aggressive day traders more opportunities for profit opportunities than at any time in history. Never before has trading wealth been so achievable for the well-prepared day trader...and so elusive to the ill prepared.

Tools and Tactics for the Master Day Trader provides the weapons you need to become a confident, self-empowered, successful day trader. Oliver Velez and Greg Capra­­the online trading pioneers behind Pristine.com, today's most insightful and innovative day trading Website­­give you the nets-and-bolts techniques you need to master the market, including:

• Market Timing­­S&P futures, NYSE Tick Indicator ($TICK), NYSE Trader's Index (TRIN), New Lows (NLs)
• Charting­­Tails, Gaps, Retracements, Moving Averages, NArrow Range Bar (NRB)
• Trade Management­­Initial Stop, Break-Even Stop, Trailing Stop, Time Stop

Day Trading is one of today's most demanding, unforgiving endeavors. It can also be one of the most lucrative. Let Tools and Tactics for the Master Day Trader take you behind the scenes, and show you how today's top day traders arm themselves­­both psychologically and intellectually­­for the day-in, day-out challenges of a limitless day trading career.

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Product Details

• Hardcover: 389 pages
• Publisher: McGraw-Hill; 1 edition (June 29, 2000)
• Language: English
• ISBN-10: 0071360530
• ISBN-13: 978-0071360531
• Product Dimensions: 9.3 x 7.8 x 1.7 inches
• Shipping Weight: 1.8 pounds (View shipping rates and policies)
• Average Customer Review: 3.2 out of 5 stars  See all reviews (133 customer reviews)
• Amazon.com Sales Rank: #27,752 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

189 of 194 people found the following review helpful:

5.0 out of 5 stars Dissenting Opinion from a Full-time Trader, July 14, 2000

By A Customer

The people who previously reviewed this new book by Oliver Velez and Greg Capra seem to have started in the middle of the book, looking only for The Holy Grail to lead them to immense profits heretofore undiscovered by anyone else. I found the real value in the first half of the book, which tries to show you why you haven't been a successful trader up to now and what to do about it. This is worth the price of the book in itself. They are teaching you how to fish, not giving you a fish, as the old saying goes. They should include a mirror with every copy, as I see myself in every page when they describe the mistakes made by beginning traders. I started trading commodities in 1989 and switched to stocks in 1998, so I have had the rare opportunity to make all the mistakes they describe and more. But the good news is...that's what makes you a success later on. Chapter 5, "The Seven Deadly Sins of Trading", doesn't just tell you the sins, but actually tells you how to eliminate them. This chapter alone is worth the price of the book to me.

I became profitable in 1998 and support my family totally from trading income, using many of the tools described in this book. I have tried many of the software "black box" programs out there, been to many seminars (some great ones, some worthless ones), bought many trading books, and it has all led me to where I am now. If I had let an unfavorable review like the ones here steer me away from a fantastic book like this one, I would not be trading today and making a living working for myself half a day and hiking, biking and skiing the other half. So what if they promote their own seminars, web pages, trading room, etc. in the book. Wade Cook and many others use their books as free advertising the same way...nobody is forced to buy the other products. We all have the ability to decide whether or not we will delve further into these products, don't we?

To be fair to the other reviewers, they may already be successful traders that don't need the advice in the first half of the book and were only looking for a book that would reveal a system or method to double their income in the next three months. All I can say is that I have been trading for eleven years and the book will probably double my income in the next six months even if I never read the second half. Buy it, read it and decide for yourself.

78 of 84 people found the following review helpful:

3.0 out of 5 stars Fair for what's fair, October 31, 2002

By A Customer

Overall the book is a great source of information for novice traders. The psychology related chapters are very important and essential for the survival of traders. The techniques are simple but have been around for many years, but nonetheless great tools for traders.

Now, let's comment on the very positive as well as very negative comments regarding the book. The negative comments appear to be from "well seasoned" traders with 10-20 yrs experience, that emphatically emphasize the phrase "I'm a succesful trader". Well, it is my experience that if you are really succesful then you would hardly gloat yourself on this attribute. Much less buy a trading book IF you are indeed a 10-20 yrs experienced trader! Now, that's hard to swallow. So, here's my grain of salt on these comments.

I'm very open to new ideas and this book will provide the novice trader with simple and effective ones. Now, let's make it clear! This book, in any WAY, SHAPE or FORM will make you a Mastertrader from day to night. This is a hard road my friends where 95% of people fail to finish! What this book gives you are bit and pieces of a never ending puzzle that must be assembled by YOU and only YOU.

My other comment is that most people fail to mention that 99.5% of the books out there about trading, DO NOT provide entry and exit strategies and simple trading strategies. This book does! There is a very fine line between technical analysis and trading. You can know everything about TA, but to put it to work on the trading arena is a VERY VERY different story.

I must add that I recently attended a seminar offered by Mr. Capra, and I have to say I was absolutely satisfied by the course material. I also realized that the book does not even scratch the surface regarding trading. As for the comment that I read on this site, that Velez and Capra do not trade, I have to say that this is simply without foundation, and at best a comment made out of bad faith. The two day seminar pretty much showed me what Capra knows, and let me tell you, he knows a lot. But what I saw was a whole bunch of ill-prepared and dreamers hoping to make big bucks from day to night on the world of trading during the seminar. I then soon realized that most of the bad comments might come from these individuals that failed in the trading arena after reading the book or attending a seminar.

47 of 53 people found the following review helpful:

1.0 out of 5 stars WALL STREET HUMOR, March 23, 2001

By A Customer

Recently I had the opportunity to munexpectantly meet the author Velez and his staff including Capra at the Online Tradeshow after I had read their book. I am a second generation marketmaker and am very successful at daytrading. I must say that these people can sell to novice wannabe traders but would never be able to stand the rigour of Wall Street. Anyone on Wall Street would laugh at the claims of these authors particularly with regard to pattern recognition. This simply does not work. Furthermore, these individuals claim they have in depth knowledge about how to protect their traders interests from those of market makers, but they gave me wrong and ignorant answers to me at the show. Its just unfortunate for those ignorant wannabes that would buy any services from these bogous amateurs.