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A Beginner's Guide to Short-Term Trading: How to Maximize Profits in 3 Days to 3 Weeks Paperback – December 1, 2001
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From the Author
Hi Everyone! "A Beginner's Guide to Short-term Trading" is written to those of you who want to profit by grabbing the "sweet spots" out of a stock's uptrend or downtrend. The book explains two styles of trading: swing trading and position trading. When you place a swing trade, you buy a stock with the intent of taking gains in 2 - 5 days. When you enter a position trade, you typically buy a stock breaking out of a base into an uptrend. You hold that position as long as the stock rises in that uptrend, approximately 3 - 6 weeks.
If you have a have full-time job, yet want to participate in the stock market, short-term trading may appeal to you. And, if you're a traditional buy-and-hold investor, the knowledge you find in this book will help you keep your profits, instead of gaining them . . . and then giving them back.
I wrote "A Beginner's Guide to Short-Term Trading" in the same lighthearted, reader-friendly style as my previous book, "A Beginner's Guide to Day Trading Online." Although the material is comprehensive and substantial, I firmly believe that humor, woven into a serious subject like the stock market, promotes the learning process. I also continued the "Center Points," as I've received a lot of positive feedback from people who enjoyed them in my last book.
"A Beginner's Guide to Short-Term Trading," is designed to teach you skills and strategies needed to enter the stock market on a relatively short-term basis, safely and successfully. Please educate yourself thoroughly before you jump into the market, just as you would do with any worthwhile endeavor.
My best wishes are with you, and keep those trades green! Toni Turner
About the Author
The best-selling author of "A Beginners Guide to Day Trading Online" and "A Beginners Guide to Short-Term Trading," Toni Turner is an accomplished educator and speaker in the financial field.
She has been featured in CBS MarketWatch.com, "Fortune" magazine, "Bull and Bear Financial Report," and "Bloomberg Personal Finance" magazine, and has appeared on NBC, MSNBC, CNN, and CNNfn, CNBC "Power Lunch."
Ms. Turner is the President of TrendStar Trading Group, Inc.
Top customer reviews
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You'll find that a lot of books of this kind contain a few useful ideas and then a lot of filler, but this isn't one of them. The chapters are well organized and every one of them is packed with relevant information and useful practical tips that anyone who wants to understand investing and short term trading will want to know. It also contains step by step instructions on when to buy and when to sell, what kind of profit to aim for, how to avoid losses, what proportion of your capital to invest, and a great deal more. There is a decent glossary, and a comprehensive index.
Ms. Turner writes clearly, and although I find that occasionally her style is a little whimsical in an attempt to be entertaining, and reveals a kind of California hippy-dippy mentality this is only a very small minus. On the plus side, she is very good at explaining things that might seem very complex and technical in a very straight forward, albeit simplified way. I suspect she also has an excellent editor.
I would like a little more explanation as to the actual mechanics of WHY resistance and support occur. Her analogy of a ball bouncing between a floor and a ceiling in a house, then penetrating a hole in the ceiling and going up to the next floor is OK as far as it goes, but simplifies a bit too much. If we stick with that analogy, one would like to know some possible reasons why holes appear in ceilings and floors.
The example she includes from her own experience of trading in and out of Juniper networks during its course up from $20 to $240 and back down again is an excellent example of investor discipline as she makes several trades, each of which profits thousands of dollars, yet maintains trading discipline at all times when it would have been tempting to just let the stock run and run in the hope of making millions.
For the basic investor who is perhaps disappointed with returns in a deferred compensation plan and wants to manage their finances more actively, this book is a lot of help. For example if one wanted to move from a cash position to fully invested in stocks for part of the year, she would gives you the tools you need to figure out the best way of timing that decision and hedging so that you have a chance to invest when the indexes are on a pullback or correction. Over the course of a few years, this could save you a fortune.
Often the simplest ideas are useful for the newbie investor. For example not leaving a purchase order overnight, because a stock gapping up or down at the open may leave your plan in tatters. Or not buying after two or three successive up days.
This probably isn't the only book you will ever need, but if it is your first one, it will put you on a very sound footing. Highly recommended.
The information presented in the book is of no unique value. The author has a "Recommended Reading" section at the back of the book which is probably the best advice you'll take away from it.
The rest is re-hashed information, much of it summarized and taken from the books she recommends reading. For example, she has a small section on candlestick charting techniques. If you want to learn about candlestick charting, read Steve Nisson's book(s).
The cover of the book states "Maximize your profits in 3 days to 3 weeks". Then, near the beginning of the book she states: "I hate to pop your balloon, but if you trade for 50 weeks a year, and take in $1,000 per week . . . that's still 100 percent on your money. Most professional money managers turn downright giddy when they make 30 percent per annum. Add to that the fact that the rookie is just that--new to markets. While making 60 - 80 percent a year, year in and year out, is doable for experienced traders, it's extremely rare". She then goes on to say "Setting unrealistic goals is detrimental to self esteem"
What's more, is she never discloses how much she has made herself. I've ran a high six-figure business online since 2007 and one thing I've learned is take advice from people who have the fruit on the tree. The fact that she doesn't disclose how much she's earned and that she's purposely trying to put a damper on hopes, tells me she probably isn't that successful herself. I suggest the author reads "Trade Like an O'Neil Deciple: How We Made 18,000% in the Stock Market" (fully audited claim, by the way) as well as "The Magic of Thinking Big".
Past that, the author's style of writing is geared to the absolute beginner. Compared to the other books I've read, I feel like it would be most appropriate for someone aged 8 - 14 in the sense that she has to use so many long-winded analogies to explain the most elementary concepts.
For example, prior support becoming resistance and prior resistance becoming support are very simple concepts to both explain and understand. She dedicated 4 pages to the mere description of what this means using mainly analogies. From the book: "Picture this. You're standing in the living room of a house, on the first floor. In your hands, you hold a ball. This ball equals the price of a stock. You toss the ball over your head. It soars upward, and hits the ceiling.".
This goes on and on for the rest of the page. Just when you think it's over... on the next page: "Imagine yourself jumping on a trampoline. The trampoline supports you when you land on it, but the depth of your bounce varies a little each time. Also, just as heavier people stretch the trampoline base lower when they land..."
I would argue if you need to imagine yourself jumping on a trampoline to understand a very, very simple concept within technical analysis -- you probably do not have the brain power needed to trade stocks short term. Why she explains everything like her readers are children or unintelligent, is beyond me. I mean no disrespect to the author -- I can see how badly she wanted her readers to understand these concepts without confusion -- but I think it was taken too far and it made for a poor reading experience on my end.
Overall, if you're serious about making money in the stock market, there are so many other books better than this one.