- Series: Trading
- Paperback: 280 pages
- Publisher: CreateSpace Independent Publishing Platform; 3 edition (July 28, 2016)
- Language: English
- ISBN-10: 9781535585958
- ISBN-13: 978-1535585958
- ASIN: 1535585951
- Product Dimensions: 6 x 0.6 x 9 inches
- Shipping Weight: 12 ounces (View shipping rates and policies)
- Average Customer Review: 1,242 customer reviews
- Amazon Best Sellers Rank: #805 in Books (See Top 100 in Books)
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How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology 3rd Edition
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"This is one of the best day trading books I have read. The author outlines the day trading process with real trade examples. This is a must read if you are beginning to explore day trading."
"Questions I had about my past mistakes and how to become a more profitable trader were right there in Andrew's book. Whether you're an experienced day trader or just want to start day trading, Andrew has the strategies to help you improve your profitability and reduce your risk. If you just wanted to get started in day trading, following Andrew's guidelines gets you stated on the right foot.
His comprehensive coverage of How to Day Trade, Risk Management, finding the right stocks to trade, the best trading brokers and software are all there. Most importantly the right strategies you should use to get in and out of your trades are discussed in detail.
His book has help me become more confident and profitable in my current trades. There are a lot of other books on day trading that just give you basic philosophy and market theory. I highly recommend How To Trade For A Living."
- Thomas K. at Vancouver-Traders.com
From the Author
Day trading is not gambling. It's not an online poker game. To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere.
At the beginning of my trading career, a pharmaceutical company announced some positive results for one of its drugs and its stock jumped from $1 to over $55 in just two days. Two days! I was a beginner at the time. I was the amateur. I purchased 1,000 shares at $4 and sold them at over $10. On my very first beginner trade, I made $6,000 in a matter of minutes.
It was pure luck. I honestly had no idea what I was doing. Within a few weeks I had lost that entire $6,000 by making mistakes in other trades. I was lucky. My first stupid trade was my lucky one. Other people are not so lucky. For many, their first mistake is their last trade because in just a few minutes, in one simple trade, they lose all of the money they had worked so hard for. With their account at zero, they walk away from day trading.
As a new day trader you should never lose sight of the fact that you are competing with professional traders on Wall Street and other experienced traders around the world who are very serious, highly equipped with advanced education and tools, and most importantly, committed to making money.
Day trading is not gambling or a hobby. You must approach trading very, very seriously. As such, I wake up early, go for a run, take a shower, get dressed, eat breakfast, and fire up my trading station before the markets open in New York. I am awake. I am alert. I am motivated when I sit down and start working on the list of stocks I will watch that day. This morning routine has tremendously helped my mental preparation for coming into the market. Whatever your routine is, starting the morning in a similar fashion will pay invaluable dividends.
Rolling out of bed and throwing water on your face 15 minutes before the opening bell just does not give you sufficient time to be prepared for the market's opening. Sitting at your computer in your pajamas or underwear does not put you in the right mindset to attack the market. I know. I've experienced all of these scenarios.
In How to Day Trade for a Living, I will show you how you too can take control over your life and have success in day trading on the stock market. I love teaching. It's my passion. In this book, I use simple and easy to understand words to explain the strategies and concepts you need to know to launch yourself into day trading on the stock market. This book is definitely NOT a difficult, technical, hard to understand, complicated and complex guide to the stock market. It's concise. It's practical. It's written for everyone. You can learn how to beat Wall Street at its own game.
I invite you to join me in the world of day trading. I'm a real person who you can connect with. I'm not just a photograph here on the Amazon site. I love what I do. You can follow my blog post under Author Updates on my Author page on Amazon. It's honest. You'll see I lose some days. You can read the reviews of my book. I know you will learn much about day trading and the stock market from studying my book. You can join at no cost and with no obligation my community of day traders at vancouver-traders.com. You can ask us questions. Practical, hands-on knowledge. That's How to Day Trade for a Living.
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Also, remember that you can't day trade like Dr. Aziz unless you have at least $25,000 in your trading account, which is not realistic nor recommended for beginners. I've been swing trading for over a decade and only in recent years I started to day trade. My biggest take from this book was the potential benefits of a high frequency trading platform such as DAS. Now I use DAS to trade options which I think is the smarter way to day trade. So if you want my advice for day trading follow these steps:
1. Go ahead and give Dr. Aziz PhD the $30 for the book. The contents are not bad for beginners. Focus mostly on technical analysis and patterns.
2. Don't fall for his chatroom and membership trap. Instead, buy a 3 or 6-month prepaid level 2 simulator account (with options) directly from DAS for $450 or $900.
3. Watch the DAS tutorials on YouTube and practice trading with options for 3 to 6 months. If you need help with options, check out Sky View Trading Options videos on YouTube.
4. Find good trade setups in highly liquid stocks such as AMZN, GOOG, BABA, etc. Unlike common shares (what Aziz PhD trades), options trading is best with mega caps stocks because there is little spread. Trade them everyday for 3-6 months and when you can win consistently, open an account and trade with real money.
Why trade options? With options you don’t have to risk too much capital. You certainly don’t need to have $25k and a margin account to make a living from trading. I’ll give you an example. When Aziz PhD takes a trade, he risks anywhere between 30-100k of capital (some of his own and some borrowed money), to make about $1000. I use these numbers because I’ve seen his trades. With options, you can make the same amount of money with far less capital ($2k, or so). Of course, just as you can make that kind of money easily, you can lose it easily on a bad trade. But would you rather blow up a 25k account or a 2k account?
Whether you trade common shares or options, you must practice first. That’s why a simulator account is highly recommended. Also remember that you must be willing to lose money before you can make money. Every successful trader has blown up an account at some point (including myself or even Aziz). So don’t be afraid to lose, just don’t lose it to bogus memberships and chatroom subscriptions. You are basically paying for their losing trades. It is funny, because when Aziz’s chatroom was free, he used to say he doesn’t need the membership money. Not sure what happened along the way. Good luck everyone and happy trading! If you have any questions, feel free to ask below this review.
Initially (similar to what I read in one of the few negative reviews on this book), I wasn't sure if the book was designed to help as a stand-alone text, or if it's sole purpose was to facilitate a gateway for more revenue streams (for Aziz) down the road. In other words -- the information seemed useful, but I wasn't sure OF the author's genuine intentions (to write a great book, versus suck people in for long-term profits). Why such feelings you ask??? Aziz offers his readers a few recommendations relative to "tools of the trade," and given this was my first experience with this sort of text -- I was caught off guard by some of what felt like self-promotion from within...
But then I read the other books (author's mentioned above) and EVERY one of them (also) included some sort of odd-feeling, hard to decipher, "tool(s)" of self-promotion. Benjamin Graham's book seems to prefer certain brokers (and funds) over others, but nothing near as bad as William O'Neil's book. Yup, as "good" as CANSLIM has (apparently) proven itself over the years, IBD not only sucked me in -- but they continue to annoy the heck out of me -- AS A PAID SUBSCRIBER -- by constantly inundating me with ads... So much so, that I'm considering cancelling my subscription. Even Toni Turner's book, which in all honesty -- was probably one of my favorite books to ever read (she is a very good writer) -- had its fair share of "go visit my website for additional tools of the trade..." type recommendations... Her "tools," by the way, are actually pretty useful...
My point though, is this: Though these authors (obviously) have something to gain by increasing their follower-ship, they are also simultaneously recommending invaluable resources for ANY "trader" genuinely interested in succeeding in this business. Aziz, in particular, recommends his chat-room, DAS Trader, and a couple of stock screeners (depending on your specific needs). He has also put together a handful of "lessons," where he walks you through some of the intricacies of the trading platform, and the methodology in his book (I'm in the series now).. Yes, you read that right -- The actual author of the book will sit down with you and help clear anything up relative to what you read from his text (and beyond). He has already responded, in a timely manner, to EVERY email I've sent, and his responses always offer nuggets of value. Anyways.... I've read Aziz's book twice now, and I can tell you -- without a doubt -- that his advice is solid. I've come to realize that what initially seemed like a sales pitch (via the texts of all authors mentioned), actually proves to be very solid advice. Believe it, or not, the guy (Aziz) would be doing his readers a disservice if he didn't recommend (and/or offer) tools for success...
My experiences so far:
Chat Room: When I first stumbled into his chatroom, I was caught off guard. I think I was expecting some sort of forum-based venue, where newbie's like me could browse topics of interest, ask redundant questions, and receive "platinum" membership status for posting 1 billion times... I literally checked in one day, hung around for a couple of hours, then checked out......and I never thought I'd go back... Then I read the books referenced above, realized that trader chat rooms aren't synonymous with forums of your favorite hobby, and found myself back in the very same room I gave zero thought to a few weeks prior. And that said -- I imagine I'll probably be a member of the chat room for a very long time to come... If for no other reason, you get to watch Aziz actually work every morning, ask questions along the way, and even view his P&L statements for the day. It's like shadowing a Doctor, then seeing the amount on his paystub at the end of the week! And when he (Aziz) loses money on the day, it speaks volumes toward: 1) Everybody is capable of failing, and even a professional trader has risk/reward factors to consider, and 2) he's not pretending to have a "secret sauce" that will guarantee billions of dollars overnight! He's a regular guy, like you and me, who has CHOSEN to put the time and effort into trading successfully; and based on what I'm seeing daily -- he is successful..
The simulator: The simulator he recommends is on a system called DAS, and regardless of how much research you do, you'll always come back to DAS being the 'go-to' option for day-traders worldwide. I have actually signed up with a simulator account with DAS, and I cannot thank Aziz enough for the recommendation. To be honest, I never imagined I'd put forth any sort of tangible effort into a simulator (it was "beneath me"), but now that I have the experience -- I'm soooooooo glad that I humbled myself, and took his advice! There's no doubt in my mind, that had I just gone into this cold turkey, I'd be a few thousand dollars (okay...maybe a lot more!) in the red already. Not, because I can't identify proper set-ups (though that takes experience too), but just getting used to the way things work (trading platforms, various brokers, etc.) are lessons in themselves... And believe me --- "mastering" the technical side of trading may seem elementary while perusing various texts on the topic, but when you're actually sitting at a desk, looking at stocks for hours on end -- suddenly the reality that trading isn't so cut and dry comes to light. For example: you might be a prodigy when it comes to recognizing set-ups, but where/how are you going to find relevant, and trade-able stocks for the day??? Maybe reading Aziz's book, and doing so humbly (unlike my first read) would be a good start...? I digress...
Last, but not least -- the book: Again, I've read multiple alternate texts on the topic now, and without question -- Aziz's book is straight to the point, easy to read, and most importantly -- EFFECTIVE in helping the reader understand what sort of FOUNDATION will be necessary to succeed as a day-trader. Of course there is a lot more to discuss than what he brings up in the slightly over 100 page book, but the brevity of the text in no way undermines the content of the messaging. That said, I've supplemented my education with a handful of other options, and guess what?? They all, in essence, say the same thing, lol... One of them, however (Aziz) is a LOT shorter, to the point, and EASY to read... Okay, okay....there are, in fact, subtle differences, and of course -- with more pages comes more fruit -- but Aziz says what needs to be said, and provides his readers with a legitimate foundation to build upon. I would also argue that Aziz cuts a lot of unnecessary fluff, and focuses on providing advice that actually works; rather than just including pages of theory in an attempt to convince us of his acumen. He provides step-by-step templates on how to find stocks, how to trade stocks, what to look for, etc... And, again -- he does a great job at leaving the clutter out, so you can focus on the fundamentals...
I wouldn't recommend taking this book, memorizing it, and never reading another again...., but I would HIGHLY recommend it to any trader looking to dip his toes in the world of day-trading. I came into this with a big ego, lots of prior education, and a feeling of invincibility. I'm now thankful that Aziz made it a point to help guys like me consider the "big picture" ---- while holding our hand(s) along the journey ---- before my accounts were wiped away like an open bag of leaves on a gusty day!
Take it from a guy who isn't a big fan of online reviews: Aziz gets 5 stars...read the book...you'll be glad you did...
I will recommend this book to people who ask me how to begin day trading.