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MY SECRETS OF DAY TRADING IN STOCKS Paperback – July 16, 2010
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I feel like a complete idiot to have bought this book, and to have wasted time reading it.
Buy it only if you want to know how trading was done in the 1900’s. And even then, plenty of moments where it contradicts the meaning behind the term “Day Trading”. Here, page 12, first paragraph: “A pure tape reading day trader does not care to carry stocks over night.” The whole strategy of a day trader is to play the market and not actually stay with a position, or have no positions by market close.
There are many unusual metaphors to stocks that might have made sense then, but don’t anymore, like this - page 14, paragraph 3: “The Scalper is a car without shocks, bouncing over every little bump in the road with rattling windows, a rickety motion and a strong tendency to swerve into oncoming traffic.”
No help to you today because – page 21, paragraph 3: “Have you $1,000 or more that you can afford to lose in an effort to demonstrate your ability at day trading?” You need $25,000 or more in an account and that account has to be marginalized for you to Day trade in the US Markets.
I thought maybe this book just starts off showing how it was in the early 1900’s and what is still true today and how it may help the modern investor today, but no, it kept on staying in the 1900’s, like so:
Page 30: “…take the market in the early fall of 1907: Union Pacific was the leader …”
Page 35-36: “Erie may come out of its rut (as it did during the summer of 1907, when it was selling around 24).”
Page 74: “On Saturday morning, February 27, 1909…”
Page 83: “Another instance: Reading sold on January 4,1909, at 144 3/8.”
Page 94: “Take Beet Sugar on March 26, 1909, the day…”
Page 112: “Another case was when Steel broke from 58 ¾ (November, 1908)…”
Page 141: “…compare these principles in their adaptation to the stock market of 1916.”
There are a number of pages filled with Tape numbers as they would have come out on a ticker tape back when they existed.
Do you want to know how to actually Day Trade? Get a level 2 broker like Pro Trader, or Lightspeed Trader, Stock picking software or screener like Trade Ideas Pro, News feed alerts like Benzinga Pro (you are shelling out $400/month right there not including commission costs), hold a position for fraction of a second to a few minutes, and then maybe you might make or lose money. Most of the trades are done by a computer, especially the micro transactions (computer is quicker on the trigger that you), that’s who your opponent is. Otherwise be long investor and buy stocks after a crash or on very cheap.
Congratulations, you now know more about Day Trading than if you were to read this amazing book…from 1900’s.