One sentence summary:
This book provides a comprehensive guide to understanding and successfully participating in the fast-paced world of electronic day trading.
Book genre:
Personal finance/business/education.
Main topic of the book:
The book focuses on electronic day trading, a form of trading in which securities are bought and sold within the same day, with the use of electronic platforms and technology.
Key ideas:
- Understanding the basics of electronic day trading and its terminology.
- Developing a personalized trading plan based on risk management and technical analysis.
- Utilizing various tools and resources, such as chart patterns and trading software, to make informed trading decisions.
- Navigating the potential risks and rewards of day trading, including managing emotions and avoiding common mistakes.
Main parts of the book and a short summary:
Part I: An Introduction to Electronic Day Trading
This section provides an overview of electronic day trading, its history, and its advantages and risks. It also introduces key concepts and terminology that are essential to understanding day trading.
Part II: The Basics of Day Trading
This part delves deeper into the essentials of day trading, such as risk management, chart patterns, and technical analysis. It also covers important topics like choosing a broker and setting up a trading platform.
Part III: Developing Your Personal Trading Plan
In this section, readers learn how to create a trading plan that aligns with their individual goals, risk tolerance, and trading style. It covers topics such as creating a watchlist, identifying entry and exit points, and monitoring market trends.
Part IV: The Tools of the Trade
This part focuses on the various tools and resources available to day traders, including trading software, market indicators, and news sources. It also covers the impact of technology on day trading and how to use it to gain an edge.
Part V: Playing for Keeps
The final section of the book explores the psychological aspects of day trading, including the importance of controlling emotions, managing risk, and avoiding common mistakes. It also delves into the potential rewards and drawbacks of day trading as a career.
Key takeaways:
- Electronic day trading is a fast-paced and risky form of trading that requires a solid understanding of the fundamentals.
- A personalized trading plan, based on risk management and technical analysis, can increase the chances of success in day trading.
- Utilizing various tools and resources, such as trading software and market indicators, can help day traders make informed decisions.
- Maintaining emotional control and avoiding common mistakes is essential for long-term success in day trading.
Author’s background and qualifications:
David S. Nassar is a professional trader and the author of multiple books on trading and finance. He is also the founder of MarketWise Trading School, which provides education and training for traders of all levels.
Target audience:
This book is ideal for individuals who are interested in learning about electronic day trading and are looking for a comprehensive guide to get started. It is also suitable for experienced day traders who want to refine their skills and strategies.
Publisher and first publication date:
Published by McGraw Hill Education in 2000.