The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
2010 July 9
The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
- ISBN13: 9780470448489
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
A realistic guide to day trading today’s stock market “Josh does an outstanding job of capturing all his trading experience into an invaluable memoir detailing specific rules for both the inexperienced and experienced trader. Anyone interested in trading professionally should read this book as they will learn invaluable lessons.”
—Stephen Ehrlich, CEO, Lightspeed Financial, LLC “Having been a trader for over twenty years myself, I’ve read my share of books about the fi
Rating: 
(out of 47 reviews)
List Price: $ 60.00
Price: $ 33.28
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Review by Steve Burns for The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
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If you are searching around on Amazon for a book that will get you started in day trading, this is it. Josh DiPietro will give you the straight truth about the reality of being a day trader. It is a career choice like any other. It takes hard work to become successful. Almost every beginning trader blows out their account before learning to manage risk. You can read books and take seminars but only real trading will make you successful. I have been a trader for over 6 years and I agree completely with these observations from the author.
Josh’s key points are to start with 100 share blocks only, to limit exposure and build skill. Do not move above this amount until you have been successful for months, then only increase trade size very gradually. You can make money trading 100 shares at a time through out the day. This also keeps your emotions under control when no one trade has to much riding on it. Use preset stop losses if your trade goes against you. Most amateurs make the mistake of stubbornly holding losing positions or even increase their position on the way down, this can be disastrous. The key to day trading success is consistency, making the money you need daily, by having a great win ratio.
Josh’s system is scalping .20 cents to .40 cents off nice steady consumer staple stocks that trade at least a million shares daily on the market. He uses the previous days support and resistance levels as a trading range along with volume. His trading seems to be primarily counter trend, shorting at break outs to new highs and going long at support to try to catch retracements to profit. I have used this system in range bound markets for much success. So I can say his system is sound from my personal experience. He also wants to avoid stocks if they are in the news or earnings are expected, because that will disrupt the range and lead to volatility and trends.
He also explains the value of using pay per share brokers versus pay per trade brokers. If you qualify for an account with a pay per share firm you could get 10 to 1 or even 20 to 1 leverage. This is for the advanced and you must show them your ability to trade before they will release that much buying power to you. But it enables you to be profitable with $10 and $20 scalps because a 100 share trade is about .35 cents. This is an opportunity amateurs rarely hear about.
I have read over a hundred trading books and day traded successfully through this recent financial crises, with a 31% return from September 2008 to July 2009. I also was one of the rare people who went to a cash position in my 401K on January 5th of 2008. With my background I still learned several things from this book and it was great to get my mind focused during this break from trading. I highly recommend for all beginning and intermediate traders. I wish I would have had this book when I started day trading it would have saved me both money and time.
Review by M. Wang for The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
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The sole reason I bought this book was the fact that it had such a high rating (5 stars) with over 30 reviews. The book is very easy to read and explains the truths of daytrading by telling real life stories and examples. It is simple, fun to read, and easy to understand.
However, after finishing the book (only 150 pages or so), I did not learn any real substance or valuable information that I use. The book contains so much fluff, fillers, and stories. As a matter of fact, the only valuable information is probably the last 10 pages that explains how he screens his stocks. Even then, his screens are broad and too simple.
Also, the book constantly promotes his “Day trading mentor program” throughout the book. While reading, you can’t help to think that the author’s book is only written to lure people into his $700 mentoring program. The book offers very little to no technical information which only helps in the author’s favor as I guess he gets more customers.
In conclusion, I believe there are far greater books with more value and information with authors who are true day trading gurus, not author’s who try to make money off of beginner day traders.
Review by Sam for The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
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I’ve been trading for about a year and I’ve had wonderful highs but fewer mistakes that create larger lows. I’ve spent $4,500 for classes in Chicago & NYC. The classes attempt to teach me the trading equivalent of driving a golf ball 350 yards, or trading a stock that moves a clean 1 1/2 points. I can’t hit a golf ball 350 yards & I can’t find a 1 1/2 point move but I can chip and putt both on the greens and in the markets. I discovered Josh in a article in SFO (Stock, Futures and Options) magazine. Josh is not a professional national speaker with his head in the clouds. Josh is more like you and me yet has much to offer. His book tells how to get 25 cents many times, trading psychology (OMG), how to select stocks, manage risks and much more. I put myself on probation as I tend to have many gains but a few larger losses. Sounds like a simple thing to fix but welcome to emotions and money. In my 90 minutes of trading today after reading this book I netted $115. For me, that is good. Certainly go to the conferences and read other books but if want the opinion of a young guy that is more like us, Josh’s book is a must.
Review by William Karnaze for The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
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There is almost nothing of value for any but the most inexperienced traders in this overpriced book. When a book costs this much for so little information, it makes me think the author is out to make a fast buck and probably needs the money badly. I do commend the author for his candor about being wary of trading courses, but his own book falls into that same category. If the book cost less or had more info, I’d give it another star or two.
Review by S. Sao for The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading)
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“The Truth” is most definitely what this book is all about. I have been a struggling online day trader for about four years now. The stock market has been a complete nightmare for me. I have been reading a lot of books lately, and The Truth About Day Trading Stocks has been the one that stands out the most. Josh DiPietro really knows the hard side of day trading stocks. I feel like he is in the trenches with all of us amateurs. His advice is straight-up, he holds no punches. If you are looking for a book that is gunna show you how to make loads of money with some proprietary trading strategy, then this is not the book. Josh purposefully sways from giving the “golden goose” of strategies that will turn you into a millionaire overnight. He teaches just the opposite, he shows the hang-ups to day trading, he shows all the pitfalls and landmines. This book should be a requirement for all beginner day traders. Unfortunately, many beginner day traders think they are advanced. I strongly suggest all degrees of day traders read this book, especially if you have not yet figured out why you can’t generate consistent profits.