The Electronic Day Trader: Successful Strategies for On-line Trading

In 1998, McGraw-Hill’s The Electronic Day Trader became a worldwide phenomenon–and spent months on the Wall Street Journal, BusinessWeek, and New York Times bestseller lists. Now, this new paperback edition revisits the hardcover edition’s electronic day trading techniques and mechanics, and adds a new introduction discussing today’s evolving electronic day trading environment. The Electronic Day Trader continues to give the reader a firsthand, no-holds-barred introduction to the world

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#451
Anonymous :
Jul 6, 2010 5:11 am |

Review by for The Electronic Day Trader: Successful Strategies for On-line Trading
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This book is essentially obsolete just three years after its publication. Stocks are now traded in decimals, and the spreads on heavily traded stocks are now almost nonexistent, sometimes being less than one cent a share. Consequently, you can forget about any of the strategies or information regarding “pocketing the spread”, “getting between the spread”, etc. With the proliferation of ECN trading, the influence of the market makers in a stock has been markedly reduced. In a stock that trades 80 million shares per day, a market maker with a 100,000 share block is not going to be able to move the stock significantly, and ECN trading can overwhelm his influence. Likewise, information gleaned from the Level II screen, while still useful if one knows what to look for, is no longer the Holy Grail. Also, day trading firms, like the authors’ “Broadway Trading” are on the way to extinction, now that some big online brokers offer direct-access trades for less than a quarter of what day trading firms charge, as well as offering free Level II quotes and other information not available to the day trading firms.While the book contains a few nuggets of trading info, it was not written in a logical, easy to follow manner. As has always been the case, aspiring traders need to study the markets intensely and develop their own trading techniques; they cannot expect that any book will teach them how to be successful in a field where very few people ever succeed.
#452
Anonymous :
Jul 6, 2010 6:02 am |

Review by for The Electronic Day Trader: Successful Strategies for On-line Trading
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Although the writers clearly understand the subject matter well, conveying the information in easy to understand language is sorely lacking throughout much of the book. It is difficult to figure out exactly who the authors intended the audience of this book to be, as some sections seem to be written only for highly knowledgeable and experienced traders, but other sections are down to earth and offer clear understandable concepts. Most of the book is not really for the novice.Basically, I didn’t get as much as I wanted from the book, but I know more than when I started reading it.
#453
DT :
Jul 6, 2010 6:52 am |

Review by DT for The Electronic Day Trader: Successful Strategies for On-line Trading
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As a relative newcomer to trading, I find that The Electronic Day Trader does an excellent job of filling in a lot of holes in my understanding of who the players are and what the playing field looks like in the trading world, particularly the world of day trading. It was a quick read and also serves me well as a reference book for the stock market. This book emphasizes what I believe to be the most important lesson of successful trading: a strong commitment to money management principles. The best books on trading that I have read make a point of punctuating this point as a key to successful trading. I recommend this book to anyone who needs a RULEBOOK to help learn what you need to know to trade. If anyone needs a good PLAYBOOK of successful trading strategies, take a look at Cooper’s Hit and Run Trading. It stresses a lot of momentum based strategies that are laid out in a simple, step-by-step approach. These two books have made me a happy trading camper!
#454
Eddy Bradford :
Jul 6, 2010 7:38 am |

Review by Eddy Bradford for The Electronic Day Trader: Successful Strategies for On-line Trading
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There are some good ideas that you can rescue from this book. Therefore I think you should buy it since you can make much more money and certainly recoup your small investment if you employ 2 o 3 good tips.

Any way, from my point of view a trader must always read as much as he can. There is simply no other way to prepare one self for this difficult yet incredibly rewarding activity, but to learn and put into practice as much ideas as you can, at least by paper trading first.

The are a lot of books on the subject, however many of them where written 2 o 4 years ago and that kind of makes them obsolete in this constantly changing field.

The internet offers great places where you can learn more specialized trading techniques. One of those places that I have found to be worthy is ProfitableStockmarket dotcom.

They focus mainly on momentum trading and employ a rather simple yet effective strategy. I think that for a trader to survive and be profitable, its neccessary to keep their trading as simple as possible. To much confussion and technical indicators will most of the time make you slow in your decisions and froze you up when a good opportunity is right in front of you.

In the end it’s all about buying or selling with out hesitation, and doing it over an over again according to your set ups.
#455
Anonymous :
Jul 6, 2010 8:23 am |

Review by for The Electronic Day Trader: Successful Strategies for On-line Trading
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I am a statistics profressor and Day-Trader with over 200% return this year, no thanks to this author. My $25.00 spent on the book could have been $100 on the market, instead I gave the book to a friend as an example of a worthless book. No real information in this book that can’t be found searching the Internet with key words “Day Trading”. The software system used by the author costs about $1500 a month and he trades from a seat on NASDAQ with a multi-million dollar account. If you have less than $100,000 and want to day-trade, this book won’t help you. It’s for the big-leagues. Worthless a thousand times.