How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology (Stock Market Investing and Trading Book 4) by [Andrew Aziz]
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Book 3 of 3 in Stock Market Investing and Trading


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Description

Product Description

2020 Updated Version


Very few careers can offer you the freedom, flexibility and income that active trading does. As a trader, you can live and work anywhere in the world. You can decide when to work and when not to work. You may only answer to yourself. That is the life of a successful day trader; but it is not easy to achieve and very few succeed.


In the book, I describe the fundamentals of day trading, explain how day trading is different from other styles of trading and investment, and elaborate on important trading strategies that many traders use every day. I've kept the book short so you can actually finish reading it and not get bored by the middle.


For beginner traders, this book gives you an understanding of where to start, how to start, what to expect from day trading, and how to develop your strategy. Simply reading this book, however, will not make you a profitable trader. Profit in trading does not come with reading a book or two or browsing online. It comes with practice, the right tools and software and appropriate ongoing education.


Intermediate traders may benefit from the book's extensive overview of some of the classic strategies that the majority of retail traders regularly use with proven success. If you think you are beyond the stage of a novice trader, then you may want to jump ahead and start reading from Chapter 7 for an overview of the most important day trading strategies:


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.


  • ABCD Pattern Trading

  • Bull Flag Momentum Trading

  • Top Reversal Trading

  • Bottom Reversal Trading

  • Moving Average Trend Trading

  • VWAP Trading

  • Support and Resistance Trading


  • For each strategy, I explain:



    1. How to find the Stock in Play for trade

    2. What indicators I am using on my charts

    3. When I enter the trade

    4. When I exit the trade (profit taking)

    5. What is my stop loss


    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. That’s How to Day Trade for a Living.

    Review

    "Andrew's book is the best starting point to learn about trading stocks. After two years of knowing Andrew, Bear Bull Traders and his book, I highly recommend them."

    David Rayome
    Professor of Finance, Northern Michigan University
    =====================================

    "Andrew represents everything you would want out of a leader. He has given so much to many people by creating Bear Bull Traders. Thanks to this initiative thousands have become empowered, which otherwise would have been much harder, and this has generated a win-win situation for thousands of day traders. This is in essence one, if not, the most important quality in a leader, to be able to find opportunities to generate value for everyone involved."

    Daniel Ellenbogen
    Economist 
     ===========


    "I highly recommend Andrew Aziz, Andrew's book (How to Day Trade for a Living) and the Bear Bull Traders online trading community (which Andrew founded and leads) for anyone interested in day trading. Andrew gives lie to the old George Bernard Shaw maxim, "He who can does; he who cannot, teaches" as Andrew certainly can, definitely does, and is also a very effective teacher who sincerely wishes to contribute to the success of others, not only through education per se but also via his curation of a community of traders whose synergies work to the benefit of all. The foregoing is effected with aplomb, charisma, the occasional dash of humor and augmented by a top-notch team of moderators in the Bear Bull Traders chat room, all of whom have their own individual trading styles and who are excellent traders and teachers in their own right. Really good, really helpful, stuff here."

    Steven East
    Macro Economist, Market Strategist, Analyst, Equity and Bond Trader 
     ===================================================

    "Andrew has an amazing ability of not only being a good trader but also an effective leader and communicator. Andrew's trading skills are displayed daily in his live trading sessions that he shares with the Bear and Bull traders community. His leadership and organizational skills are evident by the success, effectiveness and popularity of the Bear and Bull traders community. He also has remarkable ability to simplify complex concepts for easy understanding by trading community through webinars and via multiple popular books that he authored"

    Shiv Kumar
    Technology Leader at AT&T  
     ======================

    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. 

    And, as a purchaser of my book, I invite you to join my community of traders at BearBullTraders.com. You can monitor my screen in real time, watch me trade the strategies explained in his book, and ask questions of me and other traders in our chat room.

    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.

    About the Author

    Andrew Aziz (Ph.D., P.Eng.) is a Canadian trader and proprietary fund manager at Peak Capital Trading, Forbes Council official member, investor and #1 best-selling author. He has ranked as one of the Amazon top 100 best-selling authors in the "Business and Finance" category for over 4 consecutive years (2016-present). His books in finance and stock market trading have been published thus far in 8 different languages (English, Chinese, Portuguese, Russian, French, Spanish, Vietnamese, and Japanese).

    An entrepreneur since childhood, Andrew actively invests in FinTech companies related to the development of AI for trading. When not busy watching the markets go and up down, Andrew enjoys trail running, climbing, skiing, and high-altitude mountaineering. Andrew is currently on a mission to climb the highest volcano on each of the 7 continents

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    Top reviews from the United States

    5.0 out of 5 starsVerified Purchase
    Do the work
    Reviewed in the United States on June 12, 2018
    First after reading this book some people love it and some think it simple. Yes, it can be both. I found the book so simple that I was compelled to buy time in his chat room. My thought was, maybe it is just that simple or it could be something I’m missing and it’s... See more
    First after reading this book some people love it and some think it simple. Yes, it can be both. I found the book so simple that I was compelled to buy time in his chat room. My thought was, maybe it is just that simple or it could be something I’m missing and it’s actually complex. After a few sessions in the chat room watching someone monitor the market and listen to why buying and selling decisions are made, one way or the other, I decided to purchase three months time in a trading simulator exactly like the one used in the chatroom and connected with a feed just like the exchange floor. After 4 weeks of daily trading I became disciplined enough to start making smart trades and to get out of a trade properly.

    It’s a business. You are buying and selling a product. Reading this book, putting in training time and practicing your training is no different than any other profession. It’s all about knowing when to get in, when to stay, how long to stay and when to get out. We all know that a lot of business startup’s fail because they didn’t do their research on location and product offered. This is your opportunity to do the research on a specific type of day trading. I am opening my brokerage account and feel confident that I can make money doing this. When I say make money I’m talking 50K range not millions per year.

    And for those that don’t like this book because it seems “negative” that’s because it is compared to other books that put a nice pair of rose colored glasses on your face and tell you anyone can do this and how you will make millions. This book, the morning chat room, the simulator are all real world and a lot of potential traders lose money because they don’t put in the time before they put in their money. Be smart and learn to do it properly first….or you could just send me your money and save yourself some grief.

    This is what I consider to be a successful trade. I did my research in the morning before the market opened, this was one of my selected stocks for the day, spent time in the chatroom, we discussed trade possibility for the day, a list was compiled and based on all that information I shorted this stock for a quick $500 then got out for the day.
    326 people found this helpful
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    5.0 out of 5 starsVerified Purchase
    “It ain’t what you don’t know that gets you in trouble.”
    Reviewed in the United States on May 22, 2017
    Mark Twain once said "It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so." I believe these words of wisdom apply to trading, as well as life in general. After doing some day trading and making a few nice... See more
    Mark Twain once said "It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so." I believe these words of wisdom apply to trading, as well as life in general.

    After doing some day trading and making a few nice profitable trades here and there, followed by a couple of losses that cut my profits in half, I remembered that quote by Twain and I had to admit to myself that many of the things I thought I knew about trading were wrong. I decided to visit Amazon to find a good introduction to the subject of day trading. There were so many books, most of them looked like they would take me weeks or months to study, and I wasn’t sure if I was prepared to take on that kind of learning curve. I’m not lazy, but I have a lot of other projects going on.

    Then I stumbled upon Andrew Aziz’s book “How to Day Trade for a Living: A beginner’s Tools and Tactics, Money Management, Discipline and Trading Psychology.” This book seemed to cover everything I was looking for, and with only in 232 pages; I felt I could handle that. I wasn’t looking for an encyclopedia on trading; I was looking for information on what day trading is, how to get started, and pitfalls to look out for. Based on the long title and the mostly positive reviews, I decided to go with this book. I am very glad I did.

    I should mention that I’ve not yet completed my first reading of the book; I’m taking my time to let the information sink in; that’s my preferred learning style. However, a bit more by half way through the book, I can say that I really enjoy this book a great deal. At first it was a little uncomfortable, because as a middle-aged finance professional with an MBA and many classes in finance and investing, I felt that I should know a lot more about day trading than I actually do. Well, the first thing I learned from Aziz’s book is that day trading and investing are very different subjects. I also learned that what I had been doing was not day trading, but “swing trading,” and that they are very different trading modalities that require different education and practice.

    By far, my most important take-away from this book is that day trading is not easy. The author of reinforces that point throughout the book. This is probably why 84% or so (depending on which study you read) of those of us who give day trading a try end up losing money. We think we can just jump in, get lucky, and make lots of money. We ignore the fact that having consistent success as a day trader requires skills that are usually only acquired through practice and over time. We like the making money part, but we don’t like the steep learning curve, so we start trading with no education, no practice, no skills. In other words, we dabble in day trading. Then, as often is the case, when we lose our trading capital (or most of it), we call it quits and blame day trading as being a sham. That’s the 84% of all traders. Of course, there’s nothing magical about the 85/15 or 80/20% rule; it just happens to be true in so many areas of life. If more “wanna-be day traders” would only be willing to educate themselves and approach day trading with the seriousness and respect it deserves, treat it as an actual business, they could be successful too! And then the ratio of successful day traders in these studies would probably increase by quite a few percentages. Maybe this will happen one day, I don’t know. I say probably not, because despite our amazing potential, human beings tend to be lazy, and very predictable. That’s why the 84% failure ratio for day traders is probably going to remain fairly constant. That doesn’t mean that an aspiring trader willing to humble themselves (a bit) and commit themselves (a lot) to learning the skills can’t be part of the 16% of successful traders!

    In the beginning of this book, the author talks a bit about the rewards of day trading, and why so many people pursue it. Successful day traders can work from home, make a very decent income, take time off when they want to, work from anywhere in the world with an internet connection. You have no boss to answer to; you’re basically your own CEO. I learned from this book that a successful trader who has acquired the necessary trading skills, strategies, tactics, money management, discipline and psychology can sometimes make between $500 to $1,000 per day, on average. That’s a lot of money. It translates into $120,000 to $240,000 per year, before taxes (assuming on average 20 trading days per month). The author mentions how he knows traders who consistently make $2,000 or more per trading day; but he does not hold himself out to be in that category. In fact, he admits to having lost money, and he still has losing days or streaks of losing days, but on average he is consistently profitable. The point I’m trying to make is that becoming a successful trader can be very rewarding, for someone willing to go through the learning curve and acquire the necessary skills and mindset.

    If the potential rewards of becoming a successful day trader is so great, and since it appears to be very doable, then why isn’t everyone day trading? I believe the author provides the answer in his 11 Rules of Day Trading. “Rule 2: Day trading is not easy. It is a serious business, and you should treat it as such.” If I understand the author correctly, the day traders who are making $500 to $1,000 profit are traders who have taken time to educate themselves and apply the strategies and principles outlined in the book. They have practiced in a simulator for at least 3 months, achieving a favorable ratio of profitable vs non-profitable trades before trading with real money. Then follows several months with “small trades” made with real money, because trading with real money is different from trading in a simulator. So even if you have a talent for day trading, it’s unlikely that you’ll be getting rich quickly.

    In addition to teaching the general principles of day trading, risk management, money management, several day trading strategies, discipline and trading psychology (very important!) this book also provides a step by step process for people who want to become successful day traders. The author says in the beginning of the book that the book is short on purpose; it allows the reader to understand the basics of day trading and enough information for someone to decide whether they want to pursue day trading as a profession.

    After reading about halfway through the book, I’ve decided that I would like to continue learning about day trading. Some of the sobering facts outlined in the book almost caused me to put it down. However, based on what I learned from this book, I do believe that becoming a successful day trader is indeed possible. Also, the potential rewards of acquiring the skills of day trading are a great motivation to me. Another reviewer expressed that they really liked the book, but that they had decided not to pursue day trading at this point. I really respect that reviewer, because it shows that the person was willing to read the book and find out what day trading is all about, before making an informed decision. This reviewer then for their own reasons decided not to pursue day trading at this time, but still took time to leave a favorable review of the book. I think that says a lot about a person’s attitude in life and toward learning. In fact, this was one of the reviews that contributed to my purchase decision. As for me, although I am committed to continue my studies of this book and taking the next steps to continue my education, I still don’t know for sure if I will eventually become a day trader and pursue this as a livelihood. After a few months of trading in a simulator, I might reach the same conclusion as the other reviewer who decided it was not for them. However, in my case I feel this is the right time in my life to learn a new set of skills; I find day trading very interesting, and I want to learn more. Not everyone is cut out for day trading, and there are so many factors that come into play. However, I feel I owe it to myself to at least continue to explore and learn more about the subject matter. If I don’t, I will be forever wondering if I made a mistake by not learning more.

    I’d also like to point out that although I think this book on its own is a great introduction to the subject of day trading, you are getting a lot more than just a book. The author invites you to join his trading community, where you can watch him trade and get trading advice and tips from other traders. You can find the website if you enter the author’s name in Google; the website will have a lot of information about the trading chat room and other day trading education resources. The trading chat room is no longer free, from what I understand all the participants in that community recently collectively decided that there should be a $30/month fee to cover the expenses of the chat/teaching platform. However, it is possible to sit in on several chat session for free by signing up for a 7 day free trial. Personally, I don’t have a problem with this, as I’ve been pitched $5,000 trading “academies” – week long courses that promised me I’d be profitable my first month in trading. Unfortunately, the day trading education industry is infested with vendors preying on people’s hopes and dreams, and many fall for such false promises. I feel that the author of this book is “the real deal.” I must admit that one of the questions I had initially was that if a person is good at day trading and making money with it, why would they teach others? That question was answered after I attended a couple of the author’s trading room chat sessions. It became very clear to me that the reason he’s conducting these training sessions is because he loves trading and he also loves to teach. I know, anybody can say that they love teaching others, but if that statement is actually true, then I believe it will shine through. With Andrew Aziz, it does shine through. In any case, I consider $30/month to participate in the chat room to be a very reasonable fee, and I feel that if I can’t afford that, then perhaps I shouldn’t be day trading at all.

    If you are joining the author’s trading room, I also recommend that you budget $120/month to cover the cost of trading in a DAS simulator, where you will “paper trade” for at least three months. So all in all, I budgeted $450 for my three month introductory education with this program. I believe that the simulator can be ordered separately from the chat room directly from DAS, but the simplest option is to order it all through the trading community web site. That way everything will be set up for you and you can participate in an on-boarding session where the author teaches you how to use the software. I am mentioning these costs because I think people who are considering joining this path to day trading education should know about the costs up front. No doubt, some people will conclude from my review that the book is just a bait for more expensive courses, and if these thoughts are going through your mind you should be aware that the main cost of this program goes to cover the DAS platform, which is separate from the author’s chat room. I did some quick math based on the number of people in the chat room, and concluded that monetary gain is definitely not his reason for conducting these training sessions.

    Finally, I will disclose that this is an unsolicited review and I’m not receiving any benefit from leaving it other than the satisfaction of knowing that perhaps I’ve helped another prospective day trader make an informed decision about whether or not to invest in this book. My advice is that if you’re not sure whether this book is for you, get the Kindle version. It’s only $3.75 and you can download and read it immediately. That’s what I did. However, I just purchased the paperback version of the book as well. I know that this is a book that I will be referring to often, and I like to be able to highlight sections and add my own notes. I hope some will find this review helpful, and whoever you are, I wish you the best of luck with your decisions about day trading!
    155 people found this helpful
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    3.0 out of 5 starsVerified Purchase
    Okay
    Reviewed in the United States on May 27, 2018
    Read full review and summary of this book on my blog: imeducatingmyself.com/how-to-day-trade-for-a-living-tools-tactics-money-management-discipline-and-trading-psychology-book-review If you are interested in learning about Day Trading, then this book will help... See more
    Read full review and summary of this book on my blog: imeducatingmyself.com/how-to-day-trade-for-a-living-tools-tactics-money-management-discipline-and-trading-psychology-book-review

    If you are interested in learning about Day Trading, then this book will help you with learning the basics when it comes to day trading; but it’s an introduction to a Day Trading, and you’ll definitely would need to learn a lot more if you’re planning to succeed.

    The book is short and it talks about basic things that you need to learn and follow. But, you need to keep things realistically and know that there’s no “magic formula”, or one book like this one that would help to become instantly profitable. You can read and learn as much as you can, but things change when actually start to trade; we all get burned and lose money in the market, the things is are you going to become smarter and find your way to recover from that losses.
    There are good tips shared in this book, I’m already trading, so I didn’t learn much new things. And, really the best advice shared in this book is being patient and watch the market, create a list in your area of interest and just learn – that’s the best advice (strategy) shared in this book, and it does apply the best. You don’t have to be in the market all the times, that’s the mistake that most of us do when first starting out.
    53 people found this helpful
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    5.0 out of 5 starsVerified Purchase
    Not a bad book, though I don't believe for a moment ...
    Reviewed in the United States on May 7, 2018
    I decided to update my review to 5 stars after comparing to a few more similar books: this book stands out in terms of being much better organized, structured and logical. Not a bad book, though I don't believe for a moment that day trading can be... See more
    I decided to update my review to 5 stars after comparing to a few more similar books: this book stands out in terms of being much better organized, structured and logical.

    Not a bad book, though I don't believe for a moment that day trading can be "profitable" or one can make a living off it, considering that 95% is traded by large banks with software they invested millions into built by best engineers for many years. If day trading was profitable, seems like the author wouldn't need to sell a book on how to day trade and share his secrets on making a living....while selling subscription to his chatroom (which costs a lot!)...he'd just be profiting off his day trading, if it was indeed profitable. But I enjoyed the book nevertheless it has a lot of useful info for a complete beginner who wants to get an idea about what day trading is, gets one used to certain terminology, touches upon core strategies and technicals without spending too much time on this part as it'd be overwhelming and confusing for a beginner (such as just reading Investopedia articles), and places heavy emphasis on psychology of trading. As a software engineer by profession I'm as far from finance as earth from the moon, and found that I was able to understand almost everything in this book without having to google about it, though latter is recommended for in depth understanding of technical indicators and the book had answered a lot of my questions I had earlier. I was put off by suggesting that $720 paid simulator is expense of no big deal....yeah, "once I sell my paid-off San Francisco home" may be $720 will be no big deal then, but until then I think one should stick to free simulators or small trades on comission-free platform, as such are available. Author equates paying $720 in this case to a cost of education....well most of the modern education is a pure worthless BS, I can tell this as someone with a computer science degree from top school: a kid who leaned say web development on their own without spending a dime on institutional garbage is way better off in terms of freedom and opportunities, so I can not agree with throwing $720 a year to pay for a trading simulator use. To add, author's background in engineering shows, and book is very coherent, organized, detailed and logical (unlike most other books on stocks trading, which leave one being better off just reading info online for free instead), books has detailed trade examples and illustrated charts.
    25 people found this helpful
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    5.0 out of 5 starsVerified Purchase
    Beyond excellent
    Reviewed in the United States on June 19, 2020
    I am impressed. Being female, I have listened to countless YouTube videos of day traders boasting how they made millions BUT were all over the board in explaining things. I have read one too many books too - where the Author talks more about me, me, me syndrome and... See more
    I am impressed. Being female, I have listened to countless YouTube videos of day traders boasting how they made millions BUT were all over the board in explaining things. I have read one too many books too - where the Author talks more about me, me, me syndrome and teaches nothing.
    I LOVE this book! Beyond love it!
    If you have never traded before - this is an advanced book in the sense that most people want to find the holy grail that makes them billions. This book will teach you how to manage risk and not blow up your account.
    And Andrew explains systematically what you need to do step by step to be successful. I consider my husband a genius in charts.
    And he kept losing a fortune until he finally realized that it’s imperative to practice a minimum of 90 days in a trading simulator. And make sure the simulator is real time. And make sure your broker has direct access routing. Every tool that Andrew mentions is beyond a must for day trading. Once my husband invested $500 a month in the right tools (minimum $200 a month needed) - my husband went overnight from losing consistently to winning consistently. We argued with a well known broker that my husband should have gotten filled at 10.80 but got filled at 11.10. That was brutal. Long story short, broker rerouted order to multiple routers and trade took 4 seconds to get filled. Now my husband gets filled on the nano second. Zero delay. With day trading can not afford even a 1 extra second delay. So these tools are a must. And I don’t know this author BUT for god sakes - I do t care if he is a millionaire or piss poor ...
    He knows his shit and he knows how to teach it. Take notes - this is not a speed reading book. Thank you Andrew for writing an excellent well thought out day trading book! The good news is - thanks to you - I feel that now I understand what I need to do to be financially successful.
    5 people found this helpful
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    5.0 out of 5 starsVerified Purchase
    Swing Trader thinks this has good tips for Day Trading.
    Reviewed in the United States on May 25, 2017
    I've been a trader for about 5 years, mostly swing trading and some day trading. I thought this book gave me some very helpful pointers with regard to how to identify day trading candidates, which technical indicators are more important and how to regard them, and what... See more
    I've been a trader for about 5 years, mostly swing trading and some day trading. I thought this book gave me some very helpful pointers with regard to how to identify day trading candidates, which technical indicators are more important and how to regard them, and what additional tools are available to me. My only negative feedback is that the book indicated I could join the chat room for free and when I emailed the author he told me this was not the case. I also think he could benefit from including just a couple more technical indicators like the Directional Moving Index and Fibonacci Retracement.
    20 people found this helpful
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    5.0 out of 5 starsVerified Purchase
    One of the best on day trading. Don't be mislead by S.R.'s comments.
    Reviewed in the United States on January 16, 2019
    Well in my review, i am going to pick apart a misleading review by S.R. that has been trending lately. "The most recent edition is thicker (not thick enough to justify the price increase from $8 to $30), but the new contents are mostly fluff, and it has more... See more
    Well in my review, i am going to pick apart a misleading review by S.R. that has been trending lately.

    "The most recent edition is thicker (not thick enough to justify the price increase from $8 to $30), but the new contents are mostly fluff, and it has more self-promotion of the author's website and trading chatroom than the first edition."
    1. If you are trying to run a business, you need to market your business. Nothing wrong with that and if you take your business seriously anyone would do the same.
    2. Since there is competition for chat rooms for trading, you need to stand out. Nothing wrong with that and again if you take your business seriously anyone would do the same.
    3. It's by far much, much less self-promotion than most of the stock trading books out there. For example, "How to Make Money in Stock" By O'Neill is A LOT of self-promotion. This book doesn't even come close to this. In Andrew's second book, Advanced Techniques in Day Trading, the self-promotion is minimal.

    "I had noticed this self-promotion in the first edition, but it didn't bother me because the chat room was free for everyone to join. Then suddenly the author started to charge to join the chatroom ($29/mo) and most recently $99/mo. The $99 membership does not even include access to his trade-ideas scanner anymore (which I thought was the most valuable part of the room)."
    1. Just like all businesses, you start of at lower prices to obtain momentum and customers and as the laws of supply and demand come into motion, you adjust accordingly. Penalizing Andrew on this point is silly as since he is providing great value for the prices he charges and what you get to provide a chatroom where he trades LIVE, that requires the appropriate servers to make this happen in high resolution. That isn't necessarily cheap. FYI, there is a lot more you get for what you pay for than i mentioned here. Check it out for yourself.

    "So the once humble sounding Dr. Aziz (he likes to talk about his PhD) fell in the same trap as con men like Ross Cameron from Warrior Trading and others who pretend to be helping you, but in reality are only promoting their business."
    1. So Andrew is supposed to be a altruist day trader providing the highest quality day trading material and experience out there for free and NOT self-promote? Does Mark Cuban do that with his company? How about Jeff Bezos with Amazon? How about Steve Jobs or now Tim Cook at Apple? The answer is NO. You promote your business because you believe in what it can provide your customers is worth something of value and that you can help people. Andrew does help people just like others out there like them educating people on this topic. He also shares his trades everyday so you see when he looses and when he wins. That's ideal transparency and humbleness is it not?
    2. He mentions it because he is proud of it and there is nothing wrong with that. Obtaining a PhD is incredibly difficult and lot's of people drop out of PhD programs because they can't handle it. Bagging on him for this is silly. He talks about it to explain why he became a day trader so he can use a skill for a lifetime to earn income without being at the mercy of a corporation that one day could lay you off unexpectedly. That in itself is why learning how to trade the stock market is a valuable skill to learn.

    "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."
    So many things wrong with this statement.
    1. Really? $25,000 is unrealistic? Let's use math to show how "unrealistic" it is shall we?
    Let's say you make $50,000 in CA and after taxes, you net around $40,100. You decide to save roughly 20% of your NET monthly income (~3,300) per month which comes to around $700. If you just saved that in cash and not in a high yield savings, it would take ~2.75 yrs to save $25,000. That is definitely doable. Considering that most people invest by buying and holding over long time scales (30 yrs), that's not long at all.
    Let's say you make $75,000 in CA and after taxes, you net around $55,500. You decide to also save 20% and ultimately you save around $925 per month. Again, same scenario it would take 2.25 yrs to save $25,000.
    Same scenarios but you save 35%:
    - at $50,000 gross income ~= 1.75 yrs to save $25,000
    - at $75,000 gross income ~= 1.25 yrs to save $25,000
    2. High frequency trading = many trades per second, sometimes even millisecond and based on high performance computing algorithms. For the purposes of day trading without algorithms like Andrew and many, many others use it for they are trading on longer time scales (typically minutes). DAS is a multipurpose platform and not just for HFT and Day trading. The reason why people like it is because it's one of the highest rated platforms out there.

    "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."
    - The first actual useful comment so far. Congratulations.

    "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."
    - Terrible advice. Just like with virtually anything else, if you do something alone in a vacuum, you are likely to be unsuccessful. The stock market is where the best minds in the world flock to work in and you are competing against them. In order to be successful, you need to learn to get in and out of when they are making the moves in the stock.
    - It's not a trap. Nothing wrong with joining a community of traders to learn and grow from. There is a reason why many people join trading chat rooms like Andrew's.

    "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."
    - Watching DAS tutorials is nice, but it won't be as productive to do that and trade alone.
    - I'll get to the Options thing in a minute. This is where i'm really going to have a field day.
    - I have looked at Sky View Trading Options. Wasn't impressed. You are much better off going to the primary reference that serious Options traders use: Option Volatility & Pricing: Advanced Trading Strategies and Techniques by Sheldon Natenberg. It by far the best resource available since it provides a reference list for beginner Options trading books to the most advanced ones available. Sky View Trading Options won't provide you the level of education you would get from this book and the references it provides by a long shot.

    "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."
    - This is the worst advice i think i have ever read:
    1. Trading mega caps alone is not going to be beneficial. Day traders and swing traders, like Andrew and others, use Trade Ideas (or Finviz or both) to identify "Stocks in Play". What are "stocks in play"? Stocks in Play are stocks that have had a big change in price, up or down, that is being driven by some catalyst whether that be news, earnings, a natural disaster, etc. Stocks in play can be small - mega cap stocks, but the market cap of the stock isn't as important as the stock's float. Andrew and others trade stocks that have tight spreads and have adequate float as in these conditions, they are also liquid like the mega cap stocks. A stock doesn't have to be a mega cap to be liquid and therefore tradeable. I frequently trade small - large cap stocks with appropriate float and tight spreads often and i make money too.

    Well, this is where it's about to get interesting...
    "Unlike common shares (what Aziz PhD trades), options trading is best with mega caps stocks because there is little spread."
    "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."
    - Trading Options is a more advanced type of trading than simply trading common shares. To properly trade Options, you need to use the Black Scholes (or trade Binary) model. This model uses the following inputs:
    1. Strike Price of Option
    2. Current Stock Price
    3. Time to expiration (critical; i'll explain below)
    4. Risk-free rate (important, but not as important as the others)
    5. Volatility (extremely critical)
    Items 1 and 2 are what most Options traders start off with understanding and tend to use this alone to trade if they are inexperienced. However, Options trading is more complicated and advanced than trading Common Shares and thus you are more likely to be unsuccessful if you don't survive the learning curve.

    With Options, you can do a directional trade or you can trade volatility. In either case, you have to account for the timing and also the volatility (speed of stock movement as represented by the standard deviation of the stock price over a time period). This has a direct impact on how much money you will make from trading the Option spread.
    For example, If i trade a 30-day bull call spread with a $5 strike price target and i am risking $700 (premium paid for the Option), but the volatility is high and the stock moves to my strike price target the next day, i will not make the full profit target as i didn't correctly predict the timing and volatilty of the price movement. What would have been better is if i did a 5-day bull call spread as it would have been more appropriate. Also keep in mind that the commisions on the Option eat away at your profits a bit so you need bigger moves to profit hence why it's most appropriate for swing trading over week - month - year time scales.

    If you trade Common Shares, the risk is theoretically unlimited, however, you have full control over your risk as you can predefine a stop loss and get out for a minimal loss either as part of the trade itself or you manually get out when it moves against you and hits your stop loss. Someone who trades Common Shares can manage risk just as much, if not better, than one who trades Options. When the stock does move in the direction you predicted by using technical analysis to identify the correct set up and it moved $5 dollars, you have the potential to entirely profit on that for every share you had Long or Short. Since trading common stock doesn't require predicting the timing and speed of the movement as part of how you will profit from it, you can reap 100% of the reward.

    There is a time and place for Options vs. Common Stock trades. It's in your best interest to learn from others and educate yourself to identify what setups are appropriate and what style of trading fits you best. For me, I like trading Options for swing trades and I like to day trade in the first hour of trading in the market open. Both are profitable and both have their specific nuances you need to learn and master. They also both have their downsides. One is NOT superior to the other. It's a matter of what suits you best.

    - Chatrooms and memberships are not bogus. You can learn a lot from them. Pick the one that fits your budget and what you think will provide the most value. I have learned a lot from being in a few and i settled on Andrew's as he is the most forthcoming and fair priced for what i was looking for. Don't be scarred away from them by S.R.

    - The one thing that S.R. does get right in his misleading post is that you should start off in a simulator. DAS has one and is popular among day traders. TD Ameritrade has one and is popular among Options traders. I would suggest the following approach for simulated day trading ASSUMING you have already done a lot of reading and learning on the topic and understand technical analysis very well:
    1. Trade for a MINIMUM of 6-months if you have the cash you want to day trade with (day trading requires a minimum of $25,000 in an American brokerage account). Don't switch to live until your win rate is consistently >50% for 30 consecutive days and all your trades demonstrate you enter and exit ones with a risk to reward ratio of 1:2 or greater
    2. If you don't have the cash you want to day trade with, stay in simulator until you do AND you accomplish the same above.

    I would suggest the following approach for Options trading ASSUMING you have already done a lot of reading and learning on the topic and understand technical analysis very well:
    1. Trade for a MINIMUM of 1 year if you have the cash you want to swing trade with (note: you don't need $25,000 unless you make a day trade. Options traders who swing trade over multiple days don't close out the same day). Don't switch to live until your win rate is consistently >50% for 30 consecutive days and all your trades demonstrate you enter and exit ones with a risk to reward ratio of 1:2 or greater. Why a year? because swing trading with Options results in less trades because you trade longer time scales and therefore, you don't get as much practice so you need to practice for longer to get some adequate level of repetitions in.
    2. If you don't have the cash you want to swing trade with, stay in simulator until you do AND you accomplish the same above.

    Final note: This is one of the best day trading books out there with minimal self-promotion out there i have read and i have read A LOT of stock related books. It's worth the price tag in many ways. Don't be mislead by S.R.'s comments as he is incorrect on most points as i hope i pointed out. If you are interested in Options trading for swing trading, refer to the book i mention above. It's the best out there on the topic. Don't forget that Options trading is ADVANCED and just as difficult, if not more so, than day trading common shares.
    9 people found this helpful
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    2.0 out of 5 starsVerified Purchase
    290 Pages of Self-Advertisement
    Reviewed in the United States on July 7, 2018
    The book is a self-advertisement for his website. To even view the chat, you must do a deposit and then a monthly subscription on top of that. Any lessons are reserved for his paid members. He expects you to have quite a bit of money to start with, very unrealistic for... See more
    The book is a self-advertisement for his website. To even view the chat, you must do a deposit and then a monthly subscription on top of that. Any lessons are reserved for his paid members. He expects you to have quite a bit of money to start with, very unrealistic for beginners.
    16 people found this helpful
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    Top reviews from other countries

    Asif
    5.0 out of 5 starsVerified Purchase
    Best book to read irrespective of if you are beginner or experienced trader.
    Reviewed in India on May 7, 2018
    I am a nerd and this is my first review and probably may not write a review for quite some time unless I find something worth praising. This was the second book I read about day trading and it is the best book out there for beginners. I build software for living and I had a...See more
    I am a nerd and this is my first review and probably may not write a review for quite some time unless I find something worth praising. This was the second book I read about day trading and it is the best book out there for beginners. I build software for living and I had a requirement to build scanner for gap up /gap down strategy for Indian market. While researching for the above strategy, I thought of reading few books on day trading and that's how I came across this book. The writing is simple and plain without any jargons. Someone has rightly said, "Some books are to be tasted, others to be swallowed, and some few to be chewed and digested". This book falls into the category of chewed and digested. For years, I had the impression that day traders are gamblers but this book has destroyed that notion. Day trading especially gapping strategy driven by catalyst is not gambling but statistical betting. There are so many takeaways from this book that one cannot describe it in comments section. Grab a copy and do a favor to yourself by reading it. You can keep it as a reference book. Note. My apologies for any typos as I am writing it while traveling using mobile phone.
    95 people found this helpful
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    Andrew
    5.0 out of 5 starsVerified Purchase
    A very honest educational insight to day trading
    Reviewed in the United Kingdom on March 2, 2020
    I absolutely loved this book as I felt that the sentiments and advice awarded by the author were very authentic. I found it mostly easy to follow although I did get slightly overwhelmed with some of the trading strategy terminology but that is more down to my lack of...See more
    I absolutely loved this book as I felt that the sentiments and advice awarded by the author were very authentic. I found it mostly easy to follow although I did get slightly overwhelmed with some of the trading strategy terminology but that is more down to my lack of experience than anything else and there is also a handy glossary at the back for support. This book provides some extremely useful advice especially around the psychology of entering day trading and it is definitely one I shall be re-reading again many times should I be fortunate enough to get the opportunity to progress in a day trading career. Would recommend this book to anyone who was interested in starting out in day trading.
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    MrEssential
    5.0 out of 5 starsVerified Purchase
    Straight to the Point and Thought Provoking
    Reviewed in the United Kingdom on May 8, 2018
    Straight to the point, easy to grasp and thought provoking.If there is one trading book you buy it must be this one. I have read this book numerous times and every time found a golden nugget. This book helps to eliminate those stupid errors, which makes a huge difference to...See more
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    Elliott Youds
    5.0 out of 5 starsVerified Purchase
    Great insight into what day trading is all about and what it takes
    Reviewed in the United Kingdom on September 14, 2020
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    SCL
    5.0 out of 5 starsVerified Purchase
    Great book on day trading!
    Reviewed in the United Kingdom on June 5, 2020
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