The Truth About Day Trading Stocks
A realistic guide to day trading today's stock market
In terms of the potential for heavy financial losses, day trading is a high-risk profession. No one should contemplate day trading without giving thought to the ways he can lose, and all the ways to lessen or avoid them. Yet many people enter the game with unrealistic expectations, unaware of what it takes to succeed. Seminars and software alone do not make a successful day trader, cautions author Josh DiPietro. Instead, a trader must learn hard lessons of self-discipline, consistency, and staying in the game for the long haul to have a real chance of success. In The Truth About Day Trading Stocks, DiPietro offers the amateur day trader a brutally honest look at the pitfalls of day trading—and how to hopefully avoid them.
Written in an engaging and sometimes humorous tone, The Truth About Day Trading Stocks draws on the author's own experiences as a day trader to offer a clear-cut departure from typical "golden goose" strategies promising instant wealth. Instead, he attempts to slow down the dangerous fervor of the average amateur and demonstrate the ways you can become a professional and not lose your shirt in the process. The Truth About Day Trading Stocks shows how trading decisions are bent and shaped by emotions, and why it is critical to know yourself, understand risk, and remember that increasing your skill level is a gradual, ongoing process—there's always more to learn! After dispensing with popular illusions, DiPietro proceeds to offer realistic, practical trading advice—comparing pay-per-trade with pay-per-share brokers, determining which works best and when, offering suggestions on how to avoid the prospect of perfect trades turning ugly, and more. At the end of the book, he also includes a section called "Rules to Remember," a list of over eighty rules, simply stated and easy to grasp, to benefit amateurs' performance.
Throughout the book, the author describes his development of acute self-awareness while figuring out how to succeed. Through that blunt self-portrayal, the goal of The Truth About Day Trading Stocks is to help you create a disciplined mind-set and apply it to your own successful trading style.
Great read if you're thinking about day trading
This book is very well written and describes what is needed, both from a mentality standpoint as well as capital, to begin day trading. My only gripe is that it could have been more technical. That being said, I would say this is a must read for any newbie looking into life as a day trader.
Has a lot of insight on becoming/being a day trader. This book is a must if you are new to trading. Highly recommend reading BEFORE you start trading. Has many great ground rules for beginners. I must say, a very honest book. The author doesn't sugar coat anything. He explains things the way they are.
Worth Every Penny!
I thought this book would teach me technical strategies and entry and exit maneuvers, but it teaches nothing like that. It teaches you how to NOT lose your shirt. It is probably the best trading book I ever read. Don't even think about day trading without reading this book first.