day-trading

This is not your ordinary trading book, but one that teaches some real "usable" techniques. The book is broken up into chapters written by different people, so the tone of voice will change frequently. The prize of this book is the Seleznov breakout method, which anyone can use to trade profitably for life. That alone is worth thousands of times the price of this book. I'd recommend this for any serious amateur/semi-pro level short term trader who may be lacking a consistent trading system.

This is an eclectic book. It doesn't focus on a major theme and is a collection of different people's views plus the author's.

I would not recommend this book for beginners who want to learn the basics because I don't feel the foundation is thorough.

It is a good book for those who want to see how others trade, their diverse techniques, and their opinions on trading. Also of value are the risk management techniques.

A more appropriate title would be: Different techniques by various traders and other trading tips.

I have read many "trading" books, and find this one a pleasant suprise. Section Two includes a good source of trading strategies that work, each one written by people who actually trade. Strategies covered include 1) pure price action by Gary Smith, 2) breakouts by Mark Seleznov, 3) seasonals by Steve Moore, et.al., 4) patterns by Mark Etzkorn, 4) springs and upthrusts by Hank Pruden, 5) Bow Tie patterns by Dave Landry, and a few others.

The strategies include a good summary of setups, entries, stops, and exits. These summaries are general enought that you can program them in most any backtest software you use, not just Tradestation or C++. I use them to backtest with TC2000 and TC Companion.

The book also has very good information on risk mangement, the mechanics of trading and the mindset of different trading styles.

The great thing about this book, is that it is a well integrated compilation of tools and techniques from a variety of well known and/or highly successful traders. The editor did a wonderful job of taking this diverse group and integrating the book into a very logical and usable flow.

While it may be too much for the pure beginner, this book will be most appreciated by the intermediate to advanced trader.

This is not a TA or Day trading book, this is an insult to every serious trader. Classic example of take the money and run.
Part 1 (by Jea Yu): same tools of previous book (2MA+Stochastic), 168 pages with 13 charts. Sorry, i forgot the new innovative tool: 3 period exponential moving average with a shift -3. WOW !!!!!!!!!
Part 2 (by Russell Lockhart,Ph.D.): 174 pages, about 30 charts.
Group Orgy with Candlesticks+Lunar Clock+Fibonacci+Natural Squares+Harmonics of Range+Market Structure+Price/Time+Three-Price Breaks+ bla bla bla.
Appendix A: "These two entry techniques uses the indicators in an innovative way". First technique: 20-period EMA retracement technique (do you remember Street Smarts?). Second technique: stochastic divergence trades (very, very innovative tool, a 5-3-3 stochastic with a 1 min. chart).
Last but no least. Appendix B (by John Allen). The chart (pag.345) displays an Evening Star pattern, top reversal signal: sell signal. No, for Mr. Allen this pattern is a Piercing pattern, bullish pattern etc... etc...
This book is not worth the paper that it is printed on (recycled, acid-free paper).
Save the last scalpers !!!

Thank you Jay, and all underground traders team for sharing all new developments and extraordinary capabilities to deserve my own trading methods.
A PUP book wrote by amazing real traders.

I am a full time Day-Trader and utilise the methods outlined in this book. The book provides a comprehensive review of the methods used at undergroundtrader .com It is not a book for complete beginners. Some initial readings with more basic books will be needed in order for newer traders to gain full benefit. The book is excellent because it provides 2 approaches to trading. I strongly advise you to get this book if you are considering trading as a full time career, dont pay attention to people who slag off this book .I trade full time using these methods and they work. The lack of reference to Day Trading in this book is probably because of the bad name that it now has. Yet this book is really about trading not investing, mainly on an intraday basis. Moreover there are very useful strategies discused which can help the investor or less active trader to. Overall it is an essential addition to any trader or investors arsenal.

the fundamental ideas mentioned in this book are timeless, hence is valuable.

but some of the systems suggested are dated. the book needs an upgrade to keep up with the times.

satish paul

I bought this book a few years ago to try an extend my knowledge of trading/investing in the securities market. Unfortunately, there is little if any information of the sort, but rather this book is filled with elemetary (read - useless) instructions of how to set up a computer, which internet provider to go with, and a list of online brokerage firms to choose from. The author is obviously trying to put a book out to make a quick buck. There is no trace of knowledge here. There is no investing/trading substance to this book. Avoid this book if you can. If you want a great beginner's guide to day trading, get Toni Turner's. If you've been under a rock for the past ten years and have never heard of the Dow Jones and also have never seen a computer, then this is the book for you.

The book is divided into Sections.

Section 1 deals in the basics for the novice of getting online, choosing ISPs, computer hardware, printers etc. This will be basic for most online traders, but as the author says, it can be skipped by those already 'up to speed'.

Personally, I would have prefered this section at the end. The final chapter(8) of Section 1 offers some interesting tips on speeding up access to the internet - which strictly do not fall into the field of Trading Online, but are appreciated.

Section 2 "The Road to Profit" represents the start of the book proper in my opinion. The section begins with an introduction to action plans. At first I was doubtful if this method of organisation would work, however, having tried them it does tend to provide a useful framework for trading.

These action plans, are composed of 7 steps, each necessary for trading online. The steps include price data, fundamental analysis, technical analysis, broker execution methods, portfolio monitoring etc. The book explains the importance of each, and for the important step of analysis for determining likely price moves, the book details some strategies and systems.

Having explained the significance of eaxh step and how it relates to each further step, the book moves on to Section 3, which is a list of recommended sites for each of the steps. The sites listed here are cross-referenced to Section 4 of the book, where they are grouped according to whether they are online brokerages, Mutual Fund Sites, Technical Analysis sites etc.

The idea behind Section 3 is that you go through each step, say for example Step 3 (Analysis) choosing the sites you think are worth visiting by looking at their description, review and summary of contents provided in the book. You then settle on the core sites for each Step, and stick to them each time you trade. As I have said, how best to use the sites as part of your overall plan is well explained.

At first I was a little sceptical of whether this would work, and admittedly it helped when I photocopied the action plans. This then meant that a lot of the hard work had been done for the reader.

The sites covered in Section 4 are quite exhaustive, but the book makes it clear, only sites considered worth visiting, in the opinion of the author, are listed. Sites are listed under, 'a little bit of everything', 'technical analysis sites', 'Brokerage sites', 'Mutual Funds', 'Futures and Options', 'Exchanges', 'Bonds', 'Forex', 'Options Analysis', 'Gurus and Newsletters', 'Discussion Forums', 'E-Zines'.

As one would expect stock traders are given the most space and are catered for best, and one complain.

Section 5 is the end-part of the book, and is aimed at further research. 3 chapters cover the issue of using Search Engines properly, Financial Directories and Online Bookstores.

There are a plethora of appendices covering tech analysis, fundamental analysis, options and futures. I take issue with some of the books in the recommended reading list, in that I definately disagree on some of the recommendations, but that is not a critical issue. For good measure there is a glossary and index.

The graphics and layout are very good, in that the font is easy on the eye, the layout helpful - with a side bar for comments, lots of screen dumps etc. The nature of trading books seems to be following those of internet books generally in design and that is no bad thing.

All in all very useful

Having flicked through the book at the local bookstore before buying it, I was delighted to receive my own copy.

By far and easily the best online trading book out there - I know because this one made me money.

The author book is a composite of interviews with a variety of day traders. The book follows a question and answer style of writing. Actual technics and methodologies come secondary and are replaced with interview narratives about to pattern recognition, psychology of trading, and experience. Each chapter highlights a different trader who shares their story of success or failure. Most having survived early trading mistakes and bloated egos managing to change lossing strategies into winning reactions. Most of the traders emphasis flexibility, game plans, pattern recognition, understanding the trading crowd, price and volume, risk managment, and staying ahead of the pack. The book is easy reading and selects from a select group of day trader for opinions. Most of the assumptions are contrary to the book "The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities". This tells me the author is interviewing the celebrities of day trading. Warning danger! If a new trader followed their trading advice it is likely they would be crushed within hours. With high speed internet connections and powerful software and computer more traders will fail quickly than any other time in history. What amazes me is that the author does not warn the reader to approach each story with a dose of healthy sceptism, as if, the hype from the interviews is necessary to encourage others to risk their assets for a chance of obtaining rankings in the gold spoon club. I think more of the questions should have focused on the consequences of failure while day trading so the reader could see how high the stakes are for these day traders. All the interviewees agreed that once trading starts there is no beginners clubs. Trading may be against some of the best day traders in the world. These traders have no reservation about their desire to win. They are willing to admit failure and quickly get out realizing they want to win over the long run. In short this is an narrative of the forces of fear and greed that drive price and volume in the stock market.

Friedfertig has put together a well-written, informative and fascinating book of the verbal accounts of many successful day traders. BUY THIS BOOK. However, let me clear this up. Several of the day traders in this book claim that market makers are 'out to get them' and make it sound like its a personal conspiracy, especially Sidikman who sounds almost paranoid-delusional about it. I am a market maker and we are so busy facilitating customer orders that half the time we are lucky to know what our positions are. So dont flatter yourselves into thinking market makers are out to get you. Furthermore, we take plenty of risks just like everyone else, and are obligated to display orders and print our tier sizes. Please get it through your paranoid heads that there is no conspiracy to 'get' day traders. I personally am pro-day trading for many different reasons.

This book is almost as interesting as the Market Wizard books. You may not be able to apply some of the technical techniques that the interviewees used anymore, but the psychological insights they give will always be applicable. If you're hooked on trader biographies and their approach to the market, as well as short-term trading, I think you'll enjoy this book. Like the Wizards books it hammers in the importance of discipline. Most of the subjects trade a little differently, but they all learned risk parameters early on. Granted, we don't know how they did outside of a bull market, but the point was that they did far better than the norm during the market of their time. And how you do in the present in relationship to the general market is what measures your performance whether you're a day trader or a mutual fund manager.

I'm more of a swing/intermediate-term trader, but I found some of the technical and psychological insights helpful in picking intraday entry/exit points.

I paid $.90 for this book used - that's right, 90 cents - and I'd have to say it's the best book bargain I've ever purchased. I had a hard time putting it down.

As a newcomer to the world of day trading, I found this book to be quite informative as to how the market makers and inside players move and manipulate the market to their advantage. This information is not widely known by the general public and news to me. It also dismisses the notion that anyone with a computer can succeed at day trading without the right tools, education, and hard-won experience. I think the author has some depth of experience and good ideas about the industry, although it is not always easy to understand his writing style. I found I had to reread certain segments, agree with others that the editor needed to put in more time. He is obviously not a disinterested party and is partly promoting his own company with this book. But overall, a very useful and informative book for the aspiring day trader.

Picked up this book at our local library. Was'nt expecting much, but then I flipped through to Chapter Five.

Chapter Five is worth the book price. In it you will learn how the market is moved, by watching the bid/ask prices and size.

I only trade futures, not stocks, but the information in chapter five confirmed the reality of trading in all markets. The strong money will win - every time - at will. You need to know what to look for and which side they are on.

I read both of Nassar's books and they are both excellent additions to anyone's library on trading. He is clear, direct, firm, and no nonsense. That is what I like about this author the most. He does no selling in the book and only offers information, page after page. I have read many books on trading and most authors have something to sell, Nassar's book makes you search for how to reach his firm,... I think he is world class in his approach and has integrity. His material is simple to understand and the ideas are easy to incorporate into trading yet rewarding. He makes it clear that trading success is about you, not a magic formula that so many portray is possible, which in fact is not. Read Nassar's books if you want it straight.

I found the book fun to read and somewhat entertaining. If you are inexperienced and looking for a quick summary of how the market works and some evolutionary history of wall street, Anuff and Wolf have done a reasonably good job of describing it. There are some very funny stories about Anuffs' experiences that I can relate to. I have been day trading for about 4 years and have had similar experiences.

This book is a really fun read and tells it like it is. It strips away the glamour of day trading and shows the real story of the life of a manic day trader. Between Dumb Money, Monkey Business and Liar's Poker anyone could get the real scoop of what trading and banking are all about and be as well educated as any Harvard MBA in the ways of Wall Street.

I found this book to be a quick and entertaining read. If you're looking for a book on how a trader makes his picks, this is not the book. However, it does give a clear view of the stress of the day trader; the ups and the downs, which for the most part seems to be a life of worry. For those daytraders out there, not many tips but you'll know what he's talking about and experience a good laugh along the way.

There has been a rash of sales pitches for expensive chat rooms and seminars disguised as books (see Velez' poorly written "Master Day Trader" book for another example) and This is another one.

The book has a nice cover, great graphics. "Don't judge a book by its cover" fits perfectly. There was nothing advanced in this book, a lot of simple "how to look at a trend" type of information. Nothing on market maker plays or time & sales strategies.

Another disappointing sales brochure disguised as a book by OTA. It's almost as bad as their level 2 spiral bound notebook (not quite as bad, at least this one doesn't have all the typos). Let's encourage book writers to Not promote their websites' highly overpriced services via their books... anyone with me on that?

Look at books by T. Turner and J. Cooper instead... also check out Friedfertig/Nassar for good introductory books.

The authors are very detailed about their explanation of the level 2 screens, and the different trading "styles". I felt confident about their perspective on the topics and I benefitted immediately. This is undoubtedly worth every penny.

I learned a great deal and would highly recommend this book to any day trader.

I have read many, many Day Trading books in search of the Holy Grail. Most books give you the same fundamentals (blah, blah, blah). This book gave me more "hands on" techniques that I am using successfully. It is the most "real world" book I have read and not overloaded with theoretical ideas and technicals. To each his own but it is my favorite....

They went bankrupt, which is where you would be if you followed West and Friedfertig's methods. The book was a copy of Jack Schwager's Market Wizards series, due to the interviews conducted with "traders". You would be amazed if you saw some of these people and didnt read their words in print. Somehow they would not come off so sharp. Trust me!

Also do you think our authors would be able to spot "managerial talent" over a few aspiring proprietory traders? No they hire guys who have previously filed bankruptcy in their past and pipe up their accomplishments, which are a joke when you realized they bailed on creditors!!

Save yourself a dime and avoid it-if someone gives it to you, and you can't return it, use to start the BBQ grill. I could go on and on about SEC/NASD violation, getting short on a downtick, etc but I wont!

This book completely fails to realistically convey the relative risks and profit potential for the average wannabe day trader. Im talking about someone with less than a few thousand to play the market. Unless you have big bucks and Level II quotes forget day trading unless you are very lucky. In the trading parlance, I wish I had a short position on this book at its current price, and could cover my short at the current used price! Save your money.

This is a very interesting book and useful if combined with the Secrets of Electronic Day Trading also created by the same authors. We are not sure that the discussion regarding Specialists is still that useful because it is our understanding that specialists do a great deal more hedging with options than when one of these authors worked on the AMEX. However, with regard to listed stocks you get to see how a trader of New York stocks thinks. It is part of the evaluation process that we do all day long. This book's strength seems to be with NASDAQ stock trading. Which makes sense since the authors own a SOES firm. On CNBC the author stated a new trader should learn how to trade by trading 100 shares. We agree. You are not going to sit in front of a screen and be a great trader; without understanding, experience and discipline. After all did the net stocks go up forever? After Yahoo went up over 200 was it still a hold. I guess it depends on the size of your account and your time horizon. This book explains a very simple method of day trading. It surprisingly works for a few very skilled practitioners. We know it works because we do the same thing, (mostly on New York stocks). If you have experience you might pick up the nugget of wisdom in this book. Without experience you need to read the follow-up book because the useful piece of information gets drilled into you by every real daytrader they interviewed.

Take my word for it and save your money, the techniques in this book simply do not work!

In "The Compleat Day Trader" Jake Bernstein has successfully presented the reader with the full gamete of information necessary for success in any day trading endeavor. The experienced or beginner trader will each benefit from the comprehensive coverage which takes the reader on a detailed journey from what to consider when starting out, through a thorough presentation of technical analysis to building a personal strategy. This book is filled with easy to understand examples as well as the author's own interpretation, commentary and recommendations based on his extensive trading and research experience. The psychology of day trading which is often not adequately covered in other books is presented along with numerous tips and basic rules for success in a manner that binds the psychological aspects with actual trading system methodology. This book will help provide the edge that is necessary in the increasingly volatile and competitive markets of today. This powerful book should not be absent from any day traders collection.

This book provides excellent trading tools that work equally well for both the futures and equities markets.

Jake's methods give clear entry and exit signals, significantly reducing the risk from day trading. There are also plenty of examples and charts in the book to make sure that you fully understand what Jake is taking about.

Additionally, Jake is realistic about day rading and about the attitudes and psychology of day trading. He not only provides excellent information with clear examples and charts of various trading methods, but he also lists rules that help traders avoid mistakes, learn from those that do occur, and generally trade much more effectively.

Lastly, Jake is very willing to help readers. He says at the end of his preface to call on him if he can be of any assistance, and he is not just saying this. I had a question because the trading program I use showed some charts differently than the examples in the book, and I e-mailed Jake asking him how I should modify the charts, and he quickly replied to my questions and helped me solve the problem.

A great resource for day traders...should be required reading.