Day Trading

[pandy]

Does anyone have any advice on a good day-trading book?

[JBmadera]

trading in the zone and the disciplined trader, both by mark douglas. i also like john carter's work.

[PaceAdvantage]

Day trading is a ridiculously hard way to try and make easy money. About right up there with trying to bet horses for a living, although I'll say betting on horses is probably a much more attainable goal.

Now, I'm strictly speaking about DAY TRADING...not other forms of trading.

If you think you're going up against sharpies when trying to play the horses for a living, you ain't seen nothing yet compared to going up against the sharpies on the trading stage.

And there is no such thing as a $2 bettor when it comes to day trading. In day trading, you CAN and WILL lose SERIOUS money QUICKLY.

This is my over the top warning to you, based on personal experience.

I'm sure it CAN be done and HAS been done, but no book in existence will ever give you anything close to what you need to succeed.

Your best bet is to find someone who is actually DOING what you want to do and hope they can shed some light. I've never been able to find such a person...if you're out there, feel free to private message me... :ThmbUp:

[pandy]

My interest in reading about Day Trading is based on potentially applying the concepts to wagering on horses, or relating it to wagering on horses, for writing purposes.

Years ago when my dad was a stockbroker, he had a customer who had a good run for a couple of years hedging the indexes. But the market was volatile. Once it leveled out he started to lose. I can't remember exactly what he was doing, it was a long time ago, but he had a tremendous run.

[PaceAdvantage]

BTW, I've read Mark Douglas' Trading in the Zone, and it is excellent. One of the few books I'd actually recommend in this area...what he says in there can apply to many other endeavors, including betting on horses seriously...

[lamboguy]

tough game to play like the man said

[lamboguy]

http://www.thestockswoosh.com/

[pandy]

Thanks, that book sounds interesting, I ordered it from Amazon.

[lamboguy]

me too

[Tape Reader]

Day trading is a ridiculously hard way to try and make easy money. About right up there with trying to bet horses for a living, although I'll say betting on horses is probably a much more attainable goal.

Now, I'm strictly speaking about DAY TRADING...not other forms of trading.

If you think you're going up against sharpies when trying to play the horses for a living, you ain't seen nothing yet compared to going up against the sharpies on the trading stage.

And there is no such thing as a $2 bettor when it comes to day trading. In day trading, you CAN and WILL lose SERIOUS money QUICKLY.

This is my over the top warning to you, based on personal experience.

I'm sure it CAN be done and HAS been done, but no book in existence will ever give you anything close to what you need to succeed.

Your best bet is to find someone who is actually DOING what you want to do and hope they can shed some light. I've never been able to find such a person...if you're out there, feel free to private message me... :ThmbUp:

Hey Boss, I think that you have effectively killed this thread.

[reckless]

Pandy ... the best application for success either at the track or playing the Wall Street day trading game is the exact same:

Think Independently and Think Clearly.

[PaceAdvantage]

Pandy ... the best application for success either at the track or playing the Wall Street day trading game is the exact same:

Think Independently and Think Clearly.And know that from the very start you'll be swimming in the deepest end of the pool...

[pandy]

Day trading is tough, I know that from talking to my dead late dad. But I think short term trades with stop loss orders can be profitable if you have the time to do the research and don't get too emotional.

[Secondbest]

A lot of things (set-ups etc.) that used to work don't anymore.The algos have seem to that.If your going to day trade you better have a fast computer and a real good platform and an understanding of the market your in.

[pandy]

Day trading is tough, I know that from talking to my dead late dad. But I think short term trades with stop loss orders can be profitable if you have the time to do the research and don't get too emotional.

I can't believe I said dead late dad, redundant. I meant, dear late dad. He was not a trader, though. He believe in buying stock in good companies when the market was down and holding them long term, then getting out a few years before retirement.

[reckless]

And know that from the very start you'll be swimming in the deepest end of the pool...

Mike, help me out here. I really don't know what your point is or what you mean. No kidding.

To me anyway, my prior post is only way to make money -- either on Wall Street or at the races.

Think independently and think clearly.

[PaceAdvantage]

Mike, help me out here. I really don't know what your point is or what you mean. No kidding.[/B]I think it's pretty clear.

When trying to "daytrade" you'll be going up against the best and the brightest minds in the world. Firms that have paid geniuses tons of money to come up with the best short-term trading algorithms, using the best technology, and using every legal (and sometimes illegal) trick in the book to grab every penny they can.

That's what I mean by deep end.

[reckless]

I think it's pretty clear.

When trying to "daytrade" you'll be going up against the best and the brightest minds in the world. Firms that have paid geniuses tons of money to come up with the best short-term trading algorithms, using the best technology, and using every legal (and sometimes illegal) trick in the book to grab every penny they can.

That's what I mean by deep end.

So you agree with me!! Think clearly and think independently!

By making investment and day trading 'bets' based on popular mainstream cable business shows, popular financial magazines and newspapers, and taking in all the chatter available to us on the Internet, you're playing their game -- and it's a losing one at that.

But if you make decisions based on your own independent research, as opposed to what was touted on Squawk Box or Bloomberg TV, you have a better chance or success.

No different at the racetrack.... do you do your own handicapping, speed figs, tip notes, etc., or do you watch TVG and go with the flow?

The only way to really make money is to avoid the noise and crowd -- they are basically the same bunch perched either on Wall Street and the racetrack.

[Tape Reader]

So you agree with me!! Think clearly and think independently!

By making investment and day trading 'bets' based on popular mainstream cable business shows, popular financial magazines and newspapers, and taking in all the chatter available to us on the Internet, you're playing their game -- and it's a losing one at that.

But if you make decisions based on your own independent research, as opposed to what was touted on Squawk Box or Bloomberg TV, you have a better chance or success.

No different at the racetrack.... do you do your own handicapping, speed figs, tip notes, etc., or do you watch TVG and go with the flow?

The only way to really make money is to avoid the noise and crowd -- they are basically the same bunch perched either on Wall Street and the racetrack.

Genius in its simplicity. Great post, reckless!