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[eBook] Free: "Advanced Techniques in Day Trading" (A Practical Guide to Day Trading Strategies and Methods) $0 @ Amazon AU, US

1210

This well-thought-out training regimen begins with an in-depth look at the necessary tools of the trade including your scanner, software and platform; and then moves to practical advice on subjects such as how to find the right stocks to trade, how to define support and resistance levels, and how to best manage your trades in the stress of the moment.

An extensive review of proven trading strategies follows, all amply illustrated with real examples from recent trades. Risk management is addressed including tips on how to determine proper entry, profit targets and stop losses. Lastly, to bring it all together, there's a "behind the scenes" look at the author's thought process as he walks you through a number of trades. While aimed at the reader with some exposure to day trading, the novice trader will also find much useful information, easily explained, on the pages within.

In this book, you'll learn…

  • How to start day trading as a business
  • How to day trade stocks, not gamble on them
  • How to choose a direct access broker, and required tools and platforms
  • How to plan important day trading strategies
  • How to execute each trading strategies in detail: entry, exit, stop loss
  • How to manage the trading plan

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Comments

  • Finally a guide on how to lose thousands of dollars I don't have.

  • How do you actually buy this; do i need a kindle?

  • +19 votes

    Lesson 1: Don't go to HotCopper lol

  • File under : If they were really successful at it, would they have time or reason to write a book about it? ;D

  • I hope this will help me moon!
    (Sorry, been hanging around r/ASX_Bets lately)

  • Awesome. Thanks. My second free book.

  • Anyone that doesn't have the money or intelligence to spend the $20 on a reviewed and respected book from Amazon has no place getting into day-trading. Hopefully the book is 1 page long with the words "Don't do it".

  • Just buy Tesla or Nikola stock using https://robinhood.com and become a retail trader bogan "milonair"

    • With the rising AUD dollar please remember you will be losing money on the currency exchange as TSLA is in USD.

      I know what you mean, just thought I might highlight that for people with active robinhood accounts (though I don't believe you can do that if you're Australian)

  • Isn't Day Trading - Advanced Gambling?

    How to day trade stocks, not gamble on them

  • Q) How do you make a small fortune day trading?

    A) Start with a large fortune.

  • Even Warren Buffett recommends just buying an ETF index fund instead of trying to outsmart the market. More than 90% of fund managers who are professionals can't beat an index funds return, pretty stupid to try day trading.

  • Making some small but positive returns with Swing trading. I don't trust the market long term to invest long term and I don't trust myself to make good decisions to expect good returns in day trading.

  • This is a good book to read.

    From a day trader/swing trader:

    YOU ARE GOING TO LOSE MONEY DAY TRADING. AND MOST LIKELY LOTS OF IT. THE ODDS ARE AGAINST YOU.

    MOST PEOPLE LOSE LOTS OF MONEY DOING THIS. You will not find bargains in day trading.

    Only trade what you can afford to lose.

    The maths and technical skills is relatively easy. The emotional control is 80% of it.

    Follow your plan.

    Always have a stop loss.

    Understand what leverage is (and please try to avoid it if you are a beginner). You will most definitely lose more than the capital (money you have) in your account.

    If possible, use a demo account/paper account for at least 6 months before you put in your real money (Not what I did when I first started, but highly advisable).

    Read LOTS on the topics. Make notes.

    Day trading involves researching for many hours BEFORE the trading day, and then following your plan. This could just mean 5-10 mins of work, but many hours of preparation.

    This is a good book, but not everything you need to know.

    DYOR DO YOUR OWN RESEARCH.

    Much of what is on youtube is there to sign you up to courses, but there is some useful information on there to give you a general idea of how trading works.

    When I first started, I asked many in finance about trading, most had no idea, as day trading is a totally different skillset.

    FOLLOW YOU PLAN.

    THIS IS NOT FINANCIAL ADVICE.

    If you are really bad and lazy at what you do now, most likely you will be really bad and lose lots of money at doing this. The best day traders are disciplined, plan extremely well, work really hard and have amazing emotional control. The best day traders are already very good at what they do now, and they apply this same attitude to day trading. Follow your fking plan.

    Remember people posting on sites like hotcopper, stockwits, reddit should not be listened to like gospel. Treat them like random people you meet on the street, would you trust a random person you meet on the street with $5000?

    I only made a $2000 profit in my first year of day trading, most people lose thousands. It took up 6 months full time of my time.

    Yesterday I closed off a position with a $4500USD loss. Don't be silly with your money. If you are not going to do the work, do not day trade.

    • Would swing trading be more profitable?

    • Good advice. But it hugely surprises me do people have to be taught to set stop loss? It's SO easy to do that. You can predict the pattern and take a bet that you're right but just in case you are wrong set a stop loss at no more than 5% of your capital. That's it. Why is it difficult to understand… I don't get it.

      • If the market opens and your stock has a 10% decline on the open your loss is going to be a lot more than 5%…..

        The mentality is wishful thinking in hoping that that stock will bounce back up so they don't want to close off their position. "The market can be irrational longer than you can stay solvent."

        • what about gap risk?

        • Hmmm. I'm not too experienced yet I've only been trading for 3 months now and this hasn't yet happened to me. But whenever I place an order I place a market order. What I think that means is I buy or sell at the last updated price even if market is closed and when market opens and my order will be executed at the price I saw, not at a different new price that market might open with. This makes sense to me as I say it because the movement of the price when market opens is all the orders getting executed that were placed when it was closed. This is what I think happens.

          What you said makes sense if the orders are executed in a first come first serve basis. So let's say an nstitution placed a large order when market was closed before I did, it will be executed first hence moving the price a lot potentially against my favour. Then by the time my order gets executed the price may have moved so much that I will incur a loss. But I would still assume that my stop loss will absorb most of it.

          Does that make sense? I'd appreciate if you could let me know.

          • @alikazi: You don't seem to understand what gappage is.

            It doesn't matter what the market closes at, the next day it opens prices could be substantially higher or lower. Eg: You have a stock at $100, you set a stop loss at $95. The next day, the stock opens at $80. You stop loss will trigger at $80 and you've lost 20% instead of 5%. It's not fool proof.

            Heres an article on it:

            https://www.investopedia.com/ask/answers/06/limitgap.asp

          • @alikazi: "But whenever I place an order I place a market order."

            Never place a market order unless you're that huge institution trader who accounts for 96% of the market volume.

            Placing a market orders means possibly, instead of your order going through at say $20, you might end up purchasing the shares at $30.

            Have you seen sometimes on the open the first candle of say 1, 3, 5 mins has this huge tail sometimes. That's someone who has placed a market order and got it filled at something like double price.

            Please understand many institutions get to trade in the pre and post market, where you don't.

            Long story short do not place market orders.

      • yes a stop loss is important but it is no easy task to figure out where it should be.

        risk management will keep you from going bankrupt and that is important, but it is arguably the easiest and most straightforward concept to learn. finding edge is where the real challenge is, if you don't find it you won't be profitable to make trading worthwhile

    • "Yesterday I closed off a position with a $4500USD loss" "I only made a $2000 profit in my first year of day trading"

      I'm surprised you made any profit with a stop this wide.. you did have a realistic stop in place didn't you?

      Most pros recommend only risking 1 - 2% of your account on any one trade. So you must have a min $450000 USD account?
      Buy a rental property, your capital will be safer and more productive.

      Good luck!

      • The stop was set at $1000USD loss. A systems failure during a ticker change meant the stop loss could not be triggered - long story, broker reimbursing. Sheer incompetence. Long story short, the broker is there only to make money out of you and no one is on your side. This was a swing trade not day trade so the trade size was a lot larger.

        Rentals return 3-7% on commercial, residentials mostly negative geared. Active construction Developments get 25% ROI p/a. I dislike residential buy and rent out.

        Shares 15-17% is my benchmark, it gets quite hard though to manage though.

        Long story short, you can't make money without large amounts of capital tbh. That 0.00001% of people, if they even exist, who turn $5000 accounts turned into $ 1million - absolute disasters for people who don't do option trading correctly.

        I realised that's why investment banks make money, just use other peoples money. 5% of 10 billion is pretty good, don't you reckon?

  • Read the richest man in babylon book instead
    Simple money concept anyone could applied and becomes rich with time

  • Buy high, sell low, FOMO

  • Thanks

  • Quickest way to go broke!

  • If everybody gets rich, no one will visit Ozbargain anymore.

    • But if everybody reads this and gets poor the will be forced to visit Ozbargain.

      Ed: Mods place on front page!

    • if one thing trading teaches you that time spent on ozbargain is a complete waste of time compared to how much your capital is fluctuating, if you just manage it better incrementally it will dwarf whatever savings you find here

      but this is a fun place to waste time so…

  • just waiting for the cryptocurrency version (exact same book but with the words "penny stock" changed to "altcoin")