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[eBook] $0 Introduction to Trading Psychology & How to Day Trade for a Living @ Amazon US & AU

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[eBook] $0 Introduction to Trading Psychology & How to Day Trade for a Living @ Amazon US & AUAffiliate
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vchung916 on 14/01/2023 - 12:49 amazon.com.au (1748 clicks)
Last edited 16/01/2023 - 13:32 by 1 other user
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Free without Kindle Unlimited

Introduction to Trading Psychology: A Practical Guide to Improve Your Trading Psychology
https://www.amazon.com/Introduction-Trading-Psychology-Pract…
https://www.amazon.com.au/Introduction-Trading-Psychology-Pr…

How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology
https://www.amazon.com/How-Day-Trade-Living-Management-ebook…
https://www.amazon.com.au/How-Day-Trade-Living-Management-eb…
(Same author, different book from last week's deal https://www.ozbargain.com.au/node/749554)

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closed Comments

  • muncan on 14/01/2023 - 13:19
    +7

    💎🙌

    • Serapis on 14/01/2023 - 16:34
      +1

      🦍

  • bakemon0 on 14/01/2023 - 13:23
    +20

    genuine question: are bots upvoting these posts? i thought it's common knowledge that day trading is an absolute scam so why post these?

    but they're free so it's a bargain
    i can drive around my suburb and score free useless stuff all the time, you don't see me posting those here
    -end rant-

    • vchung916 on 14/01/2023 - 13:29
      +8

      genuine question: Can you tell me why "it's common knowledge that day trading is an absolute scam"?

        • vchung916 on 14/01/2023 - 13:34
          +2

          Thanks. There are a lot of information on Google about day trading and different people stated different reasons that it's a scam. But I'm interested to know what in particular that made you think day trading is an absolute scam?

        • KnifeEnthusiastBoi on 14/01/2023 - 13:35
          +8

          Just because the question can be found on google, doesn't mean it has any rational basis on the evidence. You can find almost any sensationalism or opinion supporting your belief on google but it doesn't make it right.

          I too am interested why you think it's common knowledge that trading is an absolute scam.

            • KnifeEnthusiastBoi on 14/01/2023 - 15:59
              +7

              @bakemon0: Unfortunately for you (or rather your case) I managed to profit from the stock market thanks to my "timing" and basic understanding of behavioral economics in the previous financial year, but hey I'm sure if my "underdeveloped critical thinking" managed to score me 20% profit on my investments, imagine what someone who has "well developed" critical thinking is capable of.

            • NoApostrophePlurals on 14/01/2023 - 16:08
              +9

              @bakemon0: Just because the majority of people fail at day trading, there are also a very small minority that can and do make a living from day trading successfully. Call it gambling if you must, but it's not a scam. There are no false and misleading actions being undertaken to separate your money from you into a scammers account. All actions you perform are of your own accord.

              • GnarlyKnuckles on 14/01/2023 - 16:42
                +3

                @NoApostrophePlurals: Yes, this. Also notable is the fact that many day trade on the side with a proportion of their disposable income, have fun doing so (at least I do), and earn better returns than standard interest rates.

                The Bakerman seems to have a bizarre misconception of the definition of the word 'scam'.

      • Hybroid on 14/01/2023 - 13:34
        +14

        If these authors are such experts in this seemingly-lucrative field, why do they need to peddle books?

        • KnifeEnthusiastBoi on 14/01/2023 - 13:38
          +3

          Writing books has always been a lucrative business and method to share knowledge and expertise. People who are wise with resources tend to have multiple streams of revenue. If you could, why not?

          • bakemon0 on 14/01/2023 - 13:46
            +5

            @KnifeEnthusiastBoi: because you're wasting your time instead of making 10x your investment every second of every day by timing the market and using the so called psychological "tips" they write here.

            • KnifeEnthusiastBoi on 14/01/2023 - 15:52

              @bakemon0: Not sure if that's what they're suggesting since I haven't read it, but books have always been a lucrative source of passive income.

              People making millions on trashy romantic "literature" that pretty much give no financial value to the reader in the slightest

        • HomeAlone on 14/01/2023 - 15:58
          +3

          If these authors are such experts in this seemingly-lucrative field, why do they need to peddle books?

          It's easier to make a profit when there is dumb money flowing in and the experts know this?

        • gromit on 15/01/2023 - 09:49
          +1

          Day trading is just another job, it takes a lot of time and effort (I don't do it), it isn't a scam and highly lucrative is the wrong word, it can be quite profitable, many fail miserably as they can't remove emotion and don't treat it like a 9 to 5 job it is. It is also timing and market sentiment dependent which means a lot of time the market is either closed or they are watching and not trading, so why not write a book in your downtime? people do this in just about every field of work. Having said that unless you are an expert in the financial sector and analysing share prices I doubt a book is going to teach you to be a successful day trader.

          • KnifeEnthusiastBoi on 15/01/2023 - 14:55
            +3

            @gromit: Someone who treats day trading like a proper job isn't only operating on the asx too, they're up when 95% of Australians are asleep and working on the NASDAQ and NYSE which have flow on effects on the ASX.

            Once you're very experienced in several markets and you set the bar "low", one can consistently make $1-300 on average per day, taking into account short-medium term investments and capitalising on the occasional long term investment.

            The stock market like any market is fundamentally a supply and demand equation. The extent you call it "gambling" is essentially the extent to how much risk you're willing to take. For a pro mathematician black jack is a shifting game of probability and counting, to the inexperienced it's just "chance".

      • nezumi on 14/01/2023 - 13:37
        +13

        The ability of the individual to time the market and make a reasonable guess about the movement of a particular asset over a very short period of time, especially an untrained individual, is minimal at best.

        The value of shares is predicated on the assumption that all relevant information about a share that is publicly available has been factored into the price, so any movement in value is based on information that is not yet known.

        The only way that day trading works (or worked) reliably, is High Frequency Trading, where algorithms analyse the market and place trades just before a rise or fall an maximise profit by the smallest increments. This has now mainly been prevented by technological means, not the least of which was a huge cable to artificially delay trades from server farms.

        If you can't predict the future, then attempting to day-trade stocks is a fool's errand for the bulk of people.

    • zealotman on 14/01/2023 - 14:04
      +5

      Trader is a serious job, not some random hobbies. I have colleagues and friends making huge money by day trading, so I don't know how this "day trading is an absolute scam" becomes "common knowledge." I work in financial industry by the way.

      • nezumi on 14/01/2023 - 15:37
        +1

        That's just the thing - it isn't being pushed as something that requires time, experience and understanding, but rather as a simple method to achieve rapid wealth - that's the scam aspect of it, the notion that anyone can do it and make a profit.

        • zealotman on 14/01/2023 - 16:01
          +1

          I see your point. It's similar to "learning blah blah blah in 24 hours" kind of things. To me, the "scam" aspect is the way of the thinking this kind of book is promoting - people can be successful overnight without prolong professional training- rather than the subject of the book.

          Having said that, many books of this kind still provide a good overview of the subject and offer values. Smart people get the information they need and don't treat the books as Bible.

      • vchung916 on 14/01/2023 - 16:16
        +1

        @zealotman What you said echoed with what I just read in One Good Trade.
        "When you begin as a trader, your work output must be 10x to make x. Let’s discuss….From my seat, most developing traders struggle when they first start. This is all part of the process. And then they have a choice. They can increase their work output to 10x. Or like all traders who fail, they can do 1/2 x. After they start doing 1/2 x then their results are inevitably -3x. Traders who decide to do 10x then see x.
        With trading experience and a constant work product of 10x, developing traders see 2x, and then 3x. Then, with this experience, their work product can decrease to 9x and see a gain up to 5x, and then 8x for a gain of 6x, and then 7x for a gain of 7x. Only after years of a work product that is not proportionally rewarded can they then see a work product that is properly rewarded."

      • Thaal Sinestro on 15/01/2023 - 02:47

        Does anyone in this country have a real job (ie one that provides useful goods of services)? Everyone in Australia seems to be earning a million dollars a year moving money around. We can't even simple make things like spoons and screws.

    • RegentHoney on 14/01/2023 - 16:58
      +1

      Just because you’re incapable of understanding the rationale behind day trading doesn’t make it a scam. It’s just not for you.

    • GoldAlwaysGold on 14/01/2023 - 20:27
      +3

      Well with AI and High Frequency Trading there's no way Joe "I did a Udemy course" Johnson can win.

      • vchung916 on 14/01/2023 - 20:36
        +2

        @GoldAlwaysGold, you are 100% correct.

  • CJ31 on 14/01/2023 - 13:34
    +11

    Anything who knew how to day trade successfully wouldn't be writing a book on it

    • OZKap on 14/01/2023 - 14:24
      +7

      "How to make a million dollars", the ebook

      Title an ebook "how to make a million dollars", sell a million copies at $1 each, occasionally drop price to $0, and post to ozbargain to boost it to top of bestsellers.

  • doobes on 14/01/2023 - 13:54
    +1
    1. be a #$*&
    2. profit?
  • Nedkellyinthebush on 14/01/2023 - 13:59
    +5

    STONKS 🤡

  • hambuger on 14/01/2023 - 14:17
    +2

    Is writing a book in an effort to recoup money not realising that even popular authors don't make much money on books and you should have just spent that time working a regular job so you kept up with the child support part of the psychology?

    • KnifeEnthusiastBoi on 14/01/2023 - 16:02

      I'm somewhat not surprised though, if this author is a real pH.D and in academia, they have to write to become more credible etc

  • Switchblade88 on 14/01/2023 - 14:47
    +1

    Hi, I've got some psychology to trade. Willing to swap for cash, Eneloops or an Xbox Series X.

    Do I need to post this in the forums?

  • node modules on 14/01/2023 - 14:58

    we need to hand these out to homeless people

    • SuperLate on 14/01/2023 - 15:15
      +2

      Along with a computer, internet and electricity, some food for T+2 days and two ID document.
      Edit : and ofcourse money to trade

      • vchung916 on 14/01/2023 - 16:38

        You can't day trade if you only have a t+2 cash account. You need a margin trading account.

        • SuperLate on 14/01/2023 - 17:33

          Don't think so. Do as much day trading as you want as long as you've sufficient funds in cash account to settle every trade by it's settlemet date. Short selling is a different story through.

          • node modules on 14/01/2023 - 20:39

            @SuperLate: okay let's do that and solve the homeless problem

          • vchung916 on 14/01/2023 - 20:54

            @SuperLate: @SuperLate
            You are right in a certain sense (i.e. on the first day). But your day trade is not my day trade. I would call what you said as "2-days trade" or "3-days trade" instead of day trade if you know what I mean.

  • spaceflight on 14/01/2023 - 15:38
    +12

    I became a millionaire day trading.

    I was so focused on timing my trades perfectly that I forgot I was looking after grandma.

    She was downstairs and had heart attack, but I didn't hear her calling for help over my ASMR.

    She had no other family so I inherited everything.

    And that's how I became a millionaire while day trading.

    • Serapis on 14/01/2023 - 16:40
      +7

      I also became a millionaire day trading

      I inherited a billion but got bored, started following YouTube gurus like Logan Paul and Andrew Tate and tried my hand at day trading.

      After losing a couple hundred million on bad trades and quitting, I retired as a millionaire.

    • plain_biscuit on 14/01/2023 - 16:40

      Whilst the story hit a bit under the belt, it still managed to crack a smile. Have an upvote.

  • ihbh on 14/01/2023 - 16:46
    +6

    Day trading is for mugs.

    If you want to trade for a longer time frame, check out Alexander Elder's books - they're not free.

    • purelysam on 14/01/2023 - 17:28
      +1

      Agreed

    • vchung916 on 14/01/2023 - 18:33
      -1

      Once you learnt how to read the tape, you probably would think otherwise.

      • ihbh on 14/01/2023 - 19:21
        +3

        Like Livermore, …., and then shoot yourself in the head?

        Horsesh*t.

        Day trading is a zero-sum game, negative game after transaction costs. Assume zero transaction costs, for every $1 you make, someone else loses $1. Yeah, so read the book and make the $1. Nope, don't swallow horsesh*t. High frequency traders will make a lot of the $1 and then it's random or idiots mistaking luck for brains.

        In my wife's mothers' groups a few years back, one of the husbands was a high frequency trader brought out here to trade the ASX. Where were their premises? In the ASX building of course. He got a warning letter for underperformance - not making enough. They are a well capitalised business with big investments in technology, algorithms and talent and would p*ss on the retail idiots that dabbled in this.

        • vchung916 on 14/01/2023 - 20:18
          -1

          Yes, statistics show that there are more day traders losing money than those making money, but it doesn't mean day trading is a scam.

          Things changed a lot since the days when Livermore lived. People had been saying that HFT brought the doomsday for day traders for over a decade but yet many day traders are still actively making money.

          You've also proven the point that HFT is not as powerful as more people think.
          "He got a warning letter for underperformance - not making enough." So people who are involved HFT are not making enough, then where does the money go to?

          • ihbh on 14/01/2023 - 20:48
            +1

            @vchung916: He's a smart guy but instead of say returning 10%, they need him to make 15% That means all of the guys dumber than him without his tech, algorithms and experience are negative.

            The point I'm making is that just because he's a smart guy doesn't mean he's got an automatic cushy job in a high frequency trading firm. Now pity all the retail idiots dumber than him without any support who thought they could get rich with a horsesh*t book.

  • purelysam on 14/01/2023 - 22:43
    +3

    If you care about mental health you won't be day trading.

    • MuddyClear on 15/01/2023 - 08:26
      +1

      Night trading is preferred in this case

    • KnifeEnthusiastBoi on 15/01/2023 - 15:19
      +1

      For sure in agreement with this. Personally I think in another universe I have the interest and brain capacity to do day trading as a job, but current multiverse me is only willing to be across global economics to the limited capacity that I have allocated for it.

      Trading is essentially a job of risk and information. Only so much information I'm willing to take on at a daily basis

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