Rules Of The Trade: Indispensable Insights For Online Profits Download Free (EPUB, PDF)
The concise, common-sense insights of a day trading pro Some traders spend thousands of dollars attending training seminars. If you don't have the time or resources for that, pick up Rules of the Trade instead. This reliable, no-nonsense guide distills the insights of several online trading experts into one short, quick, and easy-to-read book that not only lists the rules, but explains what the rules mean, why they’re important—and the high costs of overlooking them even once. Packed with real-life examples to illustrate key points, this book— written by David S. Nassar, author of the bestseller How to Get Started in Electronic Day Trading -- will teach you the basic rules of survival, help you preserve capital, learn the ropes, and go on to succeed in this lucrative but volatile profession.
Hardcover: 253 pages
Publisher: McGraw-Hill; 1 edition (February 22, 2001)
Language: English
ISBN-10: 0071354638
ISBN-13: 978-0071354639
Product Dimensions: 6.3 x 1.3 x 9.1 inches
Shipping Weight: 1.3 pounds
Average Customer Review: 3.7 out of 5 stars See all reviews (14 customer reviews)
Best Sellers Rank: #1,108,129 in Books (See Top 100 in Books) #380 in Books > Business & Money > Investing > Online Trading #877 in Books > Textbooks > Business & Finance > Investments & Securities #2378 in Books > Business & Money > Investing > Introduction
Although this book has a copyright date of 2001, it apparently was written in early 2000, just at the start of the NASDAQ crash that ultimately resulted in a loss of over 75 percent of its value. Consequently, the author refers to a period of time when stocks traded in fractions, and high-flying tech stocks trading in the triple digits were "momentum" traded by daytraders. After the crash, many of those tech stocks trade in the single digits, all stocks now trade in decimals, and the "momentum" daytraders and their daytrading brokerage firms are now history. The author makes numerous references to "shadowing the axe" using Level II quotes to determine who is on the inside ask or bid. Nowadays, ECNs virtually always sit on the inside ask and bid, making it impossible to utilize that strategy. Even if a market maker had a large enough position to sit in front of the ECNs, he most likely would route much of his order to an ECN where it would appear anonymously in order to disguise his intentions.The problem with writing a book about trading strategies or systems is that the markets are constantly changing, and trading systems become obsolete and must evolve over time. What doesn't change is the emotions and psychology of the people who compose the markets. The author states numerous times that trading is about 90 percent mental. While this is in fact correct, he then only briefly touches on the mental and psychological barriers that must be overcome in order to trade successfully. The best books on trading understand this, and are devoted almost totally to this subject.There are also numerous inaccuracies.
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