The Complete Guide to Day Trading: A Practical Manual from a Professional Day Trading Coach

by Markus Heitkoetter

Book Overview

Do you want to be a day trader?Every day, millions of dollars change hands in the markets, presenting the perfect opportunity for people just like you to make significant money and profits through the... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 1432721178
• ISBN13: 9781432721176
• Release Date: June 2008
• Publisher: Outskirts Press
• Length: 296 Pages
• Weight: 1.05 lbs.
• Dimensions: 0.7" x 9.0" x 6.0"

Customer Reviews

The Complete Guide to Day Trading

Stumbling around with day trading for the past few months, I sometimes wonder if I'm a bear or a bull. For the person unable to sleep at night due to worrying over money, the paid advertising leads you to believe that anyone can increase their bank account by becoming a day trader. About seven months ago, I attended a two day class on how to be a successful trader. The class was excellent, the instructors knowledgeable, the printed materials outstanding, and I was motivated. Learning about day trading has been one of the most difficult things I've ever attempted to do. Coming from a business background, I understood financial reports and the workings of the stock market. But, when I started to put my own money in, it was a totally different story. Overwhelmed, nervous, and uncertain best describes how I've felt. I know these feelings can be overcome with knowledge, attitude adjustments, and actual trading experience. Markus Heitkoetter's new book, The Complete Guide to Day Trading, is excellent for the new or inexperienced day trader. The book is a combination of technical information and psychological factors. The stock market can be confusing. It's not as easy as picking one company. There are many things to consider. There are different types of industries and different types of investments or trades to make. Picking when to buy and when to sell takes analysis, discipline and confidence. This book teaches you everything you need to know to become a day trader. The book doesn't just give you the needed information, it also provides strategies. Markus outlines a seven step approach to developing your own successful trading business, gives ten powerful principles for successful trading, and explains how to avoid the common mistakes other traders make. Some of this was a review of what I had already learned, but it's always helpful to hear material presented in a different way. I am confident that I will be a better day trader because of reading this book.

How to be a successful day trader

"Day trading can be simple, but don't make the mistake of thinking that it's easy." That's how Markus Heitkoetter begins The Complete Guide to Day Trading. He also states that day trading is "the perfect way to become wealthy." That's what I'm looking for, and that's why I picked up this book. Heitkoetter gives plenty of good advice, as well as information, about day trading, and every single piece of advice and information really is essential. There's no fluff here. No rah rah enthusiasm that has marred other books on this subject. (Naming no names!) Heitkoetter points out: "Don't set daily goals for your trading." This is because some days, the market for good trades just isn't there and if it isn't there, you don't want to force anything. He explains what entry strategies to use, and what exit points to be aware of. Patience, discipline, and strategy is the key for any venture in life. *And* education. Education on the markets you intend to trade in, education on the art and science of day trading. To educate yourself about day trading, you can do no better than to check out this book.

Navigate through the complexities of day trading

If you're looking for a book to help you navigate through the complexities of day trading, Markus Heitkoetter's The Complete Guide to Day Trading is the one you should use. Heitkoetter starts from the beginning, as anything calling itself a Complete Guide should do, by explaining that although it is possible to make a great living as a day trader, day trading is not for everyone. And even day traders who are successful and make large amounts of money MUST accept that losses are a part of the business, and you - as a day trader - must be prepared for that, too. Heitkoetter emphasizes what every good day trader needs to know - you have to be in charge of your emotions, make a plan, and execute the plan. He can't emphasis this enough, as a matter of fact. Day traders must be able to control their emotions, and never ever "trade angry." The table of contents is very detailed - from selecting a market (stocks, stock options, forex, futures) to selecting a trading approach (fundamental analysis, technical analysis, day trading charts, and technical indicators.) Then, he covers perhaps the most important part of a day trader's job: "Defining Exit Points!" I also like the fact that he identified the seven common mistakes that day traders make which cost them money, from trading the wrong market, to not having a trading strategy, to not limiting your losses. Knowing what mistakes NOT to make is almost as important as knowing what you should be doing! Heitkoetter explains his principles in simple, easy-to-understand prose and covers everything thoroughly. My one complaint: as detailed as the table of contents is, I still would have preferred an index, to help me find things even quicker. However, there is a glossary of terms, reading resources, and a trading plan template, as well as bonus materials available from his website, including an ebook containing a fully disclosed trading strategy - which I'll be using soon.

Excellent Foundation

Markus Heitkoetter's book, The Complete Guide to Day Trading, enters what can only be described as a crowded segment of the financial book market - the "How to become a successful trader..." genre. So what differentiates it from the rest? Let's start by saying what this book is NOT: it's not going to give you a new indicator, or provide a system that will be the holy grail of trading - traders looking for a never-before-seen approach or strategy will be disappointed; it's not going to mislead you into thinking that trading is easy; it's not a thinly veiled sales pitch. The Complete Guide to Day Trading is a step-by-step instruction manual for traders on how to build a `foundation' of success, separating them from the millions of individuals who jump into trading and end up losing money. It's clear, it's concise, it's conversational, and it's effective. For the beginner, this book methodically covers such things as broker selection, margin requirements, trading tool choices (such as charting software and quote feeds), computer hardware, etc., and it provides both formal criteria and personal suggestions on the best options. From there, the creation of a trading plan is addressed. This is arguably the most important step to success, and following the steps Markus gives greatly simplify the process. Trading plans are like business plans, in that they are highly personal and detailed. The more personal and detailed, the easier it will be for traders to stick with their plan, regardless of market movements, stress, and emotions. Speaking of emotions, the third section of this book is a must-read for both beginners and experienced traders alike. The psychological part of the trading business is a key differentiator between a successful trader and everyone else. Markus dives head-first into describing the mindset a trader must have and why. There's no sugar coating here. If you don't have the commitment to read and embrace the mindset described, then you will have trouble in your trading. The traps that you will inevitably fall into are laid out in great detail. This section calls for readers to be brutally honest with themselves. Like trading itself, it's a simple concept, but it's definitely not easy. As an experienced trader, I was familiar with many of the indicators and tools addressed, but their presentation as part of a whole plan, the role they play, and what to look for in evaluating alternatives was something I have never seen before. The psychological material was riveting in that I found myself relating to several of the described pitfalls, which I'd fallen prey to in my own past, pitfalls that were all too financially painful. Very few books deliver such a complete basis for a successful trading career. It is a must read and I highly recommend it.