Average Reviews:
(More customer reviews)This is a great book, it does not tell you how to get rich, and it does not tell you that Day Trading is the work of Satan. It gives an excellent concise history about the people who got all individuals the right to trade on their own, and then with examples, and a helpful glossary of terms, gives more than enough information for an individual to decide whether this Extreme Financial Sport is for you. Before reading any other "How To Be A Day Trader" book please read this. Mr. Millman uses the word "Extreme" on the cover of his book and liberally throughout the volume. I trade on-line, have real time quotes, Level II NASDAQ, and many of the other trading tools courtesy of high technology, I do not meet the definition of a Day Trader as I have never had a 50 trade day much less 300 or 500 or even more trades in one session. If you think you are ready for this type of trading a quick calculation may help put Day Trading into perspective. If a person trades from 9:30am-4:00pm, that person has 390 minutes with which to trade. The word extreme starts to come into clear focus. One trade per minute, 390 trades, how about a slovenly pace of 3 minutes for making a decision about your financial status, only 130 decisions need to be made in 6 and one-half hours. Training course of 30 days with some Pros?, $5,000, if that gives you any pause don't attempt this sport. Minimum investment to play at some facilities $50,000 to $100,000, if that gives you any pause stay away. And if you are not prepared to lose consistently when you start, again stay away. You can still trade on-line, and be the master of your own universe, but there is a difference between playing an occasional round of golf and walking up to Tiger Woods throwing down $50,000 and say "You first Mr. Woods". You are going to be trying to make money at the expense of another's loss. You are up against people who have done this all their professional careers, young hotshots who made $1,000,000 last year because, "the video screens are like any video game except these pay". Part of the thirty-day course includes lectures from a psychologist. Now what message is the author not so subtlety suggesting? Do you have the correct form of mental wiring to deal with making a couple of hundred decisions a day, can you handle the constant losses that you will experience, do you have any propensity for gambling. If the answer to the last question is yes, don't go near this game. If you want to trade for yourself, don't confuse a trade or two a day, and staying in stocks for more than a few seconds. Successful Day-Traders are few, like exceptional athletes, or any other occupation that a small number of people have the talent for. On-line trading is fun; true Day-Trading is for the few, not the masses.
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