Average Reviews:
(More customer reviews)I was a little suspicious when I ordered this book. I thought the other reviews were written by friends of the author given only 5 reviews at the time I ordered the book, and they were all five stars. What hell, it is only a round trip commission . . .
Wow, I was wrong.
In my opinion, this is the best book on scalp trading I have ever read. Those who are not scalping for 1/4's and 1/2's may not find it to be the best thing since sliced bread, yet the principles here can be easily applied to all aspects of trading. Most importantly, the book is filled with professionalism, you know it was written by a professional trader as soon as you open it. Hell, it almost feels like it was written by my mentor's day trading alter ego! It kicks off with a line straight out of art of war, it emphasizes on the fact that trading is a zero sum game, survival of the fittest, it also made very clear statements that 90% of the traders lose money, back cover AND very first pages of the book!
It tells you everything from the equipment/broker you need (straight out of Golfbiz's living room) to the recommendation of a trading journal! The book has a truly enlightening chapter on Market Makers, covering who they are, what they do, and their bag of nasty tricks. (After ( ) and this book, I feel most people on this board has no clue what a market maker CAN and CAN NOT do, I highly recommend this book because it provides some amazing insights not found in any other book I read. It only covers 3 minute moving averages (curiously 5/15 SMA, reminds me of VicLee) and 1 minute stochastics, and most importantly, how those two indicators can be combined with Level II screens. You learn everything from watching index futures and how they really work to institution buying programs and how they affect a day trader.
I was afraid that this book may be a loud advertisement for ( ), yet I was pleased that throughout the entire book, the site was NEVER mentioned as blatant advertisement. In fact, 90% of the book has NOTHING to do with the site at all. In the end, there is a two day minute-by-minute journal of a profitable day trader, covering everything from pre-market to closing bell, his winning and losing trades, and only in this chapter you will see the mentioning of the site, even then, you can see that the day trader only uses the site to bring up interesting stocks to watch on his radar, and he uses his OWN instincts to decide entry and exit points.
Finally, this book is UP TO DATE, you will recognize every single stock mentioned in this book, one of the examples mentioned the addition of YHOO to S&P 500, and how it gapped up in afterhours, faced severe selling pressure in the morning, and how MSCO (Morgan Stanley) the market maker simply single handedly took on the world and HELD the BID at 300, eventually the stock closed at 350 . . .
Complaints:
The book is VERY hardcore, the author left out all the fluffs and gave you nothing but hardcore material. That said, it is very readable and very concise, the perfect type of learning curve/speed for me, may be a bit fast for others.
Also, it is rather narrow in scope. This is not reading 700 charts a night, this is focus on a small basket of stocks. The author recommends identifying the AX (leading market maker) and watch them closely for hours or even days before jumping into the stock (for new day traders, veterans can speed things up). Bottomline, this is not my mentor's "commander of an army" trading style, this is more like "camp out in the bushes with a sniper rifle" approach.
Finally, I find the book to be a bit short, 200 pages, too easy to read for me, finished it on a rainy Saturday dreaming about the princess, yet, it is quality over quantity here, very little repetition, very little fluff, just pure day trading goodness.
A MUST READ FOR EVERY DAY TRADER! I MEAN IT!
Click Here to see more reviews about: The Undergroundtrader.com Guide to Electronic Trading: Day Trading Techniques of a Master Guerrilla Trader
On his hugely popular Web site Undergroundtrader.com, Jea Yu tells traders how to stand firm, trust their instincts and knowledge, and grab the day trading profits they deserve. Traders trust Yu's hard core, just-the-facts perspective to cut through the fluff, hype, and misinformation, and deliver effective trading tips and strategies on techniques, order routing, technical analysis, market maker activity, and more.Here, Yu dynamically transfers his methods for making daily, real-time recommendations to the printed page. Traders will derive instant benefit from Yu's straightforward, Web site-driven analyses including:*Vital and detailed information on the different stock markets *Techniques to profit from IPOs and Internet stocks *A day in the life of a successful electronic trader
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