Description
Mark Etzkorn – What Works in Online Trading
Here is a uniquely honest examination of the online day trading concept, the firms that cater to it, and what works online and what doesn’t, so that would-be day traders can avoid the pitfalls-and the losses. Discussing trading as a business that most traders conduct without a plan, this book addresses common trading misconceptions, provides realistic answers to critical questions, and features an investigative analysis based on real people who are day trading and the firms they trade at or through-whether through virtual trading rooms, the Internet, or real-time operations.
From the Inside Flap
Fueled by a roaring bull market and breakthroughs in communications technology, online trading has taken a firm hold in the public imagination. The media has helped fan the flames of this phenomenon with sensational reports of hotshot traders who left the nine-to-five world to make fortunes working for themselves at their computer screens.
So much for the fantasies, but what are the realities of making a living in the markets? How solid are the average person’s chances of coming out ahead, let alone making a killing trading online? Is the new electronic playing field really as level as the pundits claim? And, above all, what important lessons must beginners learn before embarking on a career as online traders if they don’t want to see their dreams go up in smoke even before they get off the ground?
Written by a team of today’s top online traders, trading coaches, analysts, systems experts, and financial journalists,What Works in Online Trading provides an in-depth look at what it takes to make a living in today’s markets. This book will help you determine whether a career in trading is right for you, as well as give you the tools to get started. Plus you’ll gain powerful insights-from trading professionals-into what really works online and what doesn’t.
Because approaching online trading without clearly defined long- and short-term goals is so dangerous, this book takes a simple approach: Trading is a business and should be approached as such-with proper capitalization, a solid trading plan, and the skills to put that plan into action. With that in mind, What Works in Online Trading provides detailed analysis in four major areas:
? Trading Basics-What you need to know before you make your first trade including the mechanics of trading, how markets such as the New York Stock Exchange and Nasdaq work, and the inside scoop on today’s trading technology, from direct-access brokerages to Electronic Communications Networks.
? Trading Strategies-Step-by-step instruction for implementing different trading plans, from swing-trading approaches to Level II scalping techniques, to taking profits out of the markets.
? Risk Control and Money Management-Learn the probabilities of trading techniques for limiting your risk, and how to integrate them into your trading plan.
? Trader Interviews-Read firsthand accounts-from “household names” to up-and-coming players-of what it takes to become a consistently profitable trader from those who have been there.
Understandable, concise, and realistic, What Works in Online Trading is a valuable source of insight and ideas for those currently trading online and must reading for anyone seriously considering it as a career.
From the Back Cover
Must reading for anyone thinking about taking the plunge into online day trading
If you’re looking for an honest and authoritative assessment of different trading strategies, risk control techniques, and trading technology, you’ve come to the right place.
“Etzkorn has assembled a cutting-edge blueprint for those looking to move into online trading. Covering everything from trading basics like Level II screens to more advanced technical analysis, What Works in Online Trading provides all the tools to excel.”-Henry O. (Hank) Pruden, Ph.D. Professor and Exec. Director, Institute for Technical Market Analysis at Golden Gate University, San Francisco, California
“With a career spanning nearly 15 years in the markets, both as a trader and writer, Mark Etzkorn, now Editor in Chief of Active Trader magazine, has gained the experience and the contacts to provide you with a well-balanced education on trading. Take advantage of the insight presented in this book.”-Thom Hartle Editor, eCharts.com (www.echarts.com), and Vice President, Wizard on Wallstreet, Inc. (www.thewow.com)
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