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Summary: The most complete book on how to really day trade stocks
Review: A wonderful and informative read. Does what the other books on day trading have tried to do, but didn't: tells you behind the scene information about trading stocks and what you can do to take advantage of the revolution taking place right now that allows the common person the ability to trade like the big trading firms. Ever wonder why they make millions in the stock market? Read this book and start doing what I have already decided to do: Day trade for a living. This book is a step-by=step gude to doing this.If you read only one book this year, this HAS to be the one!
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Summary: A very subtle and profound book
Review: As the internal editor of this book, I research over one hundred other books and articles to get the background necessary to understand the evolution of intra-day stock trading. Electronic Day Trader draws a historical line through Lord Keynes, the French stock market and the first demonstration of random distributions, and the "bucket shops" of Livingston's era. A very powerful sentence "They're not there to give away their money" is the tightest demonstration of the difference between sematics (meaning) and syntax (patterns). Extracting "meaning" from patterns of stock prices and volumes "syntax" is what Electronic Day Trader teaches. It's very subtle.
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Summary: Caveat Emptor means "Buyer Beware"
Review: False advertising? The hardcover book's jacket says "Successful Strategies for On-line Trading" and "The Complete Guide to Choosing the Best On-line Trading Systems" which must have been what the authors were planning before someone (the publisher's lawyers?) tore the teeth out of this work. On page 130 (of 152 pages (excluding the appendices)) we are finally told the good news: "On-line systems have leveled the playing field ... These systems give the trader a realistic chance to succeed in what is perhaps the most exciting, dynamic, and potentially rewarding career possible." Then, on the same page, comes the bad news: ""We originally intended to give specific details and ratings of a variety of systems..." and, further, "Rapid changes in these systems made any evaluation obsolete. As a result, we have decided to present you with a framework of what to look for when considering an on-line trading system and a brief l! ook at two systems we think should be worth considering." If this book is your very first introduction to trading, then the details of the order process will fill you up, otherwise, there is not really any meat to this book and you'll walk away with pangs of hunger.
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Summary: Informative but too self promotional.
Review: This book is like "The Microtrading Revolution" by Lawrence Black and Todd Hawley but with more "filler." "The Microtrading Revolution" apparently was published several months prior to "The Electronic Day Trader." For the most part they cover the same material except the former does it in 1/2 the pages. Friedfertig and West seem to be most interested in promoting the services of their firm. I know of several people who have been involved in this type of trading and have lost significant amounts of money. Friedfertig and West seem to gloss over this whereas Black and Hawley repeatedly emphasize the risks. According to "The Microtrading Revolution," there is a handful of experienced and seasoned electronic day traders or "microtraders" who succeed in taking the money from the less experienced and over confident. They emphasize that the only way to succeed is to be among and train with such traders. From t! he traders I have met, this is the impression I have received. I'm not so sure electronic day trading is for the masses. In this respect "The Microtrading Revolution" is a more objective read in addition to having a lighter texture (it is shorter and is often times pretty funny.)
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Summary: Worth 1,000 times what you pay for it.
Review: I bought this book on Saturday, and it paid for itself several times over on my first trade on Monday. Chapter 5, "An Insider's Look At The Trading Day" is about 1/3 of the text and IT, as far as I'm concerned, IS the book. This chapter accurately reflects the trading mechanics AND psychology of market makers and brokers, the Day Trader's no-longer-so-formidable adversary. I feel that with the knowledge the book provided, I was able to turn virtually every change in the bid-ask spread into a bit of information. I sat at the bid, SOES'd the MM, and sold for a profit a few minutes later... and profit's what it's all about!!!. NOTES: (1)This book becomes more useful if you have day traded for a few weeks or longer. It WILL NOT make someone looking for a get-rich-quick scheme a Day Trader, but it can help turn an average Day Trader into a much more informed and astute Day Trader. (2)To get the most out of it, you must read and re-read Ch. 5 until every word and nu! mber sinks in: "If you concentrate 100% of the time, you will be 100% effective. If you concentrate 95% of the time, you will be 90% effective. If you concentrate 90% of the time, go home." (page 98)
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Summary: Shows there is more to day-trading than just buying and sell
Review: Electronic day trading is quickly becoming all the rage. Seems everywhare I go I here someone discussing day-trading. This book should be required reading for anyone wanting to strike out on their own. While it may not specifically meet the needs of everyone wanting to learn how to day-trade, it does show that there is a lot more to becoming a successful day-trader than just watching CNBC, buying low, and selling high, especially at the exact moment you want to.
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Summary: Even more powerful with trading psychology
Review: A sound book that covers it's material well. Day trading is so much about trading psychology that I found this book even more powerful when I combined it's lessons with those from The Mind of a Trader (FT Pitman). Personally I think combinations of books make for better trading education.
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Summary: Decent
Review: I bought this with the book "The Microtrading Revolution" by Lawrence Black and Todd Hawley. Although "The Electronic DayTrader" has much more content, I think they could have used the writing skills of Black and Hawley. I found "The Microtrading Revolution" to be a more honest look at this kind of trading. I just wish it was longer.
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Summary: A 'Must-Read' for anyone curious about day trading
Review: 'The Electronic Day Trader' takes you, the reader, step-by-step through an easy-to-follow explanation of day trading. In addition to providing a thourough understanding of market dynamics, Friedfertig and West offer their own proven trading philosophy, complete with rules for maximizing success. Prior to reading EDT, I knew virtually nothing about the markets. Obviously, no book can offer a 'secret recipe' for making millions, but this book has provided me with a solid foundation to build my new career on...as a day trader.
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Summary: Electronic Daytrader...Not just about online trading
Review: The thing I like best about this book as compared to all the other trading books out there is that this is not only geared to the "Electronic Daytrader" but anyone wishing to know the how's and whys of Market Movements! Freidfertig and West Explain the fundamentals of Electronic Daytrading not just how to place orders utilizing an online service. I also like the fact that they make themselves available to the public..
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