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Summary: To those who have witten bad reviews
Review: I have not read this book yet, but I wanted to comment on something. I've noticed how for all the bad reviews, there is no email listed. Although maybe you are afraid of receiving nasty email because of your review, I think you have some alterior motive, like deterring aspiring investors from buying this book so they will purchase a book that you will profit from. I am just starting out as an investor and am intrested in day trading. I don't have enough time or money to buy and read every day trading book out there and I would like to see actual content in the reviews good and bad so that I can make an informed choice.
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Summary: Hard Hitting Trader
Review: I have been an investor investing for the long term. Having read The Electronic Day Trader I realize that long term is for wimps who are afraid to play with the "big boys". Now anyone can become a successful trader and make big $$$$$$$$ with the insights in this book.
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Summary: Good content but poorly written.
Review: This book provided the prospective day trader with a tremendous amount of insight into the inner workings of the market. Unfortunately, however, this insight is only available to those who are willing to wade through poorly written prose.
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Summary: Enjoyed it
Review: Pretty good, for the subject area it covers. I wish the price of the book were less though, comparable books in other subject areas are cheaper. On the plus side I will be making the money from reading the book. I liked it as much as Getting Started in Electronic Day Trading
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Summary: Trading Online
Review: I bought this book at the same time as Trading Online (FT Pitman 1999), based on recommendations on this site.As a direct comparison between the two I have to say Trading Online was better, it covers far more material, is written in a more readable manner and isn't prone to cause headaches!
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Summary: How about being a hybrid Day Trader/Investor?
Review: This book was without doubt, a valuable work of art. Though I am mainly an investor, I plan to use the information to obtain the best buy and sell prices, now understanding how the market and the players operate. I may even try day trading along the way. The only piece of information that was missing, was information on the company that is responsible for the software, or sales, for the Watcher electronic order entry system that was described in the book. I've not been able to find any information on this on the web.
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Summary: Covers well but prefer Trading Online
Review: I agree with one of the other reviewers. The book does well, but on internet trading online I prefered Trading Online by Patel.
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Summary: This book is helpful if you are a trader or want to start
Review: Mark Friedfertig and George West's The Electronic Day Trader is an exceptional read for those interested in becoming a day trader or improving their day trading skills. Each chapter was informative and helpful. Since I am a beginner at day trading, the first two chapters "The Reemergence of Day Trading", and "What is Online Day Trading?" were excellent background material, familiarizing me with the terrain before beginning in earnest. It seems, day trading is just like trading in the old days in the bucket shops as written by E. Lefevre in his famous "Reminisces of a Stock Operator" in 1923. In this book Larry Livingston made millions executing his own trades following the ups and down ticks in the market. Apparently, the same applies now. After the SEC mandated lower commissions on May 1, 1975, big brokerage firms making huge spreads are now facing stiff competition from day traders who will take increasingly smaller spreads. They suggest brand new technologies, such Island an (ECN) Electronic Communication Network allow traders compete against big brokerage firms by executing trades directly on the NASDAQ with real time quotes. To get involved, Friedfertig and West even invite prospective traders to trade at their firm and even take their course and learn the tools to get started, as detailed in Chapter 7 and appendix A. The third chapter explains the market, its specialist and the marker makers. These are the people who you compete against for money. This material is definitely useful to review. The fourth chapter details how to gauge the strength of the market. Indicators such as the S&P, futures, Bonds, and stock market leaders are important to observe when trading as they may affect the direction of your particular stock. Moreover, they hit on other factors like the time of day, volume, charts and stock patterns in explaining the essentials of day trading. Chapter 5 "An insiders Look at Day Trading" is chuck full of useful secrets useful to strong day trading. Tips like reading the tape, how to know what the market makers and ECN traders are doing, uptrend, downtrend dynamics, levels, momentum, when to buy and sell and timing are offered to give the reader a head start. They wrap up the book stressing the importance of having a solid "trader's philosophy". They suggest that particular habits can make the difference between a successful and unsuccessful trader. After reading the book twice and would recommend it highly. In fact. I have already recommended it to my friends and others who have expressed interest in this field. The book was comprehensive and informative. The chapters are clearly written. The scope was broad; yet the information was concise. They did a solid job synthesizing material. I have learned a lot from this book and look forward to applying it in my future career as an "Electronic Day Trader."
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Summary: A great overview of trading through NASDAQ and NYSE
Review: When I see the one and two star comments I just shake my head and laugh. This is an excellent book if you are a real day trader. I can see where it would be over the head of those just starting out. But anyone who uses Level II quotes will find a lot of useful info. to pick from. I day trade for a living, it's how I pay my bills! What I can tell you is that there is no magic formula for buying a stock, never has been and never will be! Daytrading is a game of momentum and volume. Understanding why stocks make runs and then pullbacks throughout the day is half the game. Watching how market makers act during the runs up and the pullbacks will stop you from getting shook from your positions, and give you a good point for opening new positions. To those that rip this book, I thank you for your daily contributions to my trading accounts. To those with access to Level II quotes I think the authors give you a pretty good overview of how the game is played. There's no magic formula to becoming a great trader. Any book that promises one is a sham. Trading skills come through experience and application, the game is keeping your capital preserved to survive the learning curve. This book is a good foundation to build upon.
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Summary: Totally unorganized
Review: This book is the most poorly written book I have ever read.
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