How To Day Trade Stocks For Profit

I was very familiar with functional analyses for buying stocks long term, but I had no experience in day trading or technical analyses. I bought this book and studied it thoroughly for about a month.He explains everything very well and the chapters are grouped in a logical order, with the understanding of later material dependent on mastering earlier material, much like a university course would be. The concepts were all new to me and he explained them well and gave excellent examples.PROS: I really like that there are exercises in the back of the book to help you see the trends and the concepts better. I recommend you study them well.CONS: There were a few typos and the many graphs were in grayscale -- yet he refers to the lines in the graphs by color, which you cannot see, so you do lose some understanding there.I am using his process, following his rules, his suggested daily schedule, and I am "fake trading" now -- doing the whole process and seeing how it works before I invest real money. It is building my skills and confidence. I am pretending I am investing $30K a day and making 5 small trades a day on the NASDAQ. My smallest daily profit was $250, my biggest over $1200 -- I have not had any losing days (but I am still a novice and those days will come). I keep my stop losses at 1% so I am not losing much. The hardest part for me is finding stocks that trend, as only about 1/5 of stocks trend on any one day, but he recommends building a stock list over time, which I am doing.The important thing is that after two weeks I am averaging being correct on my choices and trends by about 70% -- and I haven't even chosen a real broker or software yet, so I expect I will do better once I can see all the chart details better than I can on Etrade, which is not designed for daytraders.This book will help you to learn how to see various trends, and if you follow his rules, you will probably do okay. I am recommending this book to many friends; they are enjoying it and getting excited about day trading.

This is the second book I read beginning my financial book marathon (yea... I thought it's finally a good time to reevaluate my financial lifestyle). I know that stocks have amazing potential for growth and thought it might be good to learn about the market through reading about it first.I think this book was a good start, but it's a little boring at times. It's definitely something you have to read in small chunks in order to fully grasp the ideas and methods that are recommended. I think the ideas in the book were fairly straight forward and gave me a good idea of how the stock market works and the potential growth if I begin to invest. If you're buying the book in hopes that there will be some recommended websites or brokers, this one won't help you at all.Considering the price and information I would recommend this book!

Harvey Walsh is a great man for writing this book. It's probably overlooked due to the simplicity. I can say that I've followed his advice on two trades since reading and have sold in the money. This book can be read in a weekend and lays out a system that can be followed for life. He shuns fancy oscillators and indicators. Instead he opts for teaching a few simple patterns, support and resistance, timing, and protecting your nut.I'd have to say the most helpful part of this book are the exercises where Harvey has you first identify the patterns and where the entry and exits points would be. Later in the advanced exercises he gives you a few minutes of a chart and then has you analyze it for patterns and trends. Then he reveals the rest of the chart to see if your assessment was correct and if the setup was good. This is one of the most enlightening and practical exercises I've ever done and was well worth the money spent.The only downside to this book is I felt it was too short and it left me wanting to learn more. After applying the lessons in the market I realized this perceived weakness was its strength. It helps you tune out all of the unneeded PR crap that is thrown at you by so called stock market gurus. It cuts to the core and lays out a foundation on which you can indeed begin day trading for profit.

This is a very good book if you are determined to become a day trader. Day trading is not for the faint of heart that do not have the time to adequately research trades (you will get whip sawed) and those playing with rent money!!!I have spent thousands of dollars on courses that do not explain the material as well as the author does here (wasting hundreds of hours lost in the trees) and still learned things I did not know by reading this book. The author explains how highs and lows create "common" patterns like double top/bottom, triangles, and head and shoulders. He also provides the most common day trading strategies which are used by many traders so you can predict and join the pack to make money (the more people follow these patterns, the more they are likely to succeed).One thing that is not addressed in this book is how high frequency trading will affect day traders and if I had a recommendation for the next update of the book, that would be it.[...]

I had been researching day trading books and methods for some time, and then decided to pull the trigger and buy this book, and I am glad I did. Mr. Walsh has a very balanced approach to the process, and breaks things down perfectly, and his writing did not put me to sleep. I read the book in about 2 weeks. I originally was reading this on my droid but had to switch to my laptop because some of the graphs were too hard to read on my phone. I recently finished the book and have done some online virtual trading with varied success. I realize I have to keep learning the patterns and trends and continue to build my support system. I plan to read the book a second time in the near future after I have my feet wet online because I think a few of the concepts will sink in a bit better once I have a little more experience.