Readers reviews of The Electronic Day Trader
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This book is full of interesting little asides as far as Australian traders are
concerned. For anyone who is even thinking of trading US markets this book is a must
have. It is only after reading books like this that we can fully appreciate the
excellent trading system operated by the ASX.
Trading in the US is like trading with your eyes closed. Although the authors attempt
to show you how to pry the hidden information from the activity of market makers, the
reality is that the private trader is still stung every time by the professionals who make
There is little obligation to deliver shares at the quoted prices. NASDAQ can show a
bid and an offer without having to ever honour any of those prices. In our terms, this is
downright dishonest. The single SOES system that does guarantee that what you see on the
screen is actually available is shunned by much of the market.
The entire book is based on the key assumption that the secret to success is to
identify the TRUE buyers and sellers of a stock. For Australians, this is not a problem
with the ASX. For American traders the true buyers and sellers are obscured by the
activity of market makers who distort the market for their own profit.
The book is particularly useful for anyone who thinks they
can trade the US market from Australia. For traders who want to use it to understand the
Australian market to book is of little use.
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