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Readers reviews of The Electronic Day Trader

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Daryl Guppy

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 the market.


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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