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Readers reviews of The Guts and Glory of Day Trading

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It is a pleasure to read a book written by someone who understands the markets from a   practical perspective and who understands the importance of what his interviewees are telling him. The title is a little  misleading, as they define a day trader as someone who uses daily charts to make trading decisions. These traders are more correctly called position traders, but I guess this would diminish the impact of the book’s title.

 

The 12 interviews cover some true day traders – those who sell all positions at the end of the day – and some skilled position traders who hold trades for short term 2 to 10 day trades. The interviews focus on strategies and how each trader combines analysis tools and techniques to develop a planned and consistent trading outcome.

 

This has the potential to be repetitive and boring, but the 12 traders interviewed all have quite different methods. Some use fundamental analysis, others rely entirely on charting. Some are news based, while others trade only range bound, slow moving stocks. It is this variety that makes the book particularly useful.

There are many nuggets here for experienced traders. Traders who want to know more about what is involved in trading will also find this book very useful. It is a good addition to the Schwager interviews in Market Wizards because this book focuses on ordinary people who have used modern technology and small accounts to build trading returns into seven figures.

 

Does this sound daunting? One of the key messages in this book is that the average intelligent person can succeed. With discipline they can beat the market consistently, and by a large margin. This book is about the triumph of private traders.

 

 

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