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 books 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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