The Electronic Day Trader: Successful Strategies for On-line Trading

The Electronic Day Trader: Successful Strategies for On-line Trading
By George West


Product Description
In 1998, McGraw-Hill’s The Electronic Day Trader became a worldwide phenomenon—and spent months on the Wall Street Journal, BusinessWeek, and New York Times bestseller lists. Now, this new paperback edition revisits the hardcover edition’s electronic day trading techniques and mechanics, and adds a new introduction discussing today’s evolving electronic day trading environment.

The Electronic Day Trader continues to give the reader a firsthand, no-holds-barred introduction to the world of electronic trading. The authors—accomplished veterans in this hot field—share trading philosophies and strategies that include:
• Workings of the various electronic order entry systems
• Effective trading techniques based on technical analysis
• All-important psychological aspects of day trading

Marc Friedfertig and George West (New York, NY) wrote Electronic Day Traders’ Secrets, and offer seminars on electronic day trading. Friedfertig is a registered principal for Broadway Trading. He formerly traded index futures with the New York Futures Exchange. West is the president of Broadway Consulting Group.


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Product Details
Amazon Sales Rank: #360793 in Books
Published on: 2000-08-24
Number of items: 1
Binding: Paperback
208 pages

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Editorial Reviews
Amazon.com
Most of us have been conditioned to approach the stock market as a long-term proposition. Many of the bestselling investment books coach readers to seek value in the best companies for long periods of time. Day trading, a recent phenomenon brought on by the reform of the financial markets and by the growth of online trading, goes in just the opposite direction. Instead of buying and holding stocks for years, successful day traders make money by dipping in and out of the market in a matter of minutes, finding profit in the tiny fractions between the bid and asking price of a stock or by catching the ups and downs of stock prices, which are driven by everything including the latest news from CNBC or speculation on what Alan Greenspan ate for breakfast.

In The Electronic Day Trader, authors Marc Friedfertig and George West explain the rationale behind day trading and offer strategies that can help you become successful at this fast game of speculation and timing. The authors write, "Day trading appears so deceptively easy, yet in reality it is a never-ending challenge. It is a game, an opportunity to match wits against the majority and thereby prosper. Day trading the stock market is the ultimate opportunity to speculate and the ultimate game."

The book goes into great detail about how the various stock exchanges work and shows how to get direct access to the NASDAQ through various electronic trading systems. If you're looking for an investment book that will help you build a retirement portfolio, look elsewhere. But if the daily fluctuations in the price of a stock make your heart beat faster and if you're seriously interested in honing your skill as day trader or want to become one, The Electronic Day Trader is definitely worth a look. --Harry C. Edwards

Book Info
Instructs readers on how to utilize today's high-powered home computers to access professional research, real-time quotes, and low-cost, instant trade executions. Shows the systems, strategies, and step-by-step instructions to develop the skills used by market makers to beat them at their own game. Softcover.

From the Back Cover
The Electronic Day Trader: Successful Strategies for On-line Trading, Marc Friedfertig and George West. International Bestseller! The First Book to Bring High-Profit Day Trading to the Individual Investor…NOW IN PAPERBACK! Praise for The Electronic Day Trader. "This is the book that started it all."—Joel Kurtzman, Fortune. "If you want to…take your first few steps into the fiercely competitive (and potentially lucrative) world of stock trading, then you should definitely read this book."—Roger Segal, TheStreet.com. "[Friedfertig and West’s] thorough overview moves at the right pace, with well-chosen examples and solid explanations of how to compete in the cut-throat day trading game."—Online Investor. BusinessWeek … The Wall Street Journal …The New York Times … These national publications recognized the groundbreaking Electronic Day Trader for its broad-based market power—not to mention its amazing run on each of their bestseller lists! Now let day trading pioneers Marc Friedfertig and George West, also the authors of the bestselling Electronic Day Traders’ Secrets, show you the systems, strategies, and step-by-step instructions to:
• Use today’s high-powered home computers to access professional research, real-time quotes, and low-cost, instant trade executions
• Bypass your broker and gain direct access to the markets—through SuperDot, ECNs, and other electronic trading systems
• Develop the skills used by market makers to beat them at their own game


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Customer Reviews
Another book with old strategies, however....
There are some good ideas that you can rescue from this book. Therefore I think you should buy it since you can make much more money and certainly recoup your small investment if you employ 2 o 3 good tips.

Any way, from my point of view a trader must always read as much as he can. There is simply no other way to prepare one self for this difficult yet incredibly rewarding activity, but to learn and put into practice as much ideas as you can, at least by paper trading first.

The are a lot of books on the subject, however many of them where written 2 o 4 years ago and that kind of makes them obsolete in this constantly changing field.

The internet offers great places where you can learn more specialized trading techniques. One of those places that I have found to be worthy is ProfitableStockmarket dotcom.

They focus mainly on momentum trading and employ a rather simple yet effective strategy. I think that for a trader to survive and be profitable, its neccessary to keep their trading as simple as possible. To much confussion and technical indicators will most of the time make you slow in your decisions and froze you up when a good opportunity is right in front of you.

In the end it's all about buying or selling with out hesitation, and doing it over an over again according to your set ups.

What became of Broadway Trading, LLC??
They went bankrupt, which is where you would be if you followed West and Friedfertig's methods. The book was a copy of Jack Schwager's Market Wizards series, due to the interviews conducted with "traders". You would be amazed if you saw some of these people and didnt read their words in print. Somehow they would not come off so sharp. Trust me!

Also do you think our authors would be able to spot "managerial talent" over a few aspiring proprietory traders? No they hire guys who have previously filed bankruptcy in their past and pipe up their accomplishments, which are a joke when you realized they bailed on creditors!!

Save yourself a dime and avoid it-if someone gives it to you, and you can't return it, use to start the BBQ grill. I could go on and on about SEC/NASD violation, getting short on a downtick, etc but I wont!

Obsolete
This book completely fails to realistically convey the relative risks and profit potential for the average wannabe day trader. Im talking about someone with less than a few thousand to play the market. Unless you have big bucks and Level II quotes forget day trading unless you are very lucky. In the trading parlance, I wish I had a short position on this book at its current price, and could cover my short at the current used price! Save your money.