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|Name of Book||Day Trading Strategies: The Complete Guide with All the Advanced Tactics for Stock and Options Trading Strategies PDF|
|Name of Author||Andrew Elder|
|Language of Book||English|
|Size of Book||1 MB|
|Total pages in Ebook||206|
|Category of Book||Trading|
Book Summary: Day Trading Strategies PDF
“Day Trading Strategies: The Complete Guide with All the Advanced Tactics for Stock and Options Trading Strategies,” Andrew Elder provides a comprehensive guide to day trading, covering both fundamental concepts and advanced strategies. He emphasizes the importance of risk management and psychological discipline, emphasizing that successful day trading requires a structured approach and a solid understanding of technical analysis.
The book delves into various day trading strategies, including trend trading, range trading, and breakout trading. Elder explains each strategy in detail, providing clear entry and exit criteria, risk management techniques, and case studies to illustrate the practical application of these strategies.
Elder also highlights the significance of technical indicators and chart patterns in identifying trading opportunities. He introduces various technical indicators, such as moving averages, oscillators, and trendlines, and explains how to interpret their signals effectively. Additionally, he explores the use of chart patterns, such as triangles, flags, and head-and-shoulders formations, as trading signals.
Throughout the book, Elder emphasizes the importance of risk management, stressing the need to set stop-loss orders to limit potential losses and protect capital. He also discusses the psychological aspects of day trading, addressing issues like emotions, discipline, and maintaining focus in the fast-paced trading environment.
“Day Trading Strategies” provides a valuable resource for aspiring day traders, offering a structured approach to learning the intricacies of this challenging yet rewarding field. Elder’s emphasis on risk management, psychological discipline, and technical analysis provides a solid foundation for developing successful day trading strategies.
Excerpts From the Book
Know the Market
The first thing to consider when getting started in day trading is what market you want to use in order to trade. That may sound like an odd question to consider at this point, but depending on how much capital you have, choosing the right market is critical.
The important thing to recognize with day trading is that day traders routinely have strings of losses. And we are not talking about amateurs here, experienced day traders will experience losses on a routine basis. Of course, you expect that over time you are going to make profits, but just like flipping a penny can result in 5 tails in a row, making many day trades can result in many losses before a big win hit.
So, if you’re trading a significant amount of your capital, a string of losses could leave you going broke very quickly. Thousands of dollars can be at stake in an individual trade. For these reasons, there are some rules and recommendations in place to help you avoid getting into super big trouble, but the rules may make day trading seem less appealing especially if you cannot come up with the required capital.
Things to consider before getting started
Day trading isn’t a hobby or a game. It’s a serious business, and just like any serious business day trading is going to require a serious commitment even before you get started.
Day trading requires a serious time commitment. You are going to have to study the financial markets, keep up with financial news, and spend time at your computer pouring over financial data. Do you have the time to do all of these things? It’s basically a full-time job. You’re not going to be a day trader while working your 9-5 and expect to be successful. The day traders who are successful are 100% committed.
Are you willing to practice before actually beginning day trading? Jumping in and risking tens of thousands of dollars without experience is a bad idea. We have listed links to practice software that lets you simulate stock market trading. Are you willing to spend several months honing your skills using practice methods before actually day trading with real money? You can even open “demo” accounts with many brokers. Consider working on this and practicing now, and then getting into real investing when you’ve honed your skills.
Do you have adequate capital to get started? The U.S. government has a $25,000 minimum capital requirement to begin day trading. Do you have the money already? And is this actual money you can lose without getting into serious financial trouble?
Choose a broker
If you are already investing in stocks independently (that is outside an employer or a mutual fund) you may already have a broker that can also act as a broker for day trading purposes. Top brokers that retail investors can use include Ally Bank, TD Ameritrade, Trade Station, Interactive Brokers, ETrade, Charles Schwab, and many others.