In the book, I describe the fundamentals of day trading, explain how day trading is different from other styles of trading and investment, and elaborate on important trading strategies that many traders use every day. I've kept the book short so you can actually finish reading it and not get bored by the middle.
For beginner traders, this book gives you an understanding of where to start, how to start, what to expect from day trading, and how to develop your strategy. Simply reading this book, however, will not make you a profitable trader. Profit in trading does not come with reading a book or two or browsing online. It comes with practice, the right tools and software and appropriate ongoing education.
Intermediate traders may benefit from the book's extensive overview of some of the classic strategies that the majority of retail traders regularly use with proven success. If you think you are beyond the stage of a novice trader, then you may want to jump ahead and start reading from Chapter 7 for an overview of the most important day trading strategies:
Day trading is not gambling or a hobby. You must approach trading very, very seriously. As such, I wake up early, go for a run, take a shower, get dressed, eat breakfast, and fire up my trading station before the markets open in New York. I am awake. I am alert. I am motivated when I sit down and start working on the list of stocks I will watch that day. This morning routine has tremendously helped my mental preparation for coming into the market. Whatever your routine is, starting the morning in a similar fashion will pay invaluable dividends.
ABCD Pattern Trading
Bull Flag Momentum Trading
Top Reversal Trading
Bottom Reversal Trading
Moving Average Trend Trading
VWAP Trading
Support and Resistance Trading
For each strategy, I explain:
How to find the Stock in Play for trade
What indicators I am using on my charts
When I enter the trade
When I exit the trade (profit taking)
What is my stop loss
Day trading is not gambling. It's not an online poker game. To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere. That's How to Day Trade for a Living.
Author(s): Aziz, Andrew
Publisher: CreateSpace Independent Publishing Platform
Year: 2015
Language: English
Pages: 384
Tags: how to day trade, day trading, beginner's guide, trading tools, money management, trading psychology, how to day trade for a living
Table of Contents
Foreword
Chapter 1: Introduction
2020 Hindsight
Chapter 2: How Day Trading Works
Day Trading vs. Swing Trading
Buying Long, Selling Short
Retail vs. Institutional Traders
High Frequency Trading (HFT)
Trade the Best, Leave the Rest
Chapter 3: Risk and Account Management
Three-Step Risk Management
Trading Psychology
Chapter 4: How to Find Stocks for Trades
Stocks in Play
Float and Market Cap
Pre-Market Gappers
Real Time Intraday Scans
Planning the Trade Based on Scanners
Chapter 5: Tools and Platforms
What Broker to Use?
Trade for Proprietary Trading Firms
Trading Platform
Real Time Market Data
Nasdaq Level 2 and Bid-Ask
Indicators on my Charts
Buy and Sell Orders
Hotkeys
Watchlist and Scanners
Community of Traders
Chapter 6: Introduction to Candlesticks
Price Action and Mass Psychology
Bullish Candlesticks
Bearish Candlesticks
Indecision Candlesticks
Candlestick Patterns
Chapter 7: Important Day Trading Strategies
Trade Management and Position Sizing
Strategy 1: ABCD Pattern
Strategy 2: Bull Flag Momentum
Strategies 3 and 4: Reversal Trading
Strategy 5: Moving Average Trend Trading
Strategy 6: VWAP Trading
Strategy 7: Support or Resistance Trading
Strategy 8: Red-to-Green Trading
Strategy 9: Opening Range Breakouts
Other Trading Strategies
Develop Your Own Strategy
Trading Based on the Time of Day
Chapter 8: Step by Step to a Successful Trade
Building a Watchlist
Trading Plan (Entry, Exit, and Stop Loss)
Execution
How Did I Do Them?
Chapter 9: Case Study of a Newly Successful Trader
Insight from a Newly Successful Trader
Early Trading Education
Beginning to Day Trade
Hitting My Low Point
Risk the Same Amount of Money Per Trade
Risk a Small Amount of Money Per Trade Until You Are Consistent
Use Hard Stops to Exit Trades
Focus on a Single Strategy Until You Master It
Listen to Experienced Traders
Step-by-Step Examination of a Trade
Conclusion
Chapter 10: Next Steps for Beginner Traders
The Seven Essentials for Day Trading
Do Not Be a Gambler. Be a Trader.
Plan Your Trading Business
Journaling Your Trades
Trading and Climbing
Final Words
Andrew’s 10 Rules of Day Trading
Glossary
