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How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology
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Audible Audiobook
Listening Length: 6 hours and 56 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: AMS Publishing Group
Audible.com Release Date: August 14, 2017
Whispersync for Voice: Ready
Language: English, English
ASIN: B074TR5Y6M
Amazon Best Sellers Rank:
I read the first edition of this book couple of years ago and I liked the contents. What I liked most about the book was its length. The first edition was short and to the point. So when a friend showed interest in trading I gave him my copy as a gift. I went ahead and ordered the most recent edition because I wanted to have a copy in my library. The most recent edition is thicker (not thick enough to justify the price increase from $8 to $30), but the new contents are mostly fluff, and it has more self-promotion of the author's website and trading chatroom than the first edition. I had noticed this self-promotion in the first edition, but it didn't bother me because the chat room was free for everyone to join. Then suddenly the author started to charge to join the chatroom ($29/mo) and most recently $99/mo. The $99 membership does not even include access to his trade-ideas scanner anymore (which I thought was the most valuable part of the room). So the once humble sounding Dr. Aziz (he likes to talk about his PhD) fell in the same trap as con men like Ross Cameron from Warrior Trading and others who pretend to be helping you, but in reality are only promoting their business.Also, remember that you can't day trade like Dr. Aziz unless you have at least $25,000 in your trading account, which is not realistic nor recommended for beginners. I've been swing trading for over a decade and only in recent years I started to day trade. My biggest take from this book was the potential benefits of a high frequency trading platform such as DAS. Now I use DAS to trade options which I think is the smarter way to day trade. So if you want my advice for day trading follow these steps:1. Go ahead and give Dr. Aziz PhD the $30 for the book. The contents are not bad for beginners. Focus mostly on technical analysis and patterns.2. Don't fall for his chatroom and membership trap. Instead, buy a 3 or 6-month prepaid level 2 simulator account (with options) directly from DAS for $450 or $900.3. Watch the DAS tutorials on YouTube and practice trading with options for 3 to 6 months. If you need help with options, check out Sky View Trading Options videos on YouTube.4. Find good trade setups in highly liquid stocks such as AMZN, GOOG, BABA, etc. Unlike common shares (what Aziz PhD trades), options trading is best with mega caps stocks because there is little spread. Trade them everyday for 3-6 months and when you can win consistently, open an account and trade with real money.Why trade options? With options you don’t have to risk too much capital. You certainly don’t need to have $25k and a margin account to make a living from trading. I’ll give you an example. When Aziz PhD takes a trade, he risks anywhere between 30-100k of capital (some of his own and some borrowed money), to make about $1000. I use these numbers because I’ve seen his trades. With options, you can make the same amount of money with far less capital ($2k, or so). Of course, just as you can make that kind of money easily, you can lose it easily on a bad trade. But would you rather blow up a 25k account or a 2k account?Whether you trade common shares or options, you must practice first. That’s why a simulator account is highly recommended. Also remember that you must be willing to lose money before you can make money. Every successful trader has blown up an account at some point (including myself or even Aziz). So don’t be afraid to lose, just don’t lose it to bogus memberships and chatroom subscriptions. You are basically paying for their losing trades. It is funny, because when Aziz’s chatroom was free, he used to say he doesn’t need the membership money. Not sure what happened along the way. Good luck everyone and happy trading! If you have any questions, feel free to ask below this review.
This was my first read on Day Trading. Five books later (author's: Benjamin Graham, William O'Neil, Warren Buffet, Toni Turner, Michelle Cagan), I came back to read it (Aziz's book) again... I, of course, plan on reading many more, but Aziz's book will hold a spot on the shelf as a permanent reference for years to come. Not only, because it's a very effective read, but also due to the author's candor, and willingness to invest time in helping fellow traders. The later being an invaluable characteristic of this particular author...Initially (similar to what I read in one of the few negative reviews on this book), I wasn't sure if the book was designed to help as a stand-alone text, or if it's sole purpose was to facilitate a gateway for more revenue streams (for Aziz) down the road. In other words -- the information seemed useful, but I wasn't sure OF the author's genuine intentions (to write a great book, versus suck people in for long-term profits). Why such feelings you ask??? Aziz offers his readers a few recommendations relative to "tools of the trade," and given this was my first experience with this sort of text -- I was caught off guard by some of what felt like self-promotion from within...But then I read the other books (author's mentioned above) and EVERY one of them (also) included some sort of odd-feeling, hard to decipher, "tool(s)" of self-promotion. Benjamin Graham's book seems to prefer certain brokers (and funds) over others, but nothing near as bad as William O'Neil's book. Yup, as "good" as CANSLIM has (apparently) proven itself over the years, IBD not only sucked me in -- but they continue to annoy the heck out of me -- AS A PAID SUBSCRIBER -- by constantly inundating me with ads... So much so, that I'm considering cancelling my subscription. Even Toni Turner's book, which in all honesty -- was probably one of my favorite books to ever read (she is a very good writer) -- had its fair share of "go visit my website for additional tools of the trade..." type recommendations... Her "tools," by the way, are actually pretty useful...My point though, is this: Though these authors (obviously) have something to gain by increasing their follower-ship, they are also simultaneously recommending invaluable resources for ANY "trader" genuinely interested in succeeding in this business. Aziz, in particular, recommends his chat-room, DAS Trader, and a couple of stock screeners (depending on your specific needs). He has also put together a handful of "lessons," where he walks you through some of the intricacies of the trading platform, and the methodology in his book (I'm in the series now).. Yes, you read that right -- The actual author of the book will sit down with you and help clear anything up relative to what you read from his text (and beyond). He has already responded, in a timely manner, to EVERY email I've sent, and his responses always offer nuggets of value. Anyways.... I've read Aziz's book twice now, and I can tell you -- without a doubt -- that his advice is solid. I've come to realize that what initially seemed like a sales pitch (via the texts of all authors mentioned), actually proves to be very solid advice. Believe it, or not, the guy (Aziz) would be doing his readers a disservice if he didn't recommend (and/or offer) tools for success...My experiences so far:Chat Room: When I first stumbled into his chatroom, I was caught off guard. I think I was expecting some sort of forum-based venue, where newbie's like me could browse topics of interest, ask redundant questions, and receive "platinum" membership status for posting 1 billion times... I literally checked in one day, hung around for a couple of hours, then checked out......and I never thought I'd go back... Then I read the books referenced above, realized that trader chat rooms aren't synonymous with forums of your favorite hobby, and found myself back in the very same room I gave zero thought to a few weeks prior. And that said -- I imagine I'll probably be a member of the chat room for a very long time to come... If for no other reason, you get to watch Aziz actually work every morning, ask questions along the way, and even view his P&L statements for the day. It's like shadowing a Doctor, then seeing the amount on his paystub at the end of the week! And when he (Aziz) loses money on the day, it speaks volumes toward: 1) Everybody is capable of failing, and even a professional trader has risk/reward factors to consider, and 2) he's not pretending to have a "secret sauce" that will guarantee billions of dollars overnight! He's a regular guy, like you and me, who has CHOSEN to put the time and effort into trading successfully; and based on what I'm seeing daily -- he is successful..The simulator: The simulator he recommends is on a system called DAS, and regardless of how much research you do, you'll always come back to DAS being the 'go-to' option for day-traders worldwide. I have actually signed up with a simulator account with DAS, and I cannot thank Aziz enough for the recommendation. To be honest, I never imagined I'd put forth any sort of tangible effort into a simulator (it was "beneath me"), but now that I have the experience -- I'm soooooooo glad that I humbled myself, and took his advice! There's no doubt in my mind, that had I just gone into this cold turkey, I'd be a few thousand dollars (okay...maybe a lot more!) in the red already. Not, because I can't identify proper set-ups (though that takes experience too), but just getting used to the way things work (trading platforms, various brokers, etc.) are lessons in themselves... And believe me --- "mastering" the technical side of trading may seem elementary while perusing various texts on the topic, but when you're actually sitting at a desk, looking at stocks for hours on end -- suddenly the reality that trading isn't so cut and dry comes to light. For example: you might be a prodigy when it comes to recognizing set-ups, but where/how are you going to find relevant, and trade-able stocks for the day??? Maybe reading Aziz's book, and doing so humbly (unlike my first read) would be a good start...? I digress...Last, but not least -- the book: Again, I've read multiple alternate texts on the topic now, and without question -- Aziz's book is straight to the point, easy to read, and most importantly -- EFFECTIVE in helping the reader understand what sort of FOUNDATION will be necessary to succeed as a day-trader. Of course there is a lot more to discuss than what he brings up in the slightly over 100 page book, but the brevity of the text in no way undermines the content of the messaging. That said, I've supplemented my education with a handful of other options, and guess what?? They all, in essence, say the same thing, lol... One of them, however (Aziz) is a LOT shorter, to the point, and EASY to read... Okay, okay....there are, in fact, subtle differences, and of course -- with more pages comes more fruit -- but Aziz says what needs to be said, and provides his readers with a legitimate foundation to build upon. I would also argue that Aziz cuts a lot of unnecessary fluff, and focuses on providing advice that actually works; rather than just including pages of theory in an attempt to convince us of his acumen. He provides step-by-step templates on how to find stocks, how to trade stocks, what to look for, etc... And, again -- he does a great job at leaving the clutter out, so you can focus on the fundamentals...I wouldn't recommend taking this book, memorizing it, and never reading another again...., but I would HIGHLY recommend it to any trader looking to dip his toes in the world of day-trading. I came into this with a big ego, lots of prior education, and a feeling of invincibility. I'm now thankful that Aziz made it a point to help guys like me consider the "big picture" ---- while holding our hand(s) along the journey ---- before my accounts were wiped away like an open bag of leaves on a gusty day!Take it from a guy who isn't a big fan of online reviews: Aziz gets 5 stars...read the book...you'll be glad you did...
I'm a very experienced day trader of over 20 years. With the coming of HFT and other changes, it has been necessary to adjust my methodology. Scanning for stocks in play and trading unknown stocks is an approach I have resisted for my entire career but I think I have to go there now. I won't do it without a solid method/plan and a hard set of rules. I'm not too proud to look at a "beginner" book to figure out how to do this. This book is exceptional. It gave me what I wanted and I will build on the information using what I already know. The author is an engineer and being of a methodical/mechanical mindset myself, I was happy with the way he laid it all out. There is also good information on other topics for real beginners such as the importance of risk management, emotional control which are important.I will recommend this book to people who ask me how to begin day trading.
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