Financial Freedom Through Electronic Day Trading / Edition 1

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Overview

An increasing number of investors are entering the high-risk world of electronic day trading—often before they’ve learned the basic principles and safeguards. Financial Freedom Through Electronic Day Trading combines Van Tharp’s mastery of trading psychology with Brian June’s nuts-and-bolts expertise to give day traders the proven strategies and information they need to survive and succeed.

From little-known day trading entries and exits to techniques that foster winning attitudes and styles, these practical ideas will help readers develop their own personalized trading systems. The perfect combination of psychological preparation and hands-on

practice, it discusses:

*Market analysis from a day trading perspective

*Techniques for determining a market

maker’s position

*The best day trading software

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Product Details

  • ISBN-13: 9780071362955
  • Publisher: McGraw-Hill Professional Publishing
  • Publication date: 12/18/2000
  • Edition number: 1
  • Pages: 388
  • Sales rank: 878,758
  • Product dimensions: 6.50 (w) x 9.40 (h) x 1.12 (d)

Meet the Author

Van K. Tharp, Ph.D., is president of the International Institute of Trading Mastery (IITM) and has been a consultant to traders and investors for over 15 years. Internationally recognized as today's number one coach and trainer for traders, Dr. Tharp is the author of Trade Your Way to Financial Freedom as well as a five-volume home study course, a monthly newsletter on systems and psychology, and a number of articles in industry publications. His trading models and techniques were featured in the book Market Wizards: Interviews with Great Traders.

Brian June moved directly from a successful corporate career into a sizable income as an electronic day trader. A popular speaker at day trading seminars and expositions, June has written numerous articles for Market Mastery, the IITM newsletter, and is an expert at applying sound business principles to achieve trading success. He also developed a popular workshop on electronic day trading tactics and strategies.

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Table of Contents

Foreword xi
Preface xv
Acknowledgments xxi
Part 1 How to Develop a "Laser-Guided Rocket" to Trading Success 1
Chapter 1 The Journey to Trading Mastery 3
The Mind of a Master Trader 3
Is a Master Trader inside You? 12
The Most Important Steps to Trading Mastery 13
Knowledge Keys 17
Chapter 2 Prepare Yourself for Trading Heights 19
The Power of Commitment 19
The Truth inside You 22
The Mission You Must Accomplish 23
I'm Starting with the Man in the Mirror 26
The Most Powerful Trading Questions You Could Ever Ask 27
The Belief Dynamic 29
If You Don't Believe It, You Can't Trade It 29
To Get Clear on Your Goals, Link Your Beliefs to Your Mission 31
Turn Your Goals into Action 34
How to Develop Powerful, Action-Oriented Goals 36
The Most Critical Goal-Setting Secret 38
Knowledge Keys 39
Calls to Action 39
Notes 40
Chapter 3 Design a Plan Even Goldman Sachs Might Envy 41
How to Create a Dynamite Plan 43
Stepping through Your Own Business Plan 44
Show Me the Money or Why Have a Trading Plan? 54
Make an Inventory of Your Market and Trading Beliefs 55
Ya Gotta Have an Edge 57
Choose Your Trading Styles and Time Frames 58
Does Size Really Matter? 66
The More Tools the Merrier 68
Final Countdown 69
Effectively Marshaling Your Resources 80
Sample Business Plan 85
Sample Trading Plan 91
Knowledge Keys 96
Calls to Action 96
Notes 97
Part 2 Putting the "Laser-Guided Rocket" Together 99
Chapter 4 The Trader's Toolkit: Essential Secrets for Getting the Most from Your Hardware and Software 101
How Much Computer Do You Need? 102
Sweat the Small Stuff 103
Internet Connectivity--Get a Big (Broadband) Pipe! 106
Where Can You Rent That Big Pipe? 109
Keep That Connection Connected! 111
Technology Risks--The Dirty Little Secret of Trading 112
Integrated Trading Software--The Heart of Your Trading Platform 113
Reading the Gauges--The Most Important Trading Screens 115
Knowledge Keys 131
Calls to Action 131
Chapter 5 Understanding the Golden Rule of Trading--R Multiples and Expectancy 133
The Golden Rule of Trading--Cut Your Losses Short and Let Your Profits Run! 134
Knowing Your Initial Risk: Begin with the End in Mind 135
Knowing the Expectancy of Your System--Will This Dog Hunt? Or What Kind of Return Can You Expect for Your Risk? 138
Defining and Calculating Expectancy (Relax, the Math's Easy) 138
The Opportunity Factor 148
Knowledge Keys 149
Calls to Action 149
Notes 150
Chapter 6 Position Sizing: The Key That Makes It All Work for You 151
Positioning-Sizing Techniques That Work 155
Simulating Your System to Determine What's Possible 158
Position-Sizing Mistakes You Must Avoid 160
Answers to the Position-Sizing Problems 163
Knowledge Keys 164
Calls to Action 165
Notes 165
Chapter 7 Prelaunch Preparation--Your Daily Routine 167
The Power of Simplicity 167
Start Your Day the Evening Before 168
T Minus 2 Hours and Counting 169
Applied Behavioral Finance--Know Thyself 171
Knowledge Keys 175
Calls to Action 176
Notes 176
Part 3 Launching Your Trading Rocket 177
Chapter 8 The Trading Day Liftoff: Navigating Trade by Trade 179
NASDAQ Level II--Your Booster Rocket to Trading Orbit 179
The Supply and Demand Model 180
The Ax 181
Other Market Makers Know the Ax 184
To Save Your Ask, Find the Ax! 184
Who's Playing Poker? 186
Chippies on the Bid--What Does It Mean? 188
The Secret of Collapsing Tiers 189
Understanding ECNs and Order Routing-- Getting Filled When It Counts! 193
Execution Strategies--When to Use Each Route 203
Some Finals Words on Order Routing 205
How to Get Filled in a Fast Market: He Who Hesitates Is Lost 205
The Mystery of Hidden and Reserve Orders 207
ARCA Reserve Orders 209
Speaking of Edges 211
Develop Expectations for Your Trading Day 211
The Art of Interpreting News 213
Stock Selection at a Glance 217
Directional Bias 218
Deciding to Enter 221
Pulling the Trigger 222
The Weight of Your Decision 222
Getting Your Fill 224
Never Enter a Trade Without Knowing Your Stop! 224
A Secret for Keeping Your Stop 225
Profit-Taking Exits 226
Don't Forget to Reenter 230
Position Sizing 230
To Make Maximum Profits, Remain Flexible 230
Defending Against Whipsaw 231
Trading Day Quick View 232
Knowledge Keys 232
Calls to Action 234
Notes 235
Chapter 9 Market-Making Strategies 237
You Can't Trade What You Don't Believe 238
Strategies and Tactics 238
Market Making--The Stealth Specialist 240
Profit Potential 246
NASDAQ Market-Making System 249
Price and Trading Levels 250
The Ax Revisited 252
Understanding the Market Makers 253
Differences between Market Makers and Specialists 254
Recapping Market Makers and Specialists 255
Market Making--The Channel Feeder 255
Knowledge Keys 263
Calls to Action 267
Notes 267
Chapter 10 Momentum Strategies 269
Momentum Philosophy 269
Momentum Patterns 271
Market Makers during the Open 275
Market-Maker Manipulation 277
Detecting Market-Maker Manipulation 279
Possible Interpretations of the MM's Activities 279
Illustration of Fading the Trend 282
Key Momentum Concepts 288
Momentum Strategies--The Sonic Boom Dive 291
Knowledge Keys 307
Calls to Action 307
Part 4 Feedback and Maintenance 309
Chapter 11 Common Mistakes Everyone Makes--And How You Can Avoid Them 311
Knowledge Keys 335
Calls to Action 335
Notes 335
Chapter 12 Getting Feedback and Refining the Process 337
Review Your Trades: Live and Learn 338
Debriefing the Trades: Rules Are Not Made to Be Broken 340
Correcting Mistakes on the Spot: Do It Now or Forget It Later 343
Take the 30,000-Foot View for Loftier Profits 344
Refining the Process: If It Ain't Broke, Fix It (a Little) Anyway 346
Knowledge Keys 348
Calls to Action 349
Notes 350
Chapter 13 Peak Performance Trading--The Keys to Gaining Control of Your Trading 351
Commitment to Yourself and Trading 354
Psychological Awareness (Soul-Searching) 354
Overcoming Psychological Biases 357
Emotions and Trading 360
Knowing and Stating What Fits You 362
Knowing Your Objectives and Using Position Sizing to Meet Those Objectives 364
Rules and Knowing What to Expect from Your System 366
How to Correct Mistakes 367
Checklist for Peak Performance Trading 369
Knowledge Keys 370
Notes 371
Glossary 373
Bibliography 381
Index 383
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Sort by: Showing all of 5 Customer Reviews
  • Anonymous

    Posted January 18, 2001

    A Wealth of Information

    This book contains a wealth of information - I strongly recommend it! The content is excellent, and the writing style is understandable and candid. Brian June not only discusses the nuts-and-bolts of day-trading (Level II screens, time-and-sales data, 'ax' market makers, direct-access systems, trading strategies) but covers in detail how one should prepare prior to the market opening and how one needs to debrief trading after the close. Dr. Van Tharp covers two of the most important concepts of trading: risk management (i.e., capital preservation) and money management (i.e., position sizing). If you have not internalized these concepts into your belief system already read these chapters, memorize them. They are key disciplines as they will keep you in the game. Four days ago I recommended the book to another full-time trader, and he just wrote back saying, 'I wanted to thank you for recommending the Tharp/June book. It is full of mandatory knowledge one needs, but also they make it clear what the requirements are to be successful. I am finding the book extremely enlightening - thanks again.' I have been a student of the markets for over ten years having proceeded through the study of fundamental analysis, technical analysis, and trading psychology (in that order). I wish I had this information at the start of my journey.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 11, 2005

    Very good book

    This is a good book but I think a day trader needs to focus on more especific trading tactics. The most succesful day traders will focus most of the time on a limited number of stocks and on a limited number of factors. To reduce those numbers even more, many top traders will concentrate only on stocks with momentum. One of the most important aspects one must grasp when trading a stock with momentum is how to approach the rally. Knowing how to trade the rally makes all the difference in the world. Not many books cover this aspect in a simple yet detailed manner. The other day I visited a place on the web called ChatHotStocks dotcom. They provide a practical approach for searching and trading stocks poised for a rally in a very simple way. I suggest you visit them, because in the end it's all about the rally. Anyways, a trader must always read and consider as many trading strategies as he can. There are a lot of good trading strategies outhere. The trick is to test them as much as you can -at least on paper- and stick to the one that fits you best and brings you profits consistently.

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 12, 2011

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  • Anonymous

    Posted February 10, 2013

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  • Anonymous

    Posted November 24, 2010

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