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Mastering Direct Access Fundamentals

Overview

Electronic direct access trading (E-DAT) lets independent traders join seasoned professionals in the fast-action, high-profit world of instant access trading. But before you enter that world, you must master a dynamically different set of fundamental skills and become comfortable with the streaming numbers, colors, and symbols of the Nasdaq level II screen.
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Overview

Electronic direct access trading (E-DAT) lets independent traders join seasoned professionals in the fast-action, high-profit world of instant access trading. But before you enter that world, you must master a dynamically different set of fundamental skills and become comfortable with the streaming numbers, colors, and symbols of the Nasdaq level II screen.
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Product Details

  • ISBN-13: 9780071362498
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 3/24/2001
  • Series: Direct Access Trader Series
  • Edition number: 1
  • Pages: 228
  • Product dimensions: 6.25 (w) x 9.28 (h) x 0.84 (d)

Table of Contents

Preface ix
Acknowledgments xi
1 What This Book Will Do for You 1
Worksheets 4
And Finally 5
2 Expectations 7
What Should I Expect? 8
How Much Can I Really Make? 8
What Happens If the Market Crashes? 9
How Hard Is This Really to Learn? 12
Misconceptions 13
Day Traders 14
Expectations
Types of Stocks Traded
Discipline Levels
Necessary Training
Commitment Necessary
Questions to Ask Yourself
Part-Time Day Traders 17
Types of Stocks
Discipline
Necessary Training
Commitment Necessary
Questions to Ask Yourself
Long-Term Direct Access Traders 21
Types of Stocks
Discipline
Necessary Training
Commitment Necessary
Questions to Ask Yourself
3 Developing a Trading Strategy 25
Discipline 26
The Risk Spectrum 27
Why Establish a Trading Strategy? 28
When to Let a Stock Go 29
How to Get Ready to Trade a Stock 29
Evaluating Your Trades 30
Establishing Your Initial Trading Strategy 32
Full-time day trader
Part-time day trader
Long-term direct access trader
Updating Your Strategy 34
Market Indicators 36
Knowing Which Stocks to Trade 37
Developing a Core Group of Stocks 40
Example A Jake Edwards (experienced full-time day trader)
Example B Jon Pirone (new day trader)
Example C Jason Reed (part-time day trader)
Example D Jennifer Pollock (new long-term direct access trader)
Timeline and Goals 45
Making the Jump from Long-Term Direct Access Trading to Day Trading 48
Making the Jump from Part- to Full-Time Day Trading 49
Questions to Ask Yourself 49
4 Interpreting Real-Time News and Indicators 51
How Hard Is It? 52
Technical versus Fundamental 53
Basic Technical Indicators 53
Trading Ranges 54
Important Groups and Pieces of News 55
The Fed
Inflation
Analysts' reports
Lawsuits
Acquisitions
Key hires and fires
Partnerships
Similar IPOs
War
Specific announcements by an institution
Chat rooms and message boards
Market news
Timing
Level II Quotes
Stock splits
The long bond
CNBC
News to Ignore 66
Getting the Best Possible Price for a Stock 67
How Is It Different? 67
Where to Go for Real-Time News and Indicators 68
Web Sites 68
Market news
Market research
Market editorial
Trading strategy
Community
Industry resources
Directories
Questions to Ask Yourself 102
5 Basic Analysis 103
Fundamental versus Technical Analysis 104
Volume
Volatility
Momentum
Other important indicators for analysis
Charts 107
Support and resistance lines
Reversals
Chart patterns
The psychology of technical analysis and charts
Market Maker Movements 109
Specific Methods of Analysis 110
Market Fundamentals 117
The markets
ECNs
Bull markets versus bear markets
Level I, II, and III quotes
Stock symbols
Data
Long versus short
Record keeping
Questions to Ask Yourself 129
6 Trading for a Living 131
Start Slow 132
Risk 133
How to Learn 134
What's the Secret? 137
Trading Environment 137
Online Training 148
A Typical Day 149
Trader Speak: Jess Berline (Tradescape.com)
Choose Stocks with Direction 151
Holding Long-Term Positions 152
How Do You Measure Your Success? 152
What Kind of Background Do You Need? 153
How Much Do You Need to Get Started? 154
How Does Experience Help You? 155
Stay Flexible 156
Longevity 157
What Are Unsuccessful Traders Doing Wrong? 157
Changes in Trading 158
The Conservative Approach 159
What Tools Do You Need? 160
Discipline 161
What Happens If the Market Crashes? 163
Rules to Live by 163
The World of Day Trading 164
What Is Day Trading?
Who Is It For?
How Well Can You Do?
Risks
Discipline
The Day Trader Psyche
Tools
How Hard Is It to Become a Day Trader?
Love of the Markets
How Do I Take the First Step?
The Future of Day Trading
Developing Your Approach
Questions to Ask Yourself 174
7 Questions and Answers 175
Appendix Worksheets 209
Bibliography 221
Index 223
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