The Day Trader's Advantage: How to Move from One Winning Position to the Next

Author: Howard Abell, Bob Koppel
List Price: $35.00
Our Price: Click to see the latest and low price
ISBN: 0793136865
Publisher: Dearborn Trade Publishing (June, 2000)
Sales Rank: 578,853
Average Customer Rating: 4 out of 5

Customer Reviews

Rating: 5 out of 5
What day trading is all about!
The value of this book comes from the interviews with 8 successful day traders. The author asks them the same set of keys questions. Their answers are both similar and different: their mindset is similar, but the way they trade can vary widely.

Buy this book if you want to understand the attitude required to day trade, but don't look in here for a magic system to get rich. One major lesson of the book is that there is value in finding it by yourself, in an almost never ending process.


Rating: 4 out of 5
Not a cookbook but worth a read.
Howard Abell again stresses the psychological aspects of day trading. People who could benefit from an attitude adjustment regarding their trading should read this book, but those wanting a lot of detailed trading methods should try others, for example, Raschke or DeMark. instead.


Rating: 2 out of 5
you too can be a trading guru
Here is my take on Mr. Abell: he is the Tony Robbins of the trading world. He is the feel-good psychology guru of trading. If you want to know what's in his books, and how to enjoy similar success, here is the formula:

First, start with a handful of old-as-dirt trading cliches (cut your losses, let your profits run, be confident, etc.). Come up with a bunch of analogies to dress up these old cliches and say them in new ways (for example, 'you can't score touchdowns if you don't have the ball' or 'when you start feeling bulletproof, that's when bullets pierce flesh' etc.). This should cover the first 30 pages or so. Second, find a couple of friends or acquaintances who you can pass off as successful traders (they might not be able to trade their way out of a paper bag, but it doesn't matter because no track records will be posted). Interview these 'traders,' and have them make similar observations. This should get you well past the 100 page mark- maybe even further if you are using nice sized print and putting plenty of space between the paragraphs and bullet points. Third, spice up the visual presentation by occasionally mixing in charts with the text. It doesn't really matter if the charts have anything to do with the stuff you wrote; people just like to look at charts. (You might want to add some technical notes, though, to add credibility.) Then, finally, if you still need more filler to get to the publishable stage, add in a chapter or two of public information- on the different exchanges, lists of different stocks and futures you can trade, details of order entry systems- basically some free info that takes up space.

If you follow this tried and true formula, you too should be able to crank out close to a dozen books on trading. And there will always be a fresh crop of beginners, not yet beat over the head with rehashed trading rules, to rave about how good your books are and what insight they hold.

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