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 The best trading book ever! Jun 11, 2008
I bought this book for one reason, and one reason only - to see what the author had to say about trading strategies. I appreciated the sections on what it takes to become a day trader - mindset, funds, goals - and the chapters that dealt with info for newbies, like finding a broker and picking a market, but I've been a trader for awhile. It was nice refresher material, but not the main reason I bought the book.
Since I first began trading, I've been trying to find the ideal strategy for me. I've found a lot of elements from different trading strategies that I like, but I haven't found any one strategy that seems to fit me perfectly. Because of that, I've thought a lot about what it takes to create a well-tested, reliable strategy. What do you need? How much depends on numbers and how much depends on your personal preferences? And how do you go about creating a new strategy that's successful in the markets and also works for your trading style?
When I read the back cover of this book, I finally found something that might be able to answer my questions. One of the main elements of the book is that it lays out a seven-step approach to creating your own trading strategy, and I was hooked. I bought my copy right then and there. And I'm really glad I did.
These are the seven steps outlined in The Complete Guide to Day Trading for creating your own strategy:
Step 1: Selecting a Market
Step 2: Selecting a Timeframe
Step 3: Selecting a Trading Approach
Step 4: Defining Entry Points
Step 5: Defining Exit Points
Step 6: Evaluating Your Strategy
Step 7: Improving Your Strategy
I can't really go into detail on each step, even though I'd like to, but the ones that were really essential to me were Steps 3-7, especially 6 and 7. I finally feel like I have a good idea of what a reliable trading strategy needs to be. And I have the knowledge to test my strategy, revise it, improve it, and use it in a way that complements my trading preferences and style.
I'm a satisfied reader, and if anyone else out there is interested in the same thing as me, then I would say this book is exactly what you're looking for.
5 of 5 found the following review helpful:
 Good book for beginners Jun 02, 2008
I've been studying day-trading for about a year but still found this book to be a good read. It doesn't get too heavy into trading strategies or a lot of market internals but it does give you a good place to start if you're new. It discusses some essential things like having the right mindset about trading (which is one of the most important things). There are two things that the author states that I disagree with and they are:
1. You need multiple strategies for when the markets are going up, down, or sideways.
2. You should be trading different markets.
I don't know about you, but I would rather find ONE good strategy that works most of the time (nothing works 100% of the time). I don't want to have to worry about trying to change my strategy every day, I would have have my strategy be flexible enough to adjust to the market.
I also don't want to have to switch between markets to try to make money, this seems counter productive. Why try to be a master of all markets when you can follow one market closely and learn how it moves and behaves.
Other than these 2 things, I think this book is a good place to start.I would recommend it to those looking to get into day-trading.
1 of 1 found the following review helpful:
Learn Day trading from a real pro May 22, 2008
The Complete Guide to Day Trading is the book you should buy if you are interested in learning about Day Trading. Markus Heitkoetter's book leads by example and shows you everything needed from the beginning to the end. He also lets you know straight up that there is no magic way of succeeding as a day trader.
The book shows you how to create a plan and execute it. He makes it clear that you should not trade with your emotions but rather with a clear head; you need to stick to your plan if you want to make money.
Heitkoetter explains how important it is to create a timetable as well as an entry and exit strategy. The most important thing I learned in his book is that you have to create a plan and then stay with it and focus on the plan, not on your emotions or scares. Keep to your plan and use your strategy based on your plan (not on your fear) and you can succeed.
1 of 1 found the following review helpful:
Very interesting book May 20, 2008
I never felt comfortable with day trading until I read Markus Heitkoetter's book. I have gone from the mindset of "cannot be done" to "let's give it a try." The approach shown in this book with the info on how to test your strategy and how to develop a trading plan is easy to understand and straightforward.
He keeps everything simple in his book - I can understand it and follow the examples. Now, do not confuse "Can be done" with "Everyone can do it." You still have to learn and not everyone can be successful.
I especially like the help on keeping my emotions out of trading and sticking to my plan. An exit strategy is included to help you get out and avoid panicking and losing money. The 7 steps to developing a strategy are helpful, yet in my eyes, a bit too simple and not deep enough. I wish that there would be some more info in this chapter.
Some more basic info for a complete beginner might be helpful as well so that you can learn even more.
All in all, though, I would have to recommend the book as it covers just about everything needed.
11 of 13 found the following review helpful:
 Title is Misleading. Good book for newer traders, will help with organization for some. May 15, 2008
I have been actively Day Trading for about 2 months now, and have managed to remain profitable. I have gotten better over time, and I eventually see this as a way to earn a living.
I heard about this book as I attended one of Marcus's free seminars online.
I really struggled on whether to give this book a rating of 2 or 3 stars. And that is based on what I think the book is good for. I think the title is a bit misleading? The title kind of bills this book out as a 'COMPLETE Guide to Day Trading.'
When I read the word 'COMPLETE,' I tend to think that it will cover money management, trader mentality, how to identify trends, and most important, detailed explanations into trade setups. Basically I would think it would cover many things about day trading, but most importantly.....specific trade setups.
This book was a decent, quick read. And it does a pretty good job at explaining the basics to brand new day traders. It also has some good organizational information in there for anyone. But if you're looking for a book to explain specific setups, time of day, etc.....this isn't the one for you. Specific trade setups really are just mentioned as a blurb more or less in the book in one chapter. If you've been trading for a while, I would say that since it IS available in paper back, and is relatively in inexpensive, it's not a bad buy, but there are more useful books in my opinion. 'Mastering the Trade' is still the best book I've read thus far.
If this book were billed as anything BUT the 'COMPLETE' guide to day trading, or if the word 'Beginner' were somewhere in the title, I would have given it 3 stars. But to be billed as the COMPLETE guide is what swayed me to report 2 stars. Even after reading this book, there is no way a new trader will read it and be capable of day trading.
I don't feel bad about purchasing this book at all. Decent read, but I do not think it's going to help most day traders. Happy trading!!!
Forrest
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