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| Customer Reviews: | | Average Customer Review: ( 39 customer reviews )
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Most Helpful Customer Reviews
69 of 75 found the following review helpful:
 Title is Misleading. Good book for newer traders, will help with organization for some. May 15, 2008
By Forrest L. Penn
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
46 of 54 found the following review helpful:
 Navigate through the complexities of day trading May 01, 2008
By Barbara
"Digger's Domain"
If you're looking for a book to help you navigate through the complexities of day trading, Markus Heitkoetter's The Complete Guide to Day Trading is the one you should use.
Heitkoetter starts from the beginning, as anything calling itself a Complete Guide should do, by explaining that although it is possible to make a great living as a day trader, day trading is not for everyone. And even day traders who are successful and make large amounts of money MUST accept that losses are a part of the business, and you - as a day trader - must be prepared for that, too.
Heitkoetter emphasizes what every good day trader needs to know - you have to be in charge of your emotions, make a plan, and execute the plan. He can't emphasis this enough, as a matter of fact. Day traders must be able to control their emotions, and never ever "trade angry."
The table of contents is very detailed - from selecting a market (stocks, stock options, forex, futures) to selecting a trading approach (fundamental analysis, technical analysis, day trading charts, and technical indicators.)
Then, he covers perhaps the most important part of a day trader's job: "Defining Exit Points!"
I also like the fact that he identified the seven common mistakes that day traders make which cost them money, from trading the wrong market, to not having a trading strategy, to not limiting your losses. Knowing what mistakes NOT to make is almost as important as knowing what you should be doing!
Heitkoetter explains his principles in simple, easy-to-understand prose and covers everything thoroughly.
My one complaint: as detailed as the table of contents is, I still would have preferred an index, to help me find things even quicker. However, there is a glossary of terms, reading resources, and a trading plan template, as well as bonus materials available from his website, including an ebook containing a fully disclosed trading strategy - which I'll be using soon.
34 of 40 found the following review helpful:
 Regurgitated and repackaged information for the beginners Sep 08, 2008
By D. Gapkalov
I have had high hopes for this book based on good reviews. I admit, I slacked off and didn't check the reviewers as I normally do. For me this book was a disappointment - regurgitated and repackaged information for the beginners that you can find free on the internet.
Markus Heitkoetter of Rockwell Trading sells day trading seminars that are priced in middle four-digits. You always have to do your due diligence, whether it is a $15 book or a four-digit seminar. Otherwise you risk to buy an inferior product. In case of trading, always do research online in depth or ask the vendor to provide the track record. If any teacher cannot provide a successful track record in their field - run. Buyers beware!!!
9 of 9 found the following review helpful:
This book is completely mis-titled...It should be something like "The complete overview of what Day Trading is..." Jun 25, 2010
By Neural Contemplator
"eternal student"
I originally purchased this book because I recently became interested in the idea of day trading and wanted to get a full explanation of what it is and how to go about doing it proficiently. The book started off really well by stating that people usually fail because they never truly commit themselves to an approach but rather waffle between trying part of one thing and part of something else. I agreed with this whole-heartedly and I was excited to dig into the meat of what the author had to share as far as his experience and strategies. Unfortunately, the author never got around to actually explaining anything of any substance. The cover states that it is a "practical" approach, but there truly is NO practice within the book. The author provides "Action Items" at the end of each chapter which where good, but still not a lot of substance. He repeatedly mentioned that you needed to choose a trading strategy - that it was the most important aspect of day trading - to pick a strategy and be disciplined with it and stick to it to limit losses. Great!! How do we do this? Nothing...
I received this book two days ago. I'm not a fast reader, but this book was so shallow that I finished it in about 7 hours. There were a few good nuggets of information within this book that filled in a few "gaps" that I have regarding general knowledge about day trading. Things that aren't really profound, but that you need to hear from someone else so that you actually think about it rather than just assume it to be true, but like other reviewers have stated - this information is available for free on the Internet.
This book is nothing more than a 30,000 foot viewpoint of what Day Trading entails for people who have absolutely no knowledge of what day trading even means. There were no strategies that were suggested, only a definition of what different types of strategies were - "trend-following" vs. "non-trending." However, the actual execution was never actually explained. Technical analysis was "mentioned" (and I really mean that to be in quotes because other than giving the definition of what something is, such as a candlestick chart, the author does nothing to advance your knowledge).
All in all, I would value this book at about $2. If you can buy low and you truly have NO knowledge or experience in investing/trading, then maybe it will serve its purpose. Other than that, I'd stray away from this book.
22 of 27 found the following review helpful:
Excellent Foundation Apr 30, 2008
By Frank Koenig
Markus Heitkoetter's book, The Complete Guide to Day Trading, enters what can only be described as a crowded segment of the financial book market - the "How to become a successful trader..." genre. So what differentiates it from the rest?
Let's start by saying what this book is NOT: it's not going to give you a new indicator, or provide a system that will be the holy grail of trading - traders looking for a never-before-seen approach or strategy will be disappointed; it's not going to mislead you into thinking that trading is easy; it's not a thinly veiled sales pitch.
The Complete Guide to Day Trading is a step-by-step instruction manual for traders on how to build a `foundation' of success, separating them from the millions of individuals who jump into trading and end up losing money. It's clear, it's concise, it's conversational, and it's effective.
For the beginner, this book methodically covers such things as broker selection, margin requirements, trading tool choices (such as charting software and quote feeds), computer hardware, etc., and it provides both formal criteria and personal suggestions on the best options.
From there, the creation of a trading plan is addressed. This is arguably the most important step to success, and following the steps Markus gives greatly simplify the process. Trading plans are like business plans, in that they are highly personal and detailed. The more personal and detailed, the easier it will be for traders to stick with their plan, regardless of market movements, stress, and emotions.
Speaking of emotions, the third section of this book is a must-read for both beginners and experienced traders alike. The psychological part of the trading business is a key differentiator between a successful trader and everyone else. Markus dives head-first into describing the mindset a trader must have and why. There's no sugar coating here. If you don't have the commitment to read and embrace the mindset described, then you will have trouble in your trading. The traps that you will inevitably fall into are laid out in great detail. This section calls for readers to be brutally honest with themselves. Like trading itself, it's a simple concept, but it's definitely not easy.
As an experienced trader, I was familiar with many of the indicators and tools addressed, but their presentation as part of a whole plan, the role they play, and what to look for in evaluating alternatives was something I have never seen before. The psychological material was riveting in that I found myself relating to several of the described pitfalls, which I'd fallen prey to in my own past, pitfalls that were all too financially painful.
Very few books deliver such a complete basis for a successful trading career. It is a must read and I highly recommend it.
See all 39 customer reviews on Amazon.com
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