How to Day Trade for a Living: A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology

Description

In the book, I describe the fundamentals of day trading, explain how day trading is different from other styles of trading and investment, and elaborate on important trading strategies that many traders use every day. I've kept the book short so you can actually finish reading it and not get bored by the middle. For beginner traders, this book gives you an understanding of where to start, how to start, what to expect from day trading, and how to develop your strategy. Simply reading this book, however, will not make you a profitable trader. Profit in trading does not come with reading a book or two or browsing online. It comes with practice, the right tools and software and appropriate ongoing education. Intermediate traders may benefit from the book's extensive overview of some of the classic strategies that the majority of retail traders regularly use with proven success. If you think you are beyond the stage of a novice trader, then you may want to jump ahead and start reading from Chapter 7 for an overview of the most important day trading strategies: Day trading is not gambling or a hobby. You must approach trading very, very seriously. As such, I wake up early, go for a run, take a shower, get dressed, eat breakfast, and fire up my trading station before the markets open in New York. I am awake. I am alert. I am motivated when I sit down and start working on the list of stocks I will watch that day. This morning routine has tremendously helped my mental preparation for coming into the market. Whatever your routine is, starting the morning in a similar fashion will pay invaluable dividends. ABCD Pattern Trading Bull Flag Momentum Trading Top Reversal Trading Bottom Reversal Trading Moving Average Trend Trading VWAP Trading Support and Resistance Trading For each strategy, I explain: How to find the Stock in Play for trade What indicators I am using on my charts When I enter the trade When I exit the trade (profit taking) What is my stop loss Day trading is not gambling. It's not an online poker game. To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere. That's How to Day Trade for a Living. Table of Contents Foreword Chapter 1: Introduction 2020 Hindsight Chapter 2: How Day Trading Works Day Trading vs. Swing Trading Buying Long, Selling Short Retail vs. Institutional Traders High Frequency Trading (HFT) Trade the Best, Leave the Rest Chapter 3: Risk and Account Management Three-Step Risk Management Trading Psychology Chapter 4: How to Find Stocks for Trades Stocks in Play Float and Market Cap Pre-Market Gappers Real Time Intraday Scans Planning the Trade Based on Scanners Chapter 5: Tools and Platforms What Broker to Use? Trade for Proprietary Trading Firms Trading Platform Real Time Market Data Nasdaq Level 2 and Bid-Ask Indicators on my Charts Buy and Sell Orders Hotkeys Watchlist and Scanners Community of Traders Chapter 6: Introduction to Candlesticks Price Action and Mass Psychology Bullish Candlesticks Bearish Candlesticks Indecision Candlesticks Candlestick Patterns Chapter 7: Important Day Trading Strategies Trade Management and Position Sizing Strategy 1: ABCD Pattern Strategy 2: Bull Flag Momentum Strategies 3 and 4: Reversal Trading Strategy 5: Moving Average Trend Trading Strategy 6: VWAP Trading Strategy 7: Support or Resistance Trading Strategy 8: Red-to-Green Trading Strategy 9: Opening Range Breakouts Other Trading Strategies Develop Your Own Strategy Trading Based on the Time of Day Chapter 8: Step by Step to a Successful Trade Building a Watchlist Trading Plan (Entry, Exit, and Stop Loss) Execution How Did I Do Them? Chapter 9: Case Study of a Newly Successful Trader Insight from a Newly Successful Trader Early Trading Education Beginning to Day Trade Hitting My Low Point Risk the Same Amount of Money Per Trade Risk a Small Amount of Money Per Trade Until You Are Consistent Use Hard Stops to Exit Trades Focus on a Single Strategy Until You Master It Listen to Experienced Traders Step-by-Step Examination of a Trade Conclusion Chapter 10: Next Steps for Beginner Traders The Seven Essentials for Day Trading Do Not Be a Gambler. Be a Trader. Plan Your Trading Business Journaling Your Trades Trading and Climbing Final Words Andrew’s 10 Rules of Day Trading Glossary