By Marc Friedfertig
ISBN-10: 0071347674
ISBN-13: 9780071347679
Trendy most well-liked digital investors inform others easy methods to get within the video game. greater than three million traders exchange electronically today...14 million debts are envisioned via 2002...Business Week, The Wall highway magazine, and the recent York instances sing the praises of digital buying and selling. From the authors of the making an investment bestseller of 1998 comes digital Day investors' secrets and techniques. that includes particular stories of the e-traders who're environment the curve--and making as much as 80,000 an afternoon! They discuss how they all started; they inform heart-stopping tales of creating a year's wage with the flick of a finger; and so they percentage advice and methods for making awesome fortunes during this fascinating, quick-turn-around marketplace. Friedfertig and West--pioneers and innovators during this high-stakes phenomenon--support the interviews with insider insights, history, and hands-on directions for changing into an e-trading luck.
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Extra resources for Electronic Day Traders' Secrets: Learn From the Best of the Best DayTraders
Example text
You can get out easily, so there’s not as much risk there. The computer screen is your window on the trading world. When you stare at it, you’re searching for clues and answers. But what are the basic questions you’re asking? How many market makers are at each level? How many market makers are at the current bid and the current offer? What is the next price, and how many market makers are at that level? If I see five market makers bidding $100, and five below them bidding $997⁄8, then I can make a good assumption of how I would be able to get out and at what price.
You hit a point where you are just trading and paying spreads and not making money either way. M. , and was dead in the last hour. Although we traded it, we just churned ourselves. The only guys making money then were the market makers. You once kept a diary. Do you still? No. Why not? The mistakes I make now are pretty much when I get stubborn. It’s not like I’m trading badly—my timing is still there. It’s just that I get stubborn. I know what I’m doing right when I make money. One person’s stubbornness is another’s strong conviction.
I wouldn’t lose more than 1⁄8 or 1⁄4, even 3⁄8. Although the stock opened up three points and pulled in 1⁄4 and then made a new high by 1⁄4, there were lots of guys selling at the offer. The market makers—Goldman Sachs, Deutsche Morgan Grenfell, First Boston, Merrill Lynch, Morgan Stanley—were offering stock at every level. I just happened to have gotten off my short before they really hit the stock. I got lucky, and luck is a big factor. If I had missed that one level, that one uptick 1⁄8 off the top, I wouldn’t have been able to do anything because you’re not allowed to short on downticks.
Electronic Day Traders' Secrets: Learn From the Best of the Best DayTraders by Marc Friedfertig
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