Manny Backus - High Probability Day Trading Strategies and Systems
Here you can read online Manny Backus - High Probability Day Trading Strategies and Systems full text of the book (entire story) in english for free. Download pdf and epub, get meaning, cover and reviews about this ebook. year: 2013, publisher: Wealthpire.com, genre: Business. Description of the work, (preface) as well as reviews are available. Best literature library LitArk.com created for fans of good reading and offers a wide selection of genres:
Romance novel
Science fiction
Adventure
Detective
Science
History
Home and family
Prose
Art
Politics
Computer
Non-fiction
Religion
Business
Children
Humor
Choose a favorite category and find really read worthwhile books. Enjoy immersion in the world of imagination, feel the emotions of the characters or learn something new for yourself, make an fascinating discovery.
- Book:High Probability Day Trading Strategies and Systems
- Author:
- Publisher:Wealthpire.com
- Genre:
- Year:2013
- Rating:3 / 5
- Favourites:Add to favourites
- Your mark:
High Probability Day Trading Strategies and Systems: summary, description and annotation
We offer to read an annotation, description, summary or preface (depends on what the author of the book "High Probability Day Trading Strategies and Systems" wrote himself). If you haven't found the necessary information about the book — write in the comments, we will try to find it.
Welcome to the World of Day Trading!
The purpose of this book is to introduce you to the world of day trading. But well go deeper than that. Were going to get at key concepts as well as a philosophy of trading stocks that many traders fail to realize when they start out on their own.
The concepts and ideas presented in this book can end up saving you thousands of dollars if you will simply listen to someone who has gone before you.
You see, Ive been trading stocks for a very long time. Ive had the good fortune to help thousands of students learn how to profit from the trading of stocks. From their letters and emails, and by talking with them at national trader conferences, I know how
difficult it is for new traders to get started on the right foot. And I want to shorten your learning curve.
There is no need for you to repeat the same mistakes that thousands of other traders have made before you. So part of the goal of this book is to tell you where other traders have made mistakes so you dont have to repeat them. There is no secret society here where only a small handful of traders really know how to do this thing called day trading.
Instead, youll find the world of stock trading to be filled with generous people who are willing to share their time, ideas, and support with you. So, if you are new to the world of day trading, then this could be your first step toward a whole new universe.
The purpose of this book is to introduce you to the world of day trading. But well go deeper than that. Were going to get at key concepts as well as a philosophy of trading stocks that many traders fail to realize when they start out on their own.
The concepts and ideas presented in this book can end up saving you thousands of dollars if you will simply listen to someone who has gone before you.
You see, Ive been trading stocks for a very long time. Ive had the good fortune to help thousands of students learn how to profit from the trading of stocks. From their letters and emails, and by talking with them at national trader conferences, I know how
difficult it is for new traders to get started on the right foot. And I want to shorten your learning curve.
There is no need for you to repeat the same mistakes that thousands of other traders have made before you. So part of the goal of this book is to tell you where other traders have made mistakes so you dont have to repeat them. There is no secret society here where only a small handful of traders really know how to do this thing called day trading.
Instead, youll find the world of stock trading to be filled with generous people who are willing to share their time, ideas, and support with you. So, if you are new to the world of day trading, then this could be your first step toward a whole new universe.
Manny Backus: author's other books
Who wrote High Probability Day Trading Strategies and Systems? Find out the surname, the name of the author of the book and a list of all author's works by series.
Manny Backus
![Ryan Mallory [Ryan Mallory] - The Part-Time Trader: Trading Stock as a Part-Time Venture, + Website](/uploads/posts/book/124134/thumbs/ryan-mallory-ryan-mallory-the-part-time-trader.jpg)
Ryan Mallory [Ryan Mallory]
Fernando Gonzalez
High Probability Day Trading Strategies and Systems — read online for free the complete book (whole text) full work
Below is the text of the book, divided by pages. System saving the place of the last page read, allows you to conveniently read the book "High Probability Day Trading Strategies and Systems" online for free, without having to search again every time where you left off. Put a bookmark, and you can go to the page where you finished reading at any time.
Light
Font size:
↓
↑
Reset
Interval:
↓
↑
Bookmark:
Make
High Probability Day Trading
Strategies and Systems
Strategies and Systems
by
Manny Backus
Copyright 2013. Manny Backus. All rights reserved.
This book is divided into the following sections:
1. Introduction
2. Qualifications of a Day Trader
3. How Do I Get Started?
4. Understanding Price Movement
5. Technical Indicators
6. Limiting our Losses
7. Support and Resistance
8. Trading and Not Trading
9. Strategy Development
10. A Trade Journal is Your Best Friend
11. The Psychology of Trading
12. Final Thoughts
Acknowledgement and gratitude: the charts used in this book are taken from Wordens suite of chart services. TC2000 is their award winning premier product available at www.worden.com. Worden also has free charts available at www.freestockcharts.com.
Introduction
Welcome to the world of day trading!
First, I want to thank you for taking the time to download and read this book. Believe it or not, this one act sets you apart from the average person. The average person, you see, doesnt believe they have the power and the intellect to take on the challenge of trading stocks. It takes an unusual person to stand up and say I believe I can do this. So, congratulations on taking this first step. If this is the first book youve ever read about trading stocks, or even if its the 10th book youve read about trading stocks, my plan is to make you a smarter and more informed trader by the end of this book.
Second, I want to encourage you to read this book as it was written...page by page, from beginning to end. The reason I say this is because well be building on concepts as we progress together. If you jump ahead, then you might miss key concepts and ideas that were presented earlier in the book. So, take it page by page. If you find that some areas are more difficult than others, then take the time to go back and read those sections again before moving forward. If you find that certain words are foreign to you, then you can always Google those terms for online definitions.
The purpose of this book is to introduce you to the world of day trading. But well go deeper than that. Were going to get at key concepts as well as a philosophy of trading stocks that many traders fail to realize when they start out on their own. The concepts and ideas presented in this book can end up saving you thousands of dollars if you will simply listen to someone who has gone before you.
You see, Ive been trading stocks for a very long time. Ive had the good fortune to help thousands of students learn how to profit from the trading of stocks. From their letters and emails, and by talking with them at national trader conferences, I know how
difficult it is for new traders to get started on the right foot. And I want to shorten your learning curve. There is no need for you to repeat the same mistakes that thousands of other traders have made before you. So part of the goal of this book is to tell you where other traders have made mistakes so you dont have to repeat them. There is no secret society here where only a small handful of traders really know how to do this thing called day trading. Instead, youll find the world of stock trading to be filled with generous people who are willing to share their time, ideas, and support with you. So, if you are new to the world of day trading, then this could be your first step toward a whole new universe.
Qualifications of a Day Trader
You may be wondering Am I qualified to day trade? Its a good question. After working with thousands of other traders, I can tell you that day traders come in all sizes and shapes. But there are certain attributes that may be common to all of them. Perhaps the best way to start is by asking you a series of questions. I cannot answer these for you. But the answers will provide you with a starting point for discerning whether you have what it takes to become a successful day trader.
1. Can you fit a couple hours of time into your schedule each day? The U.S. markets open for regular trading at 9:30 AM, Eastern, and close at 4:00 PM, Eastern. If you live on the west coast in the U.S., then you could possibly become a day trader even if you have a full-time job. As I said earlier, day traders come from all walks of life. Some are retirees who are looking for a way to supplement their income. Some are downsized employees who are still looking for work. Some are full-time students who are able to carve out a few hours each day for trading. Some are stay-at-home parents. But you will need a few hours for trading each day. As youll see later, the best part of the day for trading is the morning session. Much of the days action occurs by noon each day. So its helpful to have those early hours available each day.
2. Do you have enough money to day trade? Lets get some definitions on the table. A day trade is the entry and exit of the same stock in the same day. For example, if you buy AAPL (the ticker symbol for Apple stock) at 10:00 in the morning and then sell it at 11:00, then that is one day trade. You entered and exited the trade on the same day, what some people call a round trip trade. A day trader is the person who executes these trades. A pattern day trader is someone who does this more than three times in any five consecutive day period that the stock market is open. So, for example, if you execute two round trip trades on Tuesday and two on Thursday, then you are considered a pattern day trader. A pattern day trader is required to have at least $25,000 in their account in order to qualify to trade as a pattern day trader.
This minimum account balance is not my rule. It is the rule of the FTC (Federal Trade Commission) and it is enforced by brokers. So, even though you can day trade without that minimum account balance, you cannot do it more than three times in a five consecutive day period in which the market is open. Check with your broker to find their specific wording on this FTC rule.
3. Do you have the proper equipment? Youve probably seen pictures of traders who are surrounded by six or ten computer monitors. Dont worry, thats not required. You can get started with one computer, one screen, and a fast internet connection. But you will need those basics to get started. Youll also need charts. But Ill tell you how to get those for free in just a few minutes.
Youll need some space at home that is somewhat private. You dont want to distracted by phone calls and the like. But that doesnt mean you need to rent office space. You can get started sitting at home on your back porch!
4. What is your relationship with money and risk? This may seem like an odd question at first and your first response might be I like money. But some people are better at dealing with money than others. And its not just the ability to do basic math. Some people approach the stock market like its a giant online casino. Wrong move. The trading of stocks involves substantial risk. Every trade is not going to work out. This fact means you are going to have some trades in which you lose money. And youll lose money on purpose. What I mean is that you will have trades that dont work out and it is better to lose a little bit of money than a whole lot of money. But in order to lose a little bit of money, you have to decide to do it. And some people never get this simple fact. They are so scared of losing money in the stock market that they (a) dont ever trade at all, (b) take profits too quickly when the trade could offer them more profit, or (c) hang on to losing trades too long because they just cant bear the thought of getting out of a trade and taking the loss. For this last group, the pain of the financial loss has to get very large before they finally exit the trade and take their loss. And their loss at that point is always much larger than it would have been earlier.
Light
Font size:
↓
↑
Reset
Interval:
↓
↑
Bookmark:
Make
Similar books «High Probability Day Trading Strategies and Systems»
Look at similar books to High Probability Day Trading Strategies and Systems. We have selected literature similar in name and meaning in the hope of providing readers with more options to find new, interesting, not yet read works.
Ryan Mallory [Ryan Mallory]
Fernando Gonzalez
Reviews about «High Probability Day Trading Strategies and Systems»
Discussion, reviews of the book High Probability Day Trading Strategies and Systems and just readers' own opinions. Leave your comments, write what you think about the work, its meaning or the main characters. Specify what exactly you liked and what you didn't like, and why you think so.