How to Day Trade for a Living: A Beginner’s Guide to Trading is an excellent resource for novice traders who aspire to become successful day traders. In this book, Andrew Aziz, a Canadian trader and official Forbes Business Council member, succinctly describes the fundamentals of day trading and explains how it differs from other styles of trading and investment.
The book is concise and easy to read, making it an ideal starting point for beginners who are interested in day trading. Although it provides readers with a comprehensive understanding of the fundamentals of day trading, Aziz acknowledges that simply reading the book will not make you a profitable trader. He emphasizes that profitability comes with practice, the right tools and software, ongoing education, and a serious approach to trading.
For intermediate traders, the book offers an extensive overview of classic day trading strategies that most retail traders regularly use with proven success. Readers who believe they are beyond the novice stage may want to jump ahead and begin reading from Chapter 7 for a summary of the most important day trading strategies that are covered in the book.
Each chapter provides a detailed explanation of various day trading strategies, including ABCD Pattern Trading, Bull Flag Momentum Trading, Top Reversal Trading, Bottom Reversal Trading, Moving Average Trend Trading, VWAP Trading, and Support and Resistance Trading. Aziz explains how to find the Stock in Play for trade, what indicators to use on the charts, when to enter and exit the trade, what the stop loss should be, and how to take profits.
One of the book’s most useful features is how Aziz approaches day trading as a serious profession. He describes his daily morning routine, which includes waking up early, exercising, eating breakfast, and preparing his trading station before the markets open in New York. Aziz notes that whatever your routine may be, starting the morning in a similar fashion can greatly help your mental preparation for entering the market.
How to Day Trade for a Living is a fun book to read, as Aziz successfully conveys his passion for trading throughout the text. He also shares his personal experiences, including a story about how he lost $10,000 in one day during his early trading career due to a lack of preparation and emotional control. This personal touch makes the book relatable and engaging, even for those who are not experienced traders.
In summary, if you are interested in becoming a day trader, How to Day Trade for a Living is a great starting point. Aziz’s book provides a comprehensive overview of the fundamentals of day trading, including classic strategies that most retail traders regularly use with proven success. This book is not a get-rich-quick scheme, but rather a helpful guide that emphasizes the importance of professionalism, ongoing education, and a serious approach to trading.
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(as of Mar 31, 2023 16:33:30 UTC – Details)