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Book: The Day Trader's Survival Guide: How to Be Consistently Profitable in Short-Term Markets :: Book
Date: Friday, 09 January, 2009 :: 08:44
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The Day Trader's Survival Guide: How to Be Consistently Profitable in Short-Term Markets
List Price: USD $29.00
from USD $5.00
Product Group: book
Manufacturer: Collins Business
Release Date: 2000-10-24
Studio: Collins Business
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Editorial Review:
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Reviews:
Average Customer Review: 
Summary: Good introduction to the day trading mentality
Date: 2007-09-28 -
Comment: First book I read on day trading, explains the games other traders are playing to help you identify what is happening in a stock as you watch it intraday.
Very insightful on institutional price manipulation, how we as the little fish can get on the right side of the smart money and swim with them to quick profits.
Good info not commonly shared or explained as well as this.
Summary: Honest
Date: 2007-07-24 - 
Comment: This book is honest, that's why I give it five stars. Unless the basic principle of Farrell's trading, the ability to get in front of the market makers, changed, the principles of this book should stand. The fact that the book is boring and unexciting indicates to me that the author is a trader, not marketer of his trading system.
Most exciting approaches in trading don't work. Good trading is boring (and often frustrating). So is trading approach described in this book. You are advised to trade static, non-moving stocks and make money on the double, joining the market makers. That's it. This strategy allows good risk control. And instead of day trading this method (I think) may be used for low maintenance trading too.
This method is not based on technical analysis, the feeding pot for many authors writing trading books. No new indicators or just discovered rules. Totally different approach. That's why it may work.
5 of 6 people found the following review helpful:
Summary: A Few Trading Tips
Date: 2006-07-19 -
Comment: This book was very good back in it's day. I think the author should publish a revized edition with more up to date strategies.
When trading short term one needs to realize that the stock market can present us with a lot of hot stocks every day.
Most of them may seem promising, but the truth is that a good number of these trading & investing opportunities might not be as profitable as one might think. That's why it's very important to know how to choose them especially if you plan to take advantage of them on a daily or weekly basis.
One site that I recommend is MomentumStockTrading com. They have a pretty clear way for trading hot stocks with momentum using easy to understand strategies. This is also a place where you can learn why knowing how to manage the stock rally is critical to your success.
1 of 5 people found the following review helpful:
Summary: Beware of superbookdeals seller
Date: 2006-06-19 - 
Comment: If you want to buy the book, go ahead, just be careful of superbookdeals, they take your money but don't deliver and don't answer emails. Caveat Emptor.
18 of 18 people found the following review helpful:
Summary: Outdated for sure, but not worthless
Date: 2006-06-01 -
Comment: The first thing I look at when I pick up a trading book is when it was published. Pick this one up--"Copyright 2000." That immediately sets off a siren in my head, and warns me to take everything in the book with a substantial amount of salt. Anyone can write a book on how to successfully invest in a market where everything is hot--if you don't believe me, do a search of real estate investment books and see how many of them are older than the current boom. When everyone's an expert--well, just be careful. Couple that with the fact that this guy's website is gone--I've read up a little on him and it would appear he's no longer trading--and caution is definitely warranted.
That having been said, I was able to glean from this work some important information, and certainly picked up a couple tidbits that I've found useful. This was one of the first daytrading books I ever read, and I think it has its merits for a strict novice. Farrell's sections on NASDAQ level II were insightful as were his thoughts on trading NASDAQ vs. NYSE stocks. His rants on the evil nature of "market makers" and how they're out to get individual daytraders is probably overblown but certainly worth thinking about. And though most of us will never move the kind of capital around required to "scalp trade" (meaning you trade a huge position and hope for a razor-thin margin), I found the technique interesting.
In short, I wouldn't use this book as a basis for a trading strategy, and would keep in mind the fact that most of these techniques are outdated. Look, for example, at the other reviews of this book--the most recent ones rate this book much lower than those written in the heyday era (or even shortly after). I do believe, though, in assimilating useful information wherever it is found, and that having been said I'd recommend this book for a casual read, not to be taken too seriously and keeping in mind that the value of the author's opinions are very limited. If anything, view it as a daytrading history lesson, and learn from the mistakes of the past.
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