"Short-term traders who concentrate only on the 'what' (What company is good?) and not on the 'when' (When do I strike?) will be trading on a very short-term basis indeed."
-Oliver Velez
It's this type of honesty and wisdom that has made Pristine.com one of today's top-rated day trading websites-and its founders, Oliver Velez and Greg Capra, two of today's most consistently successful technical analysts and traders. Tools and Tactics for the Master Day Trader compiles the knowledge and insights of Velez and Capra into one information-packed resource. Whether used as a valuable daily trading desk reference, or as a front-to-back guidebook on the tactics and techniques of winning traders, this long-awaited insider's guide shows you how to hit the market with savvy, intelligence ... and a well-thought-out trading plan.
"One of the first things this book will do is create a revolution in your mind. It will change the way you 'think' and feel about the markets."
-Oliver Velez
The concise, no-nonsense Tools and Tactics for the Master Day Trader covers everything traders need to win consistently. Beyond the psychology and self-discipline every trader must master for success, it covers the technical analysis skills needed to uncover and act on unique profit opportunities. How are today's leading traders able to tune out investment noise-and concentrate only on what they need to win? This timely book reveals secrets and strategies that include:
- The 7 Deadly Sins of Trading-How to root out and eliminate these deceptive, deadly practices
- Pristine's Mighty 5 Index-Key stocks to follow that mimic-and lead-the actions of the overall market
- Nasdaq Level II Tools and Tactics-Everything you need to understand-and trade on-fast-moving Level 11 screens
- Top 10 Charting Tools and Tactics-Reliable chart patterns for determining profitable entry and exit points
- Riding the Winning Wave-3 proven, easy-to-follow steps for letting your profits run-every time!
It's the law of the e-trading jungle: in each market transaction, millions of times each day, one trader will outsmart another. One trader will win, one will lose. Tools and Tactics for the Master Day Trader shows you how to come out on the winning end. It tells you how to confront and overcome day trading's all-important emotional and psychological challenges, then goes well beyond those to show you the actual techniques and strategies you can use on a daily basis to greatly increase your percentage of winning trades-and strengthen your competitive advantage on every trade! Listen to its truths, follow its rules, and start today to truly become a master day trader.
About the Authors
Oliver Velez and Greg Capra are co-founder of Pristine Capital Management, Inc., and its top-rated website Pristine.com. When they aren't conducting detailed technical analysis of the markets, delivering trading insights to their website subscribers, or locking horns with other traders on the electronic battlefield (as they have done for over a decade), Velez and Capra are two of the electronic trading industry's most sought-after speakers.
CONTENTS
Part One: Seeds of Wisdom for the Master Trader: Preparing the Trader's Mind for Greatness.
Chapter 1: Initiation of the Master Trader: Understanding the Master Trader's World.
Chapter 2: Developing the Master Trader's Mind: Keys to Correct Trading Behavior.
Chapter 3: Loss: The Prerequisite to Trading Power and Success.
Chapter 4: Education of the Master Trader: How to Save Yourself from Years of Lost Time and Money.
Chapter 5: The Seven Deadly Sins of Trading: How to Combat Them and Defeat Them.
Chapter 6: Trading Laws of Success: Rules the Master Trader Lives By.
Chapter 7: Secrets of the Master Trader: 15 things Every Trader Should Know, But Doesn't.
Chapter 8: 10 Lessons for the Master Trader.
Chapter 9: Final Words of Wisdom from a True Master.
Tools and Tactics for the Master Trader: Developing the Arsenal of a Master Trader.
Chapter 10: Market Timing Tools and Tactics.
Chapter 11: Charting Tools and Tactics.
Chapter 12: Execution Tools and Tactics.
Chapter 13: NASDAQ Level II Tools and Tactics.
Chapter 14: Entry Tools and Tactics: A Step-by-Step Guide to Entering Stocks Like a Pro.
Chapter 15: Trade Management Tools and Tactics: A Step-by-Step Guide to Managing Your Trades Like a Pro.
Chapter 16: Exit Tools and Tactics: a Step-by-Step Guide to Exiting Your Trades Like a Pro.
Part Three: Looking Ahead.
Chapter 17: How to Put It All Together.
Chapter 18: ESP: The Future of Electronic Trading Software.
Chapter 19: Conclusion.
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This book will help you to trade like a professional. It is practical. It is not crammed with theories. Theories usually lose you money. The more you believe our theory, the more you will lose. Professional traders are unique in one simple way:
they tend to make money over time. Most importantly, when they
lose money, it is a small percentage of their trading capital.
This one quality, losing a little when a trade is not successful,
is the true earmark of the professional.
Professionals are not just technicians, fundamentalists or
psychologists, they are all of these. The game they have learned has taken may years of experience, making many, many trades. It
has been a process of trial and error. Tho finally make the
grade has meant having a tremendous amount of persistence. most important discipline exercised is good money management.
The many aspects of what this means in practical terms will
naturally be dealt with at length in this book.
When we say that professionals are technicians, this is
somewhat misleading, since they tend to trade against many of the
standard chart patterns, or perhaps even help create the chart
patterns. A better way of stating it is they are price analysts,
but usually with some methods they have developed on their own.
Some of these special methods are an important part of this book.
Fundamentals, as treated in this book, are the forces of
supply and demand which create the price of a commodity. Usually
major changes in supply and demand occur slowly over time, that
is in months, not minutes. And when a major change does occur,
prices fluctuate in a way that evidences a learning process which
takes place in the marketplace over time. The longer lasting the
trend the more believers in the new fundamentals. Along the way
there are exaggerations, disappointments and boredom, all of
which show up in price changes over time. If it were as simple
as going from A to B in a straight line, you would not have to
read this book.
Psychology, deals with your own mental state
as much as the mental state of the marketplace. To make money
means managing your money and this really means managing
yourself. How to do this in a professional way will probably be
the most important thing this book will show you how to do.
You will then see
how many human traits, impatience, boredom, panic, greed and
others all manifest in price behavior.
"Stan Weinstein has put his technical wisdom about markets into terms that every one can profit from " - Peter Kangas, financial commentator. Easy-to-understand, concise and hands-on methods for technical market analysis. Here are the same techniques that have made Weinstein's own highly successful market forecasts.
CONTENTS
CHAPTER 1 IT ALL STARTS HERE!
My Philosophy of Investing
Why the Technical Approach
Let's All Speak the Same Language
Quiz
Answers
Charts--They Come in All Forms
Reading the Mansfield Chart
CHAPTER 2 ONE GLANCE IS WORTH A THOUSAND EARNINGS FORECASTS
Stage 1: The Basing Area
Stage 2: Advancing Phase
Stage 3: The Top Area
Stage 4: The Declining Phase
Buy the Numbers
Now It's Your Turn
Quiz
Answers
The Real World
CHAPTER 3 THE IDEAL TIME TO BUY
How, When, and What
The Investor's Way
The Trader's Way
Under the Microscope
Using Buy-Stop Orders
Buying Within Limits
Buying and Selling Patterns to be Aware of
What not to Buy
What to Buy
My Forest to the Tree Approach
How to Implement the Strategy
Selecting the Sector
Here's How it Works
Quiz
Answers
CHAPTER 4 REFINING THE BUYING PROCESS
The Less Resistance the Better
The Importance of Volume
It's All Relative
Quick Reference Guide on Buying
Further Tips for Buying
Double-Barreled Action
Bigger is Better
Stan's Don't Commandments
Quiz
Answers
Don't Put All Your Eggs in One Basket
CHAPTER 5 UNCOVERING EXCEPTIONAL WINNERS
The Triple Confirmatino Pattern
Quiz
Answers
CHAPTER 6 WHEN TO SELL
Dont's for Selling
Properly--The Investor's Way
Sell-Stop Orders in the Real World
Measuring the Move
Learning How to Win by Learning How to Lose
The Philosophy of Selling, or Don't Give Back Profits
Needlessly
Quiz
Answers
CHAPTER 7 SELLING SHORT: THE LESS TRAVELED ROAD TO PROFITS
Why is Short Selling So Feared?
Common Mistakes When Shorting
Other Short-Selling Errors
Summary of Short-Selling Don'ts
How to Do it Right
When to Sell Short
Taking Some Profitable Steps
Placing the Order
Never too Late?
Especially Profitable Formations
Projecting a Target
Protecting Your Short with a Buy-Stop
Using Buy-Stops the Trader's Way
Trendlines on the Downside
Another Way of Reducing Risk
Quiz
Answers
CHAPTER 8 USING THE BEST LONG-TERM INDICATORS TO SPOT BULL AND BEAR MARKETS
Stage Analysis for the Market Averages
The Advance-Decline Line
Measuring the Market's Momentum
Simple but Effective
No Isolationism Here
As GM Goes
Cheap or Dear
Going Against the Crowd
CHAPTER 9 ODDS, ENDS, AND PROFITS
Fun with Funds
Short-Term Fund Trading
The Same Game with a Slight Twist
Options: A Very Exciting but Risky Game
Some Real-Life Examples
It's No Different When Dealing with the Future(s)
CHAPTER 10 PUTTING IT ALL TOGETHER
A Few Last Suggestions
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