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Title: The Complete Guide to Investing in Short Term Trading: How to Earn High Rates of Returns Safely
ISBN: 160138002X
Author:
Alan Northcott
Publicate Date: 2008-02-28
Publish: 2008-02-28
List Price: $24.95
Average Customer Rating: 4.5
Format: Paperback
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Amazon Lowest New Price: $13.80
Amazon Lowest Used Price: $12.47
Amazon Merchant Price: $16.47
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| Customer Review: |
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1: Very readable introduction to short-term trading
Despite the slightly odd title ("INVESTING in Short Term Trading"??) this is a nicely written, very readable introduction to short term trading.
The wise words on fear and greed in chapter 1 should get you hooked from the start, and there is a nice analogy of the stock market having a "breathing pattern" that is sometimes eratic and sometimes calm.
Some of the points that the author makes are profoundly accurate: like the fact that you don't have to "be right" about the market all the time; and, in fact, you won't be. Some of the points are less convincing; like the fact that you must "stick to your plan" while at the same time "being adaptable". I know what he means, but what is a beginner to make of it?
I'm not keen on trading books that recommend what computing equipment you should buy, and which go into detail to the level of the CPU, RAM etc. Any reasonably modern PC with a broadband Internet connection and a popular web browser like Internet Explorer or Firefox should suffice, and I think that too much detail here detracts from the main point which is to teach you how to trade.
The summaries at the end of each chapter are very useful, and the "success stories" are a nice touch reminiscent of Market Wizards: Interviews with Top Traders.
Tony Loton, author --
Financial Trading Patterns
DON'T LOSE MONEY!: (in the Stock Markets)
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2: Trading 101
This is an excellent choice for anyone that is looking for a book to start out with and learn the basics of trading. The author does an excellent job touching on every topic you will need in trading, some of these are: how greed and fear factor into the markets, how the markets operate, the differences between swing traders, position traders and day traders, the different kinds of orders that can be placed, market or limit, stop order or limit stop order, trading using fundamental analysis vs. technical analysis, and the importance of money management in trading, along with the importance of building a trading system that fits your personality and gives you an edge over the markets.
While experienced traders will get very little out of this book, it is a nice refresher on the psychology of trading and the importance of following your own stock trading system and following your own rules. I rank this book as 5 stars and a must have for traders just starting out, it is a great stepping stone to more advanced books from Alexander Elder and William O'Neal.
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3: Trading Know-How
When people first think of trading as a profession, they typically focus on two key elements - self employment and lots of money, and probably not in that order. But The Complete Guide to Investing in Short Term Trading sheds light on the reality of trading - that it's hard work and, if managed the right way, can be quite rewording.
The book opens with a review of the many emotions involved in trading and how there needs to be a balance to have a successful career in trading. It also offers a detailed look at various types of markets (Broad, Stock, Bond, Futures, Options, Forex and Commodity), the types of traders associated with each (Day, Swing and Position), and an overview of order placements.
In detailed description, the book educates readers considering a career in trading about the ins and outs of the trading profession. With its step-by-step instruction, this book is a terrific business tool for anyone with a desire to participate in the world of trading. It offers fundamental information including a glossary for novices and more advanced information for traders already working in the field.
This is one comprehensive book for anyone considering a career as a trader.
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4: For The Serious Investor
For the serious investor, all the information you need to know and do before you make a trade is in this book. It becomes clear that Northcott wants you to become comfortable with the idea of trading and identifies the many challenges that new traders face. He doesn't send the unrealistic approach that you can win every time, but instead explains that you can trade without risking everything if you follow the guidelines in his book. You begin to discover what category you fit into with the different type of traders that are presented in the book and what might work for you using a variety of trading topics and interviews from those who work in the business everyday. Each chapter ends with a summary and a list of important terms filled with tips to become a natural in investing.
Even if you don't invest, you can understand how investing affects everyone and what it takes to become a part-time or full-time trader. Northcott warns the reader to watch out for greed and fear and lets you know what to expect in the industry. Most of what you need to know about brokers, placing your orders, and how to establish a business plan to make your dreams into realistic goals are in this book. Precise information on the different markets and stock exchanges allows the reader to understand more on market makers and market pricing. The chapter on how to view charts is very helpful in deciding on future investments or to understand current investments and analyze stock trends.
Northcott says there needs to be a balance between being safe and taking risks. I'm a frugal person and not one to take a chance, but I might give it a try now. Although some of the information in this book can be presented clearer at times, this book is easier to understand than other investing books. It gives you the tools to make the decisions you will need to make in this profession that will help you to succeed and recognize an opportunity over a downfall.
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5: Emotions determine success!
I've read quite a few books on investing stocks and bonds and this is the first one that addresses the motive behind it all; Emotions. I particularly liked the "Success Stories," a brief yet in depth look at those who have prospered from using this book. As the chapters proceed, stock market buzz words and other important terms are explained in easy to understand, layman's terms. This book provides an entertaining and practical read.
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