Day Trading QuickStart Guide

Troy Noonan

Description

THE ULTIMATE BEGINNER'S GUIDE TO DAY TRADING – INCLUDES A COMPREHENSIVE LIBRARY OF DIGITAL TRADING TOOLS!

The ONLY Day Trading Book Complete With a Library of FREE Digital Trading Tools + $1,000 TRADING COMMISSION REBATE TO THE PREMIER TRADING BROKER & CHARTING PLATFORM (MORE THAN JUST STOCKS!)

Learn how to become a successful trader using the techniques and strategies inside Day Trading QuickStart Guide.

Don't be fooled by fake 'gurus' and fly-by-night 'books' written by anonymous authors. Author Troy Noonan has already made hundreds of successful day traders using the exact information in this book.

Are you ready to be the next success story?

If you are SERIOUS about achieving financial freedom through day trading than look no further than Day Trading QuickStart Guide!

Day Trading QuickStart Guide smashes the myth that successful day traders are math experts, careless risk junkies, or compulsive gamblers. Using the tactics enclosed in these chapters, you'll learn the exact skills needed to find real success while keeping your risk to an absolute bare minimum.

Author Troy Noonan is a professional full-time trader and day trading coach with over 25 years of experience. The original 'Backpack Trader', Noonan has helped thousands of students in over 100 countries become successful traders using the exact methods and strategies shared in this book.

Low-cost trading platforms, the ability to trade from anywhere at any time, and the comprehensive education you'll receive in Day Trading QuickStart Guide means that there has NEVER been a better time to learn how to day trade.

Day Trading QuickStart Guide Is Perfect For:

• Complete beginners - even if you've never bought a single stock before!
• People who tried day trading in the past but didn't find success because of phony gurus and courses
• Existing traders who want to hone their skills & increase their earning potential
• Anyone who wants the freedom of making full-time income with part-time effort!

Day Trading QuickStart Guide Explains:

• The Inner Workings of the Derivatives Market
• Futures Trading Contracts, How They Work and How to Maximize their Efficiency
• How to Day Trade Options and Use Options Contracts to Hedge Against Risk
• The Mechanics of Forex Trading and How to Use Foreign Currency Markets to Your Benefit

You Will Learn:

• Day Trading Fundamentals, from the Anatomy of a Trade to Powerful Trade Plans For Serious Returns
• Technical Analysis, the Backbone of Finding and Executing Winning Trades
• Trading Psychology, a Key Aspect That Allows Traders to Rise to the Top
• The Surprisingly Simple Way to Interpret Market Charts and Act Based on Your Findings Before Anyone Else
• Technical Indicators, Patterns, Trade Plans, and Mistakes New Traders Must Avoid

Troy Noonan is also the author of the bestselling book Forex Trading QuickStart Guide.

QuickStart Guides are books for beginners, written by experts.

*LIFETIME ACCESS TO FREE DAY TRADING DIGITAL ASSETS*
Day Trading QuickStart Guide comes with free lifetime access to a library of exclusive tools and videos designed to help you get started quickly and become a better trader faster.

*GIVING BACK*
QuickStart Guides proudly supports One Tree Planted as a Reforestation partner. Working with One Tree Planted, we plant trees where they are needed most!
Chapter 1: CHALLENGES AND REWARDS  Chapter 2: WHY MOST DAY TRADERS LOSE  Chapter 3: YOU MUST HAVE AN EDGE  Chapter 4: GETTING STARTED: SELF-EVALUATION  Chapter 5: CHOOSING WHAT TO TRADE  Chapter 6: HOW MARKETS WORK Chapter 7: CHARTING  Chapter 8: TECHNICAL INDICATORS Chapter 9: TYPES OF TRADES  Chapter 10: THE BIG CHAPTER – TRADING IN ACTION!  Chapter 11: TO BE OR NOT TO BE A WINNING TRADER  Chapter 12: WAIT! STOP WHAT YOU’RE DOING  Chapter 13: PLAN YOUR TRADE AND TRADE YOUR PLAN  Chapter 14: TAKING CONTROL Chapter 15: LOOKING INWARD AND MOVING FORWARD Chapter 16: PROOF OF CONCEPT Chapter 17: FROM JV TO VARSITY AND BEYOND CONCLUSION APPENDIX 1  APPENDIX 2  APPENDIX 3  APPENDIX 4 ABOUT THE AUTHOR  ABOUT CLYDEBANK MEDIA GLOSSARY REFERENCES INDEX

Sujets

• Online Trading
• Economie gestion
• E-Commerce
• Economics
• Business

Informations

• Publié par: ClydeBank Media LLC
• Date de parution: 01 juin 2020
• Nombre de lectures: 35
• EAN13: 9781945051616
• Langue: English
• Poids de l'ouvrage: 2 Mo

Extrait

Table of Contents
Title
Introduction
Chapter by Chapter
PART I - Is Day Trading Right for You?
| 1 | Challenges and Rewards
Financial and Personal Freedom
Fear, Greed, and Other Financial Pitfalls
The Cycle of Emotions
The Road to Successful Trading
| 2 | Why Most Day Traders Lose
The Odds Are Against You
You Can Still Win
Characteristics of Losing Traders
Characteristics of Winning Traders
| 3 | You Must Have an Edge
Are Markets Random?
Ingredients of a Trading Edge
There Is No Holy Grail
Developing Your Personal Trading Edge
| 4 | Getting Started: Self-Evaluation
How Much Money Do You Need to Begin Trading?
Why Do You Trade?
| 5 | Choosing What to Trade
The Stock Market
Futures
Options
Foreign Currencies, or Forex
PART II - The foundations of day trading
| 6 | How Markets Work
Market Cycles
Trends
Trading Ranges
Daily Patterns and Best Times to Trade
| 7 | Charting
Types of Charts
Day Trading Chart Types
Support and Resistance
Trendlines
Fibonacci Numbers
Classic Chart Patterns
Multiple Time Frame Analysis
| 8 | Technical Indicators
Moving Averages
Momentum Indicators
Oscillators and Market Cycles
| 9 | Types of Trades
Setups and Trading Strategies
Risk Management
Trade Execution
| 10 | The Big Chapter – Trading in Action!
Double Top Setup
Head and Shoulders Setup
Flag Setup
Going Long on the Flag Continuation Pattern
Triangle Setup
Classic Pullback Setup
GBP/AUD Pullback
Open Spaces
PART III - The Powers of Successful Day Trading
| 11 | To Be or Not To Be a Winning Trader
The Power of Why
The Power of the Tradeplan
The Power of Foundation
| 12 | Wait! Stop What You’re Doing
The Power of Quitting
The Power of Numbers
The Power of Compounding
| 13 | Plan Your Trade and Trade Your Plan
The Power of Mechanical Rules
The Power of Dynamic Setups
The Power of Structure
| 14 | Taking Control
The Power of Surrender
The Power of Lifestyle
The Power of CEO
PART IV - The step-by-step guide to day trading success
| 15 | Looking Inward AND Moving Forward
Step 1. Methodology
Step 2: Money Management
Step 3: Psychology
Step 4: Commit to Making Money
| 16 | Proof of Concept
Step 5: Establish Personal Proof of Concept
Step 6: Create a Tradeplan
Step 7: Enter the Simulator
| 17 | From JV to Varsity and Beyond
Step 8: Trade with Real Money
Step 9: Promote Yourself to CEO
Step 10: Support Your R&D Department
Conclusion
Appendix I
Appendix II
Appendix III
Appendix IV
Selecting a Broker and Trading Software
Backtesting vs. Sim Trading: The Difference
QuickStart Guide
About The Author
About ClydeBank Media
Glossary
References
BEFORE YOU START READING, DOWNLOAD YOUR FREE DIGITAL ASSETS!

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Introduction
When you think about day trading, what comes to mind? How do you envision yourself day trading? Are you looking at multiple computer screens, clicking on a chart here, reading a news story there, and watching financial markets all day and night? Are you day trading full time or is it just a side gig? Are you simply learning, exploring, satisfying your curiosity, or are you ready to go all-in? If you have more questions than answers, this book is the guide you are seeking.
Day trading, to me, is not just a thing that I do each day. It’s a series of decisions that I make over time. The first decision is whether to day trade at all. How do you know day trading is right for you?
If you think you’re ready to dive into day trading, the next question is, Why are you day trading? From there, you face decisions, big decisions—about your overall trading approach, how to fit trading into your existing lifestyle, and what goals you seek to accomplish—and a myriad of smaller decisions about when, what, and how much to buy and sell.
I wrote this book to help you make those decisions. More important, I want to help you ask the right questions and come up with the best answers, beginning with the most important question of all. Why? Why do you want to trade?
You have probably seen other day trading books that tell you about chart patterns and what types of instruments (stocks, forex, futures) to trade. They might tell you about the mechanics of day trading, like chart reading, order entries, and various indicators.
But I have yet to find a book that offers the correct answers to the critical questions, the vital issues that determine success or failure in day trading. Until now, there have been no day trading books that encourage the reader to ask the right questions. I wrote this book to fill the void.
Before I give you more details, let me tell you one reason I am so committed to day trading and why it has become such a huge part of my life. Rewind to the early 1990s: I was backpacking across Europe, taking in the sights and meeting new people.
It was in 1992 when George Soros became famous for “breaking the Bank of England.” The Hungarian-born hedge fund manager is known for placing large trades in the currency markets. He’s what you call a whale in the foreign exchange (forex) market.
By building a substantial (short) position, Soros began betting that the British pound would fall. For those of you who are brand-new to the trading world, a “short” position means you are betting that the value of the asset—the British pound in this case—will decline. The year before, Britain had joined the European Exchange Rate Mechanism, or ERM, and pledged to keep its currency within a certain band or range relative to the German mark. This was done by keeping interest rates high relative to Germany.
Believing that the pound had become overvalued relative to the mark, Soros held a $1.5 billion short position through the summer of 1992 and then, according to unconfirmed reports, increased it to $10 billion through September. If the pound stayed in the predefined range, the trade would make a little profit or maybe lose some. But if Soros was correct, a decline in the pound could yield hefty profits.
It was on September 16, 1992, that the British government realized it could no longer prop up its currency and abandoned the ERM. The next day, the British pound suffered a 15% drop against the German mark, and it is estimated that Soros banked $1 billion in profits.
It was considered the greatest currency, or forex, trade ever made, but it also highlights how a combination of skill, luck and guts can lead to large profits in trading. Was Soros expecting to bank some of the biggest profits in the history of trading, or was this merely a stroke of good fortune? My guess is that he had confidence in the approach and was willing to take a substantial risk. Soros was probably lucky in the sense that the realized profits were massive, but it was his skill—and probably a fair amount of research—that put him in a situation to achieve the $1 billion gain.
As day traders, that is all we can reasonably do. That is, we can develop positive expectations about potential outcomes, but only after we do the necessary work—which I call ditch digging—to build confidence in our approach or point of view. Will we always be right? No. Will we always be wrong? Not likely. Will we possibly hit one out of the park like Soros did and make a substantial profit? Yes, when we have the right mix of skill, luck, and the necessary preproduction work under our belt.
Speaking of luck, I was betting against the British pound at the same time as Soros. However, rather than shorting it against the German mark, my play was against the US dollar. This was when I was just beginning to recognize common chart patterns that could lead to good trades and I noticed a shorting opportunity.
Prior to that, I (like most investors at the time) used a full-service broker who would take my orders over the phone. We would discuss various ideas and scenarios. Then he would place the trades in my account for me. I did really well with this full-service broker. Until I lost it all in one day!
After the pain of wiping out my account with my full-service broker (a horror story that many traders suffer at some point in their trading careers), I decided to start using my own strategies. I had no idea what Soros was trading at the time, but we were on the same page when it came to the British pound, and when the currency lost 15% in one day, I scored my biggest win as a trader.
I took some of the profits to fund a long backpacking trip through Europe. While I was there, I bought a set of bongos and, as I traveled around to various cities, I played with other musicians in parks, bars, and cafés. One of the other musicians—a mandolin player from Venezuela—became a close friend, and later, in 1995, invited me to visit him in Caracas. I did that, and, within 24 hours of my arrival, I met my wife of 25 years.
So, while Soros made his billions, I made a wife. I like to say that finding her, in the way that it happened, was the best trade of my life.
During my second backpacking trip around Europe in the late 1990s, the world was changing fast and internet cafés were popping up all over European cities. Even the smallest towns in remote locations seemed to have a café with internet access. This was also the infancy of online trading, when brokers started leveraging new technologies and the internet to develop innovative platforms for day traders like me.
As I moved from one city to the next across Europe, it was striking just how easy it was to log in to my account and trade from anywhere in the world. More important, my account balance was growing, and I felt empowered because, while I was traveling the world and seeing beautiful places, I was also making money using com