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The Guts and Glory of Day Trading: True stories of day traders who made (or lost) $1,000,000

Book Description

A rediscovered trading classic Very few day traders make money - let alone $1 million or more - in the daily stock-trading battle. 'The Guts and Glory of Day Trading' tells the true stories of twelve otherwise ordinary people who have made or lost at least $1 million trading stocks. Their triumphant and tragic tales pull back the curtain from the gritty world of day trading to give a rare glimpse of the human emotion, the lives transformed, and the lessons learned, aside from the hype. Day traders aren't only market gurus and stock brokers, but regular people - classical pianists, burned-out photographers, moonlighting business consultants - who decided to pursue an exciting and treacherous phenomenon to achieve independent success and wealth beyond their wildest dreams. Their stories will inspire you, and - more importantly - show how you can improve your own trading strategies by learning from their successes and avoiding their mistakes. Every battle has its winners and losers. Every day, thousands of day traders take their battle positions in front of their computers to go head-to-head against the world's best, and most powerful, trading institutions. There are casualties, many casualties. But there are also victories - moments when an individual trader reaches the pinnacle of our capitalist system to take a profit. Making money isn't easy - with a 75 to 90% failure rate, only the strong survive, and only the most savvy live to trade another day. But despite the negative press, a wildly unpredictable market, and the possibility of losing their shirts on any given trading day, these market mercenaries continue to trade, and day trading continues to grow as a profession. What drives them? In 'The Guts and Glory of Day Trading', you'll read the astounding stories of those traders who have been skilled enough to make significant money, and the gut-wrenching dramas of those who were unfortunate to lose vast fortunes. Their stories and strategies will keep you on the edge of your seat. These valuable lessons from this trading dozen tell more than just the pits and peaks of stock trading. They teach the survival skills and tactics necessary to live to trade another day. You can learn how to improve your own trading techniques by learning what most of them did right - and what some of them did wrong.

Table of Contents

  1. Cover
  2. Publishing details
  3. Foreword
  4. Preface
  5. Acknowledgements
  6. Chapter One. Introduction: Renegades in Cyberspace
    1. Success stories
    2. A new breed of entrepreneur
    3. Why day trading is so appealing
    4. Unique strategies
    5. Who’s a day trader?
    6. Methodology
    7. Renegades rule
    8. A word about decimalization
  7. Chapter Two – How to Grow $20,000 into $1,000,000 in One ‘Horrible’ Year – Teresa Lo: The Intelligent Speculator
    1. Trading on irrational exuberance
    2. Black Monday: the view from inside
    3. Pyramiding to ruination
    4. Twice burned
    5. Riding the wild Nikkei
    6. The year of living dangerously
    7. High anxiety and the S&P
    8. All or nothing
    9. Daily rewards
    10. Teresa Lo’s trading rules
  8. Chapter Three – Trading Microtrends – Brendan DeLamielleure: The Tactician
    1. Trading school
    2. A level II world
    3. Hair-trigger trading
    4. A picture is worth a thousand bucks
    5. Trading strategies
    6. One step forward, two steps back
    7. Better safe than sorry
    8. Brendan Delamielleures’s trading rules
  9. Chapter Four – Those Who Forget the Past . . . – Terry Bruce: Gap Trader
    1. The silence of the web
    2. Don’t try this at home
    3. Running the gap
    4. Back to seven figures
    5. Terry Bruce’s trading rules
  10. Chapter Five – Trading As a Quest for Knowledge – Oliver Velez: The Teacher
    1. Birth of an anti-fundamentalist
    2. Future perfect
    3. The man on the bus and the doctor
    4. Mutual funds and the phases of the moon
    5. The battle rages
    6. Small chips in a big game
    7. A traders’ dojo
    8. Buying on dips
    9. Candlestick makers
    10. Oliver Velez’s trading rules
  11. Chapter Six – On-the-Edge Trading – Barbara Hamilton: Momentum Trader
    1. Learning on the job
    2. High-stakes swing trading
    3. The $359,000 bet
    4. Millionaires don’t buy their own grapefruit
    5. The higher they fly . . .
    6. Barbara Hamilton’s trading rules
  12. Chapter Seven – Pennies from Heaven – Chris Farrell: The Scalper
    1. In praise of boring stocks
    2. The world inside the spread
    3. Market exotica
    4. An insider’s advantage
    5. The cloaking device
    6. Trading against the house and with it
    7. Low-tech brokers
    8. The daily grind
    9. Chris Farrells’s trading rules
  13. Chapter Eight – Betting It All – Mary Pugh: The Quintessential Contrarian
    1. Fundamentally contrarian
    2. Everything you know is wrong
    3. Powered by Microsoft
    4. Fortunes lost and found
    5. Short stories
    6. Rats die!
    7. Long shots
    8. Letting it all ride
    9. Mary Pugh’s trading rules
  14. Chapter Nine – Profiting from Good Markets and Bad – Scott Slutsky: Rider of the Storm
    1. Be nimble, be quick
    2. It’s the volume, stupid
    3. Arguments and counterarguments
    4. The David/Goliath debate
    5. Find the right bait for momentum traders
    6. Breakout and support
    7. Moving averages
    8. Building positions
    9. The trading life
    10. Scott Slutsky’s trading rules
  15. Chapter Ten – When the Market Turns Mean, Turn to Your Friends – Dave Gordon: The Trench Rat
    1. Strange visions
    2. Shelter from the storm
    3. “They can burn money”
    4. Dave Gordon’s trading rules
  16. Chapter Eleven – Secrets of a Techno-Fundamentalist – Barbara Simon: The Earnings Player
    1. The chameleon approach
    2. Money makes money
    3. Tight triggers
    4. Lessons from 1997 and 2000
    5. When in doubt, move in closer
    6. Options versus selling short
    7. Looking to the new breed of tech stocks
    8. Barbara Simons’s trading rules
  17. Chapter Twelve – Long-Term Holds and Covered Calls – Bob Martin: The Gorilla Hunter
    1. Gorillas in the mist
    2. Housekeeping chores
    3. Theory and practice of stop loss orders
    4. Covered call writing
    5. In the money
    6. Call writing risks
    7. Income for life
    8. Bob Martin’s trading rules
  18. Chapter Thirteen – If I Only Had a Brain... – Scott McCormick: The AI Guy
    1. Creepy science
    2. The two-tiered screening system
    3. Indicator drift
    4. Getting neural
    5. A mind of its own
    6. Bugs in the system
    7. Disappearing scientists
    8. If it looks like an elephant and acts like an elephant, it must be an elephant
    9. Scott McCormick’s trading rules
  19. Conclusion: A Master List of Trading Rules
    1. The master list: 14 trading rules
    2. Trader personalities: a close-up view
  20. Appendix. Money for Nothing and the Quotes Are Free – Understanding the basics of day trading
    1. Day trading tools
    2. Direct access brokers
    3. Your trading style
    4. The basics
    5. Cardinal rules
  21. About this eBook