The most successful turtle was apparently Curtis Faith. Trading records show that Mr. Faith, who was only 19 when he started the program, made about $31.5 million in profits for Mr. Dennis.
—Stanley W. Angrist, The Wall Street Journal
The above is a dangerous citation. No one should use it as assurance. Not every amateur day-trader succeeds like Curtis Faith. Many beginners lose all of their start-up capital—sometimes more than once. The purpose of The Truth About Day Trading Stocks is to caution, and to some degree reprogram, the naïve, heedless amateur day-trader. I want to prevent beginners from watching their money disappear.
In this book, I offer the amateur day-trader, a candid account of the challenges I’ve encountered while developing in the profession. By candid I mean brutally truthful, mostly about myself, mostly with the side-splitting laughter that the distance of hindsight provides!
This is my personal story, and I tell it like it is, just as if we were kicking back and having ourselves some brews, letting it all hang out at times—that is, confessing all my mistakes. My personal day-trading horror stories are a constant, vivid motif. Laced through that saga is my identification of key psychological factors that destroy wise day-trading performance, interspersed with my cache of antidotes, all self-disciplinary, that I’ve developed in the contemplative aftermath of my most harmful mistakes.
My tone is both comical and compassionate, with a practical and ...