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Summary: Great Information Source on Markets - Strategy Doesn't Work
Review: I'm a small-time Day-Trader that's made over 200% return this year using a strategy that others say can't work. I tried this authors strategy and for me it doesn't work. Good in theory, impossible in practice. I think that this book though is the best book so far in explaining the big-picture objectives and strategies of day-trading, and gives the best introduction to understanding how markets operate. A must read for beginners who don't know diddly about markets, but don't count on his technique making you rich.
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Summary: book makes you look at Wall Street in a different light
Review: I've seen this book on every major business bestseller list in the last few months, including seeing the author on CNBC - Mr. Farrell really opened a can of worms with this one - The true value of this book is that it is helping to change the general public's perception of daytrading - an excellent book and I would recommend it to anyone -
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Summary: The Perfect Starter Book
Review: As a high profile journalist on the e-commerce beat I have been sent every day trading book published. This is by far the most simple, easy-to-understand guide for beginners. It over-delivers in its use of real-world examples.If you are a true beginner, this is truly the book you should begin with.
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Summary: Laughed Out Loud for an Hour
Review: Chapter 13 is the best chapter in this book I actually laughed out loud for a whole hour...I just couldn't stop! When he finally gets into his real explantion of his concept of daytrading he is lost! He repeats himself about 25 times ... trying to make sure us 'dummies' get it. But Chapter 13 sums it all up. He explains how he lost 12,000 dollars in less than 24 hours. I can understand it completely. But the way the author writes about it is so funny! Good job, Farrell .. thanks for the laugh. It is was worth the price of the book. I don't agree with his method of Daytrading (?) but whatever works.
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Summary: These strategies will drive you to the poor house.
Review: The strategies in this book WILL NOT WORK. Trust me I tried and lost with them. The stocks that he tells you to buy trade at such a low volume that you can't possibly get in and out of a stock quick enough to make a difference. You will get caught waiting hours to execute a trade and that is not what day trading is about. Finally trading 10 to 20 thousand dollars at a time to make one hundred is a policy for disaster.
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Summary: Some New Insights, Not Rocket Science
Review: Big picture: for the price of a round trip commission, his book reinforced the value of buying on the bid and selling on the ask...that's worth the price of the book I suppose. And, some new insights into "How to Scalp NYSE Stocks" that isnt available in the other books I've read (which is most of them). The book is carefully written, and does provide some benefit. I believe that it's worth the price of a rt commission to save money by at least buying/selling inside the spread. He has some good trading tips and psychology thats worth reading. Taken with all the other books, this one provides one more insight, which I found worthwhile. So, give it a try.
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Summary: Book has useful info, but...
Review: I have been trading for a year now, and still being new, I am always looking for new ideas. Farrell's book gave me insight into how markets work. However, his system, in my humble opinion, has it's drawbacks. The "specialists" have the upper hand in ALL matters of knowing which orders are coming in and after using his system (albeit with a minimum of cash), I find the risk to be just as great, if not sometimes greater. Overall, I feel that Farrell's system can not be exploited to its potential by the average day-trader, although I like the premise behind his strategy to "hit singles, not home runs." But, then, what do I know? This guy is two years younger than I am, and he's 1000x as rich!
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Summary: Total Waste of Money
Review: I've been a professional market maker for over 20 years.This book is a total waste.The method advised just won't work.LOSERS Manual.
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Summary: excellent book
Review: This is by far the best of the daytrading books that I have read - it shows many insights on how to exploit the market makers and specialists - as another reader has said, for those readers that don't think these strategies work, just ask the specialists on the new york stock exchange - they make a living doing these strategies - It is funny how much animosity is garnered at the author of this book and the other bestselling daytrading books (Nassar and Friedfertig)- the general public does not like it when people (even the 25 year old author of this book) make more money than they do - worse still, when they see him on CNBC.....we all have something to learn from their success.... As far as the author's track record, his fund has returned about 105% in the last 18 months - I saw a posting....
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Summary: I definitely do not reccomend this book.
Review: I challenge the author to show his records of the trades he made using his system. I would be amazed if he could verify that he made tens of thousands of dollars per month. I tried his system, and have found that you can make small money in the shortrun when your stock gains 1/16th of a point, but in the long run you will very easily lose your profits when your stock goes down 1/4 to a 1/2 a point or more, and this can happen very easily. With total commissions of $20 to buy & sell, on nine trades you would make $105 times nine for a profit of $945 buying 2000 shares of stock and selling for a 1/16th of a point profit, but if your stock goes 1/2 point downward one time, you would lose about $1145 for a total net loss on ten plays of $200. On real conservative stocks there were very few if any plays available. I would like to see authors like him questioned by the legal authorities, and made accountable if they have not been truthful.
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