Day Trade Online

Rating:
Summary: Not up to par
Review: Very,very repetitive....The ideas in his book can be summarized in a few pages. So why pay for the book? Just go to the library, read the book, take your notes and save your money.

Rating:
Summary: explosive material - follow the smart money
Review: as a quantitative analyst for a medium sized wall street brokerage firm, I felt inclined to throw my two cents in on this book - the strategy that this book details has been used on Wall Street for decades - there are trading desks on wall street who employ traders at several hundred thousand dollars per year to do the exact strategies that Farrell's book outlines - look at places like Goldman, DLJ, Prudential - for any reader to say that these strategies don't work is completely off the mark - just remember that if you are losing money, the person that took the other side of your trade made money....

i back-tested these strategies going back to 1997 on about 300 issues and found that there is a direct correlation between the interest rate environment, trading volume, and the profitability of the strategies Farrell outlines - conclusion: you will have made a TON of money doing this strategies in low volatility stocks over the last 3 years particularly in times when the interest rate scenerio was stable to declining -

if you are a get rich quick kind of person, this book is not for you - if you have patience and discipline, and follow the rules, you will make money using these strategies just as the specialist and wall street trading desks do -

Rating:
Summary: Excellent book for the novice trader
Review: I found this book to be well written, informative and a fantastic introduction to the world of day trading. I did not find it to be repetitive at all, in fact the author does a fantastic job of ensuring that you understand the principles he is explaining. I thought day trading was all about trading volatile NASDAQ stocks and was more gambling than trading and there wasno money anywhere else. I was very impressed with the techniques and guidance. I haven't tried trading yet but I have gained an excellent understanding of his approach and method. Who ever thinks the book is a waste of time is either a hot shot gambler that has lost more money than he's made or doesn't like a low risk strategy that helps you make your money slowly. This is not a get rich quick thing it is a business plan...a strategy. Thanks for a great book. .............

Rating:
Summary: Repetitive but Interesting
Review: I also found this book very repetive. The author uses the same sentences over and over again. This book would be great for a person who can't absorb the written word on their first reading of a sentence. I believe the formula will work, but the author does not tell you about the down side of his system. If it is so easy to make money in the stock market, more people would be staying home day trading.

Rating:
Summary: Not that easy !
Review: I bought the book about a year ago and spent days, weeks and months studying this method and trying it out, but I must say that even though it worked a few times, in overall I am not too happy with the results over a long period of time.

According to the book, the key is to trade non-volatile stocks but how do I squeeze between the bid and the ask if the price doesn't move. When the price moves and after buying on the bid, the ask can either go up (great), stay the same (great) or start to drop (haayaa). When the ask starts dropping, what do we do ? get rid of it and cut losses or wait until it goes up again ? sometimes it goes up but not always...

So, on the positive side I will say that the book does a great job at clearly explaining how the specialist and bid/ask on the big board work. I learned a lot and it clearly opened new horizons to me.

On the negative side, although I am fervent believer of being positive, I think the author is too enthusiast at making the reader believe he is going to get rich nice and easy.

My piece of advice: give it a shot, it's worth to try and check it out by yourself, but limit the number of shares to trade during the trial period (say 300 instead of 2000). And may be, don't quit your job yet !

Rating:
Summary: It works, but you'll have to figure alot out yourself
Review: A friend of mine showed me this book when I first startedtrying to "day trade". I'm really glad he did, because atthe time I had no idea what I was doing. After reading the book I feel I have a clear understanding of what is happening when I buy, sell, or watch a stock on the NYSE.

After reading the book, I tried his method a few times and didn't succeed. I was annoyed, and fell back into my "gambling" mode. You guessed it, I made some money, but lost most of what I made. This to me says "50/50" odds. So, I decided I would give the teenie method another chance. This time I stuck to the rules, and tried to be patient. It's working. I've been in and out of a stock a couple of times today, walking away with $100 each time. Sure, it's only ( ), but it's ( ) more than I had yesterday, and it only took an hour of my time. Now I don't know about you, but I'm a computer programmer, and I don't make ( ) an hour unless I'm consulting on my free time. ( ) for two clicks of the mouse sounds great to me. In the meantime, I can read about how the big time day traders make their decisions.

So, if you STICK TO THE RULES, it works. If you don't, your odds of success get closer and closer to 50/50, and you will lose money.

Now for the downside. Finding a wide enough spread to get in between is risky, and unlikely. You are better off waiting in line. Look for a seemingly short line and be patient.

Also, the author doesn't mention what happens when you get things such as partial fills, a sneaky specialist, etc. He constantly warns you about these things, but doesn't say what to look out for or what to do! Shame on him.

Good luck. Be patient. END

Rating:
Summary: looking for ajob
Review: hello there im know english and turkish and beside my mother tounge arapic amd im seeking for ajob in trade and making translation for bessnes men

Rating:
Summary: Finally, a real life trader that can write!
Review: A former Wall Street trader for the last 12 years, I found Mr. Farrell's book very informative. Since I've traded non-equity instruments my whole career and I wanted to learn more about day trading, I was very pleased that the book explained day trading from a day trader's point of view. All too often, especially on Wall Street, you come across financial markets articles and books written by writers that have no clue about the nuances of the financial markets. It's obvious that Mr. Farrell is a very active day trader and has conducted numerous stock transactions. His ability to put these experiences on paper in a well written, easy to understand book is something very rare in finance books, especially trading books. If you are thinking about day trading, I seriously recommend reading Day Trade Online.

Rating:
Summary: Reading in the land of writers with teenie IQs
Review: The Author explains how you can "profitably" scalp for "teenies" (1/16ths) by exploiting the bid-ask spread on NYSE stocks. Although an interesting concept, it could easily be explained in a few hundred words or less, even to a beginner. To have spread it over 232 pages is truly insulting to the reader's intelligence. The author repeats AD NAUSEUM the same sentences and concepts over and over and over... "you are taking food out of the specialist's mouth" is one of his favorites and is stated LITERALLY hundreds of times! Even for a beginner, repeating key concepts twice, 3 times maximum, would suffice. I, in fact, am a beginner. I got the point in the first few paragraphs of chapter 1, thank you.

Besides his irritatingly repetitive style, many of his statements are completely contradictory. Just as one example, he states that the investing public is, quote: "stupid". Not only does he say that, but he says it over and over and over again! He explains that they are stupid because they are using market orders to purchase stock. The "smart" daytrader, using limit orders, is able to squeeze out an extra 1/8th, or 1/16th and profit from the investing public's "ignorance". However, he also states (just as repeatedly!) that the investing public are long-term investors and as such couldn't care less about getting an extra 1/8th or 1/16 of a share out of the stock using a limit order. It's therefore in their best interest to use market orders for faster execution. ?

It was also not hard to notice that he fails to explain what do to when the trade doesn't go exactly as planned. He does however go on and on and on about the knowledge and expertise of the specialist who happens to hate daytraders and will do everything in their power to MAKE SURE your trade doesn't go as planned! "Beware of the specialist!" "Beware of the specialist!" "No one in the whole world knows more about this stock than the specialist!"

Finally, even I as an ignorant beginner, am highly suspicious of the profitability of this strategy, solely based on Mr. Farrell's blatantly obvious inconsistencies. Sounds good in theory. In practice it'll be a whole different story, especially when competing against the all-knowing specialist. "Beware of the specialist!" He states that the wide bid-ask spreads you are exploiting don't last for more than a few seconds and don't happen very often at all. That was before his book was published. Imagine what the odds of finding them now that thousands of people are trying this strategy. If this has been the author's "bread and butter" for the last 2 years, why is he teaching thousands to literally take food out of his OWN mouth?

In short, even though this is obviously a book for beginners, as a beginner it was completely insulting to my intelligence and the only use I found of it was to swat a slow-moving hornet crawling along my living room floor.

Rating:
Summary: A steady and solid trading theory..
Review: I have read many of the reviews and have looked at the new barrage of day trading books. I have been a clerk on the NYSE for nine years and have had the opportunity to day trade listed stocks for a living. Farrells book explains the role of the specialist accurately. The NYSE is converting fractions to decimals very soon and forgranted this will make the spreads that much smaller, but there will still be many opportunities in other thinly traded issues across the "big board" to take advantage of wider spreads. Day traders have to understand the mechanics behind the exchange before they can profit off it. This book decodes the theory, and converts it into a digestible manner. Bravo!