Day Traders Bible

By right, this is a book that should not exist on my shelf. However, I am open to all sorts of ideas. Besides, I am also open to all sorts' of books. Like I said always, there is nothing wrong in reading a lousy book. After all, to be able to judge it is already an excellent learning process. So, although this book is not aligning with my trading method; I am ok to go with it...

In fact, after finished this book; surprisingly, I love certain part of this book so much. Although the overall ideas presented do not match my character, I truly believe that this is one of the productive method that can be apply in real trading world. In terms of the content, the author did so well in providing such a "manual" with details explanation and adequate examples. Any trader (even those with different methodology) will surely find something useful throughout this book (myself included!!!). The listed quotes as below did enough to suggest that this book do helps in certain way:

It is the WILL, the strength of discipline and character in a man or woman which makes them mediocre or successful, "a loser" or "a winner".

This is the objective point of the Tape Reader - to make an average profit.

There is calmness before, during and after the trade.

Money is made in Tape Reading by anticipating what is coming - not by waiting till it happens and going with the crowd.

It's better keep in mind that you are playing for points, not dollars.

Giving limited orders loses more good dollars than it saves.. Especially is this true in closing out a trade. Many foolish people are interminably hung up because they try to save by giving limit orders in a market that is running away from them.

We should introduce ourselves to the principal speculative mediums and their families, each of which, upon closer acquaintance, seems to have a sort of personality. If we stand in a room with fifty or a hundred people, all of whom we know, as regards their chief motives and characteristics, we can form definite ideas to their probable actions under a given set of circumstances.

The chief cause of fear is over-trading.

Any kind of charts will show some profits at times, but the test is: How much money will it make during a year's operations?

Final conclusion... I am going to rate this book at 6/10. I intend to give higher rating as I thought the author did so well in writing this "manual". However, since the ideology is not aligning with my cogitation, I have to deduct certain point to "comfort" myself, LOL. Overall, this is a good book for traders to explore... A must read for traders around the world...even from the opposition party like me, LOL...