The Truth About Day Trading Stocks is an uncompromisingly realistic look at the challenges involved in becoming a successful day trader. Based on the author's ten years of experience as a day trader, the book dissects the psychological and strategic pitfalls that cause most aspiring day traders to fail. While most new traders focus on strategies, the author explains that the real ingredients to success are psychological self-control, budgeting, risk management, and minimizing transaction costs. Written in an engaging and sometimes humorous tone, the author relates his own experiences, and in so doing, provides the reader with valuable lessons. He concludes each section of the book with trading rules that effectively crystallize the material and provides readers with actionable ideas to use in their own trading. The book is an antidote to trading industry hype that encourages traders to believe that trading is easily learned and is a fast path to wealth. He explains that the conventional route of attending seminars, buying software, and opening an account with a major brokerage house is a path to failure. Instead, a trader must learn hard lessons of self-discipline, consistency, and staying in the game for the long haul to have a real chance of success. The goal of the book is to slow down the over-eager, over-optimistic amateur day trader by imparting a realistic view of the challenges of day trading, and providing tools, techniques, and insights to become a successful trader without losing a huge amount of money in the process.
