Day-Trade Your Way to Financial Freedom. (Book Reviews)
Masonson, Leslie N., Modern Trader
By Sammy Chua
Trade Wins Publishing
Smithtown, N.Y. (2002)
177 pages, $95
Day-trading is a tough way to make a living, but if you are considering day-trading as a profession, Sammy Chua's paperback book provides a primer. Chua knows whereof he speaks, evidenced by his audited track record since 1998 indicating profits of $10 million and the success of his online trading service.
This book is short and sweet and can be read in a few hours. You won't be able to -- and shouldn't -- day-trade after you read this one book, but you will know what you need to know to be successful. That means that you have to do further study, get a viable backtested trading strategy, paper trade, trade in small size with tight stops and hopefully obtain the services of a mentor (a successful trader) to succeed.
Chua offers 10 chapters covering all the basics that a novice should be aware of before getting his feet wet. Chua starts with his background, then overviews the stock market, market-makers, electronic communication networks, brokerage firms and general information to give the reader a grounding in how the markets are set up and function.
Next, Chua briefly covers different trading strategies from scalping to intraday trading to swing trading. The heart of the book is devoted to charting. …