The Day Trader's Survival Guide: How to Be Consistently Profitable in the Short-Term Markets

Though its title may invite novices, this guide to successful day trading is clearly designed for more experienced investors, since it explores complicated topics such as market makers, arbitrage traders and illiquid stocks. Farrell, author of Day Trade Online and founder of a hedge fund, argues that anyone comfortable enough to day trade should be able to reap extraordinary profits, provided they follow his techniques and avoid the ""secret"" pitfalls. He clearly believes that Wall Street often consciously hinders day traders: ""the minority of successful day traders... are disliked because, as a group, these day traders have undermined the Wall Street money-making machine."" Section headings further support Farrell's position that there's a war between day traders and the rest of Wall Street. For instance, he says: ""First Dirty Little Secret: Payment for Order Flow... they are `buying' the orders because they feel reasonably certain that they can use their trading edge to exploit you for their own profit."" The most practical chapterD""The Day Trader Strikes Back""Dis also the most compelling and offers concrete strategies for investors. By focusing on the old Wall Street way of doing business and its impact on day traders, Farrell offers a different perspective than that found in other books on this subject. With the number of people trading online increasing by huge numbers, this book should easily find its readership. (Nov. 1)