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The Truth About Day Trading Stocks

The above is a dangerous citation. No one should use it as assurance. Not every amateur day-trader succeeds like Curtis Faith. Many beginners lose all of their start-up capital—sometimes more than once. The purpose of The Truth About Day Trading Stocks is to caution, and to some degree reprogram, the na¨ıve, heedless amateur day-trader. I want to prevent beginners from watching their money disappear. In this book, I offer the amateur day-trader, a candid account of the challenges I’ve encountered while developing in the profession. By candid Imeanbrutallytruthful,mostlyaboutmyself,mostlywiththeside-splitting laughter that the distance of hindsight provides! This is my personal story, and I tell it like it is, just as if we were kickingbackandhavingourselvessomebrews,lettingitallhangoutattimes— that is, confessing all my mistakes. My personal day-trading horror stories are a constant, vivid motif. Laced through that saga is my identification of keypsychologicalfactorsthatdestroywiseday-tradingperformance,interspersedwithmycacheofantidotes,allself-disciplinary,thatI’vedeveloped in the contemplative aftermath of my most harmful mistakes. Mytoneisbothcomicalandcompassionate,withapracticalandgenerous infusion of informative techno-speak. My approach to instruction is an emphatic departure from “golden goose” strategies, and my overall intention is twofold: to slow down the hazardous fervor of the average amateur, and to demonstrate the ways he can become a professional and not lose hisshirtintheprocess.Throughoutthebook,you’llnoticetheword“hold” highlightedwhenIdiscussdisastroussituationsinvolving“holding”stocks

without any real plan of exit. If you’re reading this you’re probably a beginner in day-trading. Or maybe you’re somewhat experienced, but not yet a confident pro. You’re highly motivated and eager to learn how to day-trade with success. You’re probably a risk-taker by nature, with a high tolerance for stress. You’re willing to stop at nothing to achieve the status of a professional trader who’s thriving—a badge of honor. Inthe beginning, the process may seem thrilling. The opportunity to trade for a living looks wonderful. This is gonna be an adventure! You’ve found there are scads of outfits to train you (for a hefty fee, of course). And you could line a mansion’s mantel with how-to books. You sign yourself up for a training program. You’re greeted with head-swelling optimism and hope by the truckload, and you startharboringdreamsofgrandeur.Theprospectofsucceedingasatrader is making you almost giddy. Now you have a vision of perfection: you see wealth, freedom and leisure! Who wouldn’t want to make $5000 a week from home, sitting in his or her underwear? I’ll be the first to admit it: I’m guilty of indulging in euphoric expectation without the self-disciplined expertise to make it all come true. I started down my path to day-trading glory late in the 1990’s. I moved to San Diego from Buffalo, New York. When I got to the West Coast I immediately learned of this potentially lucrative career. Well, it’s 2009—a whole decade has passed and I’m here to warn you about something that nobody wants to hear: You’ll probably never master the profession without losing money first. Many beginner traders are brought to their knees by despair and lose their will to deal with the market. Even the more fortunate prot´eg´es, those who got into trading with almost unlimited wealth, learn that the pain of losing can take a big toll on their egos. I realize that my focus on losing sounds annoying and counterproductive.Well,youcantrustmeonthisone:Ihavereasonsforemphasizingloss. Taming the loss monster is paramount to creating your long-term, consistent success. In day-trading, consistency rules. The Truth About Day Trading Stocks shows how trading decisions are bent and shaped by emotions. Day-trading is a psychological process. Day-trading is emotional. Anyone can learn how to research and scrutinize fundamental business data. Anyone can master chart pattern analysis. But in the end the execution of an actual real-time order is all that really matters. That’s why feelings take over. I show what can happen when feelings are heightened—especially by the powerful factors of inevitable fear and greed. The outcome can be very dismal. Again, I’m not here to show you the “golden goose” of ultimate strategizing, while neglecting to reveal the grim hazards involved in keyboarding

without any real plan of exit. If you’re reading this you’re probably a beginner in day-trading. Or maybe you’re somewhat experienced, but not yet a confident pro. You’re highly motivated and eager to learn how to day-trade with success. You’re probably a risk-taker by nature, with a high tolerance for stress. You’re willing to stop at nothing to achieve the status of a professional trader who’s thriving—a badge of honor. Inthe beginning, the process may seem thrilling. The opportunity to trade for a living looks wonderful. This is gonna be an adventure! You’ve found there are scads of outfits to train you (for a hefty fee, of course). And you could line a mansion’s mantel with how-to books. You sign yourself up for a training program. You’re greeted with head-swelling optimism and hope by the truckload, and you startharboringdreamsofgrandeur.Theprospectofsucceedingasatrader is making you almost giddy. Now you have a vision of perfection: you see wealth, freedom and leisure! Who wouldn’t want to make $5000 a week from home, sitting in his or her underwear? I’ll be the first to admit it: I’m guilty of indulging in euphoric expectation without the self-disciplined expertise to make it all come true. I started down my path to day-trading glory late in the 1990’s. I moved to San Diego from Buffalo, New York. When I got to the West Coast I immediately learned of this potentially lucrative career. Well, it’s 2009—a whole decade has passed and I’m here to warn you about something that nobody wants to hear: You’ll probably never master the profession without losing money first. Many beginner traders are brought to their knees by despair and lose their will to deal with the market. Even the more fortunate prot´eg´es, those who got into trading with almost unlimited wealth, learn that the pain of losing can take a big toll on their egos. I realize that my focus on losing sounds annoying and counterproductive.Well,youcantrustmeonthisone:Ihavereasonsforemphasizingloss. Taming the loss monster is paramount to creating your long-term, consistent success. In day-trading, consistency rules. The Truth About Day Trading Stocks shows how trading decisions are bent and shaped by emotions. Day-trading is a psychological process. Day-trading is emotional. Anyone can learn how to research and scrutinize fundamental business data. Anyone can master chart pattern analysis. But in the end the execution of an actual real-time order is all that really matters. That’s why feelings take over. I show what can happen when feelings are heightened—especially by the powerful factors of inevitable fear and greed. The outcome can be very dismal. Again, I’m not here to show you the “golden goose” of ultimate strategizing, while neglecting to reveal the grim hazards involved in keyboarding

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