careers

There are many daytrading books out these days. I've read quite a few of them, each having a different slant on how to attain success at trading the stock markets successfully. Most involve trading Nasdaq stocks exclusively, while focusing on market maker activity, support and resistance, chart setups or patterns, etc.

Christopher A. Farrell's book stands out as a different and brutally honest look at both the Nasdaq and the NYSE, how they work, and the pitfalls they hold for traders. Numerous quotes by market notables supporting the author's contentions are interspersed throughout the book.

One of the book's major themes is technical and fundamental analysis are useless to the daytrader who is contemplating a trade where a large market maker could be manipulating the stock's price. I couldn't agree more. However, I believe the author goes too far in discounting the usefulness of these valuable tools, as he sounds as if he believes that charts and fundamental information would never enter in as valid trading criteria in any other styles of trading. Nevertheless, I found his insights about market makers to be invaluable.

Ways in which a trader can gain somewhat of an edge over the Nasdaq market makers are spelled out, such as how to use "hidden orders." Also, "Spoofing" was a very interesting tactic exposed by the author: the advertising of huge size to buy or sell on Level II with no desire to be filled, but to manipulate the stock higher or lower. The author is very experienced at trading.

Insights into the NYSE specialist's role are covered in great detail, as well as a number of NYSE daytrading tactics. The author puts us in the specialist's shoes, giving various scenarios of market conditions and what a specialist does in his own interest and in the interest of the public. A more informative piece I have not read.

The author concludes by speculating on a trading world of totally fair markets, or "The 24-hour Unified Exchange, the Virtual Specialist, and the Extinction of Wall Street." A nice sentiment, but a lot of big money and influence stands in the way. All told, this book is an excellent read for any trader.

You may not make money using this book, but at least you won't unnecessarily lose it either. Chis Farrell brings to light some of the basic methods by which Wall Street separates the investor from his cash and why the real winners in the stock market are the large cap brokerage firms. A must read for anyone who is even thinking about dabbling in day trading using a dial-up brokerage.

This is the first book on the subject matter that I have read. I must say this book is a must for any novice investor. The author sheds light on understanding why the online novice daytrader is not on a level playing field. (Did you know 7 out of ten daytraders lose money?)Upon reading this book, you will understand why. Currently, I have delayed further day-trading until I get access to a "more" level playing field. For example, quicker connection's, perhaps not using an online brokerage firm. Researching NASDAQ LEVEL II QUOTES!, understanding who,what,why,how the specialist, and money makers role is, researching software, and of course getting my hands on other books!!!