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Understand how day trading works--and get an action plan
Due to the fluctuating economy, trade wars, and new tax laws, the risks and opportunities for day traders are changing. Now, more than ever, trading can be intimidating due to the different methods and strategies of traders on Wall Street. Day Trading For Dummies provides anyone interested in this quick-action trading with the information they need to get started and maintain their assets.
From classic and renegade strategies to the nitty-gritty of daily trading practices, this book gives you the knowledge and confidence you'll need to keep a cool head, manage risk, and make decisions instantly as you buy and sell your positions.
New trading products such as cryptocurrencies
Updated information on SEC rules and regulations and tax laws
Using options to manage risk and make money
Expanded information on programming
If you're someone who needs to know a lot about day trading in a short amount of time, this is your place to start.
Autorentext
Ann C. Logue, MBA, is a lecturer in Finance at the University of Illinois at Chicago. She holds the Chartered Financial Analyst (CFA) designation, and has written about business and finance for Barron's, Entrepreneur, and InvestHedge as well as other publications. Visit her blog and website at www.annlogue.com.
Klappentext
Manage risk as you buy and sell Day trade in today's market If you love the thrill of the markets and have the patience to watch and wait for the perfect moment, day trading just might be a productive career or part-time activity for you. But to be successful, you need expert guidance, and that's what you'll find in these pages. Packed with sound advice about markets and investment strategies as well as the ins and outs on how an actual day trade works and how you can steer clear of common traps, this handy guide shows you what's involved and how to get started. Know your options, develop a strategy, and begin trading! Inside...
Zusammenfassung
Understand how day trading worksand get an action plan
Due to the fluctuating economy, trade wars, and new tax laws, the risks and opportunities for day traders are changing. Now, more than ever, trading can be intimidating due to the different methods and strategies of traders on Wall Street. Day Trading For Dummies provides anyone interested in this quick-action trading with the information they need to get started and maintain their assets.
From classic and renegade strategies to the nitty-gritty of daily trading practices, this book gives you the knowledge and confidence you'll need to keep a cool head, manage risk, and make decisions instantly as you buy and sell your positions.
Inhalt
Introduction 1
About This Book 2
Foolish Assumptions 2
Icons Used in This Book 3
Where to Go from Here 3
Part 1: Getting Started With Day Trading 5
Chapter 1: So You Want to Be a Day Trader 7
Defining Day Trading: It's All in a Day's Work 8
Committing to Trading As a Business 11
Identifying the Personality Traits of Successful Day Traders 13
Seeing What Day Trading Is Not 15
Chapter 2: Introducing the Financial Markets 19
Having a Firm Grasp How Markets Work 20
Opening an Account and Placing an Order 24
Defining the Principles of Successful Day Trading 25
Understanding Risk and Return 27
Differentiating Trading, Investing, and Gambling 34
Managing the Risks of Day Trading 37
Chapter 3: Assets 101: Stocks, Bonds, Currencies, and Commodities 39
Grasping the Different Things to Trade 39
Defining a Good Day Trading Asset 40
Taking a Closer Look at Stocks 46
Examining Bonds 52
Cashing In with Currency 55
Considering Commodities and How They Trade 56
Chapter 4: Assets 102: ETFs, Cryptocurrency, Options, and Derivatives 59
Explaining Exchange-Traded Funds (ETFs) in Plain English 60
Getting Familiar with Cryptocurrency 64
Dealing in Derivatives 69
Comprehending Arbitrage and the Law of One Price 74
Chapter 5: Increasing Risk and Potential Return with Short Selling and Leverage 79
Understanding the Magic of Margin 80
The Switch-Up of Short Selling 84
Leveraging All Kinds of Accounts 87
Borrowing in Your Trading Business 91
Assessing Risks and Returns from Short Selling and Leverage 93
Chapter 6: Managing Your Money and Positions 95
Setting Your Earnings Expectations 96
Gaining Advantage with a Money-Management Plan 99
Examining Styles of Money Management 101
Seeing How Money Management Affects Your Return 106
Planning for Your Profits 108
Chapter 7: Planning Your Trades and Trading Your Plans 111
Starting to Plan Your Trades: Just the Basics, Please 112
Closing Out Your Position 122
Maxims and Clichés That Guide and Mislead Traders 123
Part 2: Developing Your Trading Strategy 129
Chapter 8: Picture This: Technical Analysis 131
Comparing Research Techniques Used in Day Trading 132
Using Technical Analysis 136
Reading the Charts 143
Considering Different Approaches to Technical Analysis 148
Avoiding Technical-Analysis Pitfalls 150
Chapter 9: Following Market Indicators and Tried-and-True Day Trading Strategies 153
Psyching Out the Markets 154
Taking the Temperature of the Market 156
Measuring Money Flows 163
Considering Information That Crops Up during the Trading Day 166
Identifying Anomalies and Traps 169
Chapter 10: Eliminating Emotion with Program Trading 173
Creating Your Own Trading Program 174
Programming, the Day Trading Way 175
Backtesting Once, Backtesting Twice 177
Building on Some Standard Strategies 177
Arbitraging for Fun and Profit 179
Scalping, the Dangerous Game 182
Understanding Risk Arbitrage and Its Tools 183
Examining Arbitrage Strategies 186
Being Aware of Those Pesky Transaction Costs 191
Chapter 11: Day Trading for Investors 193
Recognizing What Investors Can Glean from Traders 193
Applying Momentum 199 When an Investor...