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Summary
Summary
An increasing number of investors are entering the high-risk world of electronic day trading--often before they've learned the basic principles and safeguards. Financial Freedom Through Electronic Day Trading combines Van Tharp's mastery of trading psychology with Brian June's nuts-and-bolts expertise to give day traders the proven strategies and information they need to survive and succeed.
From little-known day trading entries and exits to techniques that foster winning attitudes and styles, these practical ideas will help readers develop their own personalized trading systems. The perfect combination of psychological preparation and hands-on practice, it discusses:
*Market analysis from a day trading perspective
*Techniques for determining a market maker's position
*The best day trading software
Author Notes
Van K. Tharp, Ph.D. , is president of the International Institute of Trading Mastery (IITM) and has been a consultant to traders and investors for over 15 years. Internationally recognized as today's number one coach and trainer for traders, Dr. Tharp is the author of Trade Your Way to Financial Freedom as well as a five-volume home study course, a monthly newsletter on systems and psychology, and a number of articles in industry publications. His trading models and techniques were featured in the book Market Wizards: Interviews with Great Traders .
Brian June moved directly from a successful corporate career into a sizable income as an electronic day trader. A popular speaker at day trading seminars and expositions, June has written numerous articles for Market Mastery , the IITM newsletter, and is an expert at applying sound business principles to achieve trading success. He also developed a popular workshop on electronic day trading tactics and strategies.
Table of Contents
| Foreword | p. xi |
| Preface | p. xv |
| Acknowledgments | p. xxi |
| Part 1 How to Develop a "Laser-Guided Rocket" to Trading Success | p. 1 |
| Chapter 1 The Journey to Trading Mastery | p. 3 |
| The Mind of a Master Trader | p. 3 |
| Is a Master Trader inside You? | p. 12 |
| The Most Important Steps to Trading Mastery | p. 13 |
| Knowledge Keys | p. 17 |
| Chapter 2 Prepare Yourself for Trading Heights | p. 19 |
| The Power of Commitment | p. 19 |
| The Truth inside You | p. 22 |
| The Mission You Must Accomplish | p. 23 |
| I'm Starting with the Man in the Mirror | p. 26 |
| The Most Powerful Trading Questions You Could Ever Ask | p. 27 |
| The Belief Dynamic | p. 29 |
| If You Don't Believe It, You Can't Trade It | p. 29 |
| To Get Clear on Your Goals, Link Your Beliefs to Your Mission | p. 31 |
| Turn Your Goals into Action | p. 34 |
| How to Develop Powerful, Action-Oriented Goals | p. 36 |
| The Most Critical Goal-Setting Secret | p. 38 |
| Knowledge Keys | p. 39 |
| Calls to Action | p. 39 |
| Notes | p. 40 |
| Chapter 3 Design a Plan Even Goldman Sachs Might Envy | p. 41 |
| How to Create a Dynamite Plan | p. 43 |
| Stepping through Your Own Business Plan | p. 44 |
| Show Me the Money or Why Have a Trading Plan? | p. 54 |
| Make an Inventory of Your Market and Trading Beliefs | p. 55 |
| Ya Gotta Have an Edge | p. 57 |
| Choose Your Trading Styles and Time Frames | p. 58 |
| Does Size Really Matter? | p. 66 |
| The More Tools the Merrier | p. 68 |
| Final Countdown | p. 69 |
| Effectively Marshaling Your Resources | p. 80 |
| Sample Business Plan | p. 85 |
| Sample Trading Plan | p. 91 |
| Knowledge Keys | p. 96 |
| Calls to Action | p. 96 |
| Notes | p. 97 |
| Part 2 Putting the "Laser-Guided Rocket" Together | p. 99 |
| Chapter 4 The Trader's Toolkit: Essential Secrets for Getting the Most from Your Hardware and Software | p. 101 |
| How Much Computer Do You Need? | p. 102 |
| Sweat the Small Stuff | p. 103 |
| Internet Connectivity--Get a Big (Broadband) Pipe! | p. 106 |
| Where Can You Rent That Big Pipe? | p. 109 |
| Keep That Connection Connected! | p. 111 |
| Technology Risks--The Dirty Little Secret of Trading | p. 112 |
| Integrated Trading Software--The Heart of Your Trading Platform | p. 113 |
| Reading the Gauges--The Most Important Trading Screens | p. 115 |
| Knowledge Keys | p. 131 |
| Calls to Action | p. 131 |
| Chapter 5 Understanding the Golden Rule of Trading--R Multiples and Expectancy | p. 133 |
| The Golden Rule of Trading--Cut Your Losses Short and Let Your Profits Run! | p. 134 |
| Knowing Your Initial Risk: Begin with the End in Mind | p. 135 |
| Knowing the Expectancy of Your System--Will This Dog Hunt? Or What Kind of Return Can You Expect for Your Risk? | p. 138 |
| Defining and Calculating Expectancy (Relax, the Math's Easy) | p. 138 |
| The Opportunity Factor | p. 148 |
| Knowledge Keys | p. 149 |
| Calls to Action | p. 149 |
| Notes | p. 150 |
| Chapter 6 Position Sizing: The Key That Makes It All Work for You | p. 151 |
| Positioning-Sizing Techniques That Work | p. 155 |
| Simulating Your System to Determine What's Possible | p. 158 |
| Position-Sizing Mistakes You Must Avoid | p. 160 |
| Answers to the Position-Sizing Problems | p. 163 |
| Knowledge Keys | p. 164 |
| Calls to Action | p. 165 |
| Notes | p. 165 |
| Chapter 7 Prelaunch Preparation--Your Daily Routine | p. 167 |
| The Power of Simplicity | p. 167 |
| Start Your Day the Evening Before | p. 168 |
| T Minus 2 Hours and Counting | p. 169 |
| Applied Behavioral Finance--Know Thyself | p. 171 |
| Knowledge Keys | p. 175 |
| Calls to Action | p. 176 |
| Notes | p. 176 |
| Part 3 Launching Your Trading Rocket | p. 177 |
| Chapter 8 The Trading Day Liftoff: Navigating Trade by Trade | p. 179 |
| NASDAQ Level II--Your Booster Rocket to Trading Orbit | p. 179 |
| The Supply and Demand Model | p. 180 |
| The Ax | p. 181 |
| Other Market Makers Know the Ax | p. 184 |
| To Save Your Ask, Find the Ax! | p. 184 |
| Who's Playing Poker? | p. 186 |
| Chippies on the Bid--What Does It Mean? | p. 188 |
| The Secret of Collapsing Tiers | p. 189 |
| Understanding ECNs and Order Routing-- Getting Filled When It Counts! | p. 193 |
| Execution Strategies--When to Use Each Route | p. 203 |
| Some Finals Words on Order Routing | p. 205 |
| How to Get Filled in a Fast Market: He Who Hesitates Is Lost | p. 205 |
| The Mystery of Hidden and Reserve Orders | p. 207 |
| ARCA Reserve Orders | p. 209 |
| Speaking of Edges | p. 211 |
| Develop Expectations for Your Trading Day | p. 211 |
| The Art of Interpreting News | p. 213 |
| Stock Selection at a Glance | p. 217 |
| Directional Bias | p. 218 |
| Deciding to Enter | p. 221 |
| Pulling the Trigger | p. 222 |
| The Weight of Your Decision | p. 222 |
| Getting Your Fill | p. 224 |
| Never Enter a Trade Without Knowing Your Stop! | p. 224 |
| A Secret for Keeping Your Stop | p. 225 |
| Profit-Taking Exits | p. 226 |
| Don't Forget to Reenter | p. 230 |
| Position Sizing | p. 230 |
| To Make Maximum Profits, Remain Flexible | p. 230 |
| Defending Against Whipsaw | p. 231 |
| Trading Day Quick View | p. 232 |
| Knowledge Keys | p. 232 |
| Calls to Action | p. 234 |
| Notes | p. 235 |
| Chapter 9 Market-Making Strategies | p. 237 |
| You Can't Trade What You Don't Believe | p. 238 |
| Strategies and Tactics | p. 238 |
| Market Making--The Stealth Specialist | p. 240 |
| Profit Potential | p. 246 |
| NASDAQ Market-Making System | p. 249 |
| Price and Trading Levels | p. 250 |
| The Ax Revisited | p. 252 |
| Understanding the Market Makers | p. 253 |
| Differences between Market Makers and Specialists | p. 254 |
| Recapping Market Makers and Specialists | p. 255 |
| Market Making--The Channel Feeder | p. 255 |
| Knowledge Keys | p. 263 |
| Calls to Action | p. 267 |
| Notes | p. 267 |
| Chapter 10 Momentum Strategies | p. 269 |
| Momentum Philosophy | p. 269 |
| Momentum Patterns | p. 271 |
| Market Makers during the Open | p. 275 |
| Market-Maker Manipulation | p. 277 |
| Detecting Market-Maker Manipulation | p. 279 |
| Possible Interpretations of the MM's Activities | p. 279 |
| Illustration of Fading the Trend | p. 282 |
| Key Momentum Concepts | p. 288 |
| Momentum Strategies--The Sonic Boom Dive | p. 291 |
| Knowledge Keys | p. 307 |
| Calls to Action | p. 307 |
| Part 4 Feedback and Maintenance | p. 309 |
| Chapter 11 Common Mistakes Everyone Makes--And How You Can Avoid Them | p. 311 |
| Knowledge Keys | p. 335 |
| Calls to Action | p. 335 |
| Notes | p. 335 |
| Chapter 12 Getting Feedback and Refining the Process | p. 337 |
| Review Your Trades: Live and Learn | p. 338 |
| Debriefing the Trades: Rules Are Not Made to Be Broken | p. 340 |
| Correcting Mistakes on the Spot: Do It Now or Forget It Later | p. 343 |
| Take the 30,000-Foot View for Loftier Profits | p. 344 |
| Refining the Process: If It Ain't Broke, Fix It (a Little) Anyway | p. 346 |
| Knowledge Keys | p. 348 |
| Calls to Action | p. 349 |
| Notes | p. 350 |
| Chapter 13 Peak Performance Trading--The Keys to Gaining Control of Your Trading | p. 351 |
| Commitment to Yourself and Trading | p. 354 |
| Psychological Awareness (Soul-Searching) | p. 354 |
| Overcoming Psychological Biases | p. 357 |
| Emotions and Trading | p. 360 |
| Knowing and Stating What Fits You | p. 362 |
| Knowing Your Objectives and Using Position Sizing to Meet Those Objectives | p. 364 |
| Rules and Knowing What to Expect from Your System | p. 366 |
| How to Correct Mistakes | p. 367 |
| Checklist for Peak Performance Trading | p. 369 |
| Knowledge Keys | p. 370 |
| Notes | p. 371 |
| Glossary | p. 373 |
| Bibliography | p. 381 |
| Index | p. 383 |
