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How to Day Trade for a Living Summary

How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline, and Trading Psychology (Stock Market Trading and Investing)

In the book, I describe the fundamentals of day trading, explain how day trading is different from other styles of trading and investment, and elaborate on important trading strategies that many traders use every day. I’ve kept the book short so you can actually finish reading it and not get bored by the middle.

For beginner traders, this book gives you an understanding of where to start, how to start, what to expect from day trading, and how to develop your strategy. Simply reading this book, however, will not make you a profitable trader. Profit in trading does not come with reading a book or two or browsing online. It comes with practice, the right tools, and software, and appropriate ongoing education.

Intermediate traders may benefit from the book’s extensive overview of some of the classic strategies that the majority of retail traders regularly use with proven success. If you think you are beyond the stage of a novice trader, then you may want to jump ahead and start reading from Chapter 7 for an overview of the most important day trading strategies:

Day trading is not a gambling or a hobby. You must approach trading very, very seriously. As such, I wake up early, go for a run, take a shower, get dressed, eat breakfast, and fire up my trading station before the markets open in New York. I am awake. I am alert. I am motivated when I sit down and start working on the list of stocks I will watch that day. This morning routine has tremendously helped my mental preparation for coming into the market. Whatever your routine is, starting the morning in a similar fashion will pay invaluable dividends.

ABCD Pattern Trading
Bull Flag Momentum Trading
Top Reversal Trading
Bottom Reversal Trading
Moving Average Trend Trading
VWAP Trading
Support and Resistance Trading

For each strategy, I explain:

1. How to find the Stock in Play for trade
2. What indicators I am using on my charts
3. When I enter the trade
4. When I exit the trade (profit taking)
5. What is my stop loss

Day trading is not gambling. It’s not an online poker game. To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere. That’s How to Day Trade for a Living.

About the Author

Andrew Aziz (Ph.D., P.Eng.) is a Canadian trader and proprietary fund manager at Peak Capital Trading, Forbes Council official member, investor, and #1 best-selling author. He has ranked as one of the Amazon top 100 best-selling authors in the “Business and Finance” category for over 4 consecutive years (2016-present). His books in finance and stock market trading have been published thus far in 8 different languages (English, Chinese, Portuguese, Russian, French, Spanish, Vietnamese, and Japanese).

An entrepreneur since childhood, Andrew actively invests in FinTech companies related to the development of AI for trading. When not busy watching the markets go and up-down, Andrew enjoys trail running, climbing, skiing, and high-altitude mountaineering. Andrew is currently on a mission to climb the highest volcano on each of the 7 continents.

How to Day Trade for a Living Introduction

Excerpt. © Reprinted by permission. All rights reserved.

The first version of this book was published in the summer of 2015 and, as of today, has been an international best seller for five consecutive years. It has also been published thus far in five languages (English, Japanese, Chinese, Vietnamese and Portuguese). The book remains a most “wished-for” on Amazon and various other platforms in several categories related to online trading, strategy, business and finance, as well as trading and investment analysis.

In the early months of 2020, my personal trading was going better than ever, and with the volatility that the global financial markets were experiencing due to the pandemic, I did not sense there was a need to revisit this book. In an earlier edition, I had included my email address at the end of the book and invited readers to be in touch with me if I could help them along in their path to becoming a profitable trader.

I tend to receive a few emails every week from both new and experienced traders, asking questions or requesting more clarification of an example or strategy highlighted in one of my books. Being in touch with readers is exciting for me, as I’m always interested to learn about their trading experiences. But in March and April 2020, during the COVID-19 pandemic, I started receiving an unusual number of emails from new traders. I wondered why suddenly so many novice traders were reaching out to me. What had changed?

The answer is found in Google Trends, as shown in Figure 1.1 below. As the COVID-19 pandemic struck, the stock market began to sell off as the reality of an economic meltdown and global recession set in. The sell-off of the stock market, growing unemployment, and a looming recession were in the news every single day. After eleven years of a straight “bull market” (since the 2007/2008 financial crisis), the 2020 pandemic recession became the first “bear market” many traders and investors had ever experienced.

And that is why I was receiving so many emails and requests for help. People were at home, often locked down, and had more time on their hands. The financial meltdown was in the news and people were curious to know more about it. Many were reading and learning about the markets. Even if one does not work in a bank or have a brokerage account, virtually everyone’s life is in some way connected to Wall Street and the other international financial markets.

Figure 1.1 – “COVID-19” and “stock market” keyword Google search trends between April 2019 and April 2020. As you can see, there is a clear correlation. As the stock market drop hit the news cycles, people started searching more and more about the stock market in Google!
 

I find the most interesting observation in the above figure to be that as the stock market crashed, and its drop made the news, people wanted to learn more about the stock market. This correlation is in fact visible in almost every previous stock market crash, including the 2007/2008 financial crisis and the 2000 dot-com bubble, the latter being when the excessively exaggerated and mostly overvalued prices of the majority of Internet and tech companies burst.

Figure 1.2 – Comparison between the bull market of 2019 and the bear market of 2020, as shown by the change in share value of 500 of the largest American companies. These companies are tracked by the S&P 500 and are traded in an Exchange-traded fund known as the SPDR S&P 500 ETF Trust (ticker: SPY). For your information, S&P refers to Standard & Poor’s, one of the companies which used to track this information.
 

The spring 2020 market volatility of course arose from the COVID-19 pandemic, which resulted in a horribly painful global recession, as shown by Figure 1.2 above, a comparison between the 2019 bull market and the 2020 bear market. It is during bear markets that stock markets usually hit the news headlines.

As I studied the inquiries I was receiving from new traders in March and April 2020, and as I continue to receive emails from readers in the late spring of 2020 as I am writing and editing these very words, some common themes have emerged. Are the tools and brokers you have recommended in your previous books still valid? Have you changed the strategies you are using or, if not, do they still work in these volatile markets? What do you think about some of the new brokers and commission-free apps such as Robinhood that it seems almost everyone has an account with now?

These are all valid, fair and straight-to-the-point questions and concerns, and I knew that I needed to address them in this new edition of my book. The timing of this revisit of How to Day Trade for a Living also very nicely complemented my personal life. I am an avid traveler, runner, and climber and have spent much of my time in the last few years traveling the world as a trader/explorer, with a laptop and several portable screens always near at hand.

In recent years, I have traded from everywhere, ranging from my hometown of Vancouver, Canada to the most remote hills of Papua New Guinea while climbing Mount Giluwe (14,327 ft or 4,367 m), the highest volcano in Oceania. By late 2019, I was on a mission to climb the highest volcanoes in all seven continents, a challenge known to climbers and alpinists as the Volcanic Seven Summits. However, with the pandemic, most borders were closed and I, like everyone else, had to stay close to home.

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Product details:

Edition	International Edition
ISBN	9781535585958
Posted on	July 28, 2016
Format	pdf
Page Count	382 pages
Author	Andrew Aziz