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Secrets of the Lone Wolf Trader: How to make a six-figure income in 5 hours per week day trading stock options
Get ready to FIRE YOUR BOSS, take the power back, and make a six-figure income in just 5 hours per week. That’s right. You really can make six figures per year by day trading stock options in approximately 1 hour per day, even with a small trading account.Secrets of the Lone Wolf Trader gives you a simple, effective strategy you can use to make anywhere from hundreds to thousands of dollars per day, in just 1 hour per day! You’ll learn how to day trade stock options like a professional, even if you have no previous trading experience!In this book, self-taught full time day trader Patrick Buchanan will teach you what he’s learned from years of day trading with his own trading account, which started off small and grew into a full time six-figure income. This book is designed for the beginning trader with a small trading account. It gives you all the information you need to know, without getting into the weeds of confusing or irrelevant details you don’t need to know.You DO NOT need to be rich or have years of previous stock market experience to be successful as a day trader. All you need is a few thousand dollars to start with, a computer, a fast internet connection, and your brain. That’s it.Secrets of the Lone Wolf Trader will teach you how
READ PRICE ACTION ON A STOCK CHARTUNDERSTAND WHAT CANDLESTICKS ARE AND HOW TO INTERPRET THEIR MEANINGCHOOSE THE CORRECT STRIKE PRICE AND EXPIRATION DATE OF AN OPTIONIDENTIFY TRENDS THAT DEVELOP ON CHARTS, AND PROFIT FROM THEMTIME YOUR ENTRIES AND EXITS FOR MAXIMUM PROFITDEVELOP PROPER RISK MANAGEMENT TO AVOID LOSING MONEYWORK ON YOUR MINDSET, TO AVOID TRADING BASED ON GREED OR FEARImagine no clients, no customers, no product or service to market. No office space, no overhead, no cold calling, no networking, no invoices to send, no co-workers… and NO BOSS.The Lone Wolf strategy is designed for maximum simplicity and maximum profit with minimal risk. By trading a handful of blue-chip stocks with this specific, easy-to-understand strategy, you can easily make over 10-20% P&L on your trades every day.Create the world you want to live in. Harness the power that you already have inside your own mind and use it to change your life. Become a wolf.
READ PRICE ACTION ON A STOCK CHARTUNDERSTAND WHAT CANDLESTICKS ARE AND HOW TO INTERPRET THEIR MEANINGCHOOSE THE CORRECT STRIKE PRICE AND EXPIRATION DATE OF AN OPTIONIDENTIFY TRENDS THAT DEVELOP ON CHARTS, AND PROFIT FROM THEMTIME YOUR ENTRIES AND EXITS FOR MAXIMUM PROFITDEVELOP PROPER RISK MANAGEMENT TO AVOID LOSING MONEYWORK ON YOUR MINDSET, TO AVOID TRADING BASED ON GREED OR FEARImagine no clients, no customers, no product or service to market. No office space, no overhead, no cold calling, no networking, no invoices to send, no co-workers… and NO BOSS.The Lone Wolf strategy is designed for maximum simplicity and maximum profit with minimal risk. By trading a handful of blue-chip stocks with this specific, easy-to-understand strategy, you can easily make over 10-20% P&L on your trades every day.Create the world you want to live in. Harness the power that you already have inside your own mind and use it to change your life. Become a wolf.
318 pages, Kindle Edition
Published September 28, 2023
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Displaying 1 - 8 of 8 reviews
December 10, 2025
skimmed putting it together chapter only.
* Do not try to pay attention to more than 2 or 3 different stocks at any one time
In my entire trading career I’ve traded maybe 15 different tickers in total. My MAIN plays have always been SPY (an ETF that tracks the S&P 500 index), QQQ (an ETF that tracks the Nasdaq index), AAPL, META and AMD.
I would say at least 50% of my profits have come from trading SPY, AMD and META
* Every dollar counts, so watch the 1 minute chart for the ‘perfect’ time to enter
* I use a limited array of indicators on my charts, the most important being the 50 and 200 EMA’s, the Alligator Indicator, the MACD and the RSI. I also use a daily high/low indicator which gives me a visual reference of how the previous day’s price action relates to the current day’s price action. Previous day’s high or low can act as a support or resistance level. Sometimes I will also cross reference Keltner Channels or Pivot Points to gain further confirmation about certain levels.
* Check the daily chart to identify any significant support/resistance lines, and look for any significant candlestick patterns that give me a bullish or bearish lean.
* Observe the 200 and 50 EMA’s, and see where price sits in relation to both of them
* Get confirmation from the volume chart, RSI and MACD that the trend is mature. Once I am satisfied by the level of confirmation I see, I’ll look for a slight pullback in price action to get into the trade
* I almost always choose the closest ITM (in-the-money) strike price to ATM (at-the-money) options that are available at the time.
* I ONLY use Market orders, never limit orders
* ALWAYS close your position before expiration
* Do not try to pay attention to more than 2 or 3 different stocks at any one time
In my entire trading career I’ve traded maybe 15 different tickers in total. My MAIN plays have always been SPY (an ETF that tracks the S&P 500 index), QQQ (an ETF that tracks the Nasdaq index), AAPL, META and AMD.
I would say at least 50% of my profits have come from trading SPY, AMD and META
* Every dollar counts, so watch the 1 minute chart for the ‘perfect’ time to enter
* I use a limited array of indicators on my charts, the most important being the 50 and 200 EMA’s, the Alligator Indicator, the MACD and the RSI. I also use a daily high/low indicator which gives me a visual reference of how the previous day’s price action relates to the current day’s price action. Previous day’s high or low can act as a support or resistance level. Sometimes I will also cross reference Keltner Channels or Pivot Points to gain further confirmation about certain levels.
* Check the daily chart to identify any significant support/resistance lines, and look for any significant candlestick patterns that give me a bullish or bearish lean.
* Observe the 200 and 50 EMA’s, and see where price sits in relation to both of them
* Get confirmation from the volume chart, RSI and MACD that the trend is mature. Once I am satisfied by the level of confirmation I see, I’ll look for a slight pullback in price action to get into the trade
* I almost always choose the closest ITM (in-the-money) strike price to ATM (at-the-money) options that are available at the time.
* I ONLY use Market orders, never limit orders
* ALWAYS close your position before expiration
January 16, 2024
Patrick has written a great trading guide here, where he explains his methodology in clear and simple terms together with the desktop environment based on one of the most common and well designed free tool sets available. Certainly, it is well worth reading this book several times, but on later reads focusing on the chapters where there are many aspects that, when mastered and applied, will lead you to trading success. All of the indicators that he refers to are free in every charting package so there is no sales pitch, just straight and plain trading common sense and a lot of it.
One of the things that resonated with me the most was the true examination of why we trade. Is it the money that can be made or is it the freedom that that money provides to you - and remember that this system can be used from anywhere on the planet where there is a computer and a network \ internet connection. Plus also remember that the Patrick usually only trades for an hour a day!
I thoroughly enjoyed this book and thoroughly recommend it.
Good luck and good trading.
One of the things that resonated with me the most was the true examination of why we trade. Is it the money that can be made or is it the freedom that that money provides to you - and remember that this system can be used from anywhere on the planet where there is a computer and a network \ internet connection. Plus also remember that the Patrick usually only trades for an hour a day!
I thoroughly enjoyed this book and thoroughly recommend it.
Good luck and good trading.
June 2, 2025
This book assumes a strategy that involves buying options. Buying options is beyond my risk tolerance - I sell cash covered options instead (within ‘the wheel’ strategy). However, I really like the content on how to read candles. I listened to the audiobook but should return to the print version and do some studying on candle formations. I think, by doing so, I’ll be better at my options entries. I also like the insight on capitalizing on volatility by trading the first 15-30 minutes of the trading day. I agree with this. High volatility is everything, that’s why I use 2x leveraged plays of my favorite companies and ETFs for options trading :)
December 16, 2023
secrets of the lone wolf trader
5 hours per week possibility for the prepared mind.
The secret is that the market will do what the market anytime the market wants to.
For day trading you require knowledge,skill and confidence to day trade options.
Six figure return is possible for the lone wolf trader.
5 hours per week possibility for the prepared mind.
The secret is that the market will do what the market anytime the market wants to.
For day trading you require knowledge,skill and confidence to day trade options.
Six figure return is possible for the lone wolf trader.
July 22, 2024
Absolutely remarkable
Easily one of the best books written about day trading options period. If you’re someone who has always wanted to trade but looked at day trading as out of reach or options as too complicated (more or less COMBINE the two) Patrick’s book will show you how in a quick, informative, and fun to read book.
Easily one of the best books written about day trading options period. If you’re someone who has always wanted to trade but looked at day trading as out of reach or options as too complicated (more or less COMBINE the two) Patrick’s book will show you how in a quick, informative, and fun to read book.
November 27, 2023
market as an ATM
Go slow. Watch & study. Chart as art. Trend is friend. Perfect trades vs profits. Win or lesson. Is it luck or skill…yes, prob heard these before yet the insights and analysis of actual 1st hour day trades make the murky market clearer
Go slow. Watch & study. Chart as art. Trend is friend. Perfect trades vs profits. Win or lesson. Is it luck or skill…yes, prob heard these before yet the insights and analysis of actual 1st hour day trades make the murky market clearer
January 11, 2025
Good & insightful but repetitive
There are many valuable insights to be learned from this book, but the writing is often unnecessarily repetitive. However, the repeats do give the writing a personal touch so that makes it bearable.
There are many valuable insights to be learned from this book, but the writing is often unnecessarily repetitive. However, the repeats do give the writing a personal touch so that makes it bearable.
April 29, 2024
Insightful and Inspirational
The title intrigued me to read it first in the audio format. After two complete listens, I chose to read the Kindle format to note the details. This book is a keeper. While I have no immediate plans to become a day trader, the information can be applicable for a swing trader or even for the long-term trader. Emphasis is focused on many aspects, but more importantly, at least to/for me is to follow the trend. The trend is not a new concept for me. As a VectorVest subscriber and having read at least two or perhaps other Michael Covel's books on Turtle Traders, etc., I plan to create a chart within my VectorVest program to include two of the suggested MA, Alligator, MACD, RSI and others, which I use regularly, but create a graph specific to the author's suggestion for comparison. I recommend this book. Note: I have since purchased a hard cover version of this book.
The title intrigued me to read it first in the audio format. After two complete listens, I chose to read the Kindle format to note the details. This book is a keeper. While I have no immediate plans to become a day trader, the information can be applicable for a swing trader or even for the long-term trader. Emphasis is focused on many aspects, but more importantly, at least to/for me is to follow the trend. The trend is not a new concept for me. As a VectorVest subscriber and having read at least two or perhaps other Michael Covel's books on Turtle Traders, etc., I plan to create a chart within my VectorVest program to include two of the suggested MA, Alligator, MACD, RSI and others, which I use regularly, but create a graph specific to the author's suggestion for comparison. I recommend this book. Note: I have since purchased a hard cover version of this book.
Displaying 1 - 8 of 8 reviews