The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed

by Josh DiPietro

The Truth About Day Trading Stocks A realistic guide to day trading today's stock market In terms of the potential for heavy financial losses, day trading is a high-risk profession. No one should contemplate day trading without giving thought to the ways he can lose, and all the ways to lessen or avoid them. Yet many people enter the game with unrealistic expectations, unaware of what it takes to succeed. Seminars and software alone do not make a successful day trader, cautions author Josh DiPietro. Instead, a trader must learn hard lessons of self-discipline, consistency, and staying in the game for the long haul to have a real chance of success. In The Truth About Day Trading Stocks , DiPietro offers the amateur day trader a brutally honest look at the pitfalls of day trading—and how to hopefully avoid them. Written in an engaging and sometimes humorous tone, The Truth About Day Trading Stocks draws on the author's own experiences as a day trader to offer a clear-cut departure from typical "golden goose" strategies promising instant wealth. Instead, he attempts to slow down the dangerous fervor of the average amateur and demonstrate the ways you can become a professional and not lose your shirt in the process. The Truth About Day Trading Stocks shows how trading decisions are bent and shaped by emotions, and why it is critical to know yourself, understand risk, and remember that increasing your skill level is a gradual, ongoing process—there's always more to learn! After dispensing with popular illusions, DiPietro proceeds to offer realistic, practical trading advice—comparing pay-per-trade with pay-per-share brokers, determining which works best and when, offering suggestions on how to avoid the prospect of perfect trades turning ugly, and more. At the end of the book, he also includes a section called "Rules to Remember," a list of over eighty rules, simply stated and easy to grasp, to benefit amateurs' performance. Throughout the book, the author describes his development of acute self-awareness while figuring out how to succeed. Through that blunt self-portrayal, the goal of The Truth About Day Trading Stocks is to help you create a disciplined mind-set and apply it to your own successful trading style.

208 pages, Hardcover

First published May 27, 2009

Reviews

[Magpie · Rating 1 out of 5]

This book covers most of the basics you need to know about day trading. But there are books that are better.

[Tony WANG · Rating 4 out of 5]

This short autobiography is actually a surprisingly accurate depiction of the struggles of an intraday trader. Josh detailed his journey towards a professional trader. The book was published around the '08 financial crisis, a decade later, most of the accounts are still very relevant. That is because human emotions will never change - inner greed and fear will continue to be a trader's biggest enemy. The psychological aspects of this book is spot on.

A few rather harsh but realistic quotes..

"What’s closer to the truth is that things won’t take off until you’ve lost so many times that you’re humbled.

Luck is a gambler’s best friend. Not needing luck is the day trader’s distinction.

Your valuable lessons only evolve from your disastrous, though enlightening, mistakes.

Homework is an investment in another perfect day."

This book is recommended for all traders and non-traders alike. If you are a novice that is looking to get into the field, this book provides a decent overview about day trading. It will not be an easy journey. The market will give you a big slap in the face every now and then. Also, you will blow up accounts if you don't buried your ego at all times when trading. I thought the ratings is slightly underrated. It should be a solid 3.5/5.

[Colle Owino · Rating 4 out of 5]

In a nutshell this is the book the author wished he had read when he was starting out in day trading. Has lots of useful advice and keeps you grounded before you end up losing your shirt in the markets. He also acknowledges that it will take time and effort to build consistency and your worst mistakes will be your greatest learning opportunities.

[Alexandra · Rating 3 out of 5]

Pretty good. I love reading, but for trading, I think it's better to watch videos. Can't believe I'm saying this lol

[Carson B · Rating 4 out of 5]

it was pretty well put together