The Complete Guide to Day Trading
by Markus Heitkoetter
A Practical Manual From a Professional Day Trading Coach
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6 x 9 Paperback cream
ISBN: 9781432721176
$15.95
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Book Information
Genre:
BUSINESS & ECONOMICS / Investments & Securities
Publication:
Jun 29, 2008
Pages:
295
Books by Markus Heitkoetter
Do you want to be a day trader?
Every day, millions of dollars change hands in the markets, presenting the perfect opportunity for people just like you to make significant money and profits through the art of day trading.
But here's the question: is day trading right for you? And, if it is, how do you get started?
In his new three-part guide, professional day trading coach Markus Heitkoetter lays out a simple, proven system for trading success. From the basic essentials of trading to the actual process of making money in the markets, he'll cover it all.
What You Need To Get Started: The Tools, The Methods, The Mindset
Finding the Best Market to Trade: Futures, Forex, Stocks, or Options
A 7-Step Approach to Developing Your Own Profitable Trading Strategy
The 10 Power Principles of Successful Trading Strategies
Avoiding The 7 Common Mistakes of Traders
Get Started Without Risking A Single Penny
Ready-To-Use Trading Plan Templates, Checklists, Resource Directories, & More
Loaded with easy-to-use information, proven and reliable strategies and guidelines, and a practical hands-on approach to the industry, The Complete Guide to Day Trading is your own personal manual to success in the markets.
Introduction: Why Day Trading? If you’re thinking about getting into day trading, then you’ve probably got a pretty strong motivation. More often than not, that motivation is money. You want to be rich. No, wait. Let me be a little more specific: you want to be wealthy.
Just to make sure that we’re on the same page, let me touch on the key difference between being “rich” and being “wealthy:”
1.) “Being rich” means that you have a lot of money. 2.) “Being wealthy” means that you actually have time to enjoy your money, time to do what you want to do when you want to do it.
So, is day trading really the ultimate solution to becoming wealthy? Let’s see.
Here's how to become rich:
You work your way up to the position of an executive in a corporation and make hundreds of thousands of dollars a year. Of course, you’ll be working at least 10 hours per day and at least 6 days per week.
Here are the three ways to become wealthy:
1.) Starting Your Own Company or Internet Business 2.) Investing in Real Estate 3.) Day Trading
Option 1: Starting Your Own Company or Internet Business
Having your own company means that you’ll have to find or create a product, market the product, sell the product, deliver the product to your customers, and collect the payments.
These days, there are many “Internet Marketing Gurus” trying to sell you on the idea that you can automate everything, which will allow you to sleep late, do nothing, and cash very fat checks on a regular basis. We both know that this is a dream, nothing more.
You can automate the routine, sure, but not the exceptions. And believe me: there are always exceptions when dealing with people – your customers. Plus, as long as you have computers involved, you need to keep Murphy’s Law in mind: "Whatever can go wrong, WILL go wrong.” Nothing could be truer!
Even if you could automate most of the delivery, you still have to find or create a product, set up a website, write sales copy, put the automation in place, and generate traffic. And since the Internet is evolving so quickly, you will constantly have to update your website and traffic generation methods.
Okay, so what if you skipped the Internet part? If you have a “physical” business, the headache might be even bigger: employees, vendors, lawyers, competitors, invoices, customers, production problems, office space, equipment, etc. I’ve known a number of small business owners who have simply given up and gotten a regular 9-5 job. Sometimes the reward just isn’t worth the stressful lifestyle.
Option 2: Investing In Real Estate
Our second option on the road to wealth is investing in real estate. But with the market slowing down and the current credit crunch, it’s not that easy anymore. Most lenders these days require a down payment of 10%-20% for investment properties, so you also need substantial capital to even get into the business.
Another problem is the cost of a transaction. Whenever you buy or sell a house, you might have to pay a Realtor’s commission and face closing costs. Because of these factors, it’s not easy to quickly buy and sell houses. A transaction can last several days or several weeks. And on top of that, you always have the possibility of problems with renters (if you are renting out), or with contractors (if you are “fixin’ and flippin’”) or with legal issues if you use those “creative techniques” that some of the late night infomercials are promoting. It basically boils down to one big pain in the neck!
You need an appraisal, too, and you might have to argue with the appraiser about the value of the house; you need a home inspection and might be surprised when you learn of all the things that need to be fixed before you can sell; and, last but not least, your buyer might have to obtain a mortgage. As you know, the mortgage industry has really become “interesting” in 2007 (to say the least), and buyers that were pre-approved and pre-qualified might learn the day before closing that they won’t receive the promised loan. And all of these problems are just the tip of the iceberg. When it comes to hassle and problems, real estate investing is a flip of the coin, at best.
So, what’s left?
Option 3: Day Trading
In my opinion, it’s the perfect way to become wealthy. Here are 10 reasons why:
1.) It’s the total “equal opportunity” job Your race doesn’t matter. Your skin color doesn’t matter. Your education doesn’t matter, whether you’re a Ph.D. or a college drop-out. Your sex doesn’t matter. Your origin doesn’t matter. Your age doesn’t matter. Your background and history don’t matter. Even if you’ve been in jail for years, you could still make money with trading. Your language doesn’t matter. Your looks don’t matter. And your social status doesn’t matter, as long as you have sufficient funds to trade.
2.) No employees to hire You don’t have to hire any employees, which means you don’t have to worry about job interviews, payroll, employee evaluations, holidays, sick days, or employee performance. Your only “team member” is your broker, and if he doesn’t perform, there are 10 others waiting in line for your business.
3.) No inventory, office space, or other equipment (besides your phone and your computer) You don’t have to buy or rent expensive office space, and you don’t have to stock any products, which means you don’t have to worry about expiration dates, damaged goods, shipping, handling, insurance, or displays and promotions of goods.
4.) No vendors, no customers, no invoices, and no accounts receivable You won’t have to deal with any face-to-face contact. You don’t need any vendors, you don’t need to satisfy any customers, you don’t need to provide any customer support, and you don’t need to worry about any invoices, bounced checks, fraudulent credit card charges, returns, or charge-backs.
5.) The time required is minimal Whether you have a regular job or run your own business, the chances are that you’re working at least 40 hours per week. With day trading, you can trade either part-time or full-time. You can start trading for as little as one hour per week, or you can go for the maximum of 2 hours per day. It’s your choice.
6.) Low capital requirement You don’t need a lot of money to get started. This is not like buying property, for example, where you’re on the hook for a monthly mortgage and other cash-draining expenses. In trading, you can start with as little as $1,000! (We’ll talk about how a little later.)
7.) Returns are almost instantaneous I'm talking "fast cash" in the sense that trading allows for quick liquidation. You can convert trades for cash within seconds. Where else in the world can you make money this fast and comfortably? You can buy and sell and buy again in minutes. You don’t have to wait to see your profits. Try this with real estate or physical goods, where you might have to wait weeks, or even months.
8.) Low transaction cost You pay less than $10 per transaction in trading. Compare that to real estate transactions, in which you have to pay several thousand dollars in closing costs, not to mention a 3-6% commission to your realtor.
9.) It's simple to learn how to make money with day trading You don’t have to go to college for years. And unlike most other professions, years of experience are not necessary either. After teaching hundreds of people how to make money with day trading, I firmly believe that everybody can learn how to become a successful trader.
10.) You don’t need much to get started In fact, there are only six things that you DO need:
a.) A computer b.) A charting software c.) A broker d.) An Internet connection e.) A properly funded trading account f.) A good trading strategy
I could go on and on, but I think you get the picture. Throughout this book, we’re going to cover a lot of material that will help you get started with trading successfully. Here are a few of the essentials:
1.) What exactly is day trading 2.) Who should be day trading 3.) Is it really possible to make a living as a day trader 4.) What you need to get started 5.) How much money you’ll need to begin trading 6.) What markets are out there and which ones you should trade 7.) How to develop a profitable day trading strategy 8.) How to ensure that your day trading strategy actually works
In short: you will learn everything you need to know to start making money with day trading. Ready?
About Markus Heitkoetter
Markus Heitkoetter began trading in high school, and he’s been going strong ever since.
In 2005, he launched Rockwell Trading® to fill the void of quality education that he saw in the trading industry. Markus has since taught hundreds of traders and investors all over the world how to make consistent profits in the U.S. and European markets. He offers educational webinars for the CME, Eurex, FXstreet, Strategy Runner, and many other financial companies. He’s written articles on over 500 websites, and he’s become an expert contributor on ezinearticles.com, Yahoo Answers, and FAQTs.com.
Markus resides with his wife and two children in Austin, Texas.
Do you want to be a day trader?
Markus Heitkoetter began trading in high school, and he’s been going strong ever since.