35 of 35 people found the following review helpful

4 Should be titled Start Day Trading Later

By Christopher Suzukida on November 8, 2011

I picked up Michael Sincere’s book, Start Day Trading Now from my local bookstore because I got so caught up reading it that I decided to buy it right then and there vs. buying from the Kindle bookstore like I usually do. I took it home and read it cover to cover and I’m currently going through my second read through. It is a bit dense with 181 pages of actual writing that is chock full of definitions, charts, and various anecdotes. I’m not exceptionally new to investing, but am a total beginner when it comes to trading, and Mr. Sincere’s book was perfect for me.

At first, because of the title, I thought it would provide valuable information on how to choose a good discount broker and have more detailed insights into the daily going-ons of an actual day trader. Although the last 30 pages or so are supposed to introduce you to the life, it’s really just an interview with some different day traders providing their own tips and tricks (what indicators they use, what they trade and how, etc.) but it’s too over the top for a trader just starting out. What I wanted to know is more of how to pick quality stocks and the best ways to find them. Mr. Sincere also has a repeating theme throughout this book: day trading is NOT for anyone. If you can’t have a steeled emotional state while trading, day trading is not for you. If you can’t cut your losses short, day trading is not for you. If you are not disciplined, day trading is not for you. As a matter of fact, an author that Mr. Sincere seems to idolize a bit in the book, says in her own that day trading is in fact not for the faint at heart. She states the three B’s of day trading: bucks, brains, and balls. Basically, if you don’t have those, day trading is probably not for you.

What I gleaned from this book is that if you don’t go into the market knowing what you need to know, you could lose pretty badly. Mr. Sincere’s book only gets you 10% of the way there.

BUT!

This book is a GREAT 10% and it touches most of the basics of what you need to know, in order to point you in the right direction. This book never claims to be in-depth and with what I’ve learned in this book, I’ve decided to hold off day trading until I get at least five more books and months (or more) of experience paper trading. Then I only want to go in with the minimum requirement of $25k so that I can’t lose too big.

Summary: For those of you looking for a good place to start, inquire within the pages of this book. NOT for those who want to start actually trading tomorrow, IS for the novice who wants to learn what will eventually be required to day trade in the months ahead.