Swift Trader: Perfecting the Art of Day Trading
By Charles Kim
Prentice Hall
Charles Kim works at Toronto day trading firm Swift Trade where he teaches wannabe day traders how to do it. A very bright guy and a nationally quoted teacher of day trading techniques, he has put his thoughts together in this engaging, informative how to do it manual.
For those who think that riches will descend from the heavens or, more accurately, from NASDAQ level II screens, Swift Trader is a healthy dose of reality. Fear, with reason, is part of the exercise. Mr. Kim discusses clandestine activity by some traders and days when markets go mad. As well, he covers the usual subjects of how to read screens, which networks to use and so on, but then he adds advice that one tends not to see in other guides.
"Avoid getting in or out of the market too often... Losses - not profits - make the trader studious... Beware of trying to pick tops or bottoms." And so on. Some of this is fortune cookie philosophy, some of this advice is worth its weight in gold. For the investor who is thinking of getting into day trading, this is as gentle, as intelligent a guide as there is on the market. Swift Trader doesn't try to turn readers into financial gunslingers; rather, it offers careful cultivation of the trading mind. For a Canadian who wants to play volatility, one cannot recommend a better guide.
For those who think that riches will descend from the heavens or, more accurately, from NASDAQ level II screens, Swift Trader is a healthy dose of reality. Fear, with reason, is part of the exercise. Mr. Kim discusses clandestine activity by some traders and days when markets go mad. As well, he covers the usual subjects of how to read screens, which networks to use and so on, but then he adds advice that one tends not to see in other guides.
"Avoid getting in or out of the market too often... Losses - not profits - make the trader studious... Beware of trying to pick tops or bottoms." And so on. Some of this is fortune cookie philosophy, some of this advice is worth its weight in gold. For the investor who is thinking of getting into day trading, this is as gentle, as intelligent a guide as there is on the market. Swift Trader doesn't try to turn readers into financial gunslingers; rather, it offers careful cultivation of the trading mind. For a Canadian who wants to play volatility, one cannot recommend a better guide.
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