The Compleat Day Trader II (v. 2)
The Compleat Day Trader IIbuilds on the ideas presented in Bernstein's first day-trading book,The Compleat Day Trader. This time around, Bernstein focuses on more advanced trading systems and places particular emphasis on the importance of self-discipline in day trading, and he zeros in on the best futures markets to trade, including the S&P; 500, Treasury bonds, and European currencies. He peppers the book with cautions about the difficulties of day trading, saying, for example:The bad news is that it's getting harder and harder to win as the markets become more competitive and as insiders grab onto opportunities before the general public has had a chance to do so. Fortunately, the basic rules of profitable futures trading still apply. Therefore, if you follow the rules, you will improve your odds of success, even though they may be less than they would have been 15 years ago.The lure of making a living--if not a fortune--on the daily ups and downs of the stock and commodity markets has drawn thousands into this high-stakes game. Just how many profitable day traders there are is impossible to gauge, but judging from message boards and articles in the financial press, it's a safe bet that lots of people lose lots of money. Reading bothThe Compleat Day TraderandThe Compleat Day Trader IIshould you bring you to the conclusion that while profitable day trading is possible, it requires more than just a passing interest. Proceed with caution.--Harry C. Edwards