Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

Book Review of Start Day Trading Now by Michael Sincere

Posted by Hopeton on June 2, 2011

 By Kamilah Powell

Want to be a millionaire now?  Well, day trading may not be the best way to go about it.  The general concept of day trading  is that in the morning, you dump a bit of money in the stock market and BOOM, by day’s close you’ve made thousands.  While this may be the case in some very few circumstances, it is definitely not the norm.  Start Day Trading Now is a quick and easy guide that will guide an individual through the basics of what day trading actually is and how to go about it in a responsible manner in which you learn to mange your risks.

For a beginner or someone who simply doesn’t know anything about trading, this book is a must.  It starts with the opening chapter titled, “What is day trading?”.  It goes through what day trading actually is and not what some websites or traders claim it is.   From there it jumps straight into the in’s and out’s of how to day trade from scratch from the perspesctive of a true beginner.  Sincere goes on to explain how to better manage your risk as a day trader and explains that a real day trader will lose money on a regular basis.  He even adds a cute chapter about a true character Hal (not his real name), who as a beginner makes several very common errors in trading, but realizes his mistakes and in the end becomes a successful trader.  He goes on to list lessons to be learned form “Hal’s” mistakes.  My two favorites and, in my opinion, the most important are lesson number 12, “Learn how to trade without emotion,” and lesson number 15, “Prepare in advance before placing your first trade. Practice trading.”

From how to find the right brokerage firm to reading charts, this book is the right tool for someone who may be thinking about getting into the business.  In his book, Sincere provides a glossary of terms that defines all those special acronyms and terms that are used in the trade.  He also provides a section of resources for novice traders with a list of books and websites to reference.  This book is certainly a great start for a beginner trader, however after reading it, you will absolutely need to do a bit more research on trends and more precise chart reading skills and information.  In his final chapter Sincere himself states that after reading the book, “You may continue learning and researching and take my advice to practice trade before committing real money into the market.  Or you may open up your first trading account.  Either way, one of my goals was to prepare you emotionally for a tough battle.”  I will say, that after reading the book you will know whether or not day trading is right for you.

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