Day Trading – How to Win!

 

The articles on these web pages have been drawn from my personal trading manual. I wrote this when reviewing what I had learned during ten years of trading the markets, and spelling out my own trading style.

Over the years, I have traded stocks, forex, futures, stock options and futures options. Now, I day trade grain futures contracts exclusively, and I love it. Every trader has to find the type of trading which matches their own temperament, and this is mine.

What I like about it is that it is short and sharp, and the risk is tightly controlled. By short and sharp I mean that I only have to trade for about thirty minutes each day, but I have to really concentrate during that period to make sure that I execute my strategy with no mistakes. As for risk, I am usually in the market for a matter of minutes, a few hours at the most, and never have positions open overnight or at weekends.

This suits me perfectly. I enjoy the quick feedback from my trades, and I sleep easily at night knowing I am not in the market exposed to “freak” events that can be very painful when you are in a leveraged position.

Since concentrating exclusively on day trading futures contracts, I have coached clients who want to follow a similar path. This has given me a good feel for the problems most traders encounter, and the questions that get asked, especially by newer traders. Over time I modified my trading manual to address these areas, and it evolved into a fully fledged eBook.

Now, the eBook is available in easily readable PDF file format. It contains 65 pages of concisely presented information including dozens of screenshots and diagrams. A working version of the spreadsheet featured in the eBook is provided in Excel format.

As well as expanding on the information presented on this website, the eBook features:

  • The actual chart patterns I look for to signal trades. A diagram of each specific pattern is provided, and examples drawn from real trading sessions are used to illustrate its use.
  • The money management strategy I use to decide how many contracts to trade.
  • The trade management strategy I use to set stop loss and profit taking target levels.
  • The use of a spreadsheet to provide information and guidance quickly during a fast-paced trading session.
  • Two case studies taking the reader through real trades, screenshot by screenshot, as they unfolded in a real life situation. These fully illustrate my daily trading process.
  • A check list of the steps a new trader needs to take to get started.
  • A detailed description of how to customize the trading software and how I set up my trading screen.

My trading approach is to look for just one trade each day. I watch the first thirty minutes of the trading session, searching for patterns which indicate high probability trade setups. If I enter a trade, I automate my exit strategy so that no further monitoring is required.

On days when I see no good setups during the thirty minute trading window, I place no trades for the day.

This is not a “black box” system, by which I mean it is not a software package which claims to use some specialized indicator to give you Buy and Sell signals with little or no thought on your part. On the contrary, it teaches you techniques which you use to understand the market action and make high probability trades. To use it successfully, you need to be mentally alert, quick thinking and decisive.

The price is $79 (AUD) which is just a fraction of the amount typically made in a single successful trade. I spent several years and many thousands of dollars learning this topic, and I am confident the information presented here is excellent value for money. Even if you only take one good idea out of the eBook, it would easily repay your investment.

This eBook provides a detailed insight into how one day trader approaches his work. If you want to see if trading might be for you, or if you want to see what you have to do to get started, then I strongly recommend you read it.

I can honestly say that if I had had this resource available to me at the start of my trading career, I would have saved many, many thousands of dollars. This eBook contains solid information. It is not full of fluff like so many eBooks, nor is it a thinly disguised advertisement for another product or service.

My reputation is far more important to me than the profit on the sale of one eBook. If you are not absolutely satisfied with the product, I will refund the full purchase price – no questions asked.

UPDATE: Now that my new book – Day Trading Grain Futures – is published, a number of readers have asked what are the key differences between the eBook and the printed book.

Both feature the same money management techniques and essentially the same trading setups.

The printed book is more condensed, contains less background theory, and many more illustrations showing how the setups work in practice.  The illustrations provide lots of examples you can use to improve your pattern recognition skills. It features a few minor setup changes which I incorporated in the 18 months between the publishing of the two books, and a more sophisticated version of my trading calculator.

The eBook gives a bit more depth in some areas, explaining, for example, the theoretical justification for the money management method used. But probably its major difference is that it has a lot of detail about how to set up and manage the IB TWS software trading platform. For those with little trading experience, or limited experience using a sophisticated trading platform with countless customization options, this may be very useful.


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