Let’s talk about How to Day Trade for a Living written by Dr. Andrew Aziz.
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Andrew himself is a successful full-time financial trader who runs the Bear Bull Traders website (www.bearbulltraders.com).
In this book, he talks about day trading itself, what it is, and how one can begin a career in it. One of the book’s best parts is that he talks about strategies you can use to profit in trading and the industry’s psychology.
One of the significant benefits of the book itself is the illustrations provided.
With every day trading strategy that Andrew provides, he ensures to give illustrations. These illustrations take the form of tables or graphs of stocks on his watchlist and how he has profited by using strategy itself. It enhances the learning of each plan, and it looks natural. However, he communicates that trading is not easy, but it’s simple. As confusing as that may sound, it will take much practice to become profitable.
I enjoyed the realism Andrew associated with being a profitable and successful day trader. It’s not as simple as opening up a laptop at 12:00 P.M. (E.T.) and attempting to use these strategies to earn some money. It takes self-discipline and constant reflection to look at what strategies work for you. In addition to this, Andrew himself endorses that you practice in a simulator to expose yourself to the world of day trading.
How to Day Trade for a Living talks about how trading can get very emotional. Andrew expresses this in his book and says that one can have much self-doubt on whether they can consistently be profitable in day trading or if it is all for nothing. Self-doubt is common upon all of us because we are all only human. However, it’s essential that you continue, step away for a while whenever you’ve lost money, and continue to review your strategies.
What might be the essential aspect of day trading is planning out your strategies. It would be best if you had an excellent profit-to-loss ratio that suits your needs, as Andrew says himself, he will not enter anything lower than a 2:1 profit-to-loss ratio. If you do not have a plan going into the trading day, you cannot expect to profit. Benjamin Graham said it best: “If you fail to plan, you are planning to fail.” This quote reverts to having the necessary self-discipline to day trade, which Andrew talks more about in the book.
Andrew does a great job of going into detail and using examples for certain principles, strategies, and concepts. I know for myself, some of the strategies may get a little technical, requiring me to read back a couple of times until I fully grasp it. Even then, I still don’t understand all of the concepts, but it just means I will need to reread the book.
The glossary in the back of the book is often useful to reflect whenever you are reading throughout or just whenever you are executing trades.
Unlike the book A Beginner’s Guide to the Stock Market, this is around 250+ pages and is positively packed with details.
I appreciate the insightfulness How to Day Trade for a Living was. I had no personal knowledge of day trading before reading the book. Having my eyes opened to the day trading makes me realize that you will not be profitable daily, and it’s not easy as anyone will make it out to be.
As I sit here and write this, I have no complaints about the book itself. It was quite interesting to read about the guidelines, one has to follow both personally and legally in trading. You will see traders advertising that they have a simple trading strategy that could make you thousands of dollars a day. As much as you and I would love for that to be true, it is not the case.
Andrew makes the book simple enough for anyone to read, and with his detailing, he does a great job of getting concepts across to the reader.
I give the book a 9 out of 10.
How to Day Trade for a Living seems to hit the ballpark in every aspect of building a successful day trading career. These are lessons that all day traders need to know and learn, but there are lessons that swing traders or long-term investors can take away from the book and use for their strategies.
This is a book you will want to pick up if you’re considering day trading and making a potential career out of it.
Make sure to check out Andrew’s website, where he teaches classes and webinars related to day trading. He even streams on his website live, so you can analyze his trades and what he does in a day to replicate it to your style.
As well, Andrew has a YouTube channel that you may prefer to view rather than reading a book.
Disclaimer: I am not a financial advisor. You are trading at your own risk and should consult a financial advisor for any investment decisions. Do your own due diligence when considering investing, and this information is for education/informational purposes only.