For many of us, the elusive world of Day Trading remains much of a mystery. Some prefer to steer clear of this trading style, viewing it as tantamount to gambling, while others seek out the fast-paced decision making nature coupled with the allure of making a quick buck.
In his new book Momo Traders, Brady Dahl, with Nathan Michaud, does for Day Traders, what Jack Schwager did for Professional Traders when he first published Market Wizards. Brady provides unrivaled access to 10 Phenomenal Day Traders, all of whom started their trading careers in much the same way as most of us, with little capital, limited to no trading experience and armed only with a dream of making it big!
Investopedia quotes a MOMO play as:
A slang term used to describe an advanced trading strategy based purely on momentum. In a momo play, the trader is not interested in the company's fundamentals, only in the short-term direction of a security's price movement.
In order to fully appreciate this book, one first needs to understand the concept of Day Trading. Practically all trading positions are opened and closed within a single day, during market hours only. This increases the stakes exponentially. Not only do you need to be right, but you need to be right FAST! Most Day Traders hold positions for a very short period of time, often as short as a few minutes only! They try to capitalize on momentary price action movements such as changes in direction, or the continuation of momentum of any particular move, all with the sole aim of making a quick buck by scalping a little bit of profit along the way.
Day Trading has become a significant draw to many retail traders. In fact anyone with an internet connection and a brokerage account can take a shot at it, and many do. However, what most traders soon realise is that day trading is in fact an art, and as with any other profession, one cannot expect to be successful just by merely looking the part.
Practically all traders interviewed in this book agreed that the skill of trading can be taught. However, all also conceded that a good chunk of their success can be attributed directly to their own personality type and views on risk. Youll learn that having a knack for numbers helps but is not essential to succeed. More important is having a personality type that is comfortable with risk, coupled with the ability to see the big picture.
Through the numerous interviews, Momo Traders highlights the fact that being successful at trading can be boiled down to the ability to develop a trading plan, a trading strategy, and then meticulously executing your plan without your emotions getting the better of you.
From reading this book, youll learn that in the game of trading, errors cost real money and there is no escaping this fact. The trick is in understanding that school fees will be paid, and your survival therefore hinges on making sure that these losses are small enough to not threaten your capital and by implication your existence as a Day Trader.
Momo Traders gives you a behind-the-scenes look at how these traders deal with risk on a daily basis. The truth is that for a complete novice trader the risk management strategies followed by many of them are not suitable. For the most part, the level of risk cannot be safely emulated by someone just starting out. Having said that though, this book is by no means a self-help book on trading. In fact it does not profess to be. Instead, with each trader interviewed, Momo Traders captures a conversation between a student of the markets and what most would agree, a master trader. By standing on the shoulders of giants, this book aims to help prospective day traders navigate the numerous and typical pitfalls to be expected along the way, of which risk management is only one of them.
Momo Traders gives amazing insight into the minds and emotions of todays super Day Traders. They share their own insecurities, flaws, best and worst moments in life, as well as scattered throughout the book youll find hundreds of trading gems which will go a long way in assisting you along your own trading journey.
Brady Dahl did a fantastic job in capturing the essence of Day Trading, making Momo Traders a must have addition to any aspiring Day Traders library get your copy HERE
In his new book Momo Traders, Brady Dahl, with Nathan Michaud, does for Day Traders, what Jack Schwager did for Professional Traders when he first published Market Wizards. Brady provides unrivaled access to 10 Phenomenal Day Traders, all of whom started their trading careers in much the same way as most of us, with little capital, limited to no trading experience and armed only with a dream of making it big!
Investopedia quotes a MOMO play as:
A slang term used to describe an advanced trading strategy based purely on momentum. In a momo play, the trader is not interested in the company's fundamentals, only in the short-term direction of a security's price movement.
In order to fully appreciate this book, one first needs to understand the concept of Day Trading. Practically all trading positions are opened and closed within a single day, during market hours only. This increases the stakes exponentially. Not only do you need to be right, but you need to be right FAST! Most Day Traders hold positions for a very short period of time, often as short as a few minutes only! They try to capitalize on momentary price action movements such as changes in direction, or the continuation of momentum of any particular move, all with the sole aim of making a quick buck by scalping a little bit of profit along the way.
Day Trading has become a significant draw to many retail traders. In fact anyone with an internet connection and a brokerage account can take a shot at it, and many do. However, what most traders soon realise is that day trading is in fact an art, and as with any other profession, one cannot expect to be successful just by merely looking the part.
Practically all traders interviewed in this book agreed that the skill of trading can be taught. However, all also conceded that a good chunk of their success can be attributed directly to their own personality type and views on risk. Youll learn that having a knack for numbers helps but is not essential to succeed. More important is having a personality type that is comfortable with risk, coupled with the ability to see the big picture.
Through the numerous interviews, Momo Traders highlights the fact that being successful at trading can be boiled down to the ability to develop a trading plan, a trading strategy, and then meticulously executing your plan without your emotions getting the better of you.
From reading this book, youll learn that in the game of trading, errors cost real money and there is no escaping this fact. The trick is in understanding that school fees will be paid, and your survival therefore hinges on making sure that these losses are small enough to not threaten your capital and by implication your existence as a Day Trader.
Momo Traders gives you a behind-the-scenes look at how these traders deal with risk on a daily basis. The truth is that for a complete novice trader the risk management strategies followed by many of them are not suitable. For the most part, the level of risk cannot be safely emulated by someone just starting out. Having said that though, this book is by no means a self-help book on trading. In fact it does not profess to be. Instead, with each trader interviewed, Momo Traders captures a conversation between a student of the markets and what most would agree, a master trader. By standing on the shoulders of giants, this book aims to help prospective day traders navigate the numerous and typical pitfalls to be expected along the way, of which risk management is only one of them.
Momo Traders gives amazing insight into the minds and emotions of todays super Day Traders. They share their own insecurities, flaws, best and worst moments in life, as well as scattered throughout the book youll find hundreds of trading gems which will go a long way in assisting you along your own trading journey.
Brady Dahl did a fantastic job in capturing the essence of Day Trading, making Momo Traders a must have addition to any aspiring Day Traders library get your copy HERE