Trading Strategies for Direct Access Trading: Making the Most Out of Your Capital

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9780071363921: Trading Strategies for Direct Access Trading: Making the Most Out of Your Capital

The electronic direct access method of trading doesn't mean that traders can simply click a mouse button and watch the profits roll in. Trading strategies are still needed to make the right trade at the right time. Electronic direct access trading can use many of the same strategies and techniques that have been successfully used by traders for decades. However, because this is a slightly different medium for trading, trading strategies must be altered to fit this new trading format. "Trading Strategies for Direct Access Trading" will walk the reader through the different ways to create his or her own electronic trading strategy. Whether a scalping day trader or a longer-term swing or position trader, there are ways to diversify and thus maximize capital that allow the trader to take advantage of market opportunities while controlling risk. The author discusses the key elements a trader needs to master in order to effectively manage his or her trading. The author covers in detail the following concepts: most successful direct access traders actually combine long-term and short-term strategies to maximize the use of their capital; evaluating and managing risk on a consistent basis based on current market sentiment and the trader's capital situation; choosing specific types of stocks to trade for specific types of traders; and an in-depth look at specific strategies to build an electronic trading portfolio and building a capital base. There is also a chapter dedicated to rules for success based on the experiences of seasoned direct access traders. The book closes with case studies of successful traders who incorporate different strategies into their trading depending on market conditions. "Trading Strategies for Direct Access Trading" should help the reader find the style of trading that matches his or her personality and psychological make-up. This is the fifth in a planned six-book series on making the transition from online trading to direct access trading.

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From the Back Cover:

New Rules for Success at the E-DAT Trading Screen­­From the Traders Who Wrote the Rulebook

Electronic direct access trading (E-DAT) requires more than just sitting at a computer screen, clicking a mouse button, and raking in the profits. It requires a skill set of strategies and techniques that while similar to those used by successful traders for decades, have been updated to capitalize on the unique opportunities and demands of today's electronic marketplace.

Trading Strategies for Direct Access Trading addresses every aspect of this revolutionary new trading opportunity. Everyone from a spread-scalping day trader to a longer-term position investor will learn to develop an E-DAT trader's sixth sense as they discover:

  • Detailed instructions for using the Nasdaq level II screen
  • How to pick favorite stocks to trade that best fit your personal trading styles and strengths
  • Case studies of traders successfully adapting to a wide variety of market conditions

The Direct Access Traders Series shows you how to harness the power of today's financial technologies­­whether you make 2 trades per year or 2000. Other books in the series include:

  • Understanding Direct Access Trading
  • Mastering Direct Access Fundamentals
  • Tools for the Direct Access Trader
  • Direct Access Execution
  • Technical Analysis for Direct Access Trading

"From learning the ins and outs of key strategies like scalping and swing trading to managing risk and adhering to the golden rules of day trading, this book will provide a roadmap of the preferred tactics and tools of the successful direct access trader. What's more, through in-depth case studies, we will provide a rare behind-the-scenes look at the intraday mind-set of different types of traders."
­­From Chapter 1

Thanks to the personal computer and the Internet, individual investors are reasserting their power in today's stock markets. In fact, full-time electronic day traders­­the gun-slinging cowboys of today's investment marketplace­­now account for nearly 20 percent of daily NYSE and Nasdaq trading volume. Trading Strategies for Direct Access Trading is a detailed, comprehensive overview of the exciting world of electronic direct access trading (E-DAT), and contains everything you need to know to craft an aggressive­­yet risk-protected­­direct access trading plan.

Nasdaq level II quotes ... SelectNet ... ECNs ... after hours trading ... never before has the world of trading been this wide open and accessible. Turn to Trading Strategies for Direct Access Trading for up-to-the-minute information and guidelines on:

  • Do's and don'ts of E-DAT trading­­from setting a plan for each trade you make to always staying within your profit and loss parameters
  • Pros and cons of specific order routing mechanisms and execution destinations
  • Psychological techniques to control your emotions during exhilarating hot streaks­­and heart-stopping cold spells
  • When to use stop orders, the merits of back-testing trading strategies, and protective steps to take when trading on margin
  • A screen-by-screen breakdown and analysis of positions taken during a typical trading day

Whatever your chosen E-DAT strategy­­scalping, swing, or position trading­­you must know and understand the many different styles and techniques for seizing profit opportunities in today's no-holds-barred markets. Trading Strategies for Direct Access Trading will show you how to determine your optimum trading style, and choose the techniques and strategies that, day in and day out, will dramatically improve your short- and long-term trading performance.

About the Author:

Robert Sales is editor of "Electronic Trading Week," a weekly newsletter that covers all facets of automated trading at financial services firms. Mr. Sales is also a senior editor for Wall Street and Technology magazine, where he has focused on electronic communications networks, automated bond trading, and stock exchange mergers. He also serves as editorial chief of trading systems supplements for Wall Street and Technology. Mr. Sales has served as a moderator and speaker on various electronic trading panels.

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