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The Complete Guide to Day Trading - A Practical Manual from A Professional Day Trading Coach by Markus Heitkoetter
THE COMPLETE
GUIDE TO DAY
TRADING
A Practical Manual
From A Professional Day Trading Coach
Markus Heitkoetter
BookSurge, LLC
North Charleston, SC
The opinions expressed in this manuscript are solely the opinions of the author and do not represent
the opinions or thoughts of the publisher. The author represents and warrants that s/he either owns
or has the legal right to publish all material in this book.
The Complete Guide to Day Trading
A Practical Manual From A Professional Day Trading Coach
All Rights Reserved.
Copyright © 2008 Markus Heitkoetter
V2.0
Edited by Nicole Quinlan
This book may not be reproduced, transmitted, or stored in whole or in part by any means, including
graphic, electronic, or mechanical without the express written consent of the publisher except in the
case of brief quotations embodied in critical articles and reviews.
BookSurge, LLC
http://www.booksurge.com
ISBN: 978-1-4196-9563-6
PRINTED IN THE UNITED STATES OF AMERICA
To my family -
for supporting me even in my craziest moments.
Table of Contents
PREFACE........................................................................................................ IX
INTRODUCTION:WHY DAY TRADING? ....................................................... XIII
HOW TO GET THE MOST OUT OF THIS BOOK.............................................. XIX
PART 1: DAY TRADING BASICS – WHAT YOU SHOULD KNOW.......1
WHAT IS DAY TRADING?................................................................................. 3
WHO SHOULD BE DAY TRADING? ................................................................... 5
IS IT REALLY POSSIBLE TO MAKE A LIVING AS A DAY TRADER?.................... 9
HOW TO GET STARTED - DEFINE YOUR GOALS AND MAKE A PLAN.............. 17
1.) Define Your SMART Goal.................................................................. 18
2.) Make a Plan....................................................................................... 19
3.) Execute the Plan ................................................................................ 20
HOW MUCH MONEY DO YOU NEED TO GET STARTED? ................................ 23
DETERMINING YOUR RISK TOLERANCE......................................................... 27
WHAT YOU NEED TO BEGIN TRADING .......................................................... 29
A Computer .............................................................................................. 29
An Internet Connection ............................................................................ 30
A Charting Software................................................................................. 30
A Broker ................................................................................................... 39
A Properly Funded Trading Account ....................................................... 42
A Trading Strategy ................................................................................... 43
PART 2: YOUR TRADING STRATEGY –
THE CORNERSTONE TO YOUR TRADING SUCCESS ..........................47
HOW TO DEVELOP YOUR OWN PROFITABLE DAY TRADING STRATEGY........ 49
STEP 1: SELECTING A MARKET ...................................................................... 51
Trading Stocks.......................................................................................... 52
Trading Forex .......................................................................................... 57
Trading Futures ....................................................................................... 65
Trading Stock Options.............................................................................. 80
STEP 2: SELECTING A TIMEFRAME................................................................. 85
STEP 3: SELECTING A TRADING APPROACH ................................................... 87
Fundamental Analysis .............................................................................. 87
Technical Analysis ................................................................................... 90
Day Trading Charts ................................................................................. 93
Technical Indicators............................................................................... 103
Popular Trading Approaches................................................................. 135
STEP 4: DEFINING ENTRY POINTS ................................................................ 149
STEP 5: DEFINING EXIT POINTS ................................................................... 151
Stop Losses ............................................................................................. 152
Profit-Taking Exits ................................................................................. 160
Trailing Stops ......................................................................................... 167
Taking Partial Profits............................................................................. 169
Time-Stops.............................................................................................. 169
STEP 6: EVALUATING YOUR STRATEGY....................................................... 171
How to Read and Understand a Performance Report............................ 176
STEP 7: IMPROVING YOUR STRATEGY ......................................................... 183
THE 10 POWER PRINCIPLES –
MAKING SURE THAT YOUR TRADING PLAN WORKS ................................... 191
Principle #1: Use Few Rules – Make It Easy to Understand................. 192
Principle #2: Trade Electronic and Liquid Markets .............................. 193
Principle #3: Have Realistic Expectations............................................. 193
Principle #4: Maintain a Healthy Balance Between Risk and Reward.. 194
Principle #5: Find a System That Produces
at Least Five Trades per Week ......................... 195
Principle #6: Start Small - Grow Big..................................................... 195
Principle #7: Automate Your Exits......................................................... 197
Principle #8: Have a High Percentage of Winning Trades.................... 198
Principle #9: Test Your Strategy on at Least 200 Trades ...................... 198
Principle #10: Choose a Valid Back-Testing Period ............................. 199
PART 3: THE SECRETS TO DAY TRADING SUCCESS.......................203
THERE’S MORE TO TRADING THAN JUST HAVING A STRATEGY.................. 205
THE SEVEN MISTAKES OF TRADERS AND HOW TO AVOID THEM................. 209
Mistake #1: Struggling To Identify the Direction of the Market ............ 212
Mistake #2: Not Taking Profits .............................................................. 213
Mistake #3: Not Limiting Your Losses ................................................... 214
Mistake #4: Trading the Wrong Market................................................. 215
Mistake #5: Lack of a Trading Strategy ................................................. 216
Mistake #6: Not Controlling Your Emotions.......................................... 217
Mistake #7: Overtrading ........................................................................ 218
THE TRADER’S PSYCHE ............................................................................... 221
THE THREE “SECRETS” TO DAY TRADING SUCCESS .................................... 227
THE TENETS OF DAY TRADING.................................................................... 231
HOW TO START TRADING WITHOUT RISKING A SINGLE PENNY .................. 235
BONUS MATERIALS ...................................................................................241
APPENDICES.................................................................................................243
APPENDIX A – TRADING PLAN TEMPLATE................................................... 245
APPENDIX B – BROKER CHECKLIST............................................................. 249
APPENDIX C – ADDITIONAL RESOURCES ..................................................... 251
APPENDIX D – READING RESOURCES .......................................................... 253
APPENDIX E – GLOSSARY............................................................................ 257
APPENDIX F – ABOUT MARKUS HEITKOETTER............................................ 271
APPENDIX G – COACHING PROGRAMS......................................................... 273
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