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Day traders must have intense focus and discipline, keen minds, fast reflexes--oh, and plenty of capital. Their prosperity depends on entering up to 300 trades a day, successfully pitting themselves against the best professional traders at the biggest Wall Street houses. And it's not getting any easier, for as day trading has made markets more efficient--narrowing spreads and increasing liquidity--more efficient markets make successful day trading even more difficult as the spreads narrow. Millman interviews the patriarchs and prophets of modern day trading, along with technologists, regulators, lawyers, market makers and of course--lots of day traders. A psychologist who treats many day traders says the game is pathologically addictive with sometimes fatal consequences. There's a chapter devoted to the bucket-shop wizard of the Gilded Age, the first day trading master, Jesse Livermore, whose penetrating insights are gospel for many traders (and immortalized in Edwin Lefèvre's Reminiscences of a Stock Operator). Both Livermore and a recent Atlanta day trader blew their brains out in the end, the latter taking several other day traders with him.
But those who aspire to the calling will find much useful information and advice here, including a checklist to consider before starting, and an overview of a month-long "boot-camp" course on markets, trading technology, and extreme investing. Everyone else will find a vastly entertaining and informative read about an important but somewhat bizarre aspect of our market system and how it works. --Scott Harrison
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