The New Electronic Traders
Book

The New Electronic Traders

Understanding What It Takes to Make the Jump to Electronic

Jonathan R. Aspatore
McGraw-Hill, 2000
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Recommendation

As Jonathan R. Aspatore is quick to point out, the traders referred to in the title of his book are not the millions of people trading stocks online through Schwab and E*Trade. Instead, they are a more sophisticated bunch with arsenals of DSL lines and Nasdaq Level 2 screens. Does that mean they are more successful than their counterparts on the World Wide Web? Aspatore says they are. He offers more than a dozen question-and-answer sessions with upbeat electronic traders who are jazzed by their own success. Not answered is this: If electronic traders have a competitive advantage over online traders due to better technology and information, what kind of an advantage do Wall Street trading houses have over individual electronic traders? getAbstract recommends this book to prospective day traders as a source for plenty of useful trading insights, but with this advice: Seek a cautionary note somewhere else.

Summary

Successful Day Traders Have Their Say

Technology has changed life for traders. The Wall Street establishment once conspired to withhold information and the ability to trade from the average investor. Now, however, technology has leveled the playing field for small investors to an unprecedented extent. Thanks to the information boon of the Internet, small traders have access to the same information as the professionals, and individuals can invest from home. Electronic trading has become a legitimate profession for those who enjoy a fast-paced job and the potential for huge earnings. Electronic traders come from all backgrounds and educational levels, and their strategies vary from those who trade hundreds of times a day to those who trade only a few times a day. All benefit from the recent democratization of Wall Street. Opportunities once confined to the elite are now available to everyone. Technology lets day traders profit from price swings as small as an eighth of a point. The trick is to develop a trading strategy and follow it, while keeping your emotions at bay. A losing trade can quickly sap your bank account, so you must begin every trade with a specific exit strategy...

About the Author

Jonathan R. Aspatore started EPS Business Partners, which helps companies analyze and execute new ventures, in 1997. He also worked as an investment banker in the technology sector. Aspatore has written books about entrepreneurship and other topics.

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