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No doubt “How to Day Trade for a Living” by Andrew Aziz is an easy read and intolerable every time he talks about his chatroom and the website. The book is more like the marketing material of his website. So, I decided to visit and unsurprisingly, it sells you a membership who’s cost goes up to $1999. It’s upsetting how he lures naive traders and beginners thought-out the book to his website and chatroom. No doubt this book has nothing to offer. The most unbelievable is lots of good reviews that certainly says most of them must be fake. Let’s review each chapter of the book to squeeze out any value which obviously a daunting task.

Introduction to day trade

Chapter 1 starts with giving false confidence about day trading. It says something like you can work from anywhere and you are the CEO, a perfect marketing pitch, like someone from the multi-level marketing firm. The another red flag when the author says average traders earn $10000-$20000 per month and he never talk about the rate of returns or average annual return he earned.

Chapter 2 explains what is day trading. Hardly two pages are worth reading in which he explains about fundamental catalyst. Clearly Andrew doesn’t have much idea about high-frequency trading or machine trading, still he keep on mentioning it to scare us. In Chapter 3 Risk and account management, among many commonsensical rules, the only sensible sentence is never risk more than 2% of your account.

Chapter 4, “How to Find Stocks for Trades” explains the float of stocks and advice to trade only high relative volume stocks that have fundamental catalysts. And of course, if you join a community of day traders such as his website, you will be better off. He uses interactive-broker and Das Trader, that’s all about chapter 5 and again how beneficial it would be for you to join his website.

Strategies for day trade

Chapter 6, “Introduction to Candlesticks” explains candlesticks and different Dojis. I cannot emphasize enough that this is not a technical analysis book. Chapter 7 goes into explaining patterns like ABDC, Bull Flag and Top and Bottom Referral. Below are trading strategies he uses and explained as follows:

Moving Averages Trading :

If a trend is respecting moving average, then, quickly look at the previous days’ trading data to see if the stock is responding to these moving averages in a 1-minute or 5-minute chart. Buy the stock after confirmation of moving averages as a support.

VWAP Trading:

In his own words, “When a stock tries to break the VWAP but cannot, you can short stock because you can safely assume that other traders that are watching will also begin to short. I usually short stocks when traders try but fail to break the VWAP in 5-minute charts.” I guess that’s all about his trading strategy using VWAP without going into any further details or explaining it.

Support or Resistance Trading

Lastly, Andrew awfully explains support and resistance, compare these as hitting the ocean bottom and hitting a tree branch respectively. He states, “If an indecision candle forms around that area, that is the confirmation of the level and I enter the trade. I usually buy as close as possible to minimize my risk. Stop would be a break and a close 5-minute chart under support or resistance level.” That is all about chapter 7. And for chapter 8 and 9, I couldn’t even find a single sentence worth mentioning.

Conclusion

At best it could be the book for a teenager who just begins to trade and smart enough to not fall prey to Andrew Aziz. Not even a single topic is explained thoroughly. Repetitive and self-advertising.