When looking for books on day trading, I notice that many of them just list techniques.
I suspect many people get stuck at the point of wondering, ‘So, how exactly should I be looking at the market flow?’
The book I read this time, ’80 Great Tips for Stock Day Trading’ by Shigehito Nikaido, was a book that answered that question for me.
To start with the conclusion, for me, it was a book very much worth reading as one that provides a clear overview of day trading.
In this article, I will organize the basic information about the book, my impressions, and who it is and isn’t suitable for.
Basic information about this book
First, let’s confirm the bibliographic information.
The publisher’s introduction describes it as a book that compiles everything from the basic skills you want to master if you are going to day trade, to the ‘winning techniques’ that only successful traders know.
As the title suggests, the ‘tips for winning’ discovered from the author’s experience are summarized in the form of 80 points.
The author, Mr. Nikaido, is a full-time trader who focuses on day trading and swing trading using technical analysis.
The author’s profile states that he has a monthly win rate of over 80% in both stocks and FX.
*However, this is presented as the author’s own track record. It does not guarantee that readers will achieve the same results.
The best part about reading it was being able to see the ‘big picture’
To sum up my impressions in one word, it was absolutely excellent.
What was especially good was being able to grasp the overall picture of day trading.
There is a lot of information on day trading that only focuses on individual techniques.
I felt that even if such information increased my knowledge, it was difficult to connect it to ‘what I should be looking at right now’ in the actual market.
This book does not end with just superficial techniques.
Understanding the connection between these two was the biggest takeaway for me.
When you hear ’80 tips,’ you might imagine a book filled with detailed, disconnected knowledge.
In reality, each tip is positioned within the overall flow, so it doesn’t become fragmented knowledge, which makes it easy to read.
Note that I will not write about the specific content of each tip in this article.
The value of the book lies in its content, so I don’t think it’s right to reproduce it here.
If you are interested, please pick it up and check it out for yourself.
Points to keep in mind before reading
It was a very good book, but there are some points to keep in mind.
1. Reading the book does not mean you will be able to win immediately
Since day trading involves repeating trades over a short period, there is naturally a possibility of losses.
How you use what you learned in the book within your own capital and rules is a different story.
2. The author’s win rate is just the author’s track record
The figure of over 80% per month mentioned earlier is written in the author’s profile.
It does not guarantee the reader’s performance, so I think it is best to read it with that premise.
3. The way of thinking is different from long-term investment
I personally usually focus on long-term management, such as accumulating All Country (eMAXIS Slim Worldwide Equity) and value investing.
Day trading has a completely different time horizon and way of thinking, so I felt that it is easy to get confused if you apply the sense of long-term investment as it is.
I think reading it as a way of thinking from another world is just the right distance.
It is suitable for people like this
-
People who are interested in day trading but don’t know where to start learning
-
People who want to understand from the overall flow rather than fragments of techniques
-
People who want to learn how to read the flow of the market
-
People who want to grasp the outline of day trading in one book
It might not be suitable for people like this
-
People who are looking for a surefire way to make money immediately
-
People who think that long-term passive investing is enough
-
People who are not good at being swayed by the price movements of short-term trading
Day trading is not an investment style that suits everyone.
If you feel that it might not suit you, it is a perfectly valid decision to continue your current investment without reading it.
To those considering a purchase
I think whether this book suits you is almost entirely determined by whether you want to know the overall picture of day trading.
If you are interested, one way is to check the contents at a bookstore or library before deciding.
Summary
’80 Great Tips for Stock Day Trading’ was a book that allowed me to understand not only superficial techniques but also how to read the flow and how to make use of it.
-
You can see the overall picture of day trading
-
You can acquire the perspective of reading the flow
-
Since you won’t win just by reading it, it is important to think with your own funds and rules
I feel glad I read this as an entry point to find out whether day trading is right for me.
Related Articles
For those who want to broaden their investment perspective, I also recommend these.
Knowing the ‘seasonality’ of US stocks changes your investment decisions | ‘Anomaly Investing’ Review
This is my review of a book that looks at the market from the perspective of ‘time.’ I think those interested in short-term price movements will find their range of perspectives broadened.
‘How a Mom Investor Saved 100 Million Yen in Stocks During Maternity Leave’ was a book that resonated even with me, a long-term investor
I read this book from the perspective of long-term investing, which is the opposite of day trading. Comparing the two makes it easier to see which style suits you.
[Definitive Edition] Finally understood after 2 years | If I were to do facial slimming now, this is the order I would do it in
The theme is a bit different from investing, but the core principle of ‘investing in yourself to increase your options’ is the same. I have summarized the order I would do things in now, having arrived here after two years of taking the long way around.
Mina will provide thorough chat consultation for one week (Coconala)
This is a service where I talk with you thoroughly via chat for one week about investing and self-investment. If you have read the article and want to organize how to think about your own situation, please take a look.
*This article contains affiliate links.
*Please invest at your own risk. This article does not recommend the purchase or trading of any specific products.
