I read the first edition of this book couple of years ago and I liked the contents. What I liked most about the book was its length. The first edition was short and to the point. So when a friend showed interest in trading I gave him my copy as a gift. I went ahead and ordered the most recent edition because I wanted to have a copy in my library. The most recent edition is thicker (not thick enough to justify the price increase from $8 to $30), but the new contents are mostly fluff, and it has more self-promotion of the author's website and trading chatroom than the first edition. I had noticed this self-promotion in the first edition, but it didn't bother me because the chat room was free for everyone to join. Then suddenly the author started to charge to join the chatroom ($29/mo) and most recently $99/mo. The $99 membership does not even include access to his trade-ideas scanner anymore (which I thought was the most valuable part of the room). So the once humble sounding Dr. Aziz (he likes to talk about his PhD) fell in the same trap as con men like Ross Cameron from Warrior Trading and others who pretend to be helping you, but in reality are only promoting their business.
Also, remember that you can't day trade like Dr. Aziz unless you have at least $25,000 in your trading account, which is not realistic nor recommended for beginners. I've been swing trading for over a decade and only in recent years I started to day trade. My biggest take from this book was the potential benefits of a high frequency trading platform such as DAS. Now I use DAS to trade options which I think is the smarter way to day trade. So if you want my advice for day trading follow these steps:
1. Go ahead and give Dr. Aziz PhD the $30 for the book. The contents are not bad for beginners. Focus mostly on technical analysis and patterns.
2. Don't fall for his chatroom and membership trap. Instead, buy a 3 or 6-month prepaid level 2 simulator account (with options) directly from DAS for $450 or $900.
3. Watch the DAS tutorials on YouTube and practice trading with options for 3 to 6 months. If you need help with options, check out Sky View Trading Options videos on YouTube.
4. Find good trade setups in highly liquid stocks such as AMZN, GOOG, BABA, etc. Unlike common shares (what Aziz PhD trades), options trading is best with mega caps stocks because there is little spread. Trade them everyday for 3-6 months and when you can win consistently, open an account and trade with real money.
Why trade options? With options you don’t have to risk too much capital. You certainly don’t need to have $25k and a margin account to make a living from trading. I’ll give you an example. When Aziz PhD takes a trade, he risks anywhere between 30-100k of capital (some of his own and some borrowed money), to make about $1000. I use these numbers because I’ve seen his trades. With options, you can make the same amount of money with far less capital ($2k, or so). Of course, just as you can make that kind of money easily, you can lose it easily on a bad trade. But would you rather blow up a 25k account or a 2k account?
Whether you trade common shares or options, you must practice first. That’s why a simulator account is highly recommended. Also remember that you must be willing to lose money before you can make money. Every successful trader has blown up an account at some point (including myself or even Aziz). So don’t be afraid to lose, just don’t lose it to bogus memberships and chatroom subscriptions. You are basically paying for their losing trades. It is funny, because when Aziz’s chatroom was free, he used to say he doesn’t need the membership money. Not sure what happened along the way. Good luck everyone and happy trading! If you have any questions, feel free to ask below this review.