Sounds interesting.
I ordered it tonight. From the look of it the book daytrading for a living is more applicable for most of us. Here's what I found if anyone is interested:
Reviews
Amazon.com
The Small Order Execution System, which gives individuals direct access to the NASDAQ stock market, has spawned a fast-growing cult of electronic day traders who look to profit from price fluctuations and momentary discrepancies in the quotes offered by market makers. Wall Street views them as a pernicious band of rogues. And Harvey Houtkin, author of Secrets of the SOES Bandit, views himself as the merry band's Robin Hood.
Houtkin was one of the first SOES traders. His All-Tech order-entry firm was among the plaintiffs who won a 1993 federal appeals court case that forced the Securities and Exchange Commission to allow wider access to SOES. Much of the book chronicles Houtkin's legal struggles with the SEC and the brokerage industry on behalf of the former "gardeners, hairdressers, and even lawyers" that he says he has trained to trade successfully. While much of Houtkin's book is disorganized and repetitive, readers who stick with it will learn some of the fundamentals of day trading and how to read the "wiggles," "jiggles," and "head fakes" of NASDAQ prices. For anyone curious about day trading, Secrets of the SOES Bandit is not a bad place to begin, though it is only a beginning. --Barry Mitzman
Book Description
This exciting and easy-to-read book deals with what is currently the most important aspect of day trading: SOES (Small Order Execution System) trading. SOES trading is an electronic method of day trading the NASD market. At present, SOES trading is at the center of controversy between the NASD, SEC, individual traders, and the courts. SOES is changing the way trading is done on the NASD, and it may rewrite the rules of the game for trading. Written by Harvey Houtkin, the original "SOES Bandit", Secrets of the SOES Bandits takes the reader through the steps needed to get started in this lucrative field, from what you need to get started to strategies and tips to trade successfully. The author explains what SOES trading is, the type of personality needed to trade SOES, hwo to choose a clearing firm, and what the market makers on the other side (the big boys at Merrill Lynch or Paine Webber) are thinking and trying to accomplish. There is also a discussion of the best stocks for SOES trading.
Synopsis
Houtkin, a 30-year Wall Street veteran, reveals his battle-tested electronic trading techniques, which show how average investors can learn how to utilize direct access electronic trading, think like successful traders, and make trading an integral part of their lives. 20 illustrations.
The publisher, McGraw-Hill Publishing , August 5, 1998
Electronic trading puts you in action with the major players
See why Wall Street's market makers don't want you to read this book!
Electronic trading pioneer Harvey Houtkin has been dubbed the Original SOES Bandit for his Zorro-like ability to beat the financial industry at its own game. He has the giants of Wall Street quaking in their boots.
"Secrets of the SOES Bandit" reveals how you can bypass your broker's needless delays and enter the private trading domain of the major players with just your PC, your instincts, and a few easily learned Direct Access Electronic Trading (DAET) strategies. DAET allows ordinary individuals to uncover, exploit, and profit from regularly occurring trading opportunities in today's limitless stock markets. You too can seize profit-making opportunities that have earned tens of thousands of dollars and more in a single day!
This one-of-a-kind book is your key to the vault! It shows you how to:
- Get instant market access to SOES (NASDAQ's computerized Small Order Execution System)! and other computerized trading systems
- Start your own low-overhead trading operation, in direct competition with the market pros
- Learn step-by-step how to carve out a profitable, exciting career as a successful day trader using your own home computer!
Direct Access Electronic Trading may be little-known outside the canyons of Wall Street today, but it is the wave of the future. Read Harvey Houtkin's "Secrets of the SOES Bandits," crack the inter-dealer code, and prepare yourself to reap the rewards of Houtkin's 21st century trading strategies.
The publisher, McGraw-Hill Publishing , August 5, 1998
Electronic trading puts you in action with the major players
See why Wall Street's market makers don't want you to read this book!
Electronic trading pioneer Harvey Houtkin has been dubbed the Original SOES Bandit for his Zorro-like ability to beat the financial industry at its own game. He has the giants of Wall Street quaking in their boots.
"Secrets of the SOES Bandit" reveals how you can bypass your broker's needless delays and enter the private trading domain of the major players with just your PC, your instincts, and a few easily learned Direct Access Electronic Trading (DAET) strategies. DAET allows ordinary individuals to uncover, exploit, and profit from regularly occurring trading opportunities in today's limitless stock markets. You too can seize profit-making opportunities that have earned tens of thousands of dollars and more in a single day!
This one-of-a-kind book is your key to the vault! It shows you how to:
- Get instant market access to SOES (NASDAQ's computerized Small Order Execution System)! and other computerized trading systems
- Start your own low-overhead trading operation, in direct competition with the market pros
- Learn step-by-step how to carve out a profitable, exciting career as a successful day trader using your own home computer!
Direct Access Electronic Trading may be little-known outside the canyons of Wall Street today, but it is the wave of the future. Read Harvey Houtkin's "Secrets of the SOES Bandits," crack the inter-dealer code, and prepare yourself to reap the rewards of Houtkin's 21st century trading strategies.
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