Cover image for The online trading survival guide : an indispensable handbook for today's wired investor
Title:
The online trading survival guide : an indispensable handbook for today's wired investor
Author:
Guinan, Jack.
Personal Author:
Publication Information:
Chicago : Dearborn Trade, [2001]

©2001
Physical Description:
xix, 236 pages : illustrations ; 23 cm
Language:
English
ISBN:
9780793139620
Format :
Book

Available:*

Library
Call Number
Material Type
Home Location
Status
Central Library HG4515.95 .G85 2001 Adult Non-Fiction Non-Fiction Area
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Summary

Summary

The millions of investors currently logging onto online brokerages are frequently first-time customers of a discount brokerage, and often first time investors. They usually arrive with many of the same common questions, misunderstanding and misconceptions relating to investing in general and how the online brokerage world works in particular. For every online and would-be online investor, it is time to dispel the myths and clear up the confusion and misunderstanding about what investors can and can't expect from an online discount brokerage. In this comprehensive yet friendly how-to guide, financial expert and brokerage industry insider Jack Guinan offers answers investors need before they make their first trade. From the initial process o opening an account, to answers about account transfers, margin accounts, how trades work and troubleshooting problems, this information encourages investors to maximise their relationships and investing opportunities through an online broker. Mastering these online brokerage basics, investors will be able to: * Deal confidently with their online broker * Sidestep potential roadblocks in the complex application process * Fund their account and swi


Reviews 1

Booklist Review

Accompanying publicity for both these books touts the growing ranks of online investors, although publicists cannot seem to agree on the numbers. Guinan's says 15 million; Farrell's says 9 million. With nearly identical titles, both authors do concur that the online investor needs protection and both offer tips for "survival." Because they focus on the mechanics of online investing rather than on strategies for how to invest, these books are not for the novice investor. Of the two, Guinan's is the more basic. Farrell is the author of Day Trade Online (1999) and has traded more than 15 million shares of stock over the Internet for his own asset-management firm. He argues that Wall Street trading firms take advantage of the market's short-term mechanics at the expense of the individual online trader, and he suggests ways to turn this advantage around. He shows how market-makers manipulate prices and recommends trading on the New York Stock Exchange rather than the much more volatile NASDAQ. Farrell compares and contrasts momentum trading with scalp trading and explains the strategies behind each method. He follows with a look at market specialists whom he says bend the rules to their benefit. Farrell concludes with a call to eliminate the "old guard" rules and create a new system that would "level the playing field" for brokerage firms and individuals alike. Guinan has been a brokerage trader and more recently a sales representative for Fidelity Investments. He surveys the phenomenon of online investing and explains how online brokers function and how to choose one. He shows how to open an account, how to fund it, and how to understand account balances and margin basics. Guinan also compares the way the different exchanges execute trades and walks readers through the process of making a trade. Because the tax consequences of short-term capital gains are different from long-term, Guinan includes advice on taxes and record-keeping. He concludes with a 50-question exam to test one's knowledge as an online customer. --David Rouse


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