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The Compleat Day Trader

Trading Systems, Strategies, Timing Indicators, and Analytical Methods

Jake Bernstein

Preface

For many years, futures traders have been fascinated with the idea of day trading. Increased market volatility has created large intraday price swings, which, in turn, have provided numerous opportunities for the day trader.

In addition to the increase in opportunities, the wide availability of relatively low-priced computers and software has helped narrow the gap between the professional day trader and the novice.

The book you are about to read contains many different methods of day trading. Take the time to learn, study, and track the methods. Then, after you have learned the techniques you want to use, begin trading. But don't plunge in before you have spent some time learning the methods.

One last point before you begin your reading. Do not believe for even one second that day trading is easy. Day trading may, in fact, be more difficult than position trading. In the final analysis day trading is not the proverbial "piece of cake" that so many traders seek. If anyone tells you that you can day trade your way to riches with little effort they're wrong. Day trading takes work, work, and more work. If you do the work, you'll reap the rewards. It's that simple and it's that complicated.

I wish you success in your venture. If I can be of assistance, please call or write me.

Jake Bernstein

Acknowledgments

I wish to extend a special word of thanks to Commodity Quote Graphics of Glenwood Springs, Colorado, for permission to reprint charts from their outstanding quotation/graphics hardware and software program, SYSTEM ONE. I have been a CQG customer for many years and find their services outstanding as well as especially useful for the purpose of day trading.

I am also indebted to Mr. Bill Cruz of Omega Research in Miami, Florida, for his assistance and permission to use reports generated by his excellent analytical and testing software programs, TradeStation and System Writer. Both programs make the job of historical testing and sysВэtem development enjoyable and efficient.

Naturally, I owe considerable thanks to the many traders I've known through the years who have contributed to my knowledge of the marВэkets. You all know who you are. I've learned from each and every one of you. My list is far too lengthy to include here; however, I am thankful to all who have touched my life with their opinions, suggestions, systems, methods, and timing indicators.

My hard-working office staff must also be commended for their efforts in the production of this book. I am not easy to work with. I change my mind too easily and too quickly although all turns out well in the long run. Special thanks to Linda, Denise, and Rob. Patrick gets an extra note of thanks for editing and pasting up the manuscript. And, of course, thanks to Chris for his programming work.

Special thanks go to Marilyn my office manager and right-hand perВэson whose efforts to keep me organized and clear-thinking help keep me on track.

My partner in Bernstein/Silber Futures, Mark Silber, is always a great sounding board for new ideas. Fortunately, he rejects many ideas and accepts only the most promising.

My family, Linda, Elliott, Gitelle, and Sara deserve great thanks for their forbearance and willingness to share their time with my charts, systems, computers, and manuscripts.

Finally, my acknowledgments would not be complete without a nod to my dear pet pug dogs, Buddy, Puggly, Hercules, Cassie, Roxy, and Inky for the play time I stole from them.