How to Day Trade for a Living Summary

10 questions on the main ideas. Each answer comes with a short explanation.

Take it one question at a time

1. Question 1

   According to Andrew Aziz, what is a common pitfall for new day traders after a lucky initial success?

   1. They immediately invest all their profits into long-term stocks.
   2. They become overconfident and lose all their initial gains, sometimes even their entire account.
   3. They start teaching others how to trade without sufficient experience.
   4. They stop trading altogether, believing they've mastered the market.
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   B. They become overconfident and lose all their initial gains, sometimes even their entire account. Aziz recounts his own experience of making $6,000 in a 'pure luck' trade and then losing it all within weeks due to mistakes. He warns that for many, their first mistake after a lucky trade can lead to losing their entire account and quitting day trading.

2. Question 2

   What is the primary characteristic that distinguishes successful day traders from the many who aspire but fail, according to the author?

   1. Access to exclusive, high-speed trading algorithms.
   2. The ability to predict market movements with 100% accuracy.
   3. Having the right tools, motivation, hard work, and perseverance.
   4. A large initial capital investment.
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   C. Having the right tools, motivation, hard work, and perseverance. The author explicitly states, 'To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere.'

3. Question 3

   What specific routine does Andrew Aziz describe as tremendously helping his mental preparation for the market?

   1. Reviewing financial news for at least an hour before market open.
   2. Waking early, running, showering, getting dressed, eating breakfast, and firing up his trading station before markets open.
   3. Meditating for 30 minutes to clear his mind.
   4. Practicing simulated trades on a demo account.
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   B. Waking early, running, showering, getting dressed, eating breakfast, and firing up his trading station before markets open. Aziz details his morning routine: 'I wake up early, go for a run, take a shower, get dressed, eat breakfast, and fire up my trading station before the markets open in New York.' He emphasizes this helps his mental preparation.

4. Question 4

   Why does Andrew Aziz stress that day trading is 'not gambling or an online poker game'?

   1. Because unlike gambling, day trading has no element of risk.
   2. Because successful day trading requires specific tools, motivation, hard work, and perseverance, implying a serious, skilled approach.
   3. Because day trading is always profitable, while gambling is not.
   4. Because day trading is regulated by the SEC, unlike online poker.
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   B. Because successful day trading requires specific tools, motivation, hard work, and perseverance, implying a serious, skilled approach. He explicitly states, 'Day trading is not gambling or an online poker game. To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere.' This contrasts it with activities driven purely by chance.

5. Question 5

   What contrast does Aziz draw between a new day trader and the professionals they compete against?

   1. New traders have more capital, while professionals rely on speed.
   2. New traders are often driven by emotion, while professionals are purely logical.
   3. New traders are often unprepared and lack the advanced education, tools, and commitment of serious, highly equipped professional traders.
   4. New traders focus on short-term gains, professionals on long-term investments.
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   C. New traders are often unprepared and lack the advanced education, tools, and commitment of serious, highly equipped professional traders. Aziz warns that new traders are 'competing with professional traders on Wall Street and other experienced traders around the world who are very serious, highly equipped with advanced education and tools, and most importantly, committed to making money.'

6. Question 6

   What is one of the key benefits offered to purchasers of 'How to Day Trade for a Living'?

   1. A personal one-on-one coaching session with Andrew Aziz.
   2. A free lifetime subscription to a premium stock charting software.
   3. Membership in his online community of day traders at www.vancouver-traders.com, offering real-time screen monitoring, live trading observation, and Q&A.
   4. Guaranteed profitable trades for their first month of trading.
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   C. Membership in his online community of day traders at www.vancouver-traders.com, offering real-time screen monitoring, live trading observation, and Q&A. The author states: 'And, as a purchaser of my book, you will also receive a membership in my community of day traders at www.vancouver-traders.com. You can monitor my screen in real time, watch me trade the strategies explained in his book, and ask questions of me and other traders in our private chat room.'

7. Question 7

   What is the author's stated pedagogical approach in 'How to Day Trade for a Living'?

   1. To provide a highly technical and complex guide for advanced traders.
   2. To use simple, easy-to-understand words to explain concise, practical strategies and concepts for everyone.
   3. To focus primarily on theoretical economic models rather than practical application.
   4. To challenge readers with difficult, abstract concepts to foster critical thinking.
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   B. To use simple, easy-to-understand words to explain concise, practical strategies and concepts for everyone. Aziz explicitly states: 'In this book, I use simple and easy to understand words to explain the strategies and concepts you need to know... This book is definitely NOT a difficult, technical, hard to understand, complicated and complex guide... It's concise. It's practical. It's written for everyone.'

8. Question 8

   The author references an early, 'pure luck' trade where a pharmaceutical stock jumped dramatically. What were the specific details of his profit from this particular trade?

   1. He bought 1,000 shares at $1 and sold at over $55, making over $54,000.
   2. He purchased 1,000 shares at $4 and sold them at over $10, making $6,000.
   3. He bought 100 shares at $4 and sold at over $10, making $600.
   4. He purchased 500 shares at $1 and sold at $10, making $4,500.
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   B. He purchased 1,000 shares at $4 and sold them at over $10, making $6,000. Aziz states: 'I purchased 1,000 shares at $4 and sold them at over $10. On my very first beginner trade, I made $6,000 in a matter of minutes.'

9. Question 9

   What specific negative impact does Andrew Aziz attribute to starting the trading day unprepared, such as rolling out of bed 15 minutes before the bell or trading in pajamas?

   1. It leads to technical glitches with trading software.
   2. It doesn't provide sufficient time for preparation and fails to put one in the right mindset to 'attack the market'.
   3. It results in immediate account suspension by brokers.
   4. It attracts negative attention from other traders in online communities.
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   B. It doesn't provide sufficient time for preparation and fails to put one in the right mindset to 'attack the market'. He states: 'Rolling out of bed and throwing water on your face 15 minutes before the opening bell just does not give you sufficient time to be prepared for the market's opening. Sitting at your computer in your pajamas or underwear does not put you in the right mindset to attack the market.'

10. Question 10

    Beyond the book, how does Andrew Aziz demonstrate his commitment to transparency and ongoing support for aspiring traders?

    1. He offers a money-back guarantee if the reader doesn't become profitable within a month.
    2. He publicly shares his blog posts under Author Updates on Amazon, acknowledging his losses, and invites interaction in his community.
    3. He provides a direct phone number for personal trading advice.
    4. He promises to personally manage the portfolios of his most dedicated readers.
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    B. He publicly shares his blog posts under Author Updates on Amazon, acknowledging his losses, and invites interaction in his community. Aziz says, 'You can follow my blog post under Author Updates on my Author page on Amazon. It's honest. You'll see I lose some days. You can read the reviews of my book. I know you will learn much about day trading and the stock market from studying my book. You can join at no cost and with no obligation my community of day traders at www.vancouver-traders.com. You can ask us questions.'