The After-Hours Trader

296 Pages·2000·5.13 MB·English

by  Michael Sincere

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The After-Hours Trader
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The After-Hours
Trader
How to Make Money 24 Hours a Day
Trading Stocks at Night
Michael Sincere
Deron Wagner
McGraw-Hill
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DOI: 10.1036/0071374450
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Dedication
To Alexandra, Neringe, and Rachele
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C O N T E N T S
Acknowledgments ix
Preface xi
Introduction xiii
SECTION I
LEARNING HOW TO PLAY THE GAME 1
Chapter 1
What Is After-Hours Trading? 3
Chapter 2
The War on Wall Street 21
Chapter 3
The ECN: Leveling the Playing Field 39
Chapter 4
Getting Started—A Guide to After-Hours Online Brokers 65
SECTION II
HOW TO PLAY TO WIN 95
Chapter 5
1-Minute Strategies for After-Hours Traders 97
Chapter 6
Characteristics of Winning Traders 119
Chapter 7
The Risks of After-Hours Trading 149
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viii CONTENTS
SECTION III
END GAME 179
Chapter 8
The Rules of the Game 181
Chapter 9
Advanced Trading Strategies for the After-Hours Market 207
Chapter 10
The Night Traders: Interviews with Two Professionals 243
Epilog
What Happens Next? 259
Appendix: Where Do You Go for Help? 263
Index 267
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A C K N O W L E D G M E N T S
Behind the scenes of every nonfiction book, there are a lot of peo-
ple working tirelessly to help with research, production, and the
development of ideas. We will never forget that without the
assistance of the following people, this book could not have been
written. With that in mind, the authors kindly thank:
Joanne Pessin, our hardworking but inconspicuous assis-
tant, for her superb organizational and editing skills. Joanne
was the guiding force behind this book, responsible for
developing the chapter on online brokerages, as well as
overseeing the entire project, adding her expertise to every
chapter. She is at her best when she prods us to do our best.
Jeffrey Krames, our publisher at McGraw-Hill, who had
the courage and vision to see the value of after-hours trading
and backed it up with a contract. Jeffrey offered us the
opportunity of a lifetime, and we will always be grateful to
him for giving us that chance.
Jeffrey’s assistant, Laura Libretti, for patiently teaching
us the correct way to submit a manuscript. Laura has an
uncanny ability to tie up all the loose ends and help us turn
an idea into a finished product.
Also, Scott Amerman, Senior Editing Supervisor at
McGraw-Hill, for his assistance in putting the book into pro-
duction. Scott and his colleagues did superb work, which is
reflected on every page.
Alecia Berman, our meticulous researcher, for initially
finding every known article on after-hours trading. Her
enthusiasm for this project was infectious.
Wendy Miele, a professional day trader and friend, for
sharing her winning trading strategies and teaching us more
about the stock market than we thought possible.
We also want to thank Brooks B. McFeely, president and founder
of the after-hours market site, MidnightTrader.com, for helping
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