The Day Trader: From the Pit to the PC

Never have I been more disappointed in the reviews on Amazon about a book. I nearly didn’t read this because of the reviews, and that would’ve been a shame. Personally, I think that most people can’t relate to the life of this man or his personality, and therefore they don’t like him and give the book negative reviews. First, let me say that I am neither Italian, nor do I have this man’s heavily choleric personality, but I am logical enough to review the book for what it is. First, I don’t know why people say the title is misleading. He never promised to make you a daytrader, it’s simply called “The Daytrader”. It’s an auto biography of the man’s life and yes, he happened to be a daytrader. If you wrote a biography, it wouldn’t just be work related, it would be life-related.You can tell pretty easily that the man grew up as a tough kid with a tough family, fighting for everything they had. Yes his dad had mafia ties. Yes, he’s very confident, if not arrogant as some might say, but did you expect to read about a pit trader with low self esteem? Good luck finding one of those! I actually thought it was sort of humbling that throughout the book he decries that basically everything he has accomplished in life is because of his dad in one way or another. Yes, he talks a lot about the pits and the change to electronic trading, but hey, it was big news in 1999 and life changing for a pit trader. I thought he was quite rationale about it all though, trying to embrace what he declared was the future (electronic trading) as opposed to holding onto the past. The man correctly predicted the CME and CBOT merger years before that happened.So what if he talks about his childhood a lot. I think most people would if they wrote a book about themselves. It’s no different than Marty Schwartz talking about art all the time and Niederhoffer talking about hand ball constantly and if Livermore actually wrote a biography himself it would probably be 1/4th about fishing. Who are you to tell a man how to write about his own life? He never promised a book that would make you a great day trader.If you are a day trader (a real day trader) then you will enjoy this and all other books by actual day traders, because you already know you can’t find them at church, parties or social gathering. They are few and far between and their story will always enthrall you. If you are still trying to make it as a day trader, then know that this isn’t an instructional book.

I recommend this book to all traders.I worked as a runner at the Merc, but in the "Meat Dept"... Hogs, Cattle etc. I did travel through the S P Pit.....only wish I had met Mr. Borsellino then.

Incredible book. It reads like a thriller. Even if you're not interested in the financial world, this man's story makes it a whirlwind.I highly recommend it.

If you're interested in "how to day trade" this is not a primer on technical analysis/how to read level 2. Rather it's primarily a biography of Lou's life. Most of the trading mentioned is Pit trading. Very little info on PC trading. I don't think he does any "hand trading." He mentions that he uses some kind of proprietary automated trading system and still trades in the Pit at times (at the time the book was published, 1999). I found the information on Pit trading insightful and useful. Unique way of thinking about price action as a day trader today watching candle stick action and level 2. He spends the last few chapters talking about the future of the stock market and the American economy. Says social security is in trouble and the social security trust fund would be bankrupt by 2032. You can't help but like the guy as you read the book. Glad I picked up a copy. Will be kept in my collection of trading/stock market books.

The best way to sum up The Day Trader as it takes to become one, a champion at that, is to be supplied with 100% Italian American balls. At least, that's how Lewis Borsellino calls it. Being my second time reading The Day Trader, it's an amusing book albeit it gets redundant and tedious at times. I have actually enjoyed many tales from Lewis, and it shows me what it takes to be a day trader: the type of a personality. Of course, ego is highlighted in so many pages that it is natural enough to accept highly successful traders are among of this breed. I enjoy Lewis' presentation of Merc's storied history and how trading has evolved going from open outcry to electronic. So, there is a sense of appreciation here. Also, Lewis falls in the same line of many traders of failing at first before picking himself up and being determined to get back into the game. So, that's a winning trait of a successful trader. I have to admit, I get really bored while reading Chapters 9 to 11 as I am unable to find much useful out of these pages. All in all, I like The Day Trader for amusing reasons.

Lewis brings an excellent incite into the world of FLOOR TRADING in which he portrays the rollercoaster ride of the daytrader. Having survived decades trading this way, his methods and experiences are indeed valuable to traders both on and off the trading floor. Lewis charts the evolution of trading from the pit to the pc.

Average. More personal stories than trading experiences