|BUSINESSWEEK ONLINE : AUGUST 9, 1999 ISSUE|
The Business Week Best-Seller List
In Day Trade Online, No. 10 among this month's hardcover best-sellers, Christopher A. Farrell (not to be confused with BUSINESS WEEK's Christopher Farrell) recommends a cautious strategy: He advocates making high-percentage trades in boring closed-end funds and utility stocks, rather than flipping volatile Net stocks. He doesn't promise readers will make tens of thousands a day. Instead, he says they can squeeze out gains of $125 or so on most of their daily 20 to 30 trades. That amounts to a good six-figure yearly income but hardly the vast riches that have lured thousands to full-time trading careers.
Of the many day-trading books on the market, Farrell's is one of the most readable. He builds on the basics slowly, albeit with some repetition, advising readers to choose stocks carefully, get in and out quickly, and aim to ''hit singles, not home runs.'' He explains the pros and cons of online discount brokerage accounts--not the souped-up, high-speed systems many day traders use--and says you should expect occasional glitches as part of the cost of doing business at home.
Day Trade Online is most successful at creating a realistic picture of the life of an online day trader. Farrell, 26, insists it's fun, exciting, and profitable. But he admits that there's no social interaction and that you won't get much respect. One can't help wondering if he'll still be day trading five years from now or if he will have taken his talents elsewhere.
BY AMEY STONE
1 BUSINESS @ THE SPEED OF THOUGHT by Bill Gates with Collins Hemingway (Warner $30) A detailed guide to the fast-emerging E-business age.
2 FIRST, BREAK ALL THE RULES by Marcus Buckingham and Curt Coffman (Simon & Schuster $25) A Gallup investigation into managerial success.
3 WHO MOVED MY CHEESE? by Spencer Johnson, M.D. (Putnam $19.95) Learning to accept change.
4 THE LEXUS AND THE OLIVE TREE by Thomas L. Friedman (Farrar, Straus & Giroux $27.50) How globalization is transforming the world, by The New York Times's foreign-affairs columnist.
5 THE INNOVATOR'S DILEMMA by Clayton M. Christensen (Harvard Business School $27.50) Anticipating new technologies' disruptive effects.
6 THE 9 STEPS TO FINANCIAL FREEDOM by Suze Orman (Crown $23) Practical and ''spiritual'' steps for managing money.
7 WHY WE BUY by Paco Underhill (Simon & Schuster $25) An anthropologist offers a ''science of shopping.''
8 THE COURAGE TO BE RICH by Suze Orman (Riverhead $24.95) The rites of passage--and their financial consequences.
9 THE END OF MARKETING AS WE KNOW IT by Sergio Zyman (HarperBusiness $26) Marketing strategies, by a former Coca-Cola executive.
10 DAY TRADE ONLINE by Christopher A. Farrell (Wiley $29.95) A primer for day-trading wannabes.
11 THE ROARING 2000s by Harry S. Dent Jr. (Simon & Schuster $25) Why the good times won't go away.
12 MANAGEMENT CHALLENGES FOR THE 21st CENTURY by Peter F. Drucker (HarperBusiness $27.50) The dean of management theorists ponders the shape of things to come.
13 LIVING THE 7 HABITS by Stephen R. Covey (Simon & Schuster $26) Tales of people overcoming problems.
14 PERMISSION MARKETING by Seth Godin (Simon & Schuster $24) Give customers an incentive to hear your message, says a Yahoo! executive.
15 GUNG HO! by Ken Blanchard and Sheldon Bowles (Morrow $20) How Walton Works No.2 fired up its employees.
1 THE MILLIONAIRE NEXT DOOR by Thomas J. Stanley, PhD, and William D. Danko, PhD (Pocket Books $14) The simple ways of the wealthy among us.
2 THE SEVEN HABITS OF HIGHLY EFFECTIVE PEOPLE by Stephen R. Covey (Fireside $14) Habitually popular.
3 THE MOTLEY FOOL INVESTMENT GUIDE by David and Tom Gardner (Fireside $12) The online duo puts it on paper.
4 THE 1999 WHAT COLOR IS YOUR PARACHUTE? by Richard Nelson Bolles (Ten Speed Press $16.95) The enduring job-search bible.
5 GETTING TO YES by Roger Fisher, William Ury, and Bruce Patton (Penguin $12.95) A Harvard team's step-by-step guide to conflict resolution.
6 RICH DAD, POOR DAD by Robert T. Kiyosaki with Sharon L. Lechter, C.P.A. (TechPress $15.95) Teaching your kids the rules of money that the rich play by.
7 THE ONE MINUTE MANAGER by Kenneth Blanchard, PhD, and Spencer Johnson, M.D. (Berkley $11.95) Three management techniques, conveyed in brief story form.
8 THE DANCE OF CHANGE by Peter Senge, Art Kleiner, Charlotte Roberts, Richard Ross, George Roth, and Bryan Smith (Currency $35) A workbook on ''the learning organization.''
9 BARRON'S DICTIONARY OF FINANCE AND INVESTMENT TERMS by John Downes and Jordan Elliot Goodman (Barron's $12.95) What is an oligopsony anyway?
10 BUFFETTOLOGY by Mary Buffett and David Clark (Fireside $14) An ex-daughter-in-law's take on Buffett's techniques.
11 THE CIRCLE OF INNOVATION by Tom Peters (Vintage $16) ''Create waves of lust,'' says business writing's No. 1 cheerleader.
12 HOME BUYING FOR DUMMIES by Eric Tyson and Ray Brown (IDG Books $16.99) Getting your dream house.
13 BUILT TO LAST by James C. Collins and Jerry I. Porras (HarperBusiness $15) How 3M, Wal-Mart, Procter & Gamble, and others became standouts.
14 1001 WAYS TO REWARD EMPLOYEES by Bob Nelson (Workman $10.95) Give them a champagne brunch, a casual-dress day--or plain old cash.
15 INVESTING FOR DUMMIES by Eric Tyson, MBA (IDG Books $19.99) From stocks to small business--with cartoons, too.
BUSINESS WEEK's Best-Seller List is based on a survey of chain and independent booksellers that carry a broad selection of books on economics, management, sales and marketing, small business, investing, personal finance, and careers. Well over 1,000 retail outlets nationwide are represented. Current rankings are based on a weighted analysis of unit sales in June.
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