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The must-have guide for anyone considering entering the exciting world of trading from home The biggest stumbling block for people looking to launch their own trading businesses from home is a failure to understand the complexities of the "back office" operations needed to be successful. Survival Guide for Traders is here to help. Packed with strategies for building a successful home trading business, and featuring answers to questions most up-and-coming traders would never think to ask, Survival Guide for Traders is required reading for anyone who wants to start and sustain a trading business…mehr
The must-have guide for anyone considering entering the exciting world of trading from home The biggest stumbling block for people looking to launch their own trading businesses from home is a failure to understand the complexities of the "back office" operations needed to be successful. Survival Guide for Traders is here to help. Packed with strategies for building a successful home trading business, and featuring answers to questions most up-and-coming traders would never think to ask, Survival Guide for Traders is required reading for anyone who wants to start and sustain a trading business from home. * Explains how to create a trading business plan, set up an office, implement a trading system, use margin, deal with legal and financial issues, and keep appropriate records * Examines the opportunities and challenges of handling a home-based trading business * Details the process of setting up and organizing your trading business * Includes a comprehensive "Trading Business Plan Template" that you can customize * Written by Bennett McDowell, a highly regarded trader and trainer of traders The book for anyone even thinking about entering the exciting world of trading, the Survival Guide for Traders offers practical solutions that anyone can use in order to build a lasting, thriving home trading business.
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BENNETT A. MCDOWELL, founder of TradersCoach.com¯®, began his financial career on Wall Street in 1984 with J.J. Kenny, and later became a Registered Securities Broker and Financial Advisor for Prudential Securities and Morgan Stanley. He developed his own proprietary trading system, later known as the Applied Reality Trading¯® (ART¯®) system, which was released to the public in 2003 and today is used by traders in over fifty countries around the world. Considered an expert in technical analysis and complex trading platforms, McDowell lectures nationally and writes for many leading trading publications, including Technical Analysis of Stocks & Commodities magazine. He has also written two other bestselling books published by Wiley, The ¯ART¯® of Trading and A Trader's Money Management System, both released in 2008. Internationally recognized as a leader in trading education, Bennett teaches trading to students around the world through his company TradersCoach.com¯®.
Inhaltsangabe
Foreword xii by Toni Turner Preface xvii Acknowledgments xix Disclaimer xxi Introduction: Survival of the Fittest xxiii PART I Survival Basics 1 CHAPTER 1 It's a Jungle Out There! 3 Brawn, Brains, and Technology 4 Technological and Innovation Time Line 5 Don't Bring a Knife to a Gunfight 7 Right in My Own Backyard 7 CHAPTER 2 Managing Your Money Is Serious Business 9 Trust and Financial Advisers 10 Tips on Selecting a Qualified Financial Adviser 11 So, Who Are You Going to Trust? 12 Creating Your Own Business Plan Will Strengthen Your Ability to Prosper 13 Trade, Invest, and Live within Your Means 14 CHAPTER 3 Accountability, Setting Stops, and the Rogue Factor 15 Traders Are the Ultimate Entrepreneurs and Must Be Held Accountable 16 Setting Stop-Loss Exits Is Essential 17 The Infamous Rogue Trader Named Nick Leeson 17 Watch the Rogue Trader Movie 18 Insurmountable, Large Losses Usually Start As Small Losses 19 CHAPTER 4 What's Your Net Worth? 21 Net Worth Statement 21 Creating Your Financial Profile 22 Are You Moving Forward, Falling Backward, or Standing in Place? 28 CHAPTER 5 The Life of an Entrepreneur 31 New Start-Up Businesses Have High Failure Rates 31 What Does It Take for a New Business to Succeed? 32 Small Businesses Are the Backbone of the Economy 34 Reduce Your Expenses and Increase Your Revenue 35 How to Reduce Expenses 36 A Penny Saved Is Really One and a Half Pennies Earned 38 It's All About the Revenue 39 CHAPTER 6 Understanding Financial Markets 41 Buyer and Seller Agree on Price, but They Disagree on Value 42 Buyers and Sellers and the Financial Order Flow Process 42 Types of Orders 49 Using Margin and Leverage 52 The Importance of Liquidity and Volume 53 Zero Liquidity 56 Volatility and Market Gaps 58 How Can the Bid and Ask, Spreads, Fills, and Slippage Affect Your Profits? 61 You Can Parallel Test Your Broker and Data Feeds 62 "I Feel the Need for Speed" 63 So Many Markets to Choose From 64 Ticker Symbols at a Glance 65 How to Choose the Best Data Feed for Your Needs 66 How to Choose the Best Broker for Your Needs 70 How to Choose the Best Front-End Platform for Your Needs 72 Manias, Panics, and Crashes 73 CHAPTER 7 Adapting to Changing Market Cycles 75 Four Major Market Cycles 75 It's All in a Name 78 Using Trend Lines to Identify Market Cycles 79 Using Elliott Wave Analysis to Identify Market Cycles 80 Pitfalls of Not Identifying Market Cycles Correctly 81 CHAPTER 8 Education and Support 83 A Few Classic Trading Books 83 Learning Styles 84 Repetition, Repetition, Repetition 85 Paper Trading Is an Essential Learning Tool 85 Do it Your Way 86 You Can Learn from Your Mistakes and Failures 87 Life Mentors, Professional Mentors, and Trading Coaches 88 CHAPTER 9 Writing a Business Plan 91 Business Plan: Blank Template 91 Front Matter: Title Page, Table of Contents, and Mission Statement 93 1. Summary 94 2. Strategy 108 3. Operations 118 4. Financials 124 Business Plan Tips 128 Part II The Financial Pie 129 CHAPTER 10 The First Slice: Trading and Investing Rules 131 Develop and Test Your System 132 Perseverance Is the Holy Grail 132 Failure Is Not an Option 133 Creating Your Trading Rules Profile 134 A Note about Day Trading versus Position Trading 138 Holding Trades Overnight and Assuming Overnight Risk 140 My Definition of Scalping 141 Sample Trading Rules to Start With 141 Combining Fundamental and Technical Signals in Your Trading Rules 142 Technical Analysis Signals 143 Fundamental Analysis Signals 146 Value Investing in a Bear Market 148 The Importance of Paper Trading 148 Set Up Multiple Brokerage Accounts to Monitor Your Trading Results 152 CHAPTER 11 The Second Slice: Scanning for Opportunities 155 Technical Scanning Techniques 156 Fundamental Scanning Techniques 157 Opportunity Is Always Abundant in the Markets 165 Stocks 165 Options 169 Futures 170 Forex 174 Exchange-Traded Funds 177 CHAPTER 12 The Third Slice: Money Management 179 What Can Money Management Do for You? 179 Three Ways to Control Risk 180 Risk Factors to Develop Your Plan Around 180 Stop-Loss Exits Can Save the Day 182 Your Survival Depends on Having a Healthy Respect for the Risk of Ruin 184 Optimal f Formula: Information Similar to the Risk of Ruin Tables 186 Comparing Optimal ¿ Equation Results to the Risk of Ruin Tables 187 The 2 Percent Risk Amount Formula 188 Using the Trade Size Formula 188 Trade Size Formula Using Leverage 189 Using the Trade Size Calculator 190 Good Record Keeping and Performance Analysis Are Essential 191 Without Risk, There Is No Opportunity 192 CHAPTER 13 The Fourth Slice: Financial Psychology 193 The Trader's Mind-Set 194 Even Good Change Can Be Stressful and Emotionally Challenging 195 Looking at 15 Destructive Psychological Trading Issues and Their Causes 196 Optical Illusions Show How Our Minds Can Mislead Us 198 EPILOGUE 201 APPENDIX A Online Bonus-Survival Guide Central 203 APPENDIX B ART Basics 209 APPENDIX C Resources: Front-End Platforms, Brokers, Data Providers, and More 243 APPENDIX D Suggested Reading and Education 255 APPENDIX E Market Exchanges 273 Glossary 283 About the Author 307 Index 309
Foreword xii by Toni Turner Preface xvii Acknowledgments xix Disclaimer xxi Introduction: Survival of the Fittest xxiii PART I Survival Basics 1 CHAPTER 1 It's a Jungle Out There! 3 Brawn, Brains, and Technology 4 Technological and Innovation Time Line 5 Don't Bring a Knife to a Gunfight 7 Right in My Own Backyard 7 CHAPTER 2 Managing Your Money Is Serious Business 9 Trust and Financial Advisers 10 Tips on Selecting a Qualified Financial Adviser 11 So, Who Are You Going to Trust? 12 Creating Your Own Business Plan Will Strengthen Your Ability to Prosper 13 Trade, Invest, and Live within Your Means 14 CHAPTER 3 Accountability, Setting Stops, and the Rogue Factor 15 Traders Are the Ultimate Entrepreneurs and Must Be Held Accountable 16 Setting Stop-Loss Exits Is Essential 17 The Infamous Rogue Trader Named Nick Leeson 17 Watch the Rogue Trader Movie 18 Insurmountable, Large Losses Usually Start As Small Losses 19 CHAPTER 4 What's Your Net Worth? 21 Net Worth Statement 21 Creating Your Financial Profile 22 Are You Moving Forward, Falling Backward, or Standing in Place? 28 CHAPTER 5 The Life of an Entrepreneur 31 New Start-Up Businesses Have High Failure Rates 31 What Does It Take for a New Business to Succeed? 32 Small Businesses Are the Backbone of the Economy 34 Reduce Your Expenses and Increase Your Revenue 35 How to Reduce Expenses 36 A Penny Saved Is Really One and a Half Pennies Earned 38 It's All About the Revenue 39 CHAPTER 6 Understanding Financial Markets 41 Buyer and Seller Agree on Price, but They Disagree on Value 42 Buyers and Sellers and the Financial Order Flow Process 42 Types of Orders 49 Using Margin and Leverage 52 The Importance of Liquidity and Volume 53 Zero Liquidity 56 Volatility and Market Gaps 58 How Can the Bid and Ask, Spreads, Fills, and Slippage Affect Your Profits? 61 You Can Parallel Test Your Broker and Data Feeds 62 "I Feel the Need for Speed" 63 So Many Markets to Choose From 64 Ticker Symbols at a Glance 65 How to Choose the Best Data Feed for Your Needs 66 How to Choose the Best Broker for Your Needs 70 How to Choose the Best Front-End Platform for Your Needs 72 Manias, Panics, and Crashes 73 CHAPTER 7 Adapting to Changing Market Cycles 75 Four Major Market Cycles 75 It's All in a Name 78 Using Trend Lines to Identify Market Cycles 79 Using Elliott Wave Analysis to Identify Market Cycles 80 Pitfalls of Not Identifying Market Cycles Correctly 81 CHAPTER 8 Education and Support 83 A Few Classic Trading Books 83 Learning Styles 84 Repetition, Repetition, Repetition 85 Paper Trading Is an Essential Learning Tool 85 Do it Your Way 86 You Can Learn from Your Mistakes and Failures 87 Life Mentors, Professional Mentors, and Trading Coaches 88 CHAPTER 9 Writing a Business Plan 91 Business Plan: Blank Template 91 Front Matter: Title Page, Table of Contents, and Mission Statement 93 1. Summary 94 2. Strategy 108 3. Operations 118 4. Financials 124 Business Plan Tips 128 Part II The Financial Pie 129 CHAPTER 10 The First Slice: Trading and Investing Rules 131 Develop and Test Your System 132 Perseverance Is the Holy Grail 132 Failure Is Not an Option 133 Creating Your Trading Rules Profile 134 A Note about Day Trading versus Position Trading 138 Holding Trades Overnight and Assuming Overnight Risk 140 My Definition of Scalping 141 Sample Trading Rules to Start With 141 Combining Fundamental and Technical Signals in Your Trading Rules 142 Technical Analysis Signals 143 Fundamental Analysis Signals 146 Value Investing in a Bear Market 148 The Importance of Paper Trading 148 Set Up Multiple Brokerage Accounts to Monitor Your Trading Results 152 CHAPTER 11 The Second Slice: Scanning for Opportunities 155 Technical Scanning Techniques 156 Fundamental Scanning Techniques 157 Opportunity Is Always Abundant in the Markets 165 Stocks 165 Options 169 Futures 170 Forex 174 Exchange-Traded Funds 177 CHAPTER 12 The Third Slice: Money Management 179 What Can Money Management Do for You? 179 Three Ways to Control Risk 180 Risk Factors to Develop Your Plan Around 180 Stop-Loss Exits Can Save the Day 182 Your Survival Depends on Having a Healthy Respect for the Risk of Ruin 184 Optimal f Formula: Information Similar to the Risk of Ruin Tables 186 Comparing Optimal ¿ Equation Results to the Risk of Ruin Tables 187 The 2 Percent Risk Amount Formula 188 Using the Trade Size Formula 188 Trade Size Formula Using Leverage 189 Using the Trade Size Calculator 190 Good Record Keeping and Performance Analysis Are Essential 191 Without Risk, There Is No Opportunity 192 CHAPTER 13 The Fourth Slice: Financial Psychology 193 The Trader's Mind-Set 194 Even Good Change Can Be Stressful and Emotionally Challenging 195 Looking at 15 Destructive Psychological Trading Issues and Their Causes 196 Optical Illusions Show How Our Minds Can Mislead Us 198 EPILOGUE 201 APPENDIX A Online Bonus-Survival Guide Central 203 APPENDIX B ART Basics 209 APPENDIX C Resources: Front-End Platforms, Brokers, Data Providers, and More 243 APPENDIX D Suggested Reading and Education 255 APPENDIX E Market Exchanges 273 Glossary 283 About the Author 307 Index 309
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