Richard L. Weissman

Trade Like a Casino (eBook, PDF)

Find Your Edge, Manage Risk, and Win Like the House

• Format: PDF

Produktbeschreibung

A detailed look at the common characteristics found in mostsuccessful traders While there are a variety of approaches to trading in thefinancial markets, profitable traders tend to share similarunderlying characteristics. Most have a methodology that theybelieve will prove profitable over the long run and are willing toendure short-term setbacks. If you're looking to make the most ofyour time in today's markets, you need to understand what separatesthe best from the rest. And with Trade Like a Casino, you'llgain the knowledge needed to excel at this challengingendeavor. Engaging and informative, this reliable guide identifies andexplains the key techniques and mental processes characteristic ofsuccessful traders. It reveals that successful traders operate verymuch like a casino in that they develop a method that gives them"positive expectancy" and they unflappably implement the method inthe face of changing, and oftentimes volatile, market conditions.Page by page, the book explores the intricacies of methodology,mental control, and flexibility that allow traders to develop andmaintain the casino-like edge. * Reveals how many successful traders tend to follow the samegeneral principles, even if their approach to trading maydiffer * Explores how to account for the risk of being wrong and themarket moving against you * Discusses how to develop an approach that combines tradeselection with sound risk management, avoids emotional attachmentto positions, exploits volatility cycles, and focuses on marketaction Regardless of how you approach markets, the insights found herewill help improve the way you trade by putting you in a betterposition to distinguish the differences between successful andunsuccessful traders.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 288
• Erscheinungstermin: 31. August 2011
• Englisch
• ISBN-13: 9781118137949
• Artikelnr.: 37356479

Autorenporträt

RICHARD L. WEISSMAN is a trader, trading system developer, and educator on trading and risk management. As senior associate with the Energy Management Institute, he holds seminars and webinars for professionals on trading and risk management. Weissman is a former member and trader at the New York Futures Exchange. He has written articles on trading and technical analysis for a variety of industry publications and provides independent consulting services to traders and risk managers on technical analysis, derivatives, and trading system development. Weissman is also the author of the Wiley title Mechanical Trading Systems.

Inhaltsangabe

Preface xi 
Acknowledgments xvii
Part I The Casino Paradigm 1 
Chapter 1 Developing Positive Expectancy Models 3 
Why Technical Analysis Helps 3 
The Inefficient Market 6
If It Feels Good, Don't Do It 10
"Just Make the Money" 15
Final Thoughts 21
Chapter 2 Price Risk Management Methodologies 23
One Sure Thing 23
Base of Pyramid 26
Middle of Pyramid 37
Apex of Pyramid 47
Pros and Cons of the Risk Management Pyramid 49
Putting It All Together: A Case Study 49
Final Thoughts 51
Chapter 3 Maintaining Unwavering Discipline 53
Defining Discipline 53
Discipline and the Positive Expectancy Model 55
Types of Traders 61
Discipline and Price Risk Management 64
Patience and Discipline 67
Final Thoughts 70
Part II Trading Tools and Techniques 71 
Chapter 4 Capitalizing on the Cyclical Nature of Volatility 73 
The Only Constant 73
Defining Volatility with Technical Indicators 76
Building Positive Expectancy Models with Volatility Indicators 89
Final Thoughts 94
Chapter 5 Trading the Markets and Not the Money 95 
Ten Thousand Dollars is a Lot of Money! 95
"Baby Needs a New Pair of Shoes" 99
Trading with "Scared Money" 100
Time is Money 101
Final Thoughts 104
Chapter 6 Minimizing Trader Regret 105
The Softer Side of Discipline 105
Issues for Trend-Followers 106
Issues for Mean Reversion Traders 113
Final Thoughts 123
Chapter 7 Timeframe Analysis 125
Traditional Timeframe Analysis 125
Timeframe Confirmation Trading 131
Timeframe Divergence Trading 131
Final Thoughts 142
Chapter 8 How to Use Trading Models 143
Mechanical Trading Systems 143
Nonmechanical Models 162
Equity Trading Models 170
Final Thoughts 175
Chapter 9 Anticipating the Signal 177
Always Trade Value, Never Trade Price 177
Support (and Resistance) Were Made to be Broken 179
Don't Anticipate, Just Participate 181
Final Thoughts 187
Part III Trader Psychology 189
Chapter 10 Transcending Common Trading Pitfalls 191
Characteristics of Market Behavior 191
Obstacle Makers to Growth as a Trader. 195
Final Thoughts 202 
Chapter 11 Analyzing Performance 205 
A Due Diligence Questionnaire 205 
Trading Journal 225
Final Thoughts 236
Chapter 12 Becoming an Even-Tempered Trader 241 
The "I Don't Care Guy" 241 
The Master Trader 244 
Reprogramming the Trader 247 
Flexibility and Creativity 248 
Meditation 250 
Visualization 251 
Somatic Exercises 253 
Final Thoughts 254 
Notes 257 
Bibliography 263 
About the Author 265 
Index 266