Trade Like a Casino – Find Your Edge, Manage Risk and Win Like the House
Find Your Edge, Manage Risk, and Win Like the House
Gebonden Engels 2011 9780470933091Samenvatting
A detailed look at the common characteristics found in most successful traders
While there are a variety of approaches to trading in the financial markets, profitable traders tend to share similar underlying characteristics. Most have a methodology that they believe will prove profitable over the long run and are willing to endure short–term setbacks. If you′re looking to make the most of your time in today′s markets, you need to understand what separates the best from the rest. And with Trade Like a Casino, you′ll gain the knowledge needed to excel at this challenging endeavor.
Engaging and informative, this reliable guide identifies and explains the key techniques and mental processes characteristic of successful traders. It reveals that successful traders operate very much like a casino in that they develop a method that gives them "positive expectancy" and they unflappably implement the method in the 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 and maintain the casino–like edge.
Reveals how many successful traders tend to follow the same general principles, even if their approach to trading may differ
Explores how to account for the risk of being wrong and the market moving against you
Discusses how to develop an approach that combines trade selection with sound risk management, avoids emotional attachment to positions, exploits volatility cycles, and focuses on market action
Regardless of how you approach markets, the insights found here will help improve the way you trade by putting you in a better position to distinguish the differences between successful and unsuccessful traders.
Specificaties
Lezersrecensies
Inhoudsopgave
<p>Acknowledgments xvii</p>
<p>Part I The Casino Paradigm 1 </p>
<p>Chapter 1 Developing Positive Expectancy Models 3 </p>
<p>Why Technical Analysis Helps 3 </p>
<p>The Inefficient Market 6</p>
<p>If It Feels Good, Don′t Do It 10</p>
<p> Just Make the Money 15</p>
<p>Final Thoughts 21</p>
<p>Chapter 2 Price Risk Management Methodologies 23</p>
<p>One Sure Thing 23</p>
<p>Base of Pyramid 26</p>
<p>Middle of Pyramid 37</p>
<p>Apex of Pyramid 47</p>
<p>Pros and Cons of the Risk Management Pyramid 49</p>
<p>Putting It All Together: A Case Study 49</p>
<p>Final Thoughts 51</p>
<p>Chapter 3 Maintaining Unwavering Discipline 53</p>
<p>Defining Discipline 53</p>
<p>Discipline and the Positive Expectancy Model 55</p>
<p>Types of Traders 61</p>
<p>Discipline and Price Risk Management 64</p>
<p>Patience and Discipline 67</p>
<p>Final Thoughts 70</p>
<p>Part II Trading Tools and Techniques 71 </p>
<p>Chapter 4 Capitalizing on the Cyclical Nature of Volatility 73 </p>
<p>The Only Constant 73</p>
<p>Defining Volatility with Technical Indicators 76</p>
<p>Building Positive Expectancy Models with Volatility Indicators 89</p>
<p>Final Thoughts 94</p>
<p>Chapter 5 Trading the Markets and Not the Money 95 </p>
<p>Ten Thousand Dollars is a Lot of Money! 95</p>
<p> Baby Needs a New Pair of Shoes 99</p>
<p>Trading with Scared Money 100</p>
<p>Time is Money 101</p>
<p>Final Thoughts 104</p>
<p>Chapter 6 Minimizing Trader Regret 105</p>
<p>The Softer Side of Discipline 105</p>
<p>Issues for Trend–Followers 106</p>
<p>Issues for Mean Reversion Traders 113</p>
<p>Final Thoughts 123</p>
<p>Chapter 7 Timeframe Analysis 125</p>
<p>Traditional Timeframe Analysis 125</p>
<p>Timeframe Confirmation Trading 131</p>
<p>Timeframe Divergence Trading 131</p>
<p>Final Thoughts 142</p>
<p>Chapter 8 How to Use Trading Models 143</p>
<p>Mechanical Trading Systems 143</p>
<p>Nonmechanical Models 162</p>
<p>Equity Trading Models 170</p>
<p>Final Thoughts 175</p>
<p>Chapter 9 Anticipating the Signal 177</p>
<p>Always Trade Value, Never Trade Price 177</p>
<p>Support (and Resistance) Were Made to be Broken 179</p>
<p>Don t Anticipate, Just Participate 181</p>
<p>Final Thoughts 187</p>
<p>Part III Trader Psychology 189</p>
<p>Chapter 10 Transcending Common Trading Pitfalls 191</p>
<p>Characteristics of Market Behavior 191</p>
<p>Obstacle Makers to Growth as a Trader. 195</p>
<p>Final Thoughts 202 </p>
<p>Chapter 11 Analyzing Performance 205 </p>
<p>A Due Diligence Questionnaire 205 </p>
<p>Trading Journal 225</p>
<p>Final Thoughts 236</p>
<p>Chapter 12 Becoming an Even–Tempered Trader 241 </p>
<p>The I Don t Care Guy 241 </p>
<p>The Master Trader 244 </p>
<p>Reprogramming the Trader 247 </p>
<p>Flexibility and Creativity 248 </p>
<p>Meditation 250 </p>
<p>Visualization 251 </p>
<p>Somatic Exercises 253 </p>
<p>Final Thoughts 254 </p>
<p>Notes 257 </p>
<p>Bibliography 263 </p>
<p>About the Author 265 </p>
<p>Index 266</p>
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