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Trade Like a Casino

Trade Like a Casino Find Your Edge, Manage Risk, and Win Like the House

Name: Trade Like a Casino
Brand: John Wiley & Sons
SKU: 9780470933091
Price: 750.00 HKD
Availability: OutOfStock
Author: Richard L. Weissman
ISBN: 9780470933091

By Richard L. Weissman

John Wiley & Sons September 2011

Specifications

ISBN-13: 9780470933091
Publisher: John Wiley & Sons
Publication: September 2011
Format: Hardback , 288 pages
Jurisdiction: International ? Countri(es) for reference only

Details

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.

Preface.

Acknowledgments.

Part I: The Casino Paradigm.

Chapter 1: Developing Positive Expectancy Models.

Why Technical Analysis Helps.

The Inefficient Market.

If It Feels Good, Don't Do It.

“Just Make the Money”.

Final Thoughts.

Chapter 2: Price Risk Management Methodologies.

One Sure Thing.

Base of Pyramid.

Middle of Pyramid.

Apex of Pyramid.

Pros and Cons of the Risk Management Pyramid.

Putting It All Together: A Case Study.

Final Thoughts.

Chapter 3: Maintaining Unwavering Discipline.

Defining Discipline.

Discipline and the Positive Expectancy Model.

Types of Traders.

Discipline and Price Risk Management.

Patience and Discipline.

Final Thoughts.

Part II: Trading Tools and Techniques.

Chapter 4: Capitalizing on the Cyclical Nature of Volatility.

The Only Constant.

Defining Volatility with Technical Indicators.

Building Positive Expectancy Models with Volatility Indicators.

Final Thoughts.

Chapter 5: Trading the Markets and Not the Money.

Ten Thousand Dollars is a Lot of Money!

“Baby Needs a New Pair of Shoes”.

Trading with “Scared Money”.

Time is Money.

Final Thoughts.

Chapter 6: Minimizing Trader Regret.

The Softer Side of Discipline.

Issues for Trend-Followers.

Issues for Mean Reversion Traders.

Final Thoughts.

Chapter 7: Timeframe Analysis.

Traditional Timeframe Analysis.

Timeframe Confirmation Trading.

Timeframe Divergence Trading.

Final Thoughts.

Chapter 8: How to Use Trading Models.

Mechanical Trading Systems.

Explanation of Portfolio Tables.

Trend-Following Systems.

Mean Reversion Systems.

Combining Non-Correlated Systems.

Non-Mechanical Models.

Fibonacci Retracement Models.

Divergence Models.

Classical Technical Models.

Combining Technical Indicators.

Equity Trading Models.

Opening Range Breakout.

Gap Trading.

Final Thoughts.

Chapter 9: Anticipating the Signal.

Always Trade Value, Never Trade Price.

Support (and Resistance) Were Made to be Broken.

Don’t Anticipate, Just Participate.

Breakout Example: Cash US Dollar-Japanese Yen.

Reversal Example: CME Group Wheat Futures.

Final Thoughts.

Part III: Trader Psychology.

Chapter 10: Transcending Common Trading Pitfalls.

Characteristics of Market Behavior.

Multifaceted.

Uncertain.

Ever-changing.

“Obstacle Makers” to Growth as a Trader.

Fear of Loss and Uncertainty.

Perfect Trader Syndrome.

Destructive Emotions.

Clinging to Delusional Ideas.

Final Thoughts.

Chapter 11: Analyzing Performance.

A Due Diligence Questionnaire.

About the Trader.

About the Performance Record.

About the Methodologies.

Risk Management.

Trade Execution Considerations.

Research & Development Considerations.

Trading Journal.

Monthly Performance Record.

Multi-Month Performance Record.

Performance by Asset Record.

Performance by Trading Model Record.

Monthly Summary Performance Totals.

Monthly Summary Performance Totals by Trading Model.

Final Thoughts.

Chapter 12: Becoming an Even-tempered Trader.

The “I Don’t Care Guy”.

The Master Trader.

Reprogramming the Trader.

Flexibility and Creativity.

Meditation.

Seven Point Posture.

Mind in Meditation.

Visualization.

Somatic Exercises.

Final Thoughts.

Notes.

Bibliography.

About the Author.

Index.

About the Author

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.

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