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

Overview

Praise for Trade Like a Casino

"The good news is, you can trade for a living; the bad news—not everyone can do it. Richard Weissman provides technical and psychological tools to help you move into the winning group."— Dr. Alexander Elder author, Trading for a Living

"Discipline, risk, and psychology...to fully understand these concepts is to fully understand your trading potential. This indispensable book is a must-read for traders, from the aspiring to the professional."— ...

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

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Overview

Praise for Trade Like a Casino

"The good news is, you can trade for a living; the bad news—not everyone can do it. Richard Weissman provides technical and psychological tools to help you move into the winning group."— Dr. Alexander Elder author, Trading for a Living

"Discipline, risk, and psychology...to fully understand these concepts is to fully understand your trading potential. This indispensable book is a must-read for traders, from the aspiring to the professional."— Douglas Janson System Design Support Specialist and Trader, CQG, Inc.

"I highly recommend this book to anyone considering a career in trading. It was a fun read while providing insight on how to gain an edge toward being a successful trader!"— Jabree Brooks, Associate Oil Controller

"Richard Weissman does it again. Like no one else, he pinpoints key aspects of a trader's day-to-day thinking and activities, expanding on basic yet crucial principles like patience and discipline. His analysis is backed by extensive hands-on experience trading in numerous markets. Richard goes the extra mile giving both aspiring and well-seasoned traders precise tips and methodologies to keep their minds focused, alert and their eyes on the ball."— Frederic Bettan CEO, Managing Partner, Swing Capital Inc.

"This book gives you all you need. Richard Weissman brilliantly navigates through the various aspects of risk management to help the reader create and mend a speculative discipline."—James Shelton Chief Currency and Commodity Analyst, A-Live Quotes Inc.

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Product Details

  • ISBN-13: 9780470933091
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 10/4/2011
  • Series: Wiley Trading Series , #530
  • Edition number: 1
  • Pages: 270
  • Sales rank: 608,332
  • Product dimensions: 6.40 (w) x 9.10 (h) x 1.10 (d)

Meet 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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Table of Contents

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

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