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."— Douglas Janson System Design Support ...

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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
  • Publication date: 10/4/2011
  • Series: Wiley Trading Series , #530
  • Edition number: 1
  • Pages: 270
  • Sales rank: 916,594
  • 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.

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.

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