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Winning the Trading Game: Why 95% of Traders Lose and What You Must Do to Win


Praise for: Winning the Trading Game

"A wealth of trading industry experience emerges in this work. Noble DraKoln covers the essential areas of fundamental analysis, technical analysis, and trading psychology with insight, originality, and refreshing candor. Furthermore, the material is skillfully presented with a view to practical application in the markets. This book will complement every trader's library from beginner to advanced."
—Dan Blystone, Senior Analyst, ...

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Praise for: Winning the Trading Game

"A wealth of trading industry experience emerges in this work. Noble DraKoln covers the essential areas of fundamental analysis, technical analysis, and trading psychology with insight, originality, and refreshing candor. Furthermore, the material is skillfully presented with a view to practical application in the markets. This book will complement every trader's library from beginner to advanced."
—Dan Blystone, Senior Analyst,

"Winning the Trading Game by Noble DraKoln encapsulates years of successful trading experience by mixing heartfelt anecdotes with real-world strategies in a literary work guaranteed to provide a deeper understanding for those looking to raise their trading acumen. DraKoln's book gives traders perspective on everything from what key technical indicators to use to more qualitative aspects, including how to develop a winning mindset. This duality of instruction brings value to readers of every trading pedigree."
—John Netto, President, One Shot-One Kill Trading, LLC

"Reading Winning the Trading Game is as exciting as attending the lectures given by the author. The name Noble DraKoln is synonymous with that of a remarkable teacher who gives step-by-step direction for both beginner and professional traders. In Winning the Trading Game, Noble DraKoln shares his impressive views on futures and Forex trading with the same wit and style he uses to dazzle the audience during his speeches."
—André Malpel, trader on futures and technical analysis expert, LIST, Inc., Managing Director and founder, IAT, Inc., Technical Analysis Expo & Paris Trading Show

"Wow! Noble DraKoln has done it again. I would encourage all traders to invest in this book. Noble's wealth of knowledge and years of trading will benefit traders of any experience."
—Harry J. Martinez, Director of Product Sales,

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Product Details

  • ISBN-13: 9780470169957
  • Publisher: Wiley
  • Publication date: 3/21/2008
  • Series: Wiley Trading Series , #322
  • Edition number: 1
  • Pages: 284
  • Product dimensions: 6.10 (w) x 8.90 (h) x 1.20 (d)

Meet the Author

Noble DraKoln is President of Liverpool Group Inc., a futures and Forex brokerage firm, where he focuses on the development, management, and promotion of the company's core philosophy of "focusing on the trader not the trading." Prior to this role, DraKoln served as a broker in the retail division of Royal Financial Inc. and as a professional sugar trader. He speaks regularly at industry conferences in the United States and Europe, and has written articles for numerous financial publications. DraKoln is also an NFA Arbitrator and commodities Series 3 licensed.

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Table of Contents



Part One. More Life At The End Of Your Money.

Chapter 1. The Need To Build Wealth.

Retiring Early.

Negative Savings Rate.

Social Security.


Chapter 2. Money-Making Megatrends.


Emerging Markets.






Other Emerging Market Countries.

Resources Under Fire.




Ethanol The Gasoline Alternative.

Futures, Forex, Or Stocks?

Chapter 3. What Type Of Investor Are You?

Yale Study.

What Are The Returns To Investing In Commodity Futures And How Do These Returns Compare To Investing In Stocks And Bonds?

Are Commodity Futures Riskier Than Stocks?

Can Commodity Futures Provide Diversification To Other Asset Classes?

Pros And Cons.

Types Of Investors.

Type A Investor.

Type B Investor.

Fatal Market Conditions.

Gold And Silver Cornering.

Interest Rate Backfire.

Asian Flu.

Where You Fit In.

Part Two. Why 95% Of Investors Fail At Futures And Forex.

Chapter 4. The World Of Futures And Forex.

Futures And Options.

Hedgers And Speculators.

Futures Exchanges.

What Markets Are Traded?

Foreign Exchange (Forex)

What Is The Spot Market?

Importers And Exporters.

OTC Forex Contracts.

How Is The Spot Price Calculated?

The OTC Participants.

Components Of OTC Contracts.

Types Of Positions And Orders.


Types Of Orders.


Option Rights Vs. Obligations.



Types Of Options.


Chapter 5. The Fallacy Of Traditional Stock Investment Beliefs.

Futures And Forex Investing Is Not New.

What You Don't Know Can Hurt You.

Explaining The Strategies.

Buy And Hold.

Dollar Cost Averaging.

Value Investing.

Portfolio Diversification.


Don't Short The Market!

Fear Leverage!

Good Use Of Leverage.

Neutral Use Of Leverage.

Bad Use Of Leverage.

Myth Busting.

Chapter 6. How To Be Among The Five Percent Who Win At Trading.

The Reality.

Trading With Emotions.

In The Beginning: Happiness.

Next Comes: Greed.

Followed Up By: Fear.

Which Leads To: Sorrow.

Next You Have: Frustration.

Finally: Defeat.

What The Other 5% Are Doing.

Selecting Trades Properly.

Entering Trades Properly.

Monitoring The Trade.

Exiting The Trade.

Battling The Demons Of Fear And Greed.

Holding Losing Trades.

Chasing Markets.

Overleveraging You Account.

So What It Does It Take To Be A 5% Trader?

Chapter 7. Becoming A Speculator.

Speculation Versus Gambling.

Let's Define Gambling Addiction.

Could Trading Represent A Form Of “Gambling Addiction” For You?

10 Symptoms Of Gambling Addiction.

Seeking Assistance.

The Role Of A Speculator.

Are You A Sucker Or A Speculator?

The Three Keys To Success.

Money Management.

Technical Analysis.

Risk Management.

Using The Keys To Map Out Your Journey.

The Trading Plan.

The Trade Worksheet.

The Trade Journal.

Pulling It All Together.

Part Three. Seven Lessons For Trading Success.

Chapter 8. Lesson 1: Developing A Trading Plan.

Myths Of Trading.

What Markets Should You Trade?

1. Get A Margin Sheet Of All Of The Tradable Markets.

2. Understand Initial Margin And Maintenance Margin.

3. Figure Out Which Markets Have Margins Less Than Your Account.

4. Learn Minimum Tick Or Point Values Of Those Markets.

5. Find Out “Average True Range” To Choose Acceptable Volatility.

6. Organize “Short-Listed” Markets From Least To Most Volatile.

7. Check The “Open Interest” For Each Market To Find The Most Liquid.

What You Have Accomplished.

Chapter 9. Lesson 2: Preparing To Speculate.

Your Money, Your Emotions.

Defining Fear.

Overcoming Fear.

Defining Greed.

Overcoming Greed.

Setting Trading Goals For Yourself.

Why Am I Investing In Futures/Forex?

What Percentage Return Am I Looking For?

When Will I Know If I Have Succeeded?

Money Management Rules.

Your Capital.

Your Account.

Your Trades.


Chapter 10. Lesson 3: Choosing Your Technical Indicators.

Fundamental Vs. Technical Analysis.

Why Technical Analysis Works.

Technical Analysis Strengths And Weaknesses.



Questions For Technical Indicators.

Where Is The Market Going?

How Fast Is It Getting There?

When Has It Arrived?

Liverpool Trader Checklist.

Black Box And Systems Trading.

Chapter 11. Lesson 4: Developing Tactics For Entering And Exiting The Market.

Five Tools For Entry/Exit.

Resistance And Support.

Fibonacci Retracements.

Average True Range.

Moving Average.

Candlestick Patterns.

Trading Is A Team Sport.

Chapter 12. Lesson 5: Analyzing Your Opponents And The Market.

Market Players.

Hedging Examples.

Contango And Backwardation.


Sophisticated Speculators.

Ground Rules For Speculators Using Hedging Techniques As A Risk Management Strategy.

Examples Of Why Hedging Can Be Important.

What Can We Learn?

Analyzing The Markets: Volume, Open Interest, And Liquidity.

Mastering Fundamental Reports.

Tip For Active Traders.

Tip For Swing Traders.

Position Traders.


Chapter 13. Lesson 6: Managing Risk.

Stock Investment Truisms.

What You Should Believe.

Success And Failure In Trading.

What Makes It Different From Money Management.

Don't Expect A Miracle.

Stops, A Bad Habit.

Power Of The Limit Order.

Determine What Type Of Trader You Are.

Day Trader.

Swing Trader.

Position Trader.

What Risk Management Tools Can Do For You.

9 Risk Management Tactics.

1. Synthetics.

2. Spread Trading.

3. Hard Stops.

4. Covered Option.

5. Hedges.

6. Collars.

7. Straddles.

8. Strangles.

9. Ratio Spreads.

Risk Management Tools Best Suited For Your Trading Style.

Proper Risk Management.

Chapter 14. Building Confidence.

Ten Mistakes All Traders Make.

1. Misuse Leverage.

2. Confuse Speculation With Gambling.

3. Improperly Funding Account.

4. Choosing Costs Over Quality.

5. Misunderstanding The Differences Of Trading.

6. Trading Without A Plan.

7. Not Keeping Records Of Your Trading.

8. Looking For Trading Confirmations.

9. Options Are Not The Only Leveraged Investment.

10. Lack Of Understanding Regarding Money Management.

Demo Accounts And Paper Trading.

Test Account.

Trading Plan, Trade Worksheet, And Trading Journal.

Trading Plan.

Trade Worksheet.

Trading Journal.

Building Confidence Isn't Easy.

Chapter 15. Getting Started (The Three Month Plan).

Four Steps To Seven Lessons.

Money Management.

Technical Analysis.

Risk Management.

Pulling It All Together.

Three Months Of Work.

Month 1: Structure.

Month 2: Trial And Error.

Month 3: Perfecting Your Trading.

What I Want For You As A Trader.

About The Author.


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  • Anonymous

    Posted July 11, 2012

    Great overview of trading, nothing left to chance.

    Great overview of trading, nothing left to chance.

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