Book description
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.
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.
