{"product_id":"trade-like-a-casino-isbn-9780470933091","title":"Trade Like a Casino","description":"\u003cb\u003eA detailed look at the common characteristics found in most successful traders\u003c\/b\u003e  \u003cp\u003eWhile 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 \u003ci\u003eTrade Like a Casino,\u003c\/i\u003e you'll gain the knowledge needed to excel at this challenging endeavor.\u003c\/p\u003e \u003cp\u003eEngaging 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eReveals how many successful traders tend to follow the same general principles, even if their approach to trading may differ\u003c\/li\u003e \u003cli\u003eExplores how to account for the risk of being wrong and the market moving against you\u003c\/li\u003e \u003cli\u003eDiscusses 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\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eRegardless 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.\u003c\/p\u003e  Preface xi   \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I The Casino Paradigm 1\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Developing Positive Expectancy Models 3\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eWhy Technical Analysis Helps 3 \u003c\/p\u003e \u003cp\u003eThe Inefficient Market 6\u003c\/p\u003e \u003cp\u003eIf It Feels Good, Don't Do It 10\u003c\/p\u003e \u003cp\u003e“Just Make the Money” 15\u003c\/p\u003e \u003cp\u003eFinal Thoughts 21\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Price Risk Management Methodologies 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOne Sure Thing 23\u003c\/p\u003e \u003cp\u003eBase of Pyramid 26\u003c\/p\u003e \u003cp\u003eMiddle of Pyramid 37\u003c\/p\u003e \u003cp\u003eApex of Pyramid 47\u003c\/p\u003e \u003cp\u003ePros and Cons of the Risk Management Pyramid 49\u003c\/p\u003e \u003cp\u003ePutting It All Together: A Case Study 49\u003c\/p\u003e \u003cp\u003eFinal Thoughts 51\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Maintaining Unwavering Discipline 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining Discipline 53\u003c\/p\u003e \u003cp\u003eDiscipline and the Positive Expectancy Model 55\u003c\/p\u003e \u003cp\u003eTypes of Traders 61\u003c\/p\u003e \u003cp\u003eDiscipline and Price Risk Management 64\u003c\/p\u003e \u003cp\u003ePatience and Discipline 67\u003c\/p\u003e \u003cp\u003eFinal Thoughts 70\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Trading Tools and Techniques 71\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Capitalizing on the Cyclical Nature of Volatility 73\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eThe Only Constant 73\u003c\/p\u003e \u003cp\u003eDefining Volatility with Technical Indicators 76\u003c\/p\u003e \u003cp\u003eBuilding Positive Expectancy Models with Volatility Indicators 89\u003c\/p\u003e \u003cp\u003eFinal Thoughts 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Trading the Markets and Not the Money 95\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eTen Thousand Dollars is a Lot of Money! 95\u003c\/p\u003e \u003cp\u003e“Baby Needs a New Pair of Shoes” 99\u003c\/p\u003e \u003cp\u003eTrading with “Scared Money” 100\u003c\/p\u003e \u003cp\u003eTime is Money 101\u003c\/p\u003e \u003cp\u003eFinal Thoughts 104\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Minimizing Trader Regret 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Softer Side of Discipline 105\u003c\/p\u003e \u003cp\u003eIssues for Trend-Followers 106\u003c\/p\u003e \u003cp\u003eIssues for Mean Reversion Traders 113\u003c\/p\u003e \u003cp\u003eFinal Thoughts 123\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Timeframe Analysis 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTraditional Timeframe Analysis 125\u003c\/p\u003e \u003cp\u003eTimeframe Confirmation Trading 131\u003c\/p\u003e \u003cp\u003eTimeframe Divergence Trading 131\u003c\/p\u003e \u003cp\u003eFinal Thoughts 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 How to Use Trading Models 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMechanical Trading Systems 143\u003c\/p\u003e \u003cp\u003eNonmechanical Models 162\u003c\/p\u003e \u003cp\u003eEquity Trading Models 170\u003c\/p\u003e \u003cp\u003eFinal Thoughts 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Anticipating the Signal 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAlways Trade Value, Never Trade Price 177\u003c\/p\u003e \u003cp\u003eSupport (and Resistance) Were Made to be Broken 179\u003c\/p\u003e \u003cp\u003eDon’t Anticipate, Just Participate 181\u003c\/p\u003e \u003cp\u003eFinal Thoughts 187\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Trader Psychology 189\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Transcending Common Trading Pitfalls 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCharacteristics of Market Behavior 191\u003c\/p\u003e \u003cp\u003eObstacle Makers to Growth as a Trader. 195\u003c\/p\u003e \u003cp\u003eFinal Thoughts 202 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Analyzing Performance 205\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eA Due Diligence Questionnaire 205 \u003c\/p\u003e \u003cp\u003eTrading Journal 225\u003c\/p\u003e \u003cp\u003eFinal Thoughts 236\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Becoming an Even-Tempered Trader 241\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eThe “I Don’t Care Guy” 241 \u003c\/p\u003e \u003cp\u003eThe Master Trader 244 \u003c\/p\u003e \u003cp\u003eReprogramming the Trader 247 \u003c\/p\u003e \u003cp\u003eFlexibility and Creativity 248 \u003c\/p\u003e \u003cp\u003eMeditation 250 \u003c\/p\u003e \u003cp\u003eVisualization 251 \u003c\/p\u003e \u003cp\u003eSomatic Exercises 253 \u003c\/p\u003e \u003cp\u003eFinal Thoughts 254 \u003c\/p\u003e \u003cp\u003eNotes 257 \u003c\/p\u003e \u003cp\u003eBibliography 263 \u003c\/p\u003e \u003cp\u003eAbout the Author 265 \u003c\/p\u003e \u003cp\u003eIndex 266\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eRICHARD L. WEISSMAN\u003c\/b\u003e 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 \u003ci\u003eMechanical Trading Systems.\u003c\/i\u003e   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eTrade Like a Casino\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eWhile trading is a difficult endeavor, it's still possible to make money doing so in today's markets. The real question is: how can you achieve this goal? \u003c\/p\u003e\u003cp\u003eWhat is required is adapting a successful existing business model to this speculative arena. The model that makes most sense is the \"casino paradigm\" and nobody understands it better than author Richard Weissman—a professional trader with over fifteen years of experience consulting and training traders and risk managers. \u003c\/p\u003e\u003cp\u003eAnd now, with \u003ci\u003eTrade Like a Casino\u003c\/i\u003e, he reveals how successful traders tend to operate like a casino in that they develop a method that gives them \"positive expectancy\" and then unflappably implement their approach in the face of changing, and oftentimes volatile, market conditions. Page by page, this reliable resource explores the intricacies of methodology, mental control, and flexibility that allow traders to develop and maintain a casino-like edge. It also addresses some of the more complex issues that surround this model of successful speculative trading. \u003c\/p\u003e\u003cp\u003eDivided into three comprehensive parts, \u003ci\u003eTrade Like a Casino\u003c\/i\u003e skillfully: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eIntroduces the casino paradigm of trading with respect to the development of positive expectancy models, price risk management, and trader discipline\u003c\/li\u003e \u003cli\u003eReveals the best-kept secret in trading, the cyclical nature of volatility, and offers insights on the tools needed to measure it\u003c\/li\u003e \u003cli\u003eDiscusses the importance of timeframe analysis and one of the most important tools associated with it—time frame divergence\u003c\/li\u003e \u003cli\u003eHighlights a wide array of positive expectancy trend-following and mean reversion trading models\u003c\/li\u003e \u003cli\u003eCovers common trading pitfalls and how to transcend them as well as a wide variety of techniques for analyzing and improving trader performance\u003c\/li\u003e \u003cli\u003eExamines the psychological mindset required to succeed with a positive expectancy model\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eSuccessful traders don't need luck, since they consistently play the probabilities and manage risk. That's how casinos win, and with this book as your guide, that's how you'll learn to win in today's dynamic markets.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990400811237,"sku":"NP9780470933091","price":79.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470933091.jpg?v=1761787678","url":"https:\/\/k12savings.com\/es\/products\/trade-like-a-casino-isbn-9780470933091","provider":"K12savings","version":"1.0","type":"link"}