{"product_id":"trading-without-gambling-isbn-9780470118740","title":"Trading Without Gambling","description":"Many people perceive trading as nothing more than a gamble. But there are still people who consistently make money trading. How do they do it? They've learned to separate gambling from trading. And the way they do this, says author Marcel Link, is by developing a proper plan. In \u003ci\u003eTrading Without Gambling\u003c\/i\u003e, Link shows how to create and use a sound game plan to improve every aspect of trading–including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk–while leaving very little to gambling. \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Everyone Needs a Plan 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Hanging Curveball 7\u003c\/p\u003e \u003cp\u003eA Typical Bad Trader 9\u003c\/p\u003e \u003cp\u003eA Typical Good Trader Prepared with a Plan 9\u003c\/p\u003e \u003cp\u003eThe Trading Plan and the Game Plan 11\u003c\/p\u003e \u003cp\u003eA Disclosure or Two before We Continue 13\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Trading Plan 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat is a Trading Plan? 15\u003c\/p\u003e \u003cp\u003eA Simple Trading Plan 16\u003c\/p\u003e \u003cp\u003eWhy a Trading Plan? 17\u003c\/p\u003e \u003cp\u003eA Business Plan for Traders 18\u003c\/p\u003e \u003cp\u003eMaking a Trading Plan 19\u003c\/p\u003e \u003cp\u003eBreaking Down the Trading Plan 20\u003c\/p\u003e \u003cp\u003eClosing Thoughts 23\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Game Plan 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAlways Be Prepared 25\u003c\/p\u003e \u003cp\u003eWhy a Game Plan 26\u003c\/p\u003e \u003cp\u003eThe Basics of the Game Plan 27\u003c\/p\u003e \u003cp\u003eKnow Yourself 27\u003c\/p\u003e \u003cp\u003eDrawing up Scenarios 27\u003c\/p\u003e \u003cp\u003eMaking Your Plan Work 29\u003c\/p\u003e \u003cp\u003eClosing Thoughts 32\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Get to Know Yourself 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferent Types of Traders 34\u003c\/p\u003e \u003cp\u003eFiguring Out Who You Are 35\u003c\/p\u003e \u003cp\u003eThe Importance of Knowing Your Style 36\u003c\/p\u003e \u003cp\u003eTwo Sides to Every Story 38\u003c\/p\u003e \u003cp\u003eClosing Thoughts 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Trading Strategies 41\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrading Strategies 41\u003c\/p\u003e \u003cp\u003eYour Strategy Needs to Fit Your Style 42\u003c\/p\u003e \u003cp\u003eTechnical Strategies 42\u003c\/p\u003e \u003cp\u003eBuilding Systems 45\u003c\/p\u003e \u003cp\u003eDon’t Be Stubborn 50\u003c\/p\u003e \u003cp\u003eWhy Should You Have a Strategy? 51\u003c\/p\u003e \u003cp\u003eWhat Goes into a Strategy? 51\u003c\/p\u003e \u003cp\u003eThe Entry 52\u003c\/p\u003e \u003cp\u003eExits 52\u003c\/p\u003e \u003cp\u003eTimes Frames and Holding Times 54\u003c\/p\u003e \u003cp\u003eStick to Your Trading Strategy 55\u003c\/p\u003e \u003cp\u003eClosing Thoughts 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Know Your Markets 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMarkets Differ 57\u003c\/p\u003e \u003cp\u003eKnow What You are Trading 60\u003c\/p\u003e \u003cp\u003eWhat’s the Real Risk? 62\u003c\/p\u003e \u003cp\u003eTime Frames and Charting 63\u003c\/p\u003e \u003cp\u003eWho Moves the Markets? 68\u003c\/p\u003e \u003cp\u003eKnow Any Correlations 69\u003c\/p\u003e \u003cp\u003eGetting the Big Picture 75\u003c\/p\u003e \u003cp\u003eClosing Thoughts 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 After the Close 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLet’s Review 78\u003c\/p\u003e \u003cp\u003eThe Open Trades 79\u003c\/p\u003e \u003cp\u003eThinking about Tomorrow 88\u003c\/p\u003e \u003cp\u003eThe Closed Trades 89\u003c\/p\u003e \u003cp\u003eGetting Ready for Tomorrow 91\u003c\/p\u003e \u003cp\u003eReview Your Plans and Strategy 92\u003c\/p\u003e \u003cp\u003eClosing Thoughts 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Before the Market Opens 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTo Each His Own 95\u003c\/p\u003e \u003cp\u003eGetting the News 96\u003c\/p\u003e \u003cp\u003eKnow Your Markets 97\u003c\/p\u003e \u003cp\u003eLook at Overseas Markets 98\u003c\/p\u003e \u003cp\u003eHow are the Markets Opening? 98\u003c\/p\u003e \u003cp\u003eMaking Adjustments 99\u003c\/p\u003e \u003cp\u003eWere There Any Big Moves Overnight? 100\u003c\/p\u003e \u003cp\u003eLook for Possible Trading Situations 101\u003c\/p\u003e \u003cp\u003eDraw Up Scenarios 103\u003c\/p\u003e \u003cp\u003eAdjusting Size 103\u003c\/p\u003e \u003cp\u003eMake Your Daily Game Plan 104\u003c\/p\u003e \u003cp\u003eClosing Thoughts 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Drawing Up Scenarios 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKnow Your Markets—Revisited 107\u003c\/p\u003e \u003cp\u003eGetting the Big Picture 108\u003c\/p\u003e \u003cp\u003eGetting a Better Picture 109\u003c\/p\u003e \u003cp\u003eEnd of the Day 113\u003c\/p\u003e \u003cp\u003eBack to Monitoring Open Positions 114\u003c\/p\u003e \u003cp\u003eOnce the Trade is On 115\u003c\/p\u003e \u003cp\u003eThe Day Trader 122\u003c\/p\u003e \u003cp\u003eMaking Scenarios for the News 123\u003c\/p\u003e \u003cp\u003eGeneric Stuff to Look at with Open Positions 125\u003c\/p\u003e \u003cp\u003eClosing Thoughts 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Taking the Gamble Out of Trading 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGood Trades Can Be Losers 132\u003c\/p\u003e \u003cp\u003eTwo Parts to a Trade 135\u003c\/p\u003e \u003cp\u003eSame Market, Two Views 136\u003c\/p\u003e \u003cp\u003eGoing Long 136\u003c\/p\u003e \u003cp\u003eGoing Short 139\u003c\/p\u003e \u003cp\u003eWaiting for the Right Opportunities 143\u003c\/p\u003e \u003cp\u003eMeasure the Risk-to-Reward Ratio 143\u003c\/p\u003e \u003cp\u003eWays to Get the Odds in Your Favor 145\u003c\/p\u003e \u003cp\u003eClosing Thoughts 148\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Getting In 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSpotting the Opportunity 149\u003c\/p\u003e \u003cp\u003ePlanning the Trade 150\u003c\/p\u003e \u003cp\u003eDrawing Scenarios for Getting into the Trade 152\u003c\/p\u003e \u003cp\u003eDon’t Chase the Market 154\u003c\/p\u003e \u003cp\u003eTiming the Trade 154\u003c\/p\u003e \u003cp\u003eLook For Patterns within the Long-Term Trade 155\u003c\/p\u003e \u003cp\u003eKnowing the Risk 159\u003c\/p\u003e \u003cp\u003eDeciding How Much to Trade 159\u003c\/p\u003e \u003cp\u003eClosing Thoughts 160\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Getting Out 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreestablish Your Exit Strategies 161\u003c\/p\u003e \u003cp\u003eCutting Losses and Letting Profits Ride 162\u003c\/p\u003e \u003cp\u003eUsing Stops in Your Game Plan 163\u003c\/p\u003e \u003cp\u003ePlanning Your Risk 164\u003c\/p\u003e \u003cp\u003eThe Setup 165\u003c\/p\u003e \u003cp\u003eTrading the Gap 167\u003c\/p\u003e \u003cp\u003eAnother Trade 170\u003c\/p\u003e \u003cp\u003eA Crazy Day 171\u003c\/p\u003e \u003cp\u003ePlanning Your Target 173\u003c\/p\u003e \u003cp\u003eHow Will You Exit? 174\u003c\/p\u003e \u003cp\u003eThe In-Between Area 175\u003c\/p\u003e \u003cp\u003eClosing Thoughts 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Reviewing and Managing 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAfter the Trade is on 177\u003c\/p\u003e \u003cp\u003eLooking Ahead 182\u003c\/p\u003e \u003cp\u003eReviewing Your Trading 184\u003c\/p\u003e \u003cp\u003eKeeping a Journal 188\u003c\/p\u003e \u003cp\u003eClosing Thoughts 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 How to Keep from Overtrading 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Have a Plan 192\u003c\/p\u003e \u003cp\u003eYou Don’t Always Need to Be in the Market 192\u003c\/p\u003e \u003cp\u003eStop Being in Too Many Positions 196\u003c\/p\u003e \u003cp\u003eUsing a Game Plan to Help if You Trade Too Many Positions 198\u003c\/p\u003e \u003cp\u003eKeeping to Risk Management Limits 200\u003c\/p\u003e \u003cp\u003eClosing Thoughts 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Money Management 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDon’t Take Risk Lightly 208\u003c\/p\u003e \u003cp\u003eAnother Gambling Analogy 209\u003c\/p\u003e \u003cp\u003eThe Money Management Basics 211\u003c\/p\u003e \u003cp\u003eIncorporating Your Money Management Plan into Your Trading Plan 220\u003c\/p\u003e \u003cp\u003eIncorporating Your Money Management Plan into Your Game Plan 221\u003c\/p\u003e \u003cp\u003eEstablishing Money Management Procedures for Open Positions 223\u003c\/p\u003e \u003cp\u003eClosing Thoughts 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Trading Rules 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrading Rules 225\u003c\/p\u003e \u003cp\u003eUsing Your Rules to Make a Trading Plan 226\u003c\/p\u003e \u003cp\u003eMy Trading Rules 227\u003c\/p\u003e \u003cp\u003eAppling the Money Management Rules 228\u003c\/p\u003e \u003cp\u003eApplying the Entry Rules 229\u003c\/p\u003e \u003cp\u003eApplying Your Exit Rules 231\u003c\/p\u003e \u003cp\u003eApplying the Discipline Rules 232\u003c\/p\u003e \u003cp\u003eThe Top 25 Rules 233\u003c\/p\u003e \u003cp\u003eClosing Thoughts 240\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Focus and Discipline 241\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStaying Focused 242\u003c\/p\u003e \u003cp\u003eDistractions 242\u003c\/p\u003e \u003cp\u003eHave a Routine to Help You Write a Game Plan 244\u003c\/p\u003e \u003cp\u003eFollowing Your Plan 245\u003c\/p\u003e \u003cp\u003eHow to Stay Focused if You Have Trouble Staying Focused 246\u003c\/p\u003e \u003cp\u003eMental Side of Discipline 248\u003c\/p\u003e \u003cp\u003eKeeping Tabs 251\u003c\/p\u003e \u003cp\u003eUnwinding after the Day 253\u003c\/p\u003e \u003cp\u003eClosing Thoughts 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Learning How to Win 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eClean Out Your Closet 256\u003c\/p\u003e \u003cp\u003eDon’t Blame Others for Losses 256\u003c\/p\u003e \u003cp\u003eThink of It as an Expense and Not a Loss 257\u003c\/p\u003e \u003cp\u003eSelf-Destructive Behavior 257\u003c\/p\u003e \u003cp\u003eLearn from Mistakes 257\u003c\/p\u003e \u003cp\u003eTrade, Trade, Trade 258\u003c\/p\u003e \u003cp\u003eCurb Your Emotions 258\u003c\/p\u003e \u003cp\u003eLosses are in the Past 258\u003c\/p\u003e \u003cp\u003eMoney Management is More Important than Trade Selection 259\u003c\/p\u003e \u003cp\u003eTreat Yourself 259\u003c\/p\u003e \u003cp\u003ePreserve Precious Capital 259\u003c\/p\u003e \u003cp\u003eHave a Cutoff Point 260\u003c\/p\u003e \u003cp\u003eJumping in Too Soon or Getting in Too Late 260\u003c\/p\u003e \u003cp\u003eDo Not Let Big Winners Turn to Losers 260\u003c\/p\u003e \u003cp\u003eMake a List of Rules 261\u003c\/p\u003e \u003cp\u003eTrade Your Style 261\u003c\/p\u003e \u003cp\u003eUse a Proven Strategy 261\u003c\/p\u003e \u003cp\u003eTips are for Bartenders 261\u003c\/p\u003e \u003cp\u003eLearn as Much as You Can about What You are Trading 262\u003c\/p\u003e \u003cp\u003eKeep Learning 262\u003c\/p\u003e \u003cp\u003eRead and Learn 262\u003c\/p\u003e \u003cp\u003eTrade with a Plan 264\u003c\/p\u003e \u003cp\u003eFill in Your Own 264\u003c\/p\u003e \u003cp\u003eFinal Thoughts 264\u003c\/p\u003e \u003cp\u003eAbout the Author 267\u003c\/p\u003e \u003cp\u003eIndex 269\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eMARCEL LINK\u003c\/b\u003e has been involved in trading for more than twenty years and, for the last several years, has been a successful independent trader of futures and stocks. Previously, he founded LinkFutures.com, which was a discount, online brokerage firm. Link is a former member of the New York Financial Exchange. For more information, visit www.MarcelLink.com.   \u003c\/p\u003e\u003cp\u003eMany people perceive trading as nothing more than a gamble—and to many traders it is. But there are still traders who, year after year and month after month, consistently make money trading. How do they do it? They have learned how to separate gambling from trading. And the way they do this, says Marcel Link, is by developing and trading with a proper, well-thought-out plan. In \u003ci\u003eTrading Without Gambling\u003c\/i\u003e, Link shows how to create and use a sound game plan to improve every aspect of trading—including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk—while leaving very little to gambling. \u003c\/p\u003e\u003cp\u003eBuilding on the strategies first revealed in his highly successful previous book, \u003ci\u003eHigh Probability Trading\u003c\/i\u003e, Link reveals that the key to winning in the markets is planning for it and knowing in advance how to react to certain situations—and this is exactly what a game plan will do for you. Trading is not simply about buying and selling, he explains, but about knowing when and why to do so. Link details the benefits of a game plan in easy-to-understand, straightforward terms, showing how a plan will help you pick the best trades, monitor and exit trades, keep you from overtrading, keep you focused and financially in line, prepare you for what the market has to offer, and ultimately take the gamble out of your buying and selling. \u003c\/p\u003e\u003cp\u003eDrawing from his twenty years of trading experience, Link offers numerous examples of both his good trades and his mistakes, enabling you to learn from those mistakes and become a better trader in the process. \u003c\/p\u003e\u003cp\u003eThis book, the author stresses, is not for the lazy trader. You won't find any get-rich-quick strategies here, but you will learn how to work smart and work hard to improve your bottom line. After reading \u003ci\u003eTrading Without Gambling\u003c\/i\u003e, you'll be in a better position to excel at this difficult endeavor.\t   \u003c\/p\u003e\u003cp\u003eMany people perceive trading as nothing more than a gamble—and to many traders it is. But there are still traders who, year after year and month after month, consistently make money trading. How do they do it? They have learned how to separate gambling from trading. And the way they do this, says Marcel Link, is by developing and trading with a proper, well-thought-out plan. In \u003ci\u003eTrading Without Gambling,\u003c\/i\u003e Link shows how to create and use a sound game plan to improve every aspect of trading—including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk—while leaving very little to gambling. \u003c\/p\u003e\u003cp\u003eBuilding on the strategies first revealed in his highly successful previous book, \u003ci\u003eHigh Probability Trading,\u003c\/i\u003e Link reveals that the key to winning in the markets is planning for it and knowing in advance how to react to certain situations—and this is exactly what a game plan will do for you. Trading is not simply about buying and selling, he explains, but about knowing when and why to do so. Link details the benefits of a game plan in easy-to-understand, straightforward terms, showing how a plan will help you pick the best trades, monitor and exit trades, keep you from overtrading, keep you focused and financially in line, prepare you for what the market has to offer, and ultimately take the gamble out of your buying and selling. Drawing from his twenty years of trading experience, Link offers numerous examples of both his good trades and his mistakes, enabling you to learn from those mistakes and become a better trader in the process. \u003c\/p\u003e\u003cp\u003eThis book, the author stresses, is not for the lazy trader. You won't find any get-rich-quick strategies here, but you will learn how to work smart and work hard to improve your bottom line. After reading \u003ci\u003eTrading Without Gambling,\u003c\/i\u003e you'll be in a better position to excel at this difficult endeavor.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990403334373,"sku":"NP9780470118740","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470118740.jpg?v=1761787688","url":"https:\/\/k12savings.com\/products\/trading-without-gambling-isbn-9780470118740","provider":"K12savings","version":"1.0","type":"link"}