Trading Without Gambling
Develop a Game Plan for Ultimate Trading Success
Published on 17. November 2008
352 pages
978-0-470-41118-6 (ISBN)
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 Trading Without Gambling, 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.
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12/2008
1st Edition
Wiley
€56.00
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Marcel Link 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.
Content
- TRADING WITHOUT GAMBLING: Develop a Game Plan For Ultimate Trading Success
- Contents
- Acknowledgments
- Introduction
- NO GAMBLE TRADING
- WHY THIS BOOK
- A LITTLE BIT ABOUT ME
- A BRIEF PROFESSIONAL HISTORY
- Chapter 1: Everyone Needs a Plan
- THE HANGING CURVEBALL
- A TYPICAL BAD TRADER
- A TYPICAL GOOD TRADER PREPARED WITH A PLAN
- THE TRADING PLAN AND THE GAME PLAN
- A DISCLOSURE OR TWO BEFORE WE CONTINUE
- Chapter 2: The Trading Plan
- WHAT IS A TRADING PLAN?
- A SIMPLE TRADING PLAN
- WHY A TRADING PLAN?
- A BUSINESS PLAN FOR TRADERS
- MAKING A TRADING PLAN
- BREAKING DOWN THE TRADING PLAN
- CLOSING THOUGHTS
- Chapter 3: The Game Plan
- ALWAYS BE PREPARED
- WHY A GAME PLAN
- THE BASICS OF THE GAME PLAN
- KNOW YOURSELF
- DRAWING UP SCENARIOS
- MAKING YOUR PLAN WORK
- CLOSING THOUGHTS
- Chapter 4: Get to Know Yourself
- DIFFERENT TYPES OF TRADERS
- FIGURING OUT WHO YOU ARE
- THE IMPORTANCE OF KNOWING YOUR STYLE
- TWO SIDES TO EVERY STORY
- CLOSING THOUGHTS
- Chapter 5: Trading Strategies
- TRADING STRATEGIES
- YOUR STRATEGY NEEDS TO FIT YOUR STYLE
- TECHNICAL STRATEGIES
- BUILDING SYSTEMS
- DON'T BE STUBBORN
- WHY SHOULD YOU HAVE A STRATEGY?
- WHAT GOES INTO A STRATEGY?
- THE ENTRY
- EXITS
- TIMES FRAMES AND HOLDING TIMES
- STICK TO YOUR TRADING STRATEGY
- CLOSING THOUGHTS
- Chapter 6: Know Your Markets
- MARKETS DIFFER
- KNOW WHAT YOU ARE TRADING
- WHAT'S THE REAL RISK?
- TIME FRAMES AND CHARTING
- WHO MOVES THE MARKETS?
- KNOW ANY CORRELATIONS
- GETTING THE BIG PICTURE
- CLOSING THOUGHTS
- Chapter 7: After the Close
- LET'S REVIEW
- THE OPEN TRADES
- THINKING ABOUT TOMORROW
- THE CLOSED TRADES
- GETTING READY FOR TOMORROW
- REVIEW YOUR PLANS AND STRATEGY
- CLOSING THOUGHTS
- Chapter 8: Before the Market Opens
- TO EACH HIS OWN
- GETTING THE NEWS
- KNOW YOUR MARKETS
- LOOK AT OVERSEAS MARKETS
- HOW ARE THE MARKETS OPENING?
- MAKING ADJUSTMENTS
- WERE THERE ANY BIG MOVES OVERNIGHT?
- LOOK FOR POSSIBLE TRADING SITUATIONS
- DRAW UP SCENARIOS
- ADJUSTING SIZE
- MAKE YOUR DAILY GAME PLAN
- CLOSING THOUGHTS
- Chapter 9: Drawing Up Scenarios
- KNOW YOUR MARKETS-REVISITED
- GETTING THE BIG PICTURE
- GETTING A BETTER PICTURE
- END OF THE DAY
- BACK TO MONITORING OPEN POSITIONS
- ONCE THE TRADE IS ON
- THE DAY TRADER
- MAKING SCENARIOS FOR THE NEWS
- GENERIC STUFF TO LOOK AT WITH OPEN POSITIONS
- CLOSING THOUGHTS
- Chapter 10: Taking the Gamble Out of Trading
- GOOD TRADES CAN BE LOSERS
- TWO PARTS TO A TRADE
- SAME MARKET, TWO VIEWS
- GOING LONG
- GOING SHORT
- WAITING FOR THE RIGHT OPPORTUNITIES
- MEASURE THE RISK-TO-REWARD RATIO
- WAYS TO GET THE ODDS IN YOUR FAVOR
- CLOSING THOUGHTS
- Chapter 11: Getting In
- SPOTTING THE OPPORTUNITY
- PLANNING THE TRADE
- DRAWING SCENARIOS FOR GETTING INTO THE TRADE
- DON'T CHASE THE MARKET
- TIMING THE TRADE
- LOOK FOR PATTERNS WITHIN THE LONG-TERM TRADE
- KNOWING THE RISK
- DECIDING HOW MUCH TO TRADE
- CLOSING THOUGHTS
- Chapter 12: Getting Out
- PREESTABLISH YOUR EXIT STRATEGIES
- CUTTING LOSSES AND LETTING PROFITS RIDE
- USING STOPS IN YOUR GAME PLAN
- PLANNING YOUR RISK
- THE SETUP
- TRADING THE GAP
- ANOTHER TRADE
- A CRAZY DAY
- PLANNING YOUR TARGET
- HOW WILL YOU EXIT?
- THE IN-BETWEEN AREA
- CLOSING THOUGHTS
- Chapter 13: Reviewing and Managing
- AFTER THE TRADE IS ON
- LOOKING AHEAD
- REVIEWING YOUR TRADING
- KEEPING A JOURNAL
- CLOSING THOUGHTS
- Chapter 14: How to Keep from Overtrading
- WHY HAVE A PLAN
- YOU DON'T ALWAYS NEED TO BE IN THE MARKET
- STOP BEING IN TOO MANY POSITIONS
- USING A GAME PLAN TO HELP IF YOU TRADE TOO MANY POSITIONS
- KEEPING TO RISK MANAGEMENT LIMITS
- CLOSING THOUGHTS
- Chapter 15: Money Management
- DON'T TAKE RISK LIGHTLY
- ANOTHER GAMBLING ANALOGY
- THE MONEY MANAGEMENT BASICS
- INCORPORATING YOUR MONEY MANAGEMENT PLAN INTO YOUR TRADING PLAN
- INCORPORATING YOUR MONEY MANAGEMENT PLAN INTO YOUR GAME PLAN
- ESTABLISHING MONEY MANAGEMENT PROCEDURES FOR OPEN POSITIONS
- CLOSING THOUGHTS
- Chapter 16: Trading Rules
- TRADING RULES
- USING YOUR RULES TO MAKE A TRADING PLAN
- MY TRADING RULES
- APPLING THE MONEY MANAGEMENT RULES
- APPLYING THE ENTRY RULES
- APPLYING YOUR EXIT RULES
- APPLYING THE DISCIPLINE RULES
- THE TOP 25 RULES
- CLOSING THOUGHTS
- Chapter 17: Focus and Discipline
- STAYING FOCUSED
- DISTRACTIONS
- HAVE A ROUTINE TO HELP YOU WRITE A GAME PLAN
- FOLLOWING YOUR PLAN
- HOW TO STAY FOCUSED IF YOU HAVE TROUBLE STAYING FOCUSED
- MENTAL SIDE OF DISCIPLINE
- KEEPING TABS
- UNWINDING AFTER THE DAY
- CLOSING THOUGHTS
- Chapter 18: Learning How to Win
- CLEAN OUT YOUR CLOSET
- DON'T BLAME OTHERS FOR LOSSES
- THINK OF IT AS AN EXPENSE AND NOT A LOSS
- SELF-DESTRUCTIVE BEHAVIOR
- LEARN FROM MISTAKES
- TRADE, TRADE, TRADE
- CURB YOUR EMOTIONS
- LOSSES ARE IN THE PAST
- MONEY MANAGEMENT IS MORE IMPORTANT THAN TRADE SELECTION
- TREAT YOURSELF
- PRESERVE PRECIOUS CAPITAL
- HAVE A CUTOFF POINT
- JUMPING IN TOO SOON OR GETTING IN TOO LATE
- DO NOT LET BIG WINNERS TURN TO LOSERS
- MAKE A LIST OF RULES
- TRADE YOUR STYLE
- USE A PROVEN STRATEGY
- TIPS ARE FOR BARTENDERS
- LEARN AS MUCH AS YOU CAN ABOUT WHAT YOU ARE TRADING
- KEEP LEARNING
- READ AND LEARN
- TRADE WITH A PLAN
- FILL IN YOUR OWN
- FINAL THOUGHTS
- About the Author
- Index
