Trade Like a Casino: Find Your Edge, Manage Risk, and Win Like the House
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.
This book progresses in a linear fashion from basic, rudimentary concepts to those of greater complexity. Chapter 1 explores the casino paradigm of trading with respect to the development of positive expectancy models in exhaustive detail. Chapter 2 examines the casino paradigm of trading as it relates to price risk management.
Chapter 3 concludes our introduction to the casino paradigm with an in-depth exposition of trader discipline. Chapter 4 explores the best-kept secret in trading, the cyclical nature of volatility. Chapter 5 looks at a problem that can undermine even the most robust of positive expectancy trading models. Chapter 6 focuses on different techniques to minimize emotions of regret. Chapter 7 discusses the importance of timeframe analysis.
Chapter 8 examines a wide array of positive expectancy trendfollowing and mean reversion trading models. points taken in the direction of the longer-term trend. Chapter 9 introduces the reader to another psychological trap that can derail positive expectancy trading models.
Chapter 10 examines common trading pitfalls and how to transcend them. Chapter 11 offers a wide variety of techniques for analyzing and improving trader performance. Chapter 12 explores the psychological mindset required to succeed with a positive expectancy model.
- Developing Positive Expectancy Models
- Price Risk Management Methodologies
- Maintaining Unwavering Discipline
- Capitalizing on the Cyclical Nature of Volatility
- Trading the Markets and Not the Money
- Minimizing Trader Regret
- Timeframe Analysis
- How to Use Trading Models
- Anticipating the Signal
- Transcending Common Trading Pitfalls
- Analyzing Performance
- Becoming an Even-Tempered Trader