West of Wall Street: Understanding the Futures Market, Trading Strategies, Winning the Game
West of Wall Street explains the workings of the futures market, discusses trading strategies, money management, and mutual funds, and tells when to go against accepted opinion; This guide offers insights into the futures trading market including practical strategies and rules for winning the game.
If we could sum up the gist of the book, it would be about values and attitudes-specifically, the winning values and winning attitudes that it takes to triumph in this highly competitive game. Perhaps more than anything else. who you are will determine your success in the market.
You will be the one forced to “pull the trigger” on a trade. Your temperament will determine whether you fall victim to your own fear and greed. You’ll have to decide whether this high-risk occupation is for you.
Five percent of the participants in the market earn 90 percent of the money; the other 95 percent fight like mad over the remaining ten percent of the profits. Indeed, most don’t earn anything. So it shouldn’t come as a surprise that in futures trading, above all else, the cream rises.
The best traders-the brightest, the quickest, the most courageousearn the lion’s share of the profits. On the other side of the coin-the misinformed, the foolish, the cowards and dreamers-tend to go down to defeat. After all, futures trading is a consummate game of skill-not luck.
And who among us who values rationality would want it any other way? With the smartest brains on Wall Street trying to win, who would doubt that the stock index futures trading is really a vehicle for the best and the brightest?
- The Pit and the Players-Understanding the Basics
- Day Tradlng-One Proven Approach
- How I Trade My Own Account
- Trading Orders
- Changing the Rules
- The Significance of the Close
- Getting Started-My Story and My Advice
- The Psychological Component-Acquiring the Winning Attitude
- The Trading System-Taking the Disciplined Approach
- Finding a System That’s Right for You-What’s a Viable Approach?
- A Business, Not a Hobby
- How To Establish Your Trading Level
- Should You Speculate?
- The Doubling Up Strategy
- The Tripling Up Strategy
- The Lumber Story
- Market Indicators
- The Pros and Cons of Doing Size
- Money Management
- A Few Good Rules
- Contrary Opinion Tradlng-How To Bet Against the Crowd
- Program Trading
- Rewriting the Rule Book
- What’s Ahead-Get Prepared for the Boom and Bust
- Mutual Funds and Commodity Pools