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The Logical Trader Hardcover – July, 2002

ISBN-13: 978-0471215516 ISBN-10: 0471215511 Edition: 1st

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Product Details

  • Hardcover: 272 pages
  • Publisher: John Wiley & Sons; 1 edition (July 2002)
  • Language: English
  • ISBN-10: 0471215511
  • ISBN-13: 978-0471215516
  • Product Dimensions: 6.4 x 1 x 9.3 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (44 customer reviews)
  • Amazon Best Sellers Rank: #560,471 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

For over fifteen years, Mark Fisher has taught thousands ofpeople-from traders on the floors of major exchanges to individualinvestors in front of computer screens-how to trade stocks,commodities, even currencies, using his highly successful andinnovative ACD method. Now, in The Logical Trader: Applying aMethod to the Madness, Fisher will teach you how to use the ACDmethod to trade more effectively and profitably than everbefore.

The Logical Trader opens with an in-depth discussion that outlinesthe basics of the ACD method-plotting particular price points inrelation to the opening range-and shows you how this method allowsyou to gain reference points against which to trade the "A" and "C"points for entry and the "B" and "D" points as stops. You'll alsolearn about pivot ranges and how you can combine them with ACD tomaximize position size while minimizing your risk.

Along the way, Fisher discusses some very important psychologicalissues-No Ego, Gaming Theory, and The Concept of "Next!"-that, whencombined with ACD, can be adapted to any trading style ormethodology. After a question-and-answer section designed to assesswhat you've learned in the first half of the book, The LogicalTrader continues to show you how to use the ACD method in tandemwith other trading tools by:
* Exploring strategies using pivot moving averages, such as movingaverage fake-out (MAF) and moving average divergence trades(MAD)
* Discussing various trading strategies that allow you to exittrades at the optimal time
* Highlighting trading stories that involve risk managementstrategies

Step by step, The Logical Trader will show you how to use the ACDmethod to calculate the prices above which you'd want to be longand the prices below which you'd want to be short. Using otherindicators and measures, which are layered on top of the ACD base,you'll also learn how to construct a trading plan based uponprevailing prices and market activity.

As long as the market you are trading has sufficient volatility andliquidity, you can use the ACD method for everything fromultra-short-term day trading to longer-term position trading.Whether you're a novice trader or you've been at it for years,you'll find that the ACD system has something to offer you and yourstyle of trading. Filled with real-world stories, accessibleexamples, and anecdotes of traders who have successfully used thismethod, The Logical Trader fully explains the ACD method and showsyou how to get the most out of it.

From the Back Cover

Praise for The Logical Trader
Applying a Method to the Madness

"Fisher's messianic willingness to share with the public thesuccessful system he has developed is an opportunity to beexploited."
-from the Foreword by Paul Tudor Jones
Chairman and CEO, Tudor Investment Corp.

"Mark takes the same mental approach to trading that professionalathletes and coaches use to succeed on the court. He has takenseveral college and pro athletes and provided them a game plan forlife after basketball."
-John Calipari, Head Basketball Coach, Memphis University
Former NBA Head Coach, New Jersey Nets

"I have been actively involved in the markets (foreign exchange,equities, derivatives) since the early 1970s-as a trader on theCBOT floor in the bond and note 'pits,' as a foreign exchangedealer at a large multinational bank, as the head of a bank'sfutures brokering operation, as a reasonably widely known analystof the world capital markets writing a daily commentary on thesemarkets, and as a trader on my own. I've read a myriad number of'how to' books on trading, most of which have proven to be oflittle merit, if any. However, from the outset, reading andunderstanding Mark's insights into his ACD system in The LogicalTrader, I've learned methods of trading that I probably understoodintuitively but now understand logically and with almost numericalrationality. The reading may be difficult for the beginning trader,but the lessons learned will be immediately beneficial; of that Iam certain. I strongly endorse this book for the beginner andprofessional trader alike."
-Dennis Gartman, Editor/Publisher, The Gartman Letter, LC

In trading, as in life, you need a plan. In The Logical Trader:Applying a Method to the Madness, expert trader Mark Fisher revealsa plan and a method that he has used for over twenty years tosuccessfully trade.

Mark Fisher has taught thousands of people-from traders on thefloors of major exchanges to individual investors in front ofcomputer screens-how to trade stocks, commodities, even currencies,using his highly successful and innovative ACD method. Now, in TheLogical Trader, Fisher will teach you how to use the ACD method totrade more effectively and profitably than ever before.

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Customer Reviews

3.9 out of 5 stars

Most Helpful Customer Reviews

84 of 93 people found the following review helpful By L. Masonson on August 18, 2002
Format: Hardcover
The Logical Trader is not a "fluff" book on trading. Quite the contrary, it requires the reader to spend considerable time and effort to absorb and learn the methodology and principles provided by Mark Fisher, a master trader and teacher.
Over the last 15 years, Fisher, an independent trader, has taught his trading approach dubbed the "ACD" system to over 4,000 individuals including members of his clearing firm - which is the largest clearing firm for the NY Mercantile Exchange. Of the 1,000 traders who use Fisher's methodology, 10% make over $750,000 a year, according to Fisher. This is certainly a testament to the soundness of Fisher's methodology. Fisher emphasizes that is method can be used to trade commodities, currencies, or stocks either at a trading firm, on the exchange floor, or at home. Traders taught by Fisher have had a 40 - 50% success rate compared to around 10 - 15% for the average trader using different techniques/
Fisher peppers his books with examples, anecdotes and stories. However, the main thrust is focused on explaining his ACD system in excruciating detail with numerous chart examples, detailed explanations of the key terms and trading parameters.
The ACD system - plotting price points in relation to the opening range - requires no expensive software. The method provides reference points for trading - A and C points are for entry and B and D are stops. Using the system the trader can calculate when to go long or short. Coupled with additional indicator and measurements, layered on top of the ACD system, the trader will be able to develop a trading plan.
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31 of 32 people found the following review helpful By Gerado Botello on January 13, 2006
Format: Hardcover
I mostly agree with every one of the comments written above and I would highly recommend this book. There are very few trading books out there that actually discuss complete trading setups and this is one of them. However, be prepared to do your own research because contrary to the book's claim, "Fish's messianic willingness to share with the public the successful system he has developed is an opportunity to be exploited," at face value. While he does give you most of the rules he does not discuss how he calculated the "A" and "C" values for his system. They are given in the appendix in the back of the book. If you know how to use TradeStation or Metastock, then you could probably come up with something you can back-test.

For example, the values for the S&P may work fine now when the 14 day average true range is between 9 and 15 but what if it ever gets to 45 or 50? The "A" and "C" values in the appendix are going to be meaningless. Just something to think about before you spend you hard-earned money on this book.
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57 of 64 people found the following review helpful By bobby on December 29, 2002
Format: Hardcover
At first glance it seems like a great book. The author early on tells you the ACD methodology is the basis of the system. The A and C values determine the trade entries in relation to the opening range and the pivot range. The B and d values determine your stop. It all seems so nice. Guess What? The calculation of the A and C numbers is proprietary and changes with the market's daily movements. You can get these if you subscribe to the author's research material for a fee. The values for December 2001 are given in the appendix, but don't reflect today's numbers. If you use those values you will lose your money. The book is expensive, so you would expect to be given a method to at least ascertain rudimentary values. It would be an awesome book otherwise. I guess if you want to subscribe to the service all will be well.
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19 of 19 people found the following review helpful By Lucas Trengove on July 20, 2007
Format: Hardcover Verified Purchase
I will spare you from a synopsis of this book and get straight to the pros and cons of what this book is about. First of all, I want to say that I adopted the ACD method and am having some great success with it. This does not mean you will though. I have read many books on systems and have only really felt connected with this system. If your looking for others books
on par or above this check out Carter's "Mastering the Trade," Douglas' "Disciplined Trader" and "Trading in the Zone."

-The thing that is really great about Fisher's system is that it is very flexible. It is not for novices though. It is not a black box system, it is simply a loose structure that (after mastering) gives more freedom with trading.

-It can be applied to any trading entity. This point really cannot be pushed enough. A lot of traders do not understand how important this fact is. The ability to apply a Good C Up Through Pivot (What Fisher claims is a high probability trade) to ANY entity in trading will have you trading better opportunities more often, unlike, say, Carter's TICK fading system that can only be applied to the main Eminis.

-The choice is in your hands. This is not a system that overrides your pyschology in an attempt to dampen your natural reactions to market events. All too often we are told that we need to eliminate fear and greed from the equation, but in reality, suppression of these emotions can create sub par results. It is only after accepting and working with your own unique psychology that you can maximize your trading (see "The Disciplined Trader").

-You get to pick the other indicators. For example, you really only need to nab the opening range and the A values to create your own system.
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