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The Logical Trader Hardcover – July, 2002
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From the Inside Flap
The Logical Trader opens with an in-depth discussion that outlines the basics of the ACD method-plotting particular price points in relation to the opening range-and shows you how this method allows you 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 also learn about pivot ranges and how you can combine them with ACD to maximize position size while minimizing your risk.
Along the way, Fisher discusses some very important psychological issues-No Ego, Gaming Theory, and The Concept of "Next!"-that, when combined with ACD, can be adapted to any trading style or methodology. After a question-and-answer section designed to assess what you've learned in the first half of the book, The Logical Trader continues to show you how to use the ACD method in tandem with other trading tools by:
* Exploring strategies using pivot moving averages, such as moving average fake-out (MAF) and moving average divergence trades (MAD)
* Discussing various trading strategies that allow you to exit trades at the optimal time
* Highlighting trading stories that involve risk management strategies
Step by step, The Logical Trader will show you how to use the ACD method to calculate the prices above which you'd want to be long and the prices below which you'd want to be short. Using other indicators and measures, which are layered on top of the ACD base, you'll also learn how to construct a trading plan based upon prevailing prices and market activity.
As long as the market you are trading has sufficient volatility and liquidity, you can use the ACD method for everything from ultra-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 your style of trading. Filled with real-world stories, accessible examples, and anecdotes of traders who have successfully used this method, The Logical Trader fully explains the ACD method and shows you how to get the most out of it.
From the Back Cover
Applying a Method to the Madness
"Fisher's messianic willingness to share with the public the successful system he has developed is an opportunity to be exploited."
-from the Foreword by Paul Tudor Jones
Chairman and CEO, Tudor Investment Corp.
"Mark takes the same mental approach to trading that professional athletes and coaches use to succeed on the court. He has taken several college and pro athletes and provided them a game plan for life 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 the CBOT floor in the bond and note 'pits,' as a foreign exchange dealer at a large multinational bank, as the head of a bank's futures brokering operation, as a reasonably widely known analyst of the world capital markets writing a daily commentary on these markets, 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 of little merit, if any. However, from the outset, reading and understanding Mark's insights into his ACD system in The Logical Trader, I've learned methods of trading that I probably understood intuitively but now understand logically and with almost numerical rationality. The reading may be difficult for the beginning trader, but the lessons learned will be immediately beneficial; of that I am certain. I strongly endorse this book for the beginner and professional 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 reveals a plan and a method that he has used for over twenty years to successfully trade.
Mark Fisher has taught thousands of people-from traders on the floors of major exchanges to individual investors in front of computer screens-how to trade stocks, commodities, even currencies, using his highly successful and innovative ACD method. Now, in The Logical Trader, Fisher will teach you how to use the ACD method to trade more effectively and profitably than ever before.
More About the Author
Top Customer Reviews
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.Read more ›
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.
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.Read more ›
Most Recent Customer Reviews
I started employing the ACD strategy in late December 2015, after studying the Crude Oil futures market with this strategy for a month. Read morePublished 25 days ago by Amazon Customer
He said at the begining he would explain his system. When it came to A level (wich is cridical) he said it was popriety and would no tell how to acchive the A value, therefore... Read morePublished 2 months ago by Richard R.
So you got an "A Up". So what? Will it reverse or will it continue to rally?
This book won't tell you that. Read more
It was returned to sender, but specified to me why, I was very disappointedPublished 17 months ago by Albert Ferreira
I purchased used book and it was almost new book, The book was well packed and most importantly, it arrived on time. Read morePublished on August 20, 2013 by Seong
I really liked the book and I was committed to putting into practice but I just haven't had time. Now I will need to go back and review it.Published on July 9, 2013 by Doug Garrett
Been trading this system to compliment my own trading and I have to say, this stuff is legit. It has helped me filter out some trades I usually wouldn't want to take and that... Read morePublished on February 5, 2013 by Emanuel Garcia