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Trade Like a Casino: Find Your Edge, Manage Risk, and Win Like the House Hardcover – October 4, 2011


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Product Details

  • Hardcover: 270 pages
  • Publisher: Wiley; 1 edition (October 4, 2011)
  • Language: English
  • ISBN-10: 0470933097
  • ISBN-13: 978-0470933091
  • Product Dimensions: 6.3 x 1 x 9.3 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (18 customer reviews)
  • Amazon Best Sellers Rank: #288,412 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

While trading is a difficult endeavor, it's still possible to makemoney doing so in today's markets. The real question is: how canyou achieve this goal?

What is required is adapting a successful existing businessmodel to this speculative arena. The model that makes most sense isthe "casino paradigm" and nobody understands it better than authorRichard Weissman—a professional trader with over fifteenyears of experience consulting and training traders and riskmanagers.

And now, with Trade Like a Casino, he reveals howsuccessful traders tend to operate like a casino in that theydevelop a method that gives them "positive expectancy" and thenunflappably implement their approach in the face of changing, andoftentimes volatile, market conditions. Page by page, this reliableresource explores the intricacies of methodology, mental control,and flexibility that allow traders to develop and maintain acasino-like edge. It also addresses some of the more complex issuesthat surround this model of successful speculative trading.

Divided into three comprehensive parts, Trade Like a Casinoskillfully:

  • Introduces the casino paradigm of trading with respect to thedevelopment of positive expectancy models, price risk management,and trader discipline

  • Reveals the best-kept secret in trading, the cyclical nature ofvolatility, and offers insights on the tools needed to measureit

  • Discusses the importance of timeframe analysis and one of themost important tools associated with it—time framedivergence

  • Highlights a wide array of positive expectancy trend-followingand mean reversion trading models

  • Covers common trading pitfalls and how to transcend them as wellas a wide variety of techniques for analyzing and improving traderperformance

  • Examines the psychological mindset required to succeed with apositive expectancy model

Successful traders don't need luck, since they consistently playthe probabilities and manage risk. That's how casinos win, and withthis book as your guide, that's how you'll learn to win in today'sdynamic markets.

From the Back Cover

Praise for Trade Like a Casino

"The good news is, you can trade for a living; the badnews—not everyone can do it. Richard Weissman providestechnical and psychological tools to help you move into the winninggroup."— Dr. Alexander Elder author, Trading for aLiving

"Discipline, risk, and psychology...to fully understand theseconcepts is to fully understand your trading potential. Thisindispensable book is a must-read for traders, from the aspiring tothe professional."— Douglas Janson System Design SupportSpecialist and Trader, CQG, Inc.

"I highly recommend this book to anyone considering a career intrading. It was a fun read while providing insight on how to gainan edge toward being a successful trader!"— Jabree Brooks,Associate Oil Controller

"Richard Weissman does it again. Like no one else, he pinpointskey aspects of a trader's day-to-day thinking and activities,expanding on basic yet crucial principles like patience anddiscipline. His analysis is backed by extensive hands-on experiencetrading in numerous markets. Richard goes the extra mile givingboth aspiring and well-seasoned traders precise tips andmethodologies to keep their minds focused, alert and their eyes onthe ball."— Frederic Bettan CEO, Managing Partner, SwingCapital Inc.

"This book gives you all you need. Richard Weissman brilliantlynavigates through the various aspects of risk management to helpthe reader create and mend a speculative discipline."—JamesShelton Chief Currency and Commodity Analyst, A-Live QuotesInc.

Customer Reviews

I highly recommend this book and think that it should be a must have for traders library.
Alex
It holds the most value for those with both trading experience and computerized trading systems design experience.
Alan Lattanner
The author's thought process was very helpful in guiding me to develop reliable trading models.
Matthew Smith

Most Helpful Customer Reviews

27 of 28 people found the following review helpful By RockyTopTrader on June 27, 2012
Format: Hardcover Verified Purchase
I liked the message of this book, casinos win because they have a positive expectancy model in their table games and they control risk by establishing table limits. Traders can do the same. Its a great analogy but its a little too common sense to really warrant the price tag...as is the case with most trading texts.

I read the first couple of chapters and was quite optimistic, but then it ended with a wimper covering the usual topics of trading discipline, risk methodologies, system basics, the cyclical nature of volatility(some think this subject was revolutionary, not me). For someone that has never seen any of these topics, it could be beneficial, but I wouldn't call it a seminal work on any of these points.

Amazon doesn't have the table of contents listed, but Wiley's site does. Check it out to get a better feel of some of the topics covered. But note the page length of each topic and understand there are many charts. Point being their isn't a lot of depth IMO.

This is not a bad book, in fact it is well written and some may love its message applied to their own trading methods and mindset. For me it was a little disappointing and isn't a book I would place on my shelf and reference frequently for application or entertainment.
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32 of 36 people found the following review helpful By Steve Burns TOP 1000 REVIEWERVINE VOICE on October 30, 2011
Format: Hardcover Verified Purchase
In gambling there are really only two sides, the gambler and the casino. The gambler has the long term odds stacked against them. The casino has the odds on their side in the long term. The more the gambler gambles the more the odds shift to the casinos favor and they eventually will take all the gamblers money.

This book is about the casino paradigm as it relates to trading. The majority of Rich Traders operate like casinos. They trade with back tested proven trading systems that put the odds on their side. They risk small amounts of equity per trade like 1% to 2% of their accounts, so one trade alone really doesn't matter. While New Traders act more like gamblers with no real advantage and just plunging large bets on stocks so haphazardly that they just have a 50-50 shot like a roulette wheel on red or black. Many times the New Trader like the gambler has even worst odds by buying into the market in a downtrend and shorting into a rally just believing that they can pick the bottom or top.

This book is about becoming the casino through the removal of emotions from any one trading outcome, risk management, and a positive expectancy model, which are the basis to any trader winning in the long term.

We should control our risk just like casinos set table limits to not expose themselves to the risk of ruin.

We must have the discipline to stick unwaveringly to positive expectancy models and risk management, casinos do not get upset and change their rules trying to win back money from a gambler and neither should we.

Luck is what gamblers hope for. Casino operators consistently play the probabilities and manage risk.

Trade the market not the money.
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23 of 28 people found the following review helpful By R.H., Trader on October 24, 2011
Format: Hardcover
This book has everything needed to succeed as a professional trader - profitable trading methods (I particularly liked the chapters on timeframe divergence techniques and the cyclical nature of volatility), comprehensive risk management tools like the risk management pyramid, and the most comprehensive examination of tools to instill trading discipline I've ever read (this section absolutely blew me away ---- the author presents you with a detailed outline for a journal that really forced me to analyze my trading decisions and, more importantly to eradicate irrational ways of behaving in the markets).

Despite being a professional with over twenty-five years experience this book allowed me to think about markets in new ways and has enhanced overall performance (especially the chapter on minimizing trader regret).

Stated simply... buy it.
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7 of 9 people found the following review helpful By JayWo on February 11, 2013
Format: Hardcover
You can't judge a book by its cover but in this case, the author Ron Weissman sums up his writing style, book structure, and clarity of thought with the "get right to the point" title "Trade Like a Casino". I will admit that as a fairly new trader of two years part-time, the first time I reviewed the book, the concepts certainly had meaning to me, but even more so upon returning to the book after having had some real trading experience under my belt. I enjoyed Ron's style of writing as it was very organized with each section getting right to the point with excellent examples in the form of charts, and tables of trade system metrics. I would suggest that this book would have value to the trader starting out in his/her career as it helps develop an understanding and organization of trading, markets, and systems approaches to probabilistic events and outcomes. To distill it down, here are my pro's and con's list for this book.
Pros
(1) Very organized and to the point sections and chapters
(2) Abundant original thoughts and ideas in this book from an author who is clearly a veteran and shares his own personal quips, sayings, and adages. Not just recycled material from other texts
(3) Clear examples illustrating his points by use of sample basic mechanical systems, thereby giving the reader an example of mechanical approaches to trading.
(4) Very unique chapter addressing trader psychology by giving specific examples of ways to deal with emotional obstacles. Ron calls these "regret minimization techniques" and rather than be vague about them, he gives the reader some basic sample techniques and explanations.
(5) The author's greatest strength I believe is is creativity in generating trading approaches that most people would easily overlook.
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More About the Author

Richard L. Weissman is a professional trader with over twenty five years' experience. He has provided private consultations and training to traders and risk managers for twenty years. He currently serves as a Senior Associate with the Energy Management Institute (www.emi.org), where he teaches trading and risk courses, which are co-sponsored by CME Group and the IntercontinentalExchange. In addition, he is editor-in-chief of Weissman Signals Inc. (www.weissmansignals.com), a newsletter covering the futures, cash foreign exchange and ETF markets. Weissman's first book, Mechanical Trading Systems: Pairing Trader Psychology with Technical Analysis, was published by John Wiley & Sons in 2004. His second book, Trade Like a Casino: Find Your Edge, Manage Risk and Win Like the House, was selected as a Finalist for the Technical Analyst 2012 Book of the Year Award.

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