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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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From the Inside Flap
What is required is adapting a successful existing business model to this speculative arena. The model that makes most sense is the "casino paradigm" and nobody understands it better than author Richard Weissman—a professional trader with over fifteen years of experience consulting and training traders and risk managers.
And now, with Trade Like a Casino, he reveals how successful traders tend to operate like a casino in that they develop a method that gives them "positive expectancy" and then unflappably implement their approach in the face of changing, and oftentimes volatile, market conditions. Page by page, this reliable resource explores the intricacies of methodology, mental control, and flexibility that allow traders to develop and maintain a casino-like edge. It also addresses some of the more complex issues that surround this model of successful speculative trading.
Divided into three comprehensive parts, Trade Like a Casino skillfully:
Introduces the casino paradigm of trading with respect to the development of positive expectancy models, price risk management, and trader discipline
Reveals the best-kept secret in trading, the cyclical nature of volatility, and offers insights on the tools needed to measure it
Discusses the importance of timeframe analysis and one of the most important tools associated with it—time frame divergence
Highlights a wide array of positive expectancy trend-following and mean reversion trading models
Covers common trading pitfalls and how to transcend them as well as a wide variety of techniques for analyzing and improving trader performance
Examines the psychological mindset required to succeed with a positive expectancy model
Successful traders don't need luck, since they consistently play the probabilities and manage risk. That's how casinos win, and with this book as your guide, that's how you'll learn to win in today's dynamic markets.
From the Back Cover
"The good news is, you can trade for a living; the bad news—not everyone can do it. Richard Weissman provides technical and psychological tools to help you move into the winning group."— Dr. Alexander Elder author, Trading for a Living
"Discipline, risk, and psychology...to fully understand these concepts is to fully understand your trading potential. This indispensable book is a must-read for traders, from the aspiring to the professional."— Douglas Janson System Design Support Specialist and Trader, CQG, Inc.
"I highly recommend this book to anyone considering a career in trading. It was a fun read while providing insight on how to gain an edge toward being a successful trader!"— Jabree Brooks, Associate Oil Controller
"Richard Weissman does it again. Like no one else, he pinpoints key aspects of a trader's day-to-day thinking and activities, expanding on basic yet crucial principles like patience and discipline. His analysis is backed by extensive hands-on experience trading in numerous markets. Richard goes the extra mile giving both aspiring and well-seasoned traders precise tips and methodologies to keep their minds focused, alert and their eyes on the ball."— Frederic Bettan CEO, Managing Partner, Swing Capital Inc.
"This book gives you all you need. Richard Weissman brilliantly navigates through the various aspects of risk management to help the reader create and mend a speculative discipline."—James Shelton Chief Currency and Commodity Analyst, A-Live Quotes Inc.
More About the Author
Top Customer Reviews
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.
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.Read more ›
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.
(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.Read more ›
Most Recent Customer Reviews
Trading books are known for being a conundrum, an author uses them to spread the message of "do what I say, not what I do". Not this book. Read morePublished 19 months ago by Matthew Smith
I thought I was in for a real treat from someone who really understood the true probabilistic nature of trading from a Casino like perspective. Read morePublished 22 months ago by Trading Truth Seeker
The macro concept (casinos win in the long run because of their positive expectancy) is very common and is not really different from many other trading books. Read morePublished 23 months ago by Sukit Chawalitakul
First off the price for this is outrageous. There is nothing in this book that can't be found elsewhere at a lesser price. A flashy title is no substitute for useful information. Read morePublished 23 months ago by goldsmith
Weissman is a true master of the game. His advice is especially practical to trend following traders. Read morePublished on February 6, 2014 by Lorne Fitzs
Traders at every level can benefit from this book. It holds the most value for those with both trading experience and computerized trading systems design experience. Read morePublished on November 3, 2013 by Alan Lattanner
I've read many/most of the big name trading books and this has been my favorite thus far. It has came to me at the perfect time it seems. Read morePublished on October 22, 2013 by s. gibbons
This book helps Traders to straighten their thinking, to make their head straight in the markets and overcome their destructive tendencies by keeping them under constant check and... Read morePublished on February 3, 2013 by Mosaad