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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.
"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.
I highly recommend this book and think that it should be a must have for traders library.
Very unique chapter addressing trader psychology by giving specific examples of ways to deal with emotional obstacles.
It holds the most value for those with both trading experience and computerized trading systems design experience.
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 2 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 5 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 6 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 6 months ago by goldsmith
Weissman is a true master of the game. His advice is especially practical to trend following traders. Read morePublished 7 months ago 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 10 months ago 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 11 months ago 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 19 months ago by Mosaad
There has been no book written which is superior to this, in terms of insight into the mind's nature during the trading process. Invaluable. I cannot recommend it highly enough. Read morePublished 20 months ago by Tara Rosen