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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.
"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.
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 6 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 9 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 10 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 11 months ago by goldsmith
Weissman is a true master of the game. His advice is especially practical to trend following traders. Read morePublished 11 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 15 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 15 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 24 months ago by Mosaad