Trading Without Gambling
A practical, easy–to–understand blueprint to becoming a successful trader
To have any kind of chance at success, a trader needs a well–developed plan that encompasses entry points, exit points, money management principles, and psychological discipline to do the right thing consistently regardless of the pressures weighing on him or her.
In Trading Without Gambling, author Marcel Link helps you to become a better trader by showing you how to create and follow a successful game plan. He discusses how trading decisions should be made while the market is closed outlining what needs to be done before the next trading day begins and how precise entry and exit strategies should be developed to enhance profitability. He also examines why traders should create scenarios for how the market might move and how they will respond to those moves.
With this book as your guide, you′ll quickly discover what it takes to make the right trades and learn how money management, trading rules, and position management can play a big role in the process.
Chapter 1: Everyone Needs a Plan.
The Hanging Curveball.
A Typical Bad Trader.
A Typical Good Trader Prepared with a Plan.
The Trading Plan and the Game Plan.
A Disclosure or Two before We Continue.
Chapter 2: The Trading Plan.
What Is a Trading Plan?
A Simple Trading Plan.
Why a Trading Plan?
A Business Plan for Traders.
Making a Trading a Plan.
Breaking Down the Trading Plan.
Chapter 3: The Game Plan.
Always Be Prepared.
Why a Game Plan.
The Basics of the Game Plan.
Drawing Up Scenarios.
Making Your Plan Work.
Chapter 4: Get To Know Yourself.
Different Types of Traders.
Figuring Out Who You Are.
The Importance of Knowing Your Style.
Two Sides to Every Story.
Chapter 5: Trading Strategies.
Your Strategy Needs to Fit Your Style.
Don′t Be Stubborn.
Why Should You Have a Strategy?
What Goes into a Strategy?
Times Frames and Holding Times.
Stick to Your Trading Strategy.
Chapter 6: Know Your Markets.
Know What You Are Trading.
What′s the Real Risk?
Time Frames and Charting.
Who Moves the Markets?
Know Any Correlations.
Getting the Big Picture.
Chapter 7: After the Close.
The Open Trades.
Thinking about Tomorrow.
The Closed Trades.
Getting Ready For Tomorrow.
Review Your Plans and Strategy.
Chapter 8: Before the Market Opens.
To Each His Own.
Getting the News.
Know Your Markets.
Look at Overseas Markets.
How Are the Markets Opening?
Were There Any Big Moves Overnight?
Look for Possible Trading Situations.
Draw Up Scenarios.
Make Your Daily Game Plan.
Chapter 9: Drawing Up Scenarios.
Know Your Markets Revisited.
Getting the Big Picture.
Getting a Better Picture.
End of the Day.
Back to Monitoring Open Positions.
Once The Trade Is On.
The Day Trader.
Making Scenarios for the News.
Generic Stuff to Look at with Open Positions.
Chapter 10: Taking the Gamble Out Of Trading.
Good Trades Can Be Losers.
Two Parts to a Trade.
Same Market, Two Views.
Waiting for the Right Opportunities.
Measure the Risk–to–Reward Ratio.
Ways to Get the Odds in Your Favor.
Chapter 11: Getting In.
Spotting the Opportunity.
Planning the Trade.
Drawing Scenarios for the Getting Into the Trade.
Don′t Chase the Market.
Timing the Trade.
Look For Patterns within the Long–Term Trade.
Knowing the Risk.
Deciding How Much to Trade.
Chapter 12: Getting Out.
Preestablish Your Exit Strategies.
Cutting Losses and Letting Profits Ride.
Using Stops in Your Game Plan.
Planning Your Risk.
Trading the Gap.
A Crazy Day.
Planning Your Target.
How Will You Exit?
The In–Between Area.
Chapter 13: Reviewing and Managing.
After The Trade Is On.
Reviewing Your Trading.
Keeping a Journal.
Chapter 14: How To Keep From Overtrading.
Why Have a Plan.
You Don′t Always Need to Be in the Market.
Stop Being In Too Many Positions.
Using a Game Plan to Help if You Trade Too Many Positions.
Keeping to Risk Management Limits.
Chapter 15: Money Management.
Don′t Take Risk Lightly.
Another Gambling Analogy.
The Money Management Basics.
Incorporating Your Money Management Plan into Your Trading Plan.
Incorporating Your Money Management Plan into Your Game Plan.
Establishing Money Management Procedures of Open Positions.
Chapter 16: Trading Rules.
Using Your Rules to Make a Trading Plan.
My Trading Rules.
Appling the Money Management Rules.
Applying the Entry Rules.
Applying Your Exit Rules.
Applying the Discipline Rules.
The Top 25 Rules.
Chapter 17: Focus and Discipline.
Have a Routine to Help You Write a Game Plan.
Following Your Plan.
How to Stay Focused If You Have Trouble Staying Focused.
Mental Side of Discipline.
Unwinding after the Day.
Chapter 18: Learning How To Win.
Clean Out Your Closet.
Don′t Blame Others for Losses.
Think Of It as an Expense and Not a Loss.
Learn From Mistakes.
Trade, Trade, Trade.
Curb Your Emotions.
Losses Are In The Past.
Money Management Is More Important Than Trade Selection.
Preserve Precious Capital.
Have a Cutoff Point.
Jumping In Too Soon or Getting In Too Late.
Do Not Let Big Winners Turn To Losers.
Make a List of Rules.
Trade Your Style.
Use a Proven Strategy.
Tips Are For Bartenders.
Learn As Much As You Can about What You Are Trading.
Read and Learn.
Trade with a Plan.
Fill In Your Own.
About the Author.