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Synopsis:
Want to be your own boss? Live independently? Take a more active role in managing your money?
That's what a trading business can mean for you -- money, independence, and complete control over your finances. But without the proper education, about 90% of people will fail. That's why this book is essential to your trading success.
Jean Folger and Lee Leibfarth present an organized, top to bottom look at what it means to start, run, and ultimately succeed at the business of trading. As active traders with over 15 years of teaching and coaching experience, Jean and Lee wrote this book specifically to give you unlimited access to all the tools and skills necessary to becoming a profitable, self-sufficient trader.
Inside this book, you'll find information that will turn you from a spectator to a full-time pro!
>>Gold mines and pitfalls of the Business of Trading:
- Learn what makes the markets tick to find your next big win,
- Essential risk management techniques to protect your gains,
- And detailed information on how technology can be your greatest asset--and make your life easier!
>>How traders predict the markets:
- Explore the tenets of technical analysis
- Discover how to read the charts more accurately
- Confidently pinpoint the highest probability trades--and profit
>> Secrets of disciplined trading:
- Discover the secrets to developing, testing, and building a successful trading plan that fits your personal style
- Use these crucial tips on backtesting, optimization, and evaluation to enhance your trading performance
Don't risk your money reinventing the wheel. Every detail you need to start or refine your trading business is in this book.
Packed with of examples, downloadable code, and worksheets, Make Money Trading is the ultimate resource for creating a winning trading business. Come discover what Jean and Lee already know—the joys of being an independent trader.
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Jacket Description:
Taken from the foreword by Toni Turner:
What makes a book worth reading? As a writer myself, I look for compelling,
timely, and well-organized material presented in a reader-friendly
style. As a trader and student of the financial markets, I look for valuable
information that will make my journey in this arena a richer and more
profitable experience.
To my delight, I've found that Make Money-Trading: How to Build a
Winning Trading Business, has fulfilled my demands and expectations. Jean
Folger and Lee Leibfarth have written an excellent and enjoyable book that
offers a significant ROI (return on investment) in exchange for the time
spent absorbing its high-quality content.
Make Money Trading moves forward in a logical and well-organized
progression, from establishing overall trading business goals and defining
objectives, to an evaluation process that includes historical modeling,
forward performance testing, and live market testing. The trader's research
and work in these areas, using the guidelines described in the book's chapters,
should culminate in a fully developed trading plan. Of course, the
plan's success will be put to the ultimate test in a live trading scenario that
finalizes in a profit/loss statement.
Again, this book is all about the business of trading. It is up to the
reader to explore and expand his or her knowledge of certain components
of the process, such as candlestick trading technology, chart indicators
and oscillators, volume signals and the interpretations of price patterns.
The challenge of coming to the end of a really good book is where to
start—how to put all the great ideas in the pages into action. Even though
I've been a trader and investor for more than sixteen years, I continue to
learn from others. I will go back through this book's pages and revisit all
the highlighted sentences and sections that drew my attention. Then I'll
plan new strategies based on those ideas.
Was this book worth reading? Absolutely! Compelling, timely, well-organized
and reader-friendly? For sure! I am confident that whether you're
a trader or investor—novice or more experienced market veteran—Make
Money Trading will act as a valuable tool to help you develop your trading
career into a successful—and winning—business!
- Toni Turner; President, ToniTurner.com, and best-selling author of A Beginner's Guide to Day Trading Online, A Beginner's Guide to Short-Term Trading, and Short-Term Trading in the New Stock Market
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Table of Contents:
Foreword by Toni Turner......ix
Introduction - What it Means to be an Independent Trader......xv
Chapter 1: The Fundamental Concepts of Trading
- Trading vs. Investing......2
- Styles of Trading.......5
- Understanding Risk......8
- Positive Expectancy......14
- Optimal Risk......18
Chapter 2: The Business of Trading
- Protecting Capital......27
- Getting an Education......31
- Researching the Business......37
- Building a Strategic Plan......42
Chapter 3: Getting to Know the Market
- The Stock Market......48
- The Futures Market......60
- The Forex Markets......67
Chapter 4: The Tools of the Trade
- Technology as a Tool......73
- Setting up a Trading Desk......77
- Purchasing/Leasing Trading Software......81
- Choosing a Broker......87
- Setting up a Trading Account......91
Chapter 5: Charting the Market
- Chart Types......98
- Support and Resistance......106
- Technical Indicators......120
- Data Indicators......134
- Chart Setups for Trading......138
Chapter 6: Placing Trades
- Trade Dynamics......145
- Order Types......151
- Trade Examples......161
- Trade Automation......167
Chapter 7: Developing a Trading Plan
- The Importance of Using a Trading Plan......175
- Asset Allocation and Position Sizing......180
- Trade Entries......188
- Trade Exits......190
- Strategy Types......195
Chapter 8: Evaluating and Comparing Trading Plans
- Defining Important Performance Metrics......212
- Risk Measurements......218
- Slippage and Commission......224
- Optimizing and Over-Optimization (Curve Fitting)......225
- Using In-Sample and Out-of-Sample Historical Data......227
- Forward Performance Testing (Paper Trading)......230
Chapter 9: Live Trading
- Preparation......234
- Staying Mentally Focused......241
- Using a Trading Journal......244
- Trade Automation......247
- Trusting your Trading Plan......248
Chapter 10: Evaluating Live Performance
- Reviewing Trading Journals......252
- Number Crunching......254
- The Real Equity Curve......256
- When to Abandon a Trading Plan......262
Chapter 11: Record Keeping
- Staying Organized......266
- Creating a Trading Binder......268
- Taxes for Traders......270
Chapter 12: Top 10 Rules of Successful Trading......273
Appendix A: Sample Trading Plan......281
Appendix B: Easy Language Code for Sample Indicators and Strategies......287
Appendix C: Trader Worksheets......299
Glossary......305
Index......323
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