The Market Guys' Five Points for Trading Success: Identify, Pinpoint, Strike, Protect and Act!,9780470245767

The Market Guys' Five Points for Trading Success: Identify, Pinpoint, Strike, Protect and Act!

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ISBN13: 9780470245767
ISBN10: 047024576X
Format: eBook
Pub. Date: 2008-03-01
Publisher(s): Wiley
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Summary

Praise for The Market Guys' Five Points for Trading Success "E*TRADE is a strong advocate of investor education, understanding a knowledgeable investor is a successful investor. The Market Guys have been a key contributor to our worldwide educational efforts - delivering hundreds of seminars to our customers around the world. This book encapsulates their years of experience with traders and investors, and is a must-read for anyone serious about trading. The Market Guys' Five Points for Trading Success provides an easy-to-understand and disciplined approach to trading through risk management. I highly recommend it." Christopher Larkin, VP, U.S. Retail Brokerage, E*TRADE Securities (www.etrade.com) "The stock market is full of risk and uncertainty, but can bring great rewards to those who plan and execute properly. Rick and AJ give you the navigational tools to profit in the market through this book. Easy to read and understand, this book will help the novice and expert alike reach their financial goals. I recommend The Market Guys to help you along your journey!" Astronaut Dr. Buzz Aldrin, Apollo 11, 1969 "The Market Guys' Five Points is much more than five points. Creating a plan, dealing with emotions, trading psychology, and technical analysis are just some of the topics explained." James Bittman, Senior Instructor, The Options Institute at CBOE, and author of Options for the Stock Investor "Most people think trading markets is easy, but the process is fraught with pitfalls, snares, and delusions. This book is written by two savvy veteran traders. Applying the wisdom contained here will not guarantee success, but it will very definitely put the odds strongly in your favor." Martin J. Pring, President of pring.com "This is a wonderful introduction to terminology and a fresh approach to the stock market. It gives the reader a language and way of thinking that is new, providing a great foundation for further research. These authors are to be commended for an excellent book on the stock market and how it works." James P. Gills, MD, Director/Chairman of the Board of the Ironman Triathlon "The Market Guys have created the perfect recipe for financial success." Nick Nickolas, Restaurateur, Nick's Fishmarket of Hawaii, www.nicksboca.com

Table of Contents

Preface
Acknowledgments
About the Authors
Introduction
Blueprint for Success
Creating Your Trading Plan
Trading is No Longer a Team Sport
Beware the Siren Song of Gurus
Know When to Fold 'Em
Shucking Right Down to the Cob
Grow with Your Plan
Are You Out of Your Mind?
How to Work with Your Emotions
Avoiding Pain, Seeking Pleasure
Piloting Your Trades
Technical Analysis or Tea Leaves?
Fundamental Seduction
Using Best Practices
The Business of Trading
Overcoming Fear and Greed
Filtering Your Emotion
Case Studies
Mind Your Emotions
Point 1. Follow the Money Trail
It Pays to Be Trendy
Putting Your Money with the Money
The Crowd May be Wrong, but they're Still the Crowd
Dow Theory
Uptrends
Downtrends
Sideways Trend
Support and Resistance
Moving Averages
Back on Track
The Trader's Toolbox
How to Pick a Hammer when the Market Gives You a Nail
Trend Lines
Channel Lines
Moving Averages
Fibonacci Retracement Lines
Stochastic Oscillator
Moving Average Convergence Divergence (MACD
Bollinger Bands
Don't Plow a Field with Your Mercedes
Ten Common Mistakes Made by Traders
Mistake #1: Marrying Your Stock and Finding Trades that Aren't There
Mistake #2: Failing to Accept a Loss
Mistake #3: Doubling Down on a Losing Position
Mistake #4: Lack of Training and Preparation
Mistake #5: Trading with Scared Money
Mistake #6: Buying Cheap Options
Mistake #7: Overcomplicating the Analysis
Mistake #8: Unrealistic Expectations
Mistake #9: Using Software Crutches
Mistake #10: Trading Without a Plan
Point 2. Establish A Clear Support Level
The Role Reversal
Working the Buyer/Seller Battleline
Market Mechanics
Your Opinion Won't Move a Market
Defining Role Reversal
Dollar Cost Averaging Vs. Cost Averaging Down
A Good Plan Gone Bad
Pursuit of the Breakeven Point
The Building Blocks of a Role Reversal Pattern
The Psychology Behind the Move
The Role Reversal from the Short Side
More Traders Drawing the Lines
Seventh inning Stretch
Managing Market Stress
Analyzing Alex
Sweet Nothings - Literally!
Trading Fingers of Steel
Small Steps, Big Changes
E Pluribus Unum
Out of Many Stocks, One
It May be a Small World but it's a Big Market
Viva Simplicity!
Back to the Basics
Getting Technical
Putting the Fun in Fundamentals
Buy the Rumor, Sell the News?
"When You Come to a Fork in the Road, Take it"
Point 3. Wait for the Pivot Point
Going with the Flow
Don't Jump in too Early
Jiu Jitsui Trading - Knowing When to Tap
Identifying the Pivot Point
The Pineapple Principle
Pivot Point Patterns
Bullish Pivot Point Patterns
Bearish Pivot Point Patterns
Use the Market without Guilt
Essential Options, Part 1
Knowing Your Options
What is an Option?
Call Options, or Pizza Coupons
Put Options
Essential Options, Part 2
Knowing Your Strategies
On Expiration Day, the Option must be Worth at Least Intrinsic Value
Closing Your Option Position at Expiration
Closing Your Option Prior to Expiration Friday
Let's Talk Volatility
Long Calls
Long Puts
Cash Secured Put Selling
The Covered Call
Now You Have Options
Point 4. The 1% Rule
Managing Risk
Learning to Lose Money the Right Way
Is There Really Such Thing as a Safe Investment?
I'd Like to Buy a Vowel
Everyone Should Be Above Average
Five Principles of Risk Management
Risk Management Action Steps
Managing Risk in a Probabilistic World
Trading Hall of Shame
Traders You Don't Want to Imitate
Barry The Bottom Fisher: Always Buys The Low
Break-Even Betty: Forget Profits, Breaking Even Is Her Goal
Seminar Sal: He's Everywhere, but is he making money?
The Frozen Chosen: Holding Back Because Of Fear
Larry The Lemming: Follows The Crowd, Not The Money
Norman Is An Island: Trades In Seclusion, To His Theme Song, "All By Myself"
Urgent Carl: He's Trading, But He's Not Weaned
Oz and Trish: The Couple that Vows to Ignore any Losing Position
It's Funny until it Hurts
Going to the Dance
Finding Your Broker
Accounts
Advice and Support
Trading and Investing Products
Costs and Fees
Software
Order Types
Research
Banking
Reports and Records
Security
You Are in Control
Point 5. Take Action
The Trade and Beyond
Wealth has a Purpose
What is Your Purpose?
Changing the World One Person at a Time
What's Your Story?
Take Action
Glossary
Index
Table of Contents provided by Publisher. All Rights Reserved.

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