The new trading for a living: psychology, discipline, trading tools and systems, risk control, trade management

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THENEWTRADINGFORALIVINGPsychology•DisciplineTradingToolsandSystemsRiskControl•TradeManagementDr.AlexanderElderwww.elder.comwww.spiketrade.comWILEY

Bạn đang xem: The new trading for a living: psychology, discipline, trading tools and systems, risk control, trade management

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ContentsPrefaceIntroduction1.Trading—TheLastFrontier2.PsychologyIstheKey3.TheOddsagainstYouPART1:IndividualPsychology4.WhyTrade?5.RealityversusFantasy6.Self-Destructiveness7.TradingPsychology8.TradingLessonsfromAA9.LosersAnonymous10.WinnersandLosersPART2:MassPsychology11.WhatIsPrice?12.WhatIstheMarket?13.TheTradingScene14.TheMarketCrowdandYou15.PsychologyofTrends16.ManagingversusForecastingPART3:ClassicalChartAnalysis17.Charting18.SupportandResistance19.TrendsandTradingRanges20.KangarooTailsPART4:ComputerizedTechnicalAnalysis21.ComputersinTrading22.MovingAverages23.MovingAverageConvergence-Divergence:MACDLinesandMACD-Histogram24.TheDirectionalSystem25.Oscillators

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26.Stochastic27.RelativeStrengthIndexPART5:VolumeandTime28.Volume29.Volume-BasedIndicators30.ForceIndex31.OpenInterest32.Time33.TradingTimeframesPART6:GeneralMarketIndicators34.TheNewHigh–NewLowIndex35.Stocksabove50-DayMA36.OtherStockMarketIndicators37.ConsensusandCommitmentIndicatorsPART7:TradingSystems38.SystemTesting,PaperTrading,andtheThreeKeyDemandsforEveryTrade39.TripleScreenTradingSystem40.TheImpulseSystem41.ChannelTradingSystemsPART8:TradingVehicles42.Stocks43.ETFs44.Options45.CFDs46.Futures47.ForexPART9:RiskManagement48.EmotionsandProbabilities49.TheTwoMainRulesofRiskControl50.TheTwoPercentRule51.TheSixPercentRule52.AComebackfromaDrawdownPART10:PracticalDetails53.HowtoSetProfitTargets:“Enough”IsthePowerWord54.HowtoSetStops:SayNotoWishfulThinking55.IsThisanA-Trade?

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56.ScanningforPossibleTradesPART11:GoodRecord-Keeping57.YourDailyHomework58.CreatingandScoringTradePlans59.TradeJournalCONCLUSION:AJourneywithoutanEnd:HowtoContinueLearning

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PrefaceTradingforaLivingwaspublishedin1993andbecameaninternationalbestseller.Itremainsatthetopofmanyreadinglists,asfriendsrecommendittofriendsandtradingfirmsgiveittotheirnewhires.Alltheseyears,IresistedrevisingmybookbecauseItrustedandlikeditsinternalngắn gọn xúc tích.Itraded,traveled,wroteotherbooks,andtaughtafewclasses.Now,21yearslater,IagreedtoupdatemymostpopularbooksothatyoucanbenefitfromthenewtechnologiesaswellasthelessonsI’velearned.MylategreatfriendLouTaylor,towhomthisbookisdedicated,usedtojoke:“IfIgethalfapercentsmartereachyear,I’llbeageniusbythetimeIdie.”Revisingmyveryfirstbookfeltlikerelivingmyyouthwiththebenefitofexperience.Inplanningthisupdate,IthoughtofabuildingcomplexinVienna,AustriacalledtheGasometer.Atitscorearemultistorystoragetanks,erectedbyAustrianbricklayersin1927.Whenmoderntechnologymadehugegascylindersobsolete,architectsconvertedthemintomodernapartments.Theypunchedwideopeningsinbrickwalls,creatingpanoramicviews,installedfloorsandelevators,andaddedglass-enclosedpenthouses.Iusedtostayinoneofthemandwantedmynewbooktofollowthatmodelofblendingoldcraftsmanshipwithnewgiải pháp công nghệ.Beforeyoubeginreadingthisbook,askyourself:what’sthesinglemostimportantstepyoucantaketobecomeasuccessfultrader?Psychologyisimportant.SinceIwasactivelypracticingpsychiatrywhilewritingtheoriginalTradingforaLiving,itspsychologypartstoodthetestoftimeandIchangeditverylittleinthisnewedition.Marketanalysisisveryimportant—butrememberthatwhenwelookatachart,wedealwithonlyfivepiecesofdata—theopen,thehigh,thelow,thecloseandvolume.Pilingupmassesofindicatorsandpatternsontopofthosefivevaluesonlyincreasesconfusion.Lessisoftenmore.Ifyou’vereadTradingforaLiving,you’llseethatI’vereducedthenumberoftechnicalchaptersandmovedsomeofthemintoadownloadableaddendum.Ontheotherhand,Iadded

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severalnewchaptersthatfocusonnewtools,notablytheImpulsesystem.Ialsoaddedasectiononstops,profittargetsandotherpracticaldetails.Moneymanagementisextremelyimportantbecausefinancialmarketsarehotbedsofrisk.Thatwastheweakestpartoftheoriginalbook,andIcompletelyrewroteit.Oneofmanytoolsyou’lldiscoverwillbetheIronTriangleofriskcontrol.Psychology,tradingtactics,andmoneymanagementarethethreepillarsofsuccess,butthereisthefourthfactorthattiesthemtogether.Thatfactor—whichintegratesallothers—isrecord-keeping.Keepinggoodrecordswillenableyoutolearnfromyourexperiences.It’llhelpyoubreakoutoftheviciouscircleofsmallgainsandbiglosses,runninglikeasquirrelinabarrel,sweatingandstressedbutnevergettinganywhere.Keepinggoodrecordswillmakeyouyourownteacherandabettertrader.I’llshowyouseveraltypesofrecordsyouneedtokeepandwillshareseveralofmytradediaries.Ifyou’reanewreader,welcometothejourney.Ifyou’vealreadyreadTradingforaLiving,Ihopeyou’llfindthisnewbooktwodecadessmarterthanthefirst.Dr.AlexanderElderNewYork–Vermont,2014

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Introduction1.Trading—TheLastFrontierYoucanbekhông tính tiền.Youcanliveandworkanywhereintheworld.Youcanbeindependentfromroutineandnotanswertoanybody toàn thân.Thisisthelifeofasuccessfultrader.Manyaspiretoitbutfewsucceed.Anamateurlooksataquotescreenandseesmillionsofdollarssparkleinfrontofhisface.Hereachesforthemoney—andloses.Hereachesagain—andlosesmore.Traderslosebecausethegameishard,oroutofignorance,orfromlackofdiscipline.Ifanyoftheseailyou,Iwrotethisbookforyou.HowIBegantoTradeInthesummerof1976,IdrovefromNewYorktoCalifornia.Itookalongafewbooksonpsychiatry(Iwasafirst-yearpsychiatricresident),severalhistories,andputapaperbackcopyofEngel’sHowtoBuyStocksintothetrunkofmyoldDodge.LittledidIknowthatadog-earedpaperbaông chồng,borrowedfromalawyerfrikết thúc,wouldinduetimechangethecourseofmylife.Thatfriend,incidentally,hadaperfectreversegoldentouch—anyinvestmenthetouchedwentunderwater.Butthat’sanotherstory.IgulpeddowntheEngelbookincampgroundsacrossAmerica,finishingitonaPacificbeachinLaJolla.Ihadknownnothingaboutthestockmarket,andtheideaofmakingmoneybythinkinggrippedme.IgrewupintheSovietUnioninthedayswhenitwas,inthewordsofaformerU.S.president,“anevilempire.”IhatedtheSovietsystemandwantedtogetout,butemigrationwasforbidden.Ienteredcollegeat16,graduatedmedicalschoolat22,completedmyresidency,andthentookajobasaship’sdoctor.NowIcouldbreakfree!IjumpedtheSovietshipinAbidjan,IvoryCoast.IrantotheU.S.Embassythroughthecloggeddustystreetsofan