Penfold The Universal Principles of Successful Trading

Essential Knowledge for All Traders in All Markets
1. Auflage 2010
ISBN: 978-0-470-82616-4
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 376 Seiten, E-Book

Reihe: Wiley Trading Series

The Universal Principles of Successful Trading clearly andunambiguously articulates trading principles that distinguish thewinners from the losers. Though trading can be performed indifferent markets, across different timeframes, and with differentinstruments based upon different techniques, there is one commonthread that ties all winning traders together: the universalprinciples of successful trading. All consistently profitabletraders adhere to them regardless of the markets, timeframes, andtechniques.
In this ground-breaking book from top trader, Brent Penfold, thereader will:
* Learn how to develop a trading plan
* Learn how to identify and create an effective methodology
* Discover successful money management strategies
* Understand trader psychology
* And many more exciting trading and strategies secrets.
Supporting the universal principles are rare interviews from adiverse group of successful traders. Some are the new young guns oftrading and others are market legends who are trading just asactively today as they were over 50 years ago. They represent adiverse group of traders from the United Kingdom, America,Singapore, Hong Kong, Italy, and Australia. All of them havegenerously agreed to offer the reader one singularly powerful pieceof advice to help them towards their trading goals. Each piece ofadvice emphasizes an essential element of the universalprinciples.
This timely and exciting book from Brent Penfold has alreadygarnered many accolades and looks set to become a modern-dayclassic.

Autoren/Hrsg.

Penfold, Brent

Inhaltsverzeichnis

Acknowledgments.
Preface.
Foreword.
Introduction.
Chapter 1 A Reality Check.
Why Do 90 Percent of Traders Lose?
Common Mistakes--Year One.
Common Mistakes--Year Two.
Common Mistakes--Year Three.
How to Join the 10 Percent Winners' Circle.
In Summary.
Chapter 2 The Process of Trading.
The Process of Trading.
Chapter 3 Principle One: Preparation.
Maximum Adversity.
Emotional Orientation.
Losing Game.
Random Markets.
Best Loser Wins.
Risk Management.
Trading Partner.
Financial Boundaries.
In Summary.
Chapter 4 Principle Two: Enlightenment.
Avoiding Risk of Ruin.
Embracing Trading's Holy Grail.
Expectancy.
Opportunities.
Pursuing Simplicity.
Treading Where Most Fear.
Validation.
In Summary.
Chapter 5 Principle Three: Trading Style.
Trading Mode.
Time Frames.
Choosing Your Trading Style.
Long-term Trend Trading.
Short-term Swing Trading.
Long-term Trend Trading Versus Short-term Swing Trading.
In Summary.
Chapter 6 Principle Four: Markets.
Good Operational Risk Management Attributes.
Good Trading Attributes.
In Summary.
Chapter 7 Principle Five: The Three Pillars.
Money Management.
Methodology.
Psychology.
Chapter 8 Money Management.
Martingale Money Management.
Anti-Martingale Money Management.
Key Concepts.
History.
Anti-Martingale Money Management Strategies.
Trading Forex_Trader Using a Single Contract with No MoneyManagement.
Forex_Trader Using Fixed-Risk Money Management.
Forex_Trader Using Fixed-Capital Money Management.
Forex_Trader Using Fixed-Ratio Money Management.
To Chase $18,000,000 in Profits or to Chase $1,500,000 inProfits, That is the Question.
Forex_Trader Using Fixed-Units Money Management.
Forex_Trader Using Williams Fixed-Risk Money Management.
Forex_Trader Using Fixed-Percentage Money Management.
Forex_Trader Using Fixed-Volatility Money Management.
Which Money Management Strategy to Choose?
Trading Equity Momentum.
In Summary.
Chapter 9 Methodology.
Discretionary or Mechanical Trading.
Creating a Methodology.
Trend Trading.
Not All Indicators are Bad.
But Don't Markets Change?
Multiple Methodologies.
Basic Attributes of Winning Methodologies.
Example of a Winning Methodology--The Turtle TradingStrategy.
Example of an Objective Trend Tool.
Fibonacci: Fact or Fiction.
Placebo Traders.
In Summary.
Chapter 10 Psychology.
The Consensus View.
Managing Hope.
Managing Greed.
Managing Fear.
Managing Pain.
Maximum Adversity.
In Summary.
Chapter 11 Principle Six: Trading.
Putting it All Together.
Trading: Order Placement.
In Summary.
Chapter 12 Just One Piece of Advice.
Balance.
The Market Masters.
Ramon Barros.
Mark D. Cook.
A Diverse Group of Traders.
Michael Cook.
Kevin Davey.
Tom DeMark.
Lee Gettess.
Daryl Guppy.
Richard Melki.
Geoff Morgan.
Gregory L. Morris.
Nick Radge.
Brian Schad.
Andrea Unger.
Larry Williams.
Dar Wong.
A Wealth of Advice.
Chapter 13 A Final Word.
Appendix A Risk-of-Ruin Simulator.
Simulator Variables.
Model Logic.
Simulator.
DIY Simulator.
Appendix B Risk-of-Ruin Simulator.
DIY VBA Risk-of-Ruin Simulator.
VBA Code for Risk-of-Ruin Simulator.
Appendix C Risk-of-Ruin Simulations.
Index.

Über Autor(innen)

Brent Penfold is a full time trader, author, educator andlicensed advisor. He began his career in 1983 as an institutionaldealer with Bank America and today specializes in trading forex andglobal indices. Brent is the author of the bestselling bookTrading the SPI (Wiley 2005) and is profiled in JohnAtkinson's e-book The Stock Market Wizards of Australia.Brent publishes daily newsletters for active Forex and Indextraders and is a popular and sought after international speaker whohas presented to traders throughout the Asia Pacific region inSingapore, Hong Kong, Malaysia, Vietnam, Thailand, India, China,Australia, and New Zealand.
Brent is a licensed futures advisor (AFSL 225946) and holds aMaster of Commerce (Finance) degree.