Cover image for The Survival Guide for Traders : How to Set up and Organize Your Trading Business.
The Survival Guide for Traders : How to Set up and Organize Your Trading Business.
Title:
The Survival Guide for Traders : How to Set up and Organize Your Trading Business.
Author:
McDowell, Bennett A.
ISBN:
9781118159415
Personal Author:
Edition:
1st ed.
Physical Description:
1 online resource (354 pages)
Series:
Wiley Trading Ser. ; v.532

Wiley Trading Ser.
Contents:
Survival Guide for Traders: How to Set Up and Organize Your Trading Business -- Contents -- Foreword -- Preface -- Acknowledgments -- Disclaimer -- Introduction: Survival of the Fittest -- Part I: Survival Basics -- Chapter 1: It's a Jungle Out There! -- Brawn, Brains, and Technology -- Technological and Innovation Time Line -- Don't Bring a Knife to a Gunfight -- Right in My Own Backyard -- Chapter 2: Managing Your Money Is Serious Business -- Trust and Financial Advisers -- Tips on Selecting a Qualified Financial Adviser -- So, Who Are You Going to Trust? -- Creating Your Own Business Plan Will Strengthen Your Ability to Prosper -- Trade, Invest, and Live within Your Means -- Chapter 3: Accountability, Setting Stops, and the Rogue Factor -- Traders Are the Ultimate Entrepreneurs and Must Be Held Accountable -- Setting Stop-Loss Exits Is Essential -- The Infamous Rogue Trader Named Nick Leeson -- Watch the Rogue Trader Movie -- Insurmountable, Large Losses Usually Start As Small Losses -- Chapter 4: What's Your Net Worth? -- Net Worth Statement -- Creating Your Financial Profile -- Are You Moving Forward, Falling Backward, or Standing in Place? -- Chapter 5: The Life of an Entrepreneur -- New Start-Up Businesses Have High Failure Rates -- What Does It Take for a New Business to Succeed? -- Small Businesses Are the Backbone of the Economy -- Reduce Your Expenses and Increase Your Revenue -- How to Reduce Expenses -- A Penny Saved Is Really One and a Half Pennies Earned -- It's All About the Revenue -- Chapter 6: Understanding Financial Markets -- Buyer and Seller Agree on Price, but They Disagree on Value -- Buyers and Sellers and the Financial Order Flow Process -- Types of Orders -- Using Margin and Leverage -- The Importance of Liquidity and Volume -- Zero Liquidity -- Volatility and Market Gaps.

How Can the Bid and Ask, Spreads, Fills, and Slippage Affect Your Profits? -- You Can Parallel Test Your Broker and Data Feeds -- "I Feel the Need for Speed" -- So Many Markets to Choose From -- Ticker Symbols at a Glance -- How to Choose the Best Data Feed for Your Needs -- How to Choose the Best Broker for Your Needs -- How to Choose the Best Front-End Platform for Your Needs -- Manias, Panics, and Crashes -- Chapter 7: Adapting to Changing Market Cycles -- Four Major Market Cycles -- It's All in a Name -- Using Trend Lines to Identify Market Cycles -- Using Elliott Wave Analysis to Identify Market Cycles -- Pitfalls of Not Identifying Market Cycles Correctly -- Chapter 8: Education and Support -- A Few Classic Trading Books -- Learning Styles -- Repetition, Repetition, Repetition -- Paper Trading Is an Essential Learning Tool -- Do it Your Way -- You Can Learn from Your Mistakes and Failures -- Life Mentors, Professional Mentors, and Trading Coaches -- Chapter 9: Writing a Business Plan -- Business Plan: Blank Template -- Front Matter: Title Page, Table of Contents, and Mission Statement -- 1. Summary -- 2. Strategy -- 3. Operations -- 4. Financials -- Business Plan Tips -- Part II: The Financial Pie -- Chapter 10: The First Slice: Trading and Investing Rules -- Develop and Test Your System -- Perseverance Is the Holy Grail -- Failure Is Not an Option -- Creating Your Trading Rules Profile -- A Note about Day Trading versus Position Trading -- Holding Trades Overnight and Assuming Overnight Risk -- My Definition of Scalping -- Sample Trading Rules to Start With -- Combining Fundamental and Technical Signals in Your Trading Rules -- Technical Analysis Signals -- Fundamental Analysis Signals -- Value Investing in a Bear Market -- The Importance of Paper Trading -- Set Up Multiple Brokerage Accounts to Monitor Your Trading Results.

Chapter 11: The Second Slice: Scanning for Opportunities -- Technical Scanning Techniques -- Fundamental Scanning Techniques -- Opportunity Is Always Abundant in the Markets -- Stocks -- Options -- Futures -- Forex -- Exchange-Traded Funds -- Chapter 12: The Third Slice: Money Management -- What Can Money Management Do for You? -- Three Ways to Control Risk -- Risk Factors to Develop Your Plan Around -- Stop-Loss Exits Can Save the Day -- Your Survival Depends on Having a Healthy Respect for the Risk of Ruin -- Optimal f Formula: Information Similar to the Risk of Ruin Tables -- Comparing Optimal f Equation Results to the Risk of Ruin Tables -- The 2 Percent Risk Amount Formula -- Using the Trade Size Formula -- Trade Size Formula Using Leverage -- Using the Trade Size Calculator -- Good Record Keeping and Performance Analysis Are Essential -- Without Risk, There Is No Opportunity . . . -- Chapter 13: The Fourth Slice: Financial Psychology -- The Trader's Mind-Set -- Even Good Change Can Be Stressful and Emotionally Challenging -- Looking at 15 Destructive Psychological Trading Issues and Their Causes -- Optical Illusions Show How Our Minds Can Mislead Us -- Epilogue -- Appendix A: Online Bonus-Survival Guide Central -- Appendix B: ART Basics -- Appendix C: Resources: Front-End Platforms, Brokers, Data Providers, and More -- Appendix D: Suggested Reading and Education -- Appendix E: Market Exchanges -- Glossary -- About the Author -- Index.
Abstract:
The must-have guide for anyone considering entering the exciting world of trading from home The biggest stumbling block for people looking to launch their own trading businesses from home is a failure to understand the complexities of the "back office" operations needed to be successful. Survival Guide for Traders is here to help. Packed with strategies for building a successful home trading business, and featuring answers to questions most up-and-coming traders would never think to ask, Survival Guide for Traders is required reading for anyone who wants to start and sustain a trading business from home. Explains how to create a trading business plan, set up an office, implement a trading system, use margin, deal with legal and financial issues, and keep appropriate records Examines the opportunities and challenges of handling a home-based trading business Details the process of setting up and organizing your trading business Includes a comprehensive "Trading Business Plan Template" that you can customize Written by Bennett McDowell, a highly regarded trader and trainer of traders The book for anyone even thinking about entering the exciting world of trading, the Survival Guide for Traders offers practical solutions that anyone can use in order to build a lasting, thriving home trading business.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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