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57ffc20e7dac-0 | Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of | Page 4 |
da6fc3f35571-0 | the publisher. ISBN: 978-0-07-178826-7 MHID: 0-07-178826-3 The material in this eBook also appears in the print version of this title: ISBN: 978-0-07-177514-4, MHID: 0-07-177514-5. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol | Page 5 |
871e5c03f074-0 | after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as | Page 6 |
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71f4554d0262-0 | and a Committee of Publishers and Associations TD Ameritrade, Inc. and John Carter/TradeTheMarkets are separate unaffiliated companies and are not responsible for each other’s services or policies. Art provided by TD Ameritrade is © TD Ameritrade, Inc. Used with permission. For illustrative purposes only. | Page 9 |
06869848c425-0 | TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw- Hill”) and its licensors reserve all rights in and to the work. Use of this work is subject to these terms. Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not | Page 10 |
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2a9ecc32dd6e-0 | To everyone out there who is giving trading for a living a shot. And here’s to courage. Have the courage to take a loss so that you will have a chance at keeping some of your profits. | Page 17 |
f5f4b3094031-0 | Contents Acknowledgments Foreword by Peter Borish Introduction PART 1 : TRADER’S BOOT CAMP: How Do the Markets Work and What Are the Best Ways to Get | Page 18 |
8187c1856945-0 | Mentally Prepared for Successful Trading and Investing? 1 What Really Causes the Markets to Move? Did You Know That Most People Who Lose Money in the Markets Do So Because of These Four Things? How Do Our Odds for | Page 19 |
217516dd3c6f-0 | Success Increase Once We Understand the Pain and Suffering of Individual Market Participants? The Case Study You Will Never Read About at Harvard Business School, or, Has This Ever Happened to You or Your Spouse? A Note from My Wife: | Page 20 |
3295a3318db0-0 | How Have I Dealt with Being Married to John Carter the Trader? How Do I Top That? How Does a Person Make Money from a Fake Orgasm? What Is the Only Economic Principle That Matters in the Markets? | Page 21 |
983c2a0c6ae5-0 | 2 Psychology 101: What Didn’t They Teach About Trading and Investing in School? Emotions Are Fine at Weddings and Funerals; Why Aren’t They Fine When It Comes to Trading and Investing? Why Is a Guy with a System Always Welcome in a Casino? | Page 22 |
f380d22f2228-0 | What Is the Right Mental Outlook for the Markets, and Why Shouldn’t I Turn on My Computer Without It? Minnesota Stupid Why Do Most Traders Have to Blow Out an Account Before It All Sinks In? The Trader Mindset: What Is the Best Way | Page 23 |
321e27801a34-0 | for Getting, and Keeping, Your Head in the Game? What Is the Easiest Way to Establish a Consistently Winning Outlook? What Does Personal Integrity Have to Do with Successful Trading? Where Are You Now in Your Trading | Page 24 |
8f41dbe15a09-0 | Journey? Phase I Trading: Destined to Lose— What Are the Traits That Make People a Success in Life but Routinely Get Them Killed in the Markets? Phase II Trading: Fear- Based Trading, or, “Why Does Everything I Touch Turn to Crap?” | Page 25 |
f54ae6b110fc-0 | Phase III Trading: Why Is the Search for the Holy Grail Guaranteed to Limit Your Success as a Trader and an Investor? What Are the Signs That a Trader Is Stuck in Phase I, II, or III? Paper Trading: Why Is It More Worthless Than an Iraqi Dinar? | Page 26 |
5edcd0dad77c-0 | But What About Phase IV—How Does a Person Learn How Not to Lose Money? Why Does the Plateau Money Management Method Work? When Trading and Investing, What Are the Best Ideas to Keep in Mind? 3 Hardware and Software— | Page 27 |
7badf44840ec-0 | Top Tools for Traders Hardware: When It Comes to Your Trading Computer, What Are the Most Important Things to Know? Taming the Technological Beast: What Dangers Should I Be Aware of When It Comes to My Computer? | Page 28 |
99eeee3a5a64-0 | Why Aren’t All Quotes Created Equal? How Can a Bad Execution Platform Ruin My Account? Why Do Most Financial Newsletters Suck? How to Establish Priorities: If You Are Getting Interrupted During the First Two Hours of Trading, Why Is It Your Fault? | Page 29 |
633dfb08422f-0 | Why Is Watching Harry Potter on DVD after 12 Noon Eastern Better Than Watching CNBC? 4 Futures Markets 101— Understanding the Basic Mechanics of the Futures and Commodity Markets The World Beyond Stocks: Why Is It Important? | Page 30 |
ae8e45335104-0 | Markets Are a Reflection of the People Who Trade Them: Is Your Competition Wired on Starbucks or Methodically Filling in a Crossword Puzzle? Why Should Traders Learn About the Futures Markets? In a Nutshell, What Do | Page 31 |
700fa42fd884-0 | Traders Really Need to Know? The Mini-Sized Dow Versus the E-Mini S&P 500: Does It Matter? When Is Liquidity King? Contract Specifications —What Does a Trader Need to Know to Trade the Key Commodity Markets? How Are Forex Moves | Page 32 |
04b78c23d7fa-0 | Measured? How Can You Hedge Your Own Life in the Forex Markets? For Traders, This Is All You Need to Know 5 Stock Options: How Do They Work and What Is the Best Way to Trade Them? Why Is Option Trading Awesome to Some | Page 33 |
7730942f9fff-0 | and Scary to Others? What Would You Pay for a First-Class Plane Ticket to Singapore? Why Wouldn’t I Buy These Particular Options with My Mother-in-Law’s Trading Account? Directional Plays: Why Is Delta 0.70 or Better Superior? The Importance of | Page 34 |
a90db03ab39c-0 | Implied Volatility Crush, or “Look, Ma, They’re Panicking!” How Do You Know When to Hold ‘Em and When to Spread ’Em? 6 The Stock Market Is Now Open—What Is the Best Way to Predict Market Direction Throughout the Trading Day? | Page 35 |
819853d81aa9-0 | Musicians Know How to Read Music; Can Traders Learn How to Read the Markets? How Do You Track Institutional Trading? What Is The Fastest Heads-Up That Stocks Are About to Make a Move? What Is The Best Tool for Reading Buying Versus Selling | Page 36 |
f84deb8d7844-0 | Pressure? Is There a Similar Tool Just for Nasdaq Stocks? Put/Call Ratio—Is This the Key to the Kingdom? What Is the Most Effective Way to See What’s Really Going On In the Stock Market During the Day? | Page 37 |
99376f1f10c7-0 | How Do You Know When It’s Going to Be a Choppy Day? Listening In on the Floor —What Is the True Value of Pit Noise? Putting It All Together —How Can You Size Up the Trading Day from the Opening Bell? What Are the Other Main Things to Keep | Page 38 |
c647186332ae-0 | Track Of? And, Oh Yes, Did You Know That If You Ignore This One Thing, You Don’t Stand a Chance? Summing Up PART 2 WHAT ARE THE BEST INTRADAY AND SWING- TRADING SETUPS FOR FUTURES, | Page 39 |
a9158b4ca7d0-0 | STOCKS, OPTIONS, AND FOREX? 7 The Opening Gap: Why Is This the First and Highest-Probability Play of the Day? How Is Trading Without a Specific Setup in Mind Like Hiking in the Amazon Without a Compass? Why Aren’t All Gaps | Page 40 |
fa2bf6546a2b-0 | Created Equal? What Are the Trading Rules for Gaps? Who Is Getting Hurt on This Trade? What Are Some Specific Examples of Trading the Gap? What’s the Secret to Unfilled Gaps? What Are the Best Strategies for People | Page 41 |
49cd6a31b0f7-0 | Who Can’t Trade Full Time? How Does a Trader Position Size for This Setup? Summing Up the Gaps 8 Pivot Points: Why Are These Good Pausing Points for Trending Days and Great Fading Points for Choppy Days? What Is the Best Way to | Page 42 |
a9e5a5019dc0-0 | Beat Indicator-Based Traders? Why Aren’t All Pivots Created Equal? How Exactly Should I Set Up the Pivots on My Charts? The Psychology Behind the Pivots—Who Is Getting Burned? What Are the Trading Rules for Pivot Buys on Trending Days? | Page 43 |
ba4cd10bb000-0 | What Are the Trading Rules for Pivot Buys on Choppy Days? What Are Some Specific Examples of Trading the Pivots? Trailing Stops in This Fashion Is the Key Tips and Tricks for Using the Pivots What About Fibonacci Numbers? | Page 44 |
2c66bee83b0e-0 | What’s the Best Way to Trade Commodity Markets with Pivots? Summing Up the Pivots 9 Tick Fades: Are They Really the Best Way to Take Money Away from Newbies? What Is the Number One Action Alert Available to Traders Today? | Page 45 |
406e3309187a-0 | What Are the Trading Rules for Sell Fades (Buys Are Reversed)? What Are Specific Examples of Tick Fade Setups? Summing Up the Tick Fades How Do You Know When Fading Ticks Won’t Work? How Do We Trade “Going With” the | Page 46 |
9dea50443213-0 | Ticks Instead of Fading Them? 10 Reverting Back to the Mean, or, “When Is the Best Time to Take a Profit?” Where Do Markets Stop Their Current Trend and Run Out of Gas? This Sounds Awesome —Why Isn’t Everybody Doing | Page 47 |
3221a29a5717-0 | This? 11 The Squeeze: What Is the Best Way to Get positioned for the Big Market Moves? Is It Better to Trade for Cash Flow or to Create Wealth? How Does a Trader Redefine Volatility and Use It to His Advantage? | Page 48 |
40b5c9c6c9f0-0 | What Is the Best Way to Get in Right Before a Big Move? What Are the Trading Rules for Buys (Sells Are Reversed)? What Is the Biggest Mistake New Traders Make? Is It Possible to Get Positioned Before a Market Crash? What Is the Best Trading | Page 49 |
dcf1a1a959d0-0 | Strategy for Those of Us Who Have a Job and Can’t Trade Full Time? Updated Examples for the 2008 Financial Crisis and Beyond What Is the Best Way to Filter Out Squeezes That Might Not Work Out? 12 Catching the Wave: | Page 50 |
da1180e7a1cc-0 | What Is the Easiest Way to Stay on the Right Side of the Trend on Any Market, on Any Time Frame? Why Is It Critical to Understand the Concept of Anchor Charts? What Exactly Are the Waves, and How do They Work? How Can I Use the | Page 51 |
cf9a7df6680e-0 | Waves to Sneak into a Squeeze Before It Fires Off? 13 What Is the Best Tool for Staying in a Trade and Not Jumping Out Too Early? Entries Are a Dime a Dozen; It’s the Exits That Make You Money How Do I Protect | Page 52 |
06f5dcee47f3-0 | Myself When They Are Trying to Shake Me Out of My Position? 14 Scalper Alerts: Is This the Best Tool for Quick Price Trend Change Confirmation? How Do You Identify and Profit from Changes in Trend Without Catching a Falling Knife or | Page 53 |
436cf2d6a6cf-0 | Stepping in Front of a Freight Train? Why Are Tick Charts Best for Scalping? What Are the Trading Rules for Buys (Sells Are Reversed)? Specific Examples of Scalper Alert Buy and Sell Setups Summing Up the Scalper Alerts | Page 54 |
a1e001f8065b-0 | Increase the Probabilities of Success Through Multisetup Combinations 15 Brick Plays: How Can I Tell When a Market Is Going to Reverse Its Trend in the Middle of the Day? Using Bricks to Capture Intraday Reversals in the Mini-Sized Dow | Page 55 |
631606f212ec-0 | Trading Rules for Buys (Sells Are Reversed) Summing Up the Bricks 16 The Ping-Pong Play: Batting the Markets Back and Forth … All Day Long A Trading Channel That Moves and Adapts to the Markets in Real Time Trading Rules for Buys | Page 56 |
3defefc3fb1b-0 | (Sells Are Reversed) When You’re Dancing with the Market, It’s a Good Idea to Let It Lead 17 The 3:52 Play: Capping Off the Day with a Fine Cigar This Is Where the Other People Start to Panic Trading Rules for Buys (Sells Are Reversed) | Page 57 |
cdf4b05b3d31-0 | Summing Up the 3:52 Play 18 Box Plays—On Days when the Stock Market Is Dead in the Water, Look to the Currencies Measuring the Length of the Move Before It Occurs Trading Rules for Buys (Sells Are Reversed) Summing Up the | Page 58 |
9fc84cf9860b-0 | Currency Box Play 19 HOLP and LOHP— Catching Trend Reversals Without Getting Smashed Buying a Market Just Because It’s Cheap or Shorting a Market Just Because It’s Expensive Is Dangerous—Unless It’s Done Like This | Page 59 |
60a33474af50-0 | Trading Rules for Sells (Buys Are Reversed) Summing Up the HOLP and LOHP Plays 20 Gold Trades and the Darvas Box This Is How I Like to Trade Gold Welcome to Trading. Are You Ready for the Bad News? Why Should You | Page 60 |
1f2ff00eb88f-0 | Consider Trading Gold? The Famous Good Night Gold Trade The Gold Rush Trade The Gold Spike Trade How Do I Buy Bottoms and Sell Tops? Darvas: How to Make 2 Million Dollars in the Stock Market 21 Our Live Trading Room | Page 61 |
d08cfd16649f-0 | and Streaming Real Time Analysis It’s All About the Timing Let’s Dig into the Setups Getting Familiar with the TTM Momentum and TTM Trigger Summing Up the Trades 22 Propulsion Plays—Swing Plays Using Stocks, Single-Stock Futures, | Page 62 |
af4ccc9ce7d6-0 | and Stock Options Setting Up for the Bigger Moves in Individual Stocks The Trader’s Guide to Single-Stock Futures The Only Way to Play Individual Stock Options Trading Rules for Buy Fades (Sells Are Reversed) | Page 63 |
a66182946809-0 | Updates to the Propulsion Trades Summing Up the Propulsion Plays PART 3 HEADING BACK INTO THE REAL WORLD OF TRADING 23 The Premarket Checklist —Creating a Game Plan | Page 64 |
2b7ec6048add-0 | for the Next Trading Day Like Running a Credit Check, to Understand What the Market Is Going to Do in the Future, It Helps to Understand Its Past Monthly Chart Analysis Weekly Chart Analysis Daily Chart Analysis 60-Minute Chart Analysis | Page 65 |
a3d3ca9a373a-0 | Daily RSI Chart Analysis 60-Minute RSI Chart Analysis Index Radar Screen Alert Sectors and Key Stocks Radar Screen Alert The Key to Reading Daily Volume The Key Price Levels to Know Each and Every | Page 66 |
c536565102a6-0 | Trading Day Pivot Numbers, of Course Key Sentiment Readings It’s a Good Idea to Know What These People Are Doing Miscellaneous Items What Does Your Mother Think? Summing Up the Premarket Checklist | Page 67 |
12d1671f1028-0 | 24 The Trader’s Business Plan Who Gets to the World Series—the Team with a Plan or the Team That Decides to Wing It? Why Am I Trading Again This Year? Happy Wife, Happy Life What Markets Am I Going to Trade? | Page 68 |
63dc2b63b2b8-0 | Why These Markets? What Specific Trading Strategies Am I Going to Use? How Much Money Am I Going to Allocate to Each Trading Strategy and Setup? What Execution Methods Will I Be Using? What Parameters? How Am I Going to | Page 69 |
1f8f80087d2e-0 | Track and Rank My Trades? What Are My Drawdown Rules? What Are My Profit Rules? What Is My Office Setup Going to Be Like? What Are My Rewards If My Trading Is Going Well? | Page 70 |
b1c1e2eee525-0 | Are There Any Groups, People, or Organizations I’d Like to Help Out This Year? What Are My Specific Plans for Staying “On Plan” Throughout the Year? What Am I Doing About My Physical Health? Concluding Thoughts on My Plan | Page 71 |
4c982b1bd777-0 | A Sample Plan from a Beginning Trader Summing Up the Trading Plan 25 Tips and Tricks for When It’s Not Working for You, No Matter What You Do Will Cry for Food— Using Your Emotions to Make Money The Four Seasons Hotel | Page 72 |
f032df078720-0 | Trade Thank You, Sir, May I Have Another? When I Tick, You Tick, We Tick Dive, Captain, Dive High Five, Baby Discover Your Personality Type and Find Out If It’s Holding You Back Personality Types and | Page 73 |
b7ef8cbfcf4a-0 | Trading—What You Don’t Know About Yourself Can Hurt Your Trading Trading Really Isn’t That Easy— Alternatives to Consider for Jump- Starting Progress 26 Mastering the Trade Amateurs Hope; Professionals Steal | Page 74 |
1f57ff9aa3cb-0 | 40 Trading Tips for Maintaining a Professional State of Mind Surviving the Trader’s Journey Before He Trades The Easier Path: Swing Trading Conclusion and Final Thoughts Index | Page 75 |
c23696c67157-0 | Acknowledgments Writing and trading have a lot in common in that they are essentially solitary professions that are made much more enjoyable by having people who are willing to lend a helping hand. With regard to this project, I would like to first thank Hubert Senters and | Page 76 |
8b7a100d2cea-0 | Priyanka Rajpal for holding down the fort while I was “working on the nightmare.” Also thanks for your contributions to this project, which helped to keep me sane toward the end when things were getting crazy. Although the book deadline was firm, July soybeans were moving, and I couldn’t just ignore them. Thanks to Kira McCaffrey | Page 77 |
d3d34608126c-0 | Brecht, Gail Osten, and everyone at SFO Magazine for helping me to realize that writing about trading could be a worthwhile thing to do. Larry Connors and Eddie Kwong at Trading Markets for advice along the way and for keeping me on track with this original project, making sure I didn’t spend a lot of wasted time reinventing the wheel. Kelli Christiansen at McGraw-Hill for initially | Page 78 |
ea9f22b1ad07-0 | contacting me about this project and turning it from idea into reality, and to Executive Editor Stephen Isaacs at McGraw-Hill for helping to keep the first edition of this project on track. I thought I could rest easy once I had completed the first draft, but little did I know that the real work was about to begin. Thanks to | Page 79 |
a11eefe44ccd-0 | Bill Shugg, Tim Sambrano, Pamela Snelling, and Don Allen for reading early drafts and providing feedback. Also thanks to the staff at McGraw-Hill, who performed the herculean task of bringing this book—both the first edition and the second edition—to life: Scott Kurtz, editing supervisor; Maureen Harper, production supervisor; Alice Manning, copy editor; and Eric | Page 80 |
47ad39d6be8a-0 | Lowenkron, proofreader. Thanks also to Mark Douglas for insightful feedback in the later stages of the project. For help with my trading and trading related projects along the way, I’d like to thank Marcia Wieder, goddess of Maui, for kicking things off with regard to my leaving corporate America and trading full time. Scott Sether, who was truly in this | Page 81 |
76e708b4083d-0 | from the beginning, for helping to redefine the term market research . Tracy Alderman, Rosa Hernandez, and Michael Duwe, for helping to get things kicked off. Page Rossiter, for keeping me on track during the transition. Skip Klohn, as an early mentor in the process. Eric Corkhill … where do I start? Thanks for acting as a consultant on a multitude of topics, and | Page 82 |
308211836029-0 | thanks for giving me enough red wine so that I remembered only the good stuff the next morning. Thanks to Barbara Schmidt-Bailey and Jeff Campbell at the Chicago Board of Trade, and Marty Doyle at One Chicago for good ideas and great feedback along the way. John Conolly, for a multitude of solid insights into the | Page 83 |
6bc53d91c90a-0 | business. To the gang at Mirus, for continued support. To the gang at Newport, for clarifying what not to do and how not to do it. Cooper Bates, for keeping me on track on the meaning of it all. Steve Patrow and Becky Herman, for keeping things entertaining while I was in the beginning stages of this journey. Of course, it makes sense | Page 84 |
4fcb862367e1-0 | to thank family members where appropriate. Thanks to my mom, Francie Cobb, for supporting me while I “did my thing” along the way, even if it was sometimes scary to watch. Thanks to my stepfather, Lance Cobb, for being a father and introducing me to the world of financial markets at an early age. To my brother, Jason Carter, for being a great sibling. It’s nice to have | Page 85 |
baa35a402636-0 | another person in the world who understands. Maria Carter, my wife, for her unflinching support in the face of it all, and also for becoming passionate about the Home Decorating Channel while her husband played “catch up on the book” over the weekends. Next time I swear we’ll just go to Hawaii. I’m pretty sure I can write and drink Mai Tais at the same time. | Page 86 |
f6d7d40cf75e-0 | Thanks also to the memory of my father, Bill Carter, who was taken away too soon, but in so doing passed along valuable lessons to his kids. And to the memory of Joanne Wolfram, a good friend, who reminds us all to live life while you have the chance. Additional Acknowledgments | Page 87 |
8d4aecfba034-0 | for the Revised Edition A lot has changed over the past six years since the first edition hit the bookshelves in January 2006—the financial crisis of 2008, the flash crash, the credit bubble, the great deleveraging process, Eliot Spitzer thinking it aboveboard to wire money to prostitutes—and a lot has | Page 88 |
d20a951e5d2d-0 | stayed the same. Over the past six years, my wife Maria has continued to be a source of hot Latina calm in a consistently crazy environment, and she even managed to squeeze out three kids in the process: James, Avery, and Dylan. One of these days, we’ll figure out what is causing “the kid thing” and maybe try to put a stop to it … but for now it’s a helluva lot of fun. A big | Page 89 |
60aa053091f4-0 | thank you to Elsa and Daisy, Amanda Melin from Sweden (jah), and Sarah Wagner from Germany for helping us out with our crazy kids. The exchanges have undergone a lot of upheaval since this first book came out, with the Chicago Mercantile Exchange (now the CME Group) consolidating nearly everyone under its wing. | Page 90 |
03f5ddcf75bc-0 | Continued thanks to Barbara Schmidt Bailey as well as Chuck Farra, Rich Jelinek, and the team in Asia for our overseas adventures. I’ve learned a lot on those trips (such as, don’t combine red wine with frog belly soup), and I am all the better for it. Also thanks to Mark Omens for continued input and ideas and Super Bowl adventures. At Infinity Futures/Transact, Jim Mooney, Jim Cagnina, | Page 91 |
ba181ada2bb5-0 | and Sabby continue to keep things entertaining, while Patrick Zielbauer keeps me in line. At TradeStation, Stan Dash and Michael Burke continue to be a fount of wisdom and humor, while Michelle Moore keeps us all in line (I’m sensing a trend here). Over at thinkorswim, aka TOS, Tom Sosnoff has been a source of great encouragement and knowledge, while Beth | Page 92 |
2fd28e0965b9-0 | Snyder has, of course, kept us all in line. And I’m loving your new venture over at TastyTrade.com . Of course a big thank you to Morgan Ertel and Mary Glenn at McGraw-Hill for making me man up and update the content of this book. Although I hated every minute of it (okay, not every minute, but many of those minutes), I knew it was something I had to do. | Page 93 |
301074117f9a-0 | Since the first book came out, Trade the Markets has grown into a “real business” with an amazing group of team members in Austin, Boston, Chicago, and Kentucky. We continue to get great feedback, and we try to learn from our mistakes as best we can. A big thank you to the team for running the business and just letting me follow my passion, which is trading | Page 94 |
3efd017c7a25-0 | (first) and talking about trading (second). It’s been fun to watch Henry Gambell make the transition from “techie” to “trader.” Just relax; the process takes many years. Also to Jill Malandrino over at The Street. You are truly awesome to work with, no matter what goes on under the desk. The adventures with my partner (that’s “business” partner) Hubert | Page 95 |
aab0f30ed4cf-0 | Senters continue to unfold in ways we never thought possible. John Clayburg, aka “Doc,” you’ve been a real pleasure to work with. It is truly difficult finding islands of sanity in the trading world at times, but you are one of them. Rob Hoffman, thanks for diving in with enthusiasm and helping me make my e- mails more friendly! Thanks to my cousin/niece/adopted daughter, Adelita Campos | Page 96 |
d98246e0c774-0 | Flores, for your quirky sense of humor and unique outlook on life. Good luck with whatever path you choose. To the Amigos, Michael Palmieri and Tom Tuohy, thank you for your insights, even when I clearly did not need them. But alas, of course, I did. Aline Hanle and Honali Austin, thank you for your awesome and sometimes scary awareness and insights. And finally to | Page 97 |
c8cf8faca2fc-0 | every one of our clients. It’s an honor to work with you. | Page 98 |
5a7afc18f297-0 | Foreword In early 2003, I was attending an online trading conference in an effort to educate active traders on a new class of products called security futures. I had joined OneChicago after having been in the managed money business for more than 20 years because I believed that | Page 99 |
3d0af9be59ad-0 | these products would enhance equity trading in the cash, futures, and options markets. Having avoided these events for many years, I was surprised when I had the pleasure of listening to someone who was incredibly articulate and thoughtful. I said to myself, “He really gets it.” John Carter was not speaking about security | Page 100 |
7a0ded93869a-0 | futures; rather, he was presenting his intellectual framework and approach to trading. It was a method to which I could relate strongly, so I introduced myself. We spoke at length on many subjects, including the idea that his methodology could be applied to security futures and that successful trading is one long journey, not a destination. John became an early supporter of and trader | Page 101 |
5334810d90ec-0 | on OneChicago, another indication of his innovativeness. We have continued to exchange ideas, and therefore I was honored when John asked me to review Mastering the Trade. I judge a book on trading according to one simple criterion: have I learned something new? Mastering the Trade not only introduces new concepts, but is | Page 102 |
3d7590e37fbe-0 | insightful and easy to read. This is indeed a rare combination in the trading literature. In addition, John stresses that there is neither a single approach nor a single answer to successful trading. In fact, he emphasizes that before one can be a profitable trader, one must fully understand one’s own personality. Every decision, from the holding period of a trade to the amount of one’s | Page 103 |
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