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Imperial Library
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Index
Cover
Contents
Title
Copyright
Dedication
Foreword
Preface
Chapter One: Failure Is Not Predictive
The Story of Bob Gibson
If at First You Fail
“One-Lot” Persists
Two Key Lessons
Chapter Two: What Is Not Important
Jim Rogers
Marty Schwartz
Reconciling the Divergent Views
Chapter Three: Trading Your Own Personality
Paul Tudor Jones
Gil Blake
Comparing Jones and Blake
Personality and Trading Systems
Chapter Four: The Need for an Edge
Money Management Is Not Enough
An Edge Is Not Enough
Chapter Five: The Importance of Hard Work
David Shaw
John Bender
The Paradox
Chapter Six: Good Trading Should Be Effortless
Zen and the Art of Trading
Chapter Seven: The Worst of Times, the Best of Times
When Everything Is Going Wrong
When Everything Is Great
Chapter Eight: Risk Management
Uncle Point and Kovner’s Dictum
How Not to Place Your Stops
An Option to Stops
Risk Management at the Portfolio Level
Quick Exits When Wrong
The Trader’s Dilemma
Underappreciated Reason for Avoiding Large Losses
It’s Not Rocket Science
Chapter Nine: Discipline
McKay’s Lapse of Discipline
Chapter Ten: Independence
A Personal Story
Chapter Eleven: Confidence
Chapter Twelve: Losing Is Part of the Game
The Link between Confidence and Taking Losses
The Rationalization of a Losing Trader
The Four Types of Trades
Willing to Lose
Chapter Thirteen: Patience
Century-Old Wisdom
A Master of Patience
The Power of Doing Nothing
The Wisdom of Sitting
Chapter Fourteen: No Loyalty
“The Market Was Telling Me I Was Wrong”
Jones Reverses Course
Caught by a Surprise
Surviving the Worst Trading Blunder Ever
A Bad Idea Transformed
Don’t Publicize Your Market Calls
Chapter Fifteen: Size Matters
The Power of Bet Size
The Danger of Size
Stepping on the Accelerator
Volatility and Trading Size
Correlation and Trading Size
Chapter Sixteen: Doing the Uncomfortable Thing
The Outperforming Monkey
The Inadvertent Experiment
Behavioral Economics and Trading
Why Emotions Affect Even Computerized Trading
Conclusion
Chapter Seventeen: Emotions and Trading
Expensive Excitement
You Can’t Win If You Have to Win
Impulsive Trades
Don’t Confuse Intuition with Impulse
Chapter Eighteen: Dynamic versus Static Trading
The Need to Adapt
Scaling versus Single-Price Entry and Exit
Trading around Positions
Chapter Nineteen: Market Response
Gold and the First Iraq War
McKay Gets Interested in Stocks
Dalio Is Surprised
A Most Bullish Report
Druckenmiller Is on the Wrong Side of the Market
The Invincible Position
The Submerged Volleyball
Buy the Strongest, Sell the Weakest
Correlation as a Clue
Chapter Twenty: The Value of Mistakes
Analyzing Your Trades
The Trader’s Log
Chapter Twenty-One: Implementation versus Idea
A Post-Bubble Trade
A Better Option
Chapter Twenty-Two: Off the Hook
A Unique Observation
On the Hook
Schwartz Saves Me Money
Chapter Twenty-Three: Love of the Endeavor
Appendix
About the Author
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