Trade Like a Casino: Find Your Edge, Manage Risk, and Win Like the House

by Richard L. Weissman

A detailed look at the common characteristics found in most successful traders While there are a variety of approaches to trading in the financial markets, profitable traders tend to share similar underlying characteristics. Most have a methodology that they believe will prove profitable over the long run and are willing to endure short-term setbacks. If you're looking to make the most of your time in today's markets, you need to understand what separates the best from the rest. And with Trade Like a Casino, you'll gain the knowledge needed to excel at this challenging endeavor.Engaging and informative, this reliable guide identifies and explains the key techniques and mental processes characteristic of successful traders. It reveals that successful traders operate very much like a casino in that they develop a method that gives them "positive expectancy" and they unflappably implement the method in the face of changing, and oftentimes volatile, market conditions. Page by page, the book explores the intricacies of methodology, mental control, and flexibility that allow traders to develop and maintain the casino-like edge.Reveals how many successful traders tend to follow the same general principles, even if their approach to trading may differ Explores how to account for the risk of being wrong and the market moving against you Discusses how to develop an approach that combines trade selection with sound risk management, avoids emotional attachment to positions, exploits volatility cycles, and focuses on market action Regardless of how you approach markets, the insights found here will help improve the way you trade by putting you in a better position to distinguish the differences between successful and unsuccessful traders.

Genres: Finance, Money, Nonfiction

288 pages, Kindle Edition

First published August 31, 2011

Reviews

[Benjamin Barch · Rating 5 out of 5]

This has been my favorite book on trading that I've read so far. It covers everything a novice trader needs to do in order to level up their game to be a master trader. It's written in a down the earth way that is easy to understand written by a fellow trader who's been through it all and continues to work on it daily. The book clearly demonstrates that trading as a career is more than just making money, it's about a passion for committing to bettering oneself in every aspect of your life. Becoming a master trader inevitably takes you along the path of creating a better version of yourself. But beyond that it also focuses on the exact things to do to find positive expectancy models for trading and how to find your biases through trade journaling and other methods, as well as how to actually trade while managing risk. It goes through all the numbers step by step. This book tied it all together and came at exactly the right time for me.

[Andrew · Rating 5 out of 5]

Weissman is a masterclass in disciplined trading strategies. For those intrigued by calculated risks, platforms like bc.game casino exemplify similar principles in action. Weissman compares trading to running a casino, teaching readers how to leverage small statistical edges, manage risk effectively, and think long-term to consistently "win like the house."

[J. Y. · Rating 5 out of 5]

Only the best book for introduction to trading

[Satar Trades · Rating 5 out of 5]

Awesome read

[Walid Elhelw · Rating 2 out of 5]

It was interesting book which give you the information without solution. What make me feel bad about this book is the author go too much in the psychology which been filled out by gurus like Douglas, Van Tharp and Kiev.

The idea of casino can be explained in a blog post, and rest of the book are:
1- Optimization hints. ( no solutions )
2- Some applications of the famous indicators.
3- A lot of classical psychology.
4- basic performance analysis.