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Trade Like a Pro
15 High-Profit Trading Strategies
Noble DraKoln (Author)
9780470287354, Wiley
Hardback, published 9 April 2009
288 pages, Charts: 90 B&W, 0 Color; Tables: 46 B&W, 0 Color
23.6 x 16 x 2.6 cm, 0.485 kg
Named a top investment book of the year by the Stock Trader’s Almanac 2010.
Praise for Trade Like a Pro "Noble's commitment to the individual trader is exactly what traders need during these volatile times. He has knowledge that spans across markets and is worldwide. He is a valued contributor to the TraderPlanet.com community, and this book further demonstrates his dedication to educating traders and helping them become more successful." "In a time when, on a global level, important things are happening to the financial industry, when new profit opportunities as well as risks are revealed, the book Trade Like a Pro offers a complete picture concerning the risk administration techniques." "Trade Like a Pro is a comprehensive presentation of all the basic trading strategies that belongs in every investor's library. Whether your specialty is futures, options, or stocksor, for that matter, a combination of all threeyou will find yourself going back to this valuable reference guide again and again. Everything rings true. Moreover, the author gives you the pros and cons of each respective strategy without imposing his own point of view. Well researched and presented." "Armed with good intentions, most new traders are unaware of the realities involved. Although there is often the belief among novice traders that profitability will be easy, the evidence strongly suggests otherwise. In his new book, Trade Like a Pro: 15 High-Profit Trading Strategies, Noble DraKoln offers a thoughtful approach to making the transition from unsuccessful retail trader to the arena of the professional, which is imperative for lasting success as a trader."
Lane J. Mendelsohn, Publisher, TraderPlanet.com
Teodor Ancuta, President and General Manager, Sibiu Stock Exchange
George Angell, author of Small Stocks for Big Profits and Winning in the Futures Market
Ron Rossway, President, Denver Trading Group
Preface xi Acknowledgments xiii Part I Designing the Trade 1 Chapter 1 From Retail Trader to Professional Trader 3 Transitioning from Retail Trader to Professional Trader 5 Successful Professional Traders 16 Tightening Up Your Approach to the Markets 22 Chapter 2 Markets and Margin 25 Exchanges 27 What Does This Mean for the Market? 34 Daisy Chain Effect 37 Global Markets 42 Becoming a Sophisticated Trader 45 What Do These Changes Mean for Your Trading? 46 Chapter 3 Some Essentials of Trading 47 Three Different Types of Traders 48 A Trader’s Focus 52 Essential Trading Concepts 56 Using This Book to Its Fullest Potential 63 Part II Basic Strategies 65 Chapter 4 Holding the Bull and the Bear by the Tails 67 Straddle, Strangle, and Execution 68 Getting the Right Options for the Job 75 Option Tutorial 78 Sample Straddle and Strangle Write-Up Sheets 89 Conclusion 89 Chapter 5 Precision Trading at Its Finest 91 What Is Hedge Trading? 91 Precision Trading Ground Rules 92 Identifying Market Trends 96 Conclusion 101 Chapter 6 Trading with Hard Stops 103 Stop Loss Order 104 Options as an Alternative to the Stop 106 Conclusion 110 Chapter 7 The Markets on a Leash 113 Collar 114 General Collar Pitfalls 122 Day Traders 123 Conclusion 126 Chapter 8 Replacing Traditional Options with Synthetic Options 127 Synthetic Option versus Standard Option 128 When to Use a Synthetic Option 133 Conclusion 141 Chapter 9 Everything in Its Season 143 Spread Opportunities 144 Conclusion 151 Chapter 10 Gunning for Premiums with Covered Options 153 Problems with Selling Options 154 Covered Option Trading 156 Conclusion 167 Chapter 11 Outflanking the Market 169 Frontspreads and Backspreads 170 Trading Backspreads 172 Conclusion 179 Part III Advanced Strategies 181 Chapter 12 Exposing Yourself to Loss 183 Synthetic Futures, Long-Short 183 Primary Drawbacks 188 Intercommodity Spread 188 Primary Drawbacks 193 The Bull Call Spread and Bear Put Spread 193 Primary Drawbacks 195 Conclusion 196 Chapter 13 Advanced Option Selling Strategies 197 Do 90 Percent of Options Expire Worthless? 198 What to Expect When Selling Options 200 Strangles, Straddles, or Naked Options 202 Sell Straddle 203 Sell Strangle 207 Naked Option Selling 212 Conclusion 215 Chapter 14 Retreat, Recovery, Opportunity 217 Manipulating the Strategies 219 Conclusion 242 Chapter 15 Analyzing Charts and Strategies 243 S&p 500 244 Euro 246 Gold 249 Corn 251 Oil 253 Conclusion 255 Chapter 16 Applying These Strategies with Stocks 257 Stocks 258 Strategies 261 Conclusion 266 About the Author 267 Index 269
Subject Areas: Finance & accounting [KF]
