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How to get past the crisis and make the market work for you
again
The last decade has left people terrified of even the safest
investment opportunities. This fear is not helping would-be
investors who could be making money if they had a solid plan.
The Little Book of Trading teaches the average person
rules and philosophies that winners use to beat the market,
regardless of the financial climate.
The market has always fluctuated, but savvy traders know how
to make money in good times and bad. Drawing on author
Michael Covel's own trading experience, as well as insights
from legendary traders, the book offers sound, practical
advice in an easy to understand, readily digestible way.
The Little Book of Trading:
- Identifies tools, concepts, psychologies, and
philosophies that keep people protected and making money when
the next market bubble or surprise crisis occurs
- Features top traders in each chapter that have beaten the
market for decades, providing readers with their moneymaking
knowledge
- Shows how traders who beat mutual fund performance make
money at different times, not just from stocks alone
Most importantly, The Little Book of Trading explains
why mutual funds should not be the investment vehicle of
choice for people looking to secure retirement, a radical
realization highlighting the changed face of investing today.
Table of Contents:
Chapter One -- Stick to Your Knitting (Gary Davis, Jack
Forrest, and Rick Slaughter).
Chapter Two -- Someone's Gotta Lose for You to Win (David
Druz).
Chapter Three -- No Guts, No Glory (Paul Mulvaney).
Chapter Four -- In a Land Far, Far Away from Wall Street
(Kevin Bruce).
Chapter Five -- Think Like a Poker Player and Play the Odds
(Larry Hite).
Chapter Six -- Stand Up, Dust Yourself Off, and Keep Going
(David Harding).
Chapter Seven -- Throw Away the Fundamentals and Stick to
Your Charts (Bernard Drury).
Chapter Eight -- Study Hard and Get an A+ (Justin
Vandergrift).
Chapter Nine -- You Can't Know Everything (Eric Crittenden
and Cole Wilcox).
Chapter Ten -- Make It Work Across All Markets (Michael
Clarke).
Chapter Eleven -- Stay in the Moment of Right Now (Charles
Faulkner).
Chapter Twelve -- Sing the Whipsaw Song.
Q&A with Author Michael
Covel
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Author Michael Covel
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What is trend trading?
Trend following is a very straightforward trading strategy that
ignores fundamental information to buy and sell in all markets.
For example, pretend you have no idea what way a market will go
or for how long. Trend followers simply say that if Apple is
trading at price level 300 and it starts to go higher -- buy
Apple. Why would you do this? If Apple is going up you want to
be on board. Period. No one knows how high or low Apple may go,
but if it goes from 300 to 400 you do not want to miss out --
even if 300 feels like too high of a price to buy in at. Buying
low or cheap is not the goal.
After you buy, if it goes the other way and you start to lose
money – you get out. How do you know to get out? Trend
followers abide by certain universal and timeless rules that go
back 100 years. If you lose a small amount of money due to the
trend not going your way, you get out. The key to keeping that
loss as small as possible is admitting defeat. That is how you
preserve capital while waiting for the next big unpredictable
trend to arrive to make you money.
Why do you recommend a trend following strategy over a more
traditional form of trading?
Here is the great thing about trend following: you do not need
to be knowledgeable of the fundamentals that a stock or a
commodity consists of to make money from them. You do not need
to know how great the demand will be for the next iPad. You do
not need to know how far gold will go up, or down, or why. That
information is irrelevant. The only variable necessary to
understand, so you can make money, is which way the market is
trending and if you are on board, up or down, in that
direction. This puts you on a much more even playing field with
banks and hedge funds, who clearly have more fundamental
insight than you could even dream of amassing.
Also, unlike mutual funds, trading trends for wealth building
means you can make money when the market goes up or the market
goes down. This is a huge advantageous distinction from most
other strategies being used in the markets.
Who can benefit from reading The Little Book of
Trading?
Any individual, regardless of whether they are currently
trading or not.
The Little Book of Trading is for those
who are open and willing to learn a different, less
conventional way of making money. It is for those who are
curious how some of the top traders are profitably thriving
during these uncertain times. It is a road map for an uncertain
future.
During the course of writing the book, you spoke to a lot of
different traders. Is there one piece of information that
stands out to you from your conversations?
If you learn anything from my Little Book, let it be the simple
lesson: stick with it. There will always be distractions;
breaking news banners, surprises and unpredictable chaotic
events, but you cannot be fazed. The biggest lesson these top
traders pounded into my head, and wanted me to pass onto the
readers, was that they do not pay attention to any of that
stuff. They have found through hard work, diligent study, and
perhaps putting a little luck on their side – that their
ability to stick with a trading plan is far more important than
knowing or worrying what their neighbor is doing, what the Fed
will do next, or if it is raining or snowing on some obscure
rice plantation, in some random country.
What one piece of advice would you give to someone looking
into trend following?
Do your homework. This is not buy and hold—where you buy and
forget it. You have to have a set strategy going in that gets
you and gets you out, otherwise you will get taken for all your
worth (i.e. 2008). If this means that you have to practice
trade for a period of time to wrap your arms around all of the
details, then so be it. You cannot stick to a strategy that you
do not have, so lay a smart foundation.
What is so wrong with mutual funds, anyway?
The investing world has become seduced by the idea that you can
buy and hold a mutual fund for a lifetime, rewarding you with a
huge nest egg when retirement sets in. Just buy and hope and
forget about it they tell us. That pipe dream has been sold by
a mutual fund marketing-machine and they hire serious lobbyists
in Washington, DC. to keep you “in line”. However, mutual funds
have gone over a decade with no returns, while simultaneously
mutual funds owners have made billions on fees. How smart does
that sound for you? More importantly, what happens when the
next bubble pops? What happens if the government cannot blow
the bubble back up? That is the million-dollar question and the
question that decides how much money you will earn over your
lifetime.
Foreword xi Cullen O. Roche Introduction: A Wake-Up Call xvii Chapter One Stick to Your Knitting 1 Gary Davis, Jack Forrest, and Rick Slaughter Chapter Two Someone s Gotta Lose for You to Win 21 David Druz Chapter Three No Guts, No Glory 37 Paul Mulvaney Chapter Four In a Land Far, Far Away from Wall Street 53 Kevin Bruce Chapter Five Think Like a Poker Player and Play the Odds 65 Larry Hite Chapter six Stand Up, Dust Yourself Off, and Keep Going 83 David Harding Chapter Seven Throw Away the Fundamentals and Stick to Your Charts 103 Bernard Drury Chapter Eight Study Hard and Get an A+ 117 Justin Vandergrift Chapter Nine You Can t Know Everything 131 Eric Crittenden and Cole Wilcox Chapter Ten Make It Work Across All Markets 147 Michael Clarke Chapter Eleven Stay in the Moment of Right Now 163 Charles Faulkner Chapter Twelve Sing the Whipsaw Song 181 Appendix A: Getting Technical: What Is Capitalism Distribution? 187 Appendix B: Fund Performance Data 193 Glossary of Key Terms 201 Author Disclaimer 207 Acknowledgments 209