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trading by the book

This is a book about trading futures. Specifically, it shows ways the futures markets have been successfully traded for many years.

My family started trading in the futures markets over one hundred years ago. Much of the knowledge acquired since then is shown in this manual.

Until the present time, this manual has been privately sold to those willing to master its secrets. It is not a get rich quick scheme. A lot of time, work, and effort has gone into its writing. A similar effort is needed to learn how to use it.

From time to time, 1 rewrite various sections of the manua!, in order to keep it up to date. However, its concepts are timeless.

Each part is in itself almost an entire trading manual. Yet the parts complement and supplement each other and should be taken as awhoie. The parts reaily are interdependent.

As new or better insights evolve from my trading, 1 will include them in revisions the manual. Clarifications will also be included as needed. This manual is intended to be a living, growing type of work. Its next revision is already planned.

Notice also that the charts in this revision are somewhat different in appearance. The cursor bar is now a dotted line and thiriner than before. Comments and pointers are now placed on the charts by computer, rather than by hand. All charts shown are now produced by the Market Detective trading program written by my good friend George Damusis at Microforce.

The Market Detective trading program, besides doing a great many clever things, i; specifically geared towards Tradino Bv The Book. It does each and every study discussed.


"To learn you must want to be taught"

Tliis is an unusual manual. It doesnt tell what YOU should do. Instead it tells what I should do, and what I try to do as a professional futures trader. Im writing It in the first person because Im writing it as much for myself and my family as for anyone else.

Hopefully you wont think I have some sort of large inflated ego because the woi "I" is used so much. If you do, I apologize for that.

This manual contains what I believe to be true, based upon my experiences and what I have learned and continue to learn. Like so many good things, my success in th markets has come through much mental and emotional pain and anguish. A lot of hanc wringing and self-flagellation was and continues to be involved. This manual explains why I trade the way I do.

Do I expect to be trading exactly like this next year? Probably not! I hope that r trading will evolve beyond what I do now. But the trading I do now is very profitable, cant stand still, I must grow!

I have come to believe that the greater part of success in trading is not in being able to pick tops or bottoms, not in being able to always pick the right trade and enter and exit at the right time. These are important, but far more important is self-discipline and self-control. Managing yourself so that you can manage your trades is, in my opinion, at least 80% of the job. In fact, the subjects of managing yourself, managing your trades, risk, and money, are all far more important than the trading method you us

A person needs wisdom to be able to trade successfully in the markets! Why wisdom? Because contained within wisdom are all of the traits that can make anyone ; winner - in anything they attempt to do that is physically possible for them to do!

My need for wisdom in trading futures, or any market for that matter, Is very gre Wisdom tells me that in order to succeed I need self-discipline, knowledge, patience, se control, resourcefulness, diligence, flexibility, concentration, decisiveness, persistence, discretion, perseverance, and consistency.

In addition to all of these virtues, I need to be totally honest and truthful with myseff, know myself and my weaknesses, be emotionally, mentally and physically fit, s ready to take fast and immediate action when needed. I must overcome greed and ha-an intensity about me that enables me to control both my thoughts and emotions.

I must also become a top notch manager - planning, directing, organizing, controlling, and delegating.

This is a tali order. Few are the individuals who can measure up to such a yardstick. But then, few are the individuals who succeed tn the trading of futures! I trying to be that individual, but I know never be perfect at it.

How to Get Wisdom

The Book says that everyone who reads and FOLLOWS its instructions will be given wisdom and common sense. It says that if I want greater discernment and insight and am really searching for them diligently, then 1 will receive them.

The Book says that 1 can learn to find the right decision every time. It says that wisdom and truth can be an integral part of my existence, and fill my life with the joy of success at whatever I do. Following the Book can make me a better trader, it can make me a winner!

Determining to Be Wise

Because successful trading requires the results of wisdom and common sense, Iv made up my mind to be wise. In trading, wisdom is one of my goals! Its been said tha someone who knows right from wrong and has good judgment and common sense is happier than someone who has immense wealth but lacks discernment and understanding. When I trade I try to achieve both - wisdom and wealth - realizing that wealth can be a result of wisdom.

But wisdom can bring more than just wealth. It can bring a long and healthy life, riches, recognition, pleasure, and peace of mind. Wisdom is its own reward, and if I reject it I will be hurting only myself!

Determining to be wise is the first step toward becoming wise! fVly objective ther is to be wise, and to develop sound judgment and common sense.

Of course, I can choose to trade without wisdom. I can trade just for the thrill of it. Theres plenty of excitement to be had doing that. IM! even get my share of wins, perhaps just long enough to really get hooked. But, eventually Ill lose all my money. Trading without wisdom is not trading, its gambling.

The Book says that only a fool refuses to be taught. It says that if I trade withou wisdom I am laying a booby-trap for myself that wili result in my annihilation as a trader

It says that without wisdom ! suddenly find myself caught up in a storm of terrc engulfed by anguish and distress. It will be too late to seek wisdom then, in my anxiety Ill never find it. Its then that I will experience the full horror of the path I will have chosen as I see my money flow into the hands of those who were diligent in being wise IVly own complacency will have "killed" me!

The Book says that only wisdom can save me from the seif-flattery that nnight make me think that i am better than I really am. Only true discernment can save me fro the false flattery that will be given to me by those who want to take my money.

Its wisdom that wil! save me from shooting off my mouth and then having to lie cover up my foolishness. How will I ever hide my embarrassment when Ive lost al! of money?

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