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The ART of Trading - A. McDowell & Lawrence G. McMillan.pdf

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简介:本文档为《The ART of Trading - A. McDowell & Lawrence G. McMillanpdf》,可适用于财会税务领域,主题内容包含fmJWBKMcDowellFebruary,:CharCount=TheARTRofTradingCombiningtheScienceofTec符等。

fmJWBKMcDowellFebruary,:CharCount=TheARTRofTradingCombiningtheScienceofTechnicalAnalysiswiththeArtofRealityBasedTradingBENNETTAMcDOWELLJohnWileySons,IncifmJWBKMcDowellFebruary,:CharCount=ivfmJWBKMcDowellFebruary,:CharCount=TheARTRofTradingCombiningtheScienceofTechnicalAnalysiswiththeArtofRealityBasedTradingBENNETTAMcDOWELLJohnWileySons,IncifmJWBKMcDowellFebruary,:CharCount=CopyrightCbyBennettAMcDowellAllrightsreservedPublishedbyJohnWileySons,Inc,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunderSectionoroftheUnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriatepercopyfeetotheCopyrightClearanceCenter,Inc,RosewoodDrive,Danvers,MA,(),fax(),orontheWebatwwwcopyrightcomRequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWileySons,Inc,RiverStreet,Hoboken,NJ,(),fax(),oronlineathttp:wwwwileycomgopermissionsLimitofLiabilityDisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurposeNowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterialsTheadviceandstrategiescontainedhereinmaynotbesuitableforyoursituationYoushouldconsultwithaprofessionalwhereappropriateNeitherthepublishernorauthorshallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,consequential,orotherdamagesForgeneralinformationonourotherproductsandservicesorfortechnicalsupport,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(),outsidetheUnitedStatesat()orfax()WileyalsopublishesitsbooksinavarietyofelectronicformatsSomecontentthatappearsinprintmaynotbeavailableinelectronicformatsFormoreinformationaboutWileyproducts,visitourWebsiteatwwwwileycomDesignationsusedbycompaniestodistinguishtheirproductsareoftenclaimedastrademarksInallinstanceswhereJohnWileySons,Incisawareofaclaim,theproductnamesappearininitialcapitalorallcapitallettersReaders,however,shouldcontacttheappropriatecompaniesformorecompleteinformationregardingtrademarksandregistrationLibraryofCongressCataloginginPublicationData:McDowell,Bennett,–Theartoftrading:combiningthescienceoftechnicalanalysiswiththeartofrealitybasedtradingBennettMcDowellpcm–(Wileytradingseries)IncludesindexISBN(clothdvd)InvestmentanalysisSpeculationStocksITitleHGM′–dcPrintedintheUnitedStatesofAmericaiiDisclaimer:ThiseBookdoesnotincludeancillarymediathatwaspackagedwiththeprintedversionofthebookfmJWBKMcDowellFebruary,:CharCount=Formychildren,HeatherFrancesandBradyBennett,withloveandaffectioniiifmJWBKMcDowellFebruary,:CharCount=ivfmJWBKMcDowellFebruary,:CharCount=ContentsForewordixPrefacexiAcknowledgmentsxiiiDiclaimerxvIntroductionxviiPARTIRealityCHAPTERIt’sAllAboutRealityCHAPTERTheRealityofPriceandVolumeCHAPTERManagingRisk:AlwaysSetaStopLossExitCHAPTERIfItSoundsTooGoodtoBeTrueCHAPTERPersonalMethodstoIncreaseTradingSuccessCHAPTERIdentifyYourPersonalARTProfilePARTIIArtCHAPTERDesignYourBusinessPlanCHAPTERSelectingaFinancialMarketvfmJWBKMcDowellFebruary,:CharCount=viCONTENTSCHAPTERSelectingaTimeFrameCHAPTERSelectinganARTPlatform,Broker,andDataFeedCHAPTERPsychologyandtheTrader’sMindSetCHAPTERArtisticSimplicityCHAPTERTheArtofPaperTradingPARTIIIScienceandMathCHAPTERCalculatingProperTradeSizeCHAPTEROtherFormulasandRecipesCHAPTERTheHumanBrainPARTIVARTSystemBasicsCHAPTERARTIstheTotalSolutionCHAPTERPyramidTradingPoints(PandMP)CHAPTERMarketTruths:PriceBarsandVolumeCHAPTERARTReversalBarSignals(BandB)CHAPTERTrendTradingRulesCHAPTERCountertrendTradingRulesCHAPTERScalpingRulesPARTVAdvancedTechniquesCHAPTERWhentoUseAdvancedTechniquesCHAPTERScalingOutandScalingInfmJWBKMcDowellFebruary,:CharCount=ContentsviiCHAPTERHowtoTradeBracketedMarketsCHAPTERSoftwareOptimizationandAverageTrueRange(ATR)CHAPTERStopandReverse(SAR)CHAPTERHigherTimeFrameFilterCHAPTEROtherFilterTechniquesCHAPTERElliottWaveUngroundedAssessmentCHAPTEROtherUngroundedAssessmentsEpilogueAbouttheDVDAPPENDIXAARTSoftwareQuickStartAPPENDIXBARTTipsAPPENDIXCARTSoftwareTechnicalSupportAPPENDIXDResourcesGlossaryAbouttheAuthorIndexfmJWBKMcDowellFebruary,:CharCount=viiifmJWBKMcDowellFebruary,:CharCount=ForewordThisisnotyourordinary“getrichquick”bookabouttradingthestockmarketRather,itisaguidetoamultimediaapproachtolearningandtrading,usingtheAppliedRealityTradingR(ARTR)methodoftradingThisbookandtheaccompanyingDVDexplaintheconceptsandmethodologyInaddition,thepurchaseofthisbookincludesaonemonthtimeframeinwhichtoactuallylearntotradethesystemandapplyitinrealtimeThisisdonebyincludingtheARTsoftwareforonemonth,includingaccesstolivestreamingdataandaccesstoafew,designatedbrokeragefirmsthatcantradedirectlythroughthesoftwareInessence,everythingthatthereaderneedsforlearningandforseeinghowthesystemworksinactualmarketsisincludedwiththisbookTheARTtradingmethodologyisbuiltonsoftwarerecognitionofseveraltimetestedpatternsthatcanbeeasilyidentifiedfortheuserWhiletheyarecalledspecificnamesinthesoftware,theseareessentiallybreakoutsandreversalsthemeatandpotatoesoftechnicaltradingThechartpatternsidentifiedcanbeappliedtoanytypeofbarchartdaily,fiveminute,weekly,andsoonMoreover,theycanbeappliedtostocks,futures,indices,andforexoranyothermarketthatcanbechartedWhatseparatesthismethodologyfrommanyothercomputergeneratedtradingsystemsisthatthisisnotapercentmechanical“blackbox”systemRather,thisbook(andthemultimediaassociatedwithit)teachtheindividualhowtoapplythevarioustradingsignalstothestyleoftradingwithwhichhefeelsmostcomfortablePositiontraderscantradethetrendsignalsfromthesoftware,whileshorttermswingtradersmayprefertotakeminorsignalsgeneratedalongthewayeventradingwithinatrend,ifdesiredIfyouareuncertainwhichtradingstylemightbestsuityou,the“ARTProfile”exerciseinthisbookwillaidyouindeterminingthestylebestsuitedtoyourpersonalityRiskcontrolisstressedthroughoutdeterminingeffectivepositionsize,settingstoplossexits,andmoreExactentryandexitpointsaregivenwiththesignals,sothatyoucanjudgeyourriskbeforehand,andthereforedeterminepositionsizeaswellOneofthemanyuniquefeaturesisthatixfmJWBKMcDowellFebruary,:CharCount=xFOREWORDstopsarebasedonmarketconditions(chartpatternsandvolatility)asopposedtoanarbitrarydollaramountTherefore,thestopsaremorelogicalintermsofmarketmechanics,whichpreventsonefrombeingstoppedoutprematurely,asmighthappenwith“percentagerisk”stopsFinally,thetechniquescanbeappliedtooptiontradingaswellIhavelongespousedtheideathatanysuccessfulstocktradingtechniquecanbetranslatedintoaprofitableoptiontradingstrategy,aslongasoneactsrationallyinchoosingtheexpirationmonthandstrikingpriceoftheoptionstobepurchasedThismultimediaapproachtolearningmaybenewtomanyreaders,buttheconceptsandtechniquesassociatedwiththeARTsoftwarearewellsuitedtosuchanapproach,andthebenefitsshouldbegreatforthosewhoarewillingtoembracetheARTmethodologyandfititintotheir“tradingpersonality”LAWRENCEGMCMILLANAuthor,McMillanonOptions,ndEditionfmJWBKMcDowellFebruary,:CharCount=PrefaceThisbook,TheARTRofTrading,isauniqueopportunityforyou,thetraderorinvestor,tobenefitfromfourfabulousthings:Asoundtradingsystemandsoftware(AppliedRealityTradingorART)thatgivesyouhighprobabilityentries,exits,andriskcontrolyougetafreedaytrialoftheARTsoftwarewiththisbookLivestreamingdatadirectfromthemarketstoprovideyouwiththetruthandtherealityofthefinancialmarketsyougetafreedaytrialoflivedatawiththisbookTheeducationonhowtousethefirstfabuloustwotogenerateprofitsSuperbbrokerageservicestoexecuteyourtradesandinvestmentsonceyouhavemasteredtheARTsystemBestofall,yougetthisrighthereinjustonebookThismeansthatforthepriceofonebook,youwillbeabletoexperiencetherealityoftechnicalanalysissoftwareanddatatogenerategreaterprofitsYou’llseefirsthandhowtechnicalanalysiscanenhanceyourfundamentalanalysisOr,ifyoudonotusefundamentals,youwillseehowARTcanbeusedasastandalonedecisionmakerforyourtradingandinvestingMaybeyouarecurrentlymakingentryandexitdecisionsbylookingatfundamentalinformationthatyoucangatherfromnews,corporateearnings,Fedstatistics,oranyothermultitudeofreportsthatareavailabletoyouonCNBCandintheWallStreetJournalTherealityisthatthosereportscanbesubjecttodistortion(acorporationcarefullymanageshowthenumbersarerevealedsoastolooktheirbest)exaggeration(it’saslownewsdayandacommentatormayneedtoenhanceastorytomakeitnewsworthy)and,ofcourse,interpretation(atraderinterpretsapoorearningsreportandpanicsoutofapositiontofindoutthatthestockgoesup,andupandup)HowdowedeterminewhatisrealityHowdoweknowwhensomethingisexaggeratedordistortedHowdowemakesenseofthexifmJWBKMcDowellFebruary,:CharCount=xiiPREFACEinformationandtheworldaroundustodeterminehowtomakeprofitablefinancialdecisionsThatiswhere“realitybased”tradingandinvestingcomeinART,AppliedRealityTrading,canhelpyoudeciphertheinformationthatyoureceivefromthemarketsothatyoucanclearlyunderstanditandactonitintelligentlyThisdoesnotmeanthatyouwillbefollowingsomeoneelse’srealityInstead,youwillbecreatingyourownrealityandpersonalfinancialapproachthatworksforyouandmakesyouprofitsThinkaboutColumbussettingofftosailintothedistancein,wheneveryoneelsethoughtthattheworldwasflatThatdidn’tstopChristopherhehadhisownreality,andhefolloweditandsucceededDespitethenaysayers,hewascourageousenoughtotryanewapproachwhichiswhatyouwillbedoingYouwillbeanexplorerandyouwilldiscoveryourreality,andyouwillusethatasyouredgeinthefinancialmarketsThegiftthatARTandtechnicalanalysiscanalsogivetoyouisclarityYoucanincludetheARTtradingsoftwareinyourapproachtoconfirm,ordeny,anentryorexitARTgivesyoutherealitybecauseitisbasedonthetruthsofthemarketpriceandvolumeandthesecannotbedistortedMypersonalapproachhappenstobepurelytechnicalanalysisusingtheARTsoftware,butmanyofmystudentsdocombinefundamentalswithARTYouwilldecidewhatisrightforyou,andthisbookisdesignedtobringyouuptospeedintradingwithARTRandtechnicalanalysisIfyouhaveneverusedtechnicalanalysisandchartstomakebetterentryandexitchoices,thereisnotimelikethepresent!Thisbook,TheARTofTrading,givesyoueverythingyouneedtogetstartedEnjoythebenefitsof“realitybased”tradingandtechnicalanalysisIwishyouallthebestineverythingthatyoudo!BENNETTMCDOWELLSanDiego,CaliforniaJanuaryfmJWBKMcDowellFebruary,:CharCount=AcknowledgmentsThankyoutoDavidPughatJohnWileySonsfordiscoveringusinNewYorkCityinFebruaryDavid,youareamasteroftheartofpublishing,andwithoutyouthisbookwouldnotbepossibleYourgiftofknowinghowtobringthepagestogethertomakethemthebesttheycouldbeisgreatlyappreciatedAnd,thankstoStaceySmall(David’srighthandassistant)forherpatience,kindness,andmanyhoursofexperttemplatingAlsothankyoutoLarryMcMillan,afriendandbrillianttrader,forwritingtheForewordTradeStationwasoneofthefirsttwocompatibleplatformsthattheARTsoftwarewasavailableonwhenreleasedinAhugethankyoutoJanettePerezforhersupportofTheARTRofTradingandforlettingherTradeStationclientsknowaboutthevalueofusingtheTradeStationplatformwiththeARTsoftwareandsystemAlso,thankstoRayFitzgeraldateSignaldataservices(alsooneofthefirsttwoplatformsavailableforART)forgivingourclientsthatpersonalservicetheyhavecometoappreciateovertheyearsAlso,I’dliketosendawarmheartedthankyoutoPeterSmithatTDAmeriTradeThenewestARTplatformavailableasoftodayisQuoteTracker(whichmakesARTcompatiblewithTDAmeriTrade),and,Peter,youmadethatintoarealityYourpersistenceandcreativityareaninspirationAnothernewplatformisNinjaTrader,whichhasexpandedourcompatibilitytremendously,andthankstoRaymondDeuxformakingthatasmoothintegrationSomanyfolkshavehelpedusalongtheway,andI’dliketosendaspecialthankyououtto:EdSchrammandYvesPittleoudYourfriendshipandsupporthavemadethejourneyafunandrewardingoneAnd,ofcourse,thankstoourmanywonderfulclientswhohavehelpedtoshapetheeducationalcontentwe’vedevelopedsinceLast,butmostcertainlynotleast,thankstothewomeninmylifeTomymother,FrancesMcDowell:Thankyouforyourencouragement,xiiifmJWBKMcDowellFebruary,:CharCount=xivACKNOWLEDGMENTSsupport,andloveeverystepofthewayandalsoforbeingsoniceAndtomywife,JeanMcDowell,foryourlove,fortakingcareofthekids,andforbeingmybestfriendandagreatpartnerallinoneMydeepestthanksgotoallofyouformakingmyjourneyafunandexcitingone!fmJWBKMcDowellFebruary,:CharCount=DisclaimerTheinformationinTheARTRofTradingisintendedforeducationalpurposesonlyTradersandinvestorsarestronglyadvisedtodotheirownresearchandtestingtodeterminethevalidityofanytradingideaorsystemTradinginthefinancialmarketsinvolvessubstantialriskandTradersCoachcom,BennettAMcDowell,oraffiliatesassumenoresponsibilityforyoursuccessorfailureintradingorinvestinginthemarketsForthisreasonyoushouldonlyusemoneyyoucanaffordtoriskFurthermore,pastperformancedoesnotguaranteefutureresultsThus,evenifyouweresuccessfulwithyourtradingandinvestinginthepast,youmaynotbesuccessfulinthefutureTradersCoachcomandBennettAMcDowellmakenoperformancerepresentationorguaranteeofanykindornatureTradersCoachcomencouragesyoutoconductyourownresearchandengageinnumerouspracticetradespriortoriskinganyactualmoneyHypotheticalorsimulatedperformanceresultshavecertaininherentlimitationsUnlikeanactualperformancerecord,simulatedresultsdonotrepresentactualtradingAlso,sincetradeshavenotactuallybeenexecuted,resultsmayhaveunderorovercompensatedfortheimpact,ifany,ofcertainmarketfactors,suchaslackofliquiditySimulatedtradingprogramsandideasingeneralarealsosubjecttothefactthattheyaredesignedwiththebenefitofhindsightNorepresentationisbeingmadethatanyaccountwillorislikelytoachieveprofitsorlossessimilartothosediscussedxvfmJWBKMcDowellFebruary,:CharCount=xvifmJWBKMcDowellFebruary,:CharCount=IntroductionOneofthebenefitsofpurchasingthisbookisthatyouwillbeabletoexperiencefirsthandthevalueoftradingwiththeAppliedRealityTradingsoftwarefreebyusingyourdaytrialthatisincludedwiththebookThisisauniqueopportunityforyoutogetinthedriver’sseatandtestdrivethesoftwareonthemarketsandtimeframesyouliketotradePlus,thesoftwareisidealforanymarketandanytimeframe,whichmeanswhetheryouareaninvestor,daytrader,orpositiontrader,AppliedRealityTradingwillgiveyouexactentriesandexitsintothemarketandwilltaketheguessworkoutofyourfinancesThisintroductionoutlinesbrieflyhowthebookislaidoutandwhatthecompanionDVDvideoprogramwilldotohelpyouwithyourtradingandinvestingAPPLIEDREALITYTRADINGISKNOWNASARTTheARTRofTradingwillintroduceyoutoanewwayoftradingandinvestingwithatechnicalanalysissystemcalledAppliedRealityTradingAlsoknownasART,thissystemisacomprehensivetradingmethodologyincludingsoftwarethatlabelstheARTsignalsonfinancialchartssothatyoucaneasilyseeexacttradeentriesandexitsInaddition,thesoftwarehasvoicetechnologythatalertsyouwhentoentertradesandexittradesTheARTsoftwareiseasytouse,anditprocessescomplexalgorithmsandmarketinformationtogiveyouhighprobabilitytradesandinvestmentinformationARTanswersthequestionsofwhentobuyandwhentosellARTalsoanswersthequestionofhowtoprotectyourselffromlargelossesbyusingeffectiveriskcontrolandmoneymanagementWhileARTaddsstructuretoyourtradingandinvesting,italsoallowsyoutheflexibilitytotailorittoyourpersonalstyleandexperiencelevelYoucanuseARTtotrendtrade,scalp,orcountertrendtradeOryoucanusethesystemtotimeyourinvestmentsARTiscapableofdoingallthissinceitisnota“blackbox”(percentmechanical)tradingsystemxviifmJWBKMcDowellFebruary,:CharCount=xviiiINTRODUCTIONTheflexibilitybuiltintoAppliedRealityTradingallowsyoutointegrateyourfinancialbeliefswithARTtocreateyourownuniquesystemthatallowsyoutobeatrueartistinthefinancialmarketsThatiswhenyoucanbecomeamasterofthe“ArtofTrading”REVOLUTIONARYLEARNINGEXPERIENCEYou

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