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John Piper. The Way to Trade
Publishing details
About the Author
Why you need this book
Why this book is unique
There are no right or wrong ways to trade
Follow your own path
Foreword by Dr Alexander Elder, Financial Trading Inc
Introduction
Acknowledgements
Chapter 1: AN INTRODUCTION TO THE TRADING PYRAMID
The Trading Pyramid
Fig 1.1 The Trading Pyramid
SUMMARY
Chapter 2: THE EVOLUTION OF A TRADER AND THE 55 STEPS
The three stages
Greed orientated
Fear orientation
Risk orientation
The 55 steps (a personal journey to success)
SUMMARY
Chapter 3: THE HUMAN BRAIN
Structure of the brain
Fig 3.1 The triune brain
Fig 3.2 Bill Williams’ brain model
Trading Chaos
SUMMARY
Chapter 4: YOU – THE FIRST LEVEL OF THE PYRAMID AND WHY
The trading experience
SUMMARY
Chapter 5: COMMITMENT
The nature of the market
Market Profile
SUMMARY
Chapter 6: DISCIPLINE
Discipline and the Trading Pyramid
System parameters
SUMMARY
Chapter 7: MONEY MANAGEMENT
Using Money Management
Position size
Monitoring position
SUMMARY
Chapter 8: RISK CONTROL
Risk inherent in the vehicle
Risk inherent in the market
Other forms of risk
SUMMARY
Chapter 9: THE THREE SIMPLE RULES (OR TRADING SECRETS) 3 2 3
The trading secrets. Secret 1: Cut your losses
Secret 2: Run your profits
Secret 3: Trade selectivity
Secret 4: Trade with the trend
Following the rules
Using stops
Losses
Running profits
Trading selectively
Trading with the trend
SUMMARY
Chapter 10: SYSTEM PARAMETERS – THE THINKING BEHIND SYSTEM DESIGN
Buying options
Writing options
Futures
Designing a system
System requirements
Time Price Opportunities
Long-term and short-term systems
Putting it all together
Fig 10.1 The TTT Weekly System
SUMMARY
Chapter 11: SYSTEM PARAMETERS – SIMPLE TRADING RULES AND THE HUMAN BRAIN
Systems
The human brain
SUMMARY
Chapter 12: DEVELOPING YOUR METHODOLOGY
Time frame
Trading type
Analysis type
Money Management (MM)
Risk control (RC)
Entry methodology (EM)
Exit methodology (ExM)
Interview with an institutional trader
Requirements for success in the market
Type of trading
Fig 12.1 Jobber’s value
SUMMARY
Chapter 13: OPERATION
The set-up
Problems with operation
SUMMARY
Chapter 14: THE WHOLE STRUCTURE = PROFIT/LOSS
SUMMARY
Chapter 15: STOPS AND ACCEPTANCE. Are stops necessary?
Stop approaches
Acceptance
Fig. 15.1 Acceptance and rejection – price bars
Fig. 15.2 Acceptance and rejection – Market Profile
SUMMARY
Chapter 16: A TRADING COACH?
The benefits of working with a coach
Adrienne Toghraie
First steps
SUMMARY
Chapter 17: SOME POINTS OF PRINCIPLE
More general points
Low risk trading opportunities
Trading tips
SUMMARY
Chapter 18: MARKET PROFILE AND MINUS DEVELOPMENT. Market Profile
Fig 18.1 Chaos into order
Fig 18.2 The bell curve and TPOs
Fig 18.3 The bell curve. Minus Development
Value
Fig 18.4 Minus Development
Other concepts
Fig 18.5 Initial balance and range extension. TTT article
Fig 18.6 Bar chart
Fig 18.7 MP chart
Trading tips with Market Profile
SUMMARY
Chapter 19: FUTURES AND OPTIONS
Stocks
Futures
Options
Pricing options
Fig 19.1 Option pricing
Buy or sell?
Fig 19.2 Types of market action
SUMMARY
Chapter 20: SPIKY ACTION
Fig 20.1 A spike. Trading Trend
Types of spike
Fig 20.2 Different types of spike
SUMMARY
Chapter 21: AN OPTIONS STRATEGY
The options strategy – principle
The options strategy – operation
Options – the hedging strategy
Fig 21.1 Rule of 25
SUMMARY
Chapter 22: A NUMBER OF FUTURES STRATEGIES
Gap opens – code word: goose
Fig 22.1 Gap open
Failed breakthroughs – code word: goat
Fig 22.2 Failed breakthrough
Fig 22.3 Failed re-test. Failed re-tests – code word: snake
Square congestion – code word: box
Fig 22.4 Square congestion. Key levels – code word: piano
Elliott Fives – code word: illusion
Fig 22.5 An Elliott Five
Aborted patterns – code word: platypus
Trend following – code word: horse
Corrective action
Fig 22.6 Corrective action. Other systemized approaches
SUMMARY
Chapter 23: SYSTEMS
Stops
One secret to success
A few additional comments
My own trading
My trading rules
Trading rules – August 1998
Stops/hedging
Options/hedging
Risk warning/disclaimer
It doesn’t end here
SUMMARY
Chapter 24: TRADING SYSTEMS AND WHEN TO USE THEM
Trading systems
V
XXX
Failed re-test and failed break
Elliott Five
PDS
Trend-Hunter
The Overnighter
Aborted patterns
How to make a fortune trading futures
SUMMARY
Chapter 25: MARKET MYTHS. Indicators and market techniques
News
Zero sum? Don’t you believe it!
Systems
SUMMARY
Chapter 26: THE 10-STEP APPROACH TO FUTURES AND OPTIONS TRADING
Step 1: Where am I now?
Step 2: Where do I want to go?
Step 3: Survival (1)
Step 4: Survival (2)
Step 5: Methodologies
Step 6: Theory
Step 7: Practice
Step 8: Fear
Step 9: Running profits
Step 10: Expertise
The consultancy service
Thought for the book
SUMMARY
Chapter 27: LOW RISK TRADING OPPORTUNITIES ON U.S. AND U.K. MARKETS
Fig 27.1 FTSE futures 30-minute
Fig 27.2 FTSE futures daily
Fig 27.3 FTSE futures 30-minute
Fig 27.4 FTSE 100–30 minute
Fig 27.5 UK GILT futures 30-minute
Fig 27.6 S&P 500 cash 30-minute
Fig 27.7 The DOW futures 30-minute
Fig 27.8 S&P 500 daily
Chapter 28: A WAR OF ATTRITION
Table 28.1 Growth rates over 10 years
Fig 28.2 FTSE 100 30-minute
Fig 28.3 FTSE futures 30-minute
Fig 28.4 FTSE futures 30-minute
Fig 28.5 FTSE 100 30-minute
EPILOGUE
Appendix 1: FOLLOW-UP SERVICES
Appendix 2: THE TROUBLED TRADER by Tony Plummer, MSTA
Table 1 Basic character types
Table 2 Character type and basic motivations
Table 3 Character type and basic avoidance compulsion
Table 4 Initial response to threat
Appendix 3: RECOMMENDED READING
Appendix 4: TRADING AND PSYCHOLOGY QUESTIONNAIRE by Tony Plummer, MSTA
Trading. A Motivation
B Experience
C Results
D Perception
E Current situation
Personal
Appendix 5: IS ELLIOTT ADDICTIVE?
Fig V.I Why Elliott is addictive
THE FORTUNE STRATEGY
FIRST EXTRACT – MILESTONES
SECOND EXTRACT – A QUESTION OF BALANCE – THE KEY FACTORS DETERMINING OVERALL SUCCESS IN THE MARKETS
MARKETS TODAY
THE P/E RATIO ON THE S&P
STRUCTURAL PROBLEMS
CONCLUSION
