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The Trading Pyramid is illustrated in Figure 1.1. Each level builds on the next and, indeed, is essential if the next level is going to be put in place. Each trader already has such a structure in place but if trading and losing then the pyramid needs to be re-built along the right lines – lines which are going to be fully explained in this book.

In this chapter my only aim is to introduce the overall concept and in succeeding chapters I will look at each level in detail. The first level is you. Obviously if you are not in place, do not exist, then it will not be possible to add further levels. But also you determine the overall structure, as you have to build something which suits your overall personality. As such, each individual trader will have a somewhat different structure, although I believe there will always be common features. Because of this, it is vital that traders each plough their own field. I often tell my consultancy clients that one of the major steps they must take is to learn to be disinterested in what I or anyone else says about the market. Because your trading structure is going to be different from mine or from anyone else’s you must learn to initiate and manage your own trades, nothing else is going to work. So already we can see how this model becomes useful – it gives us insights into the way trading works.