Top 10 Lessons From 150 Trading Books

7/21/2019 Top 10 Lessons From 150 Trading Books

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The Top 10 Lessons I LearnedBy Reading 150 Trading Books


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Table of ContentsDisclaimer................................................................................................................................................ 2

Introduction ............................................................................................................................................ 4

The Top 10 Lessons Explained ................................................................................................................ 5

Lesson 1: The search for the Holy Grail is a waste of time ................................................................. 5

Lesson 2: Trading systems are the best solution for most people ..................................................... 6

Lesson 3: Your trading system must suit you ..................................................................................... 7

Lesson 4: Positive expectancy is the key to success ........................................................................... 8

Lesson 5: Curve fitting is your evil nemesis ........................................................................................ 9

Lesson 6: PPP - Preserve Precious Capital (don't lose too much) ..................................................... 10

Lesson 7: Risk a (very) small % of your account on each trade ........................................................ 11

Lesson 8: You MUST have a written trading plan ............................................................................. 12

Lesson 9: Diversification is the only free lunch - get all you can! ..................................................... 13

Lesson 10: Trading Mistakes are extremely expensive - eliminate them!........................................ 14

Conclusion ............................................................................................................................................. 16

Special Bonuses ..................................................................................................................................... 16


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IntroductionI have been a profitable systems trader for over 10 years and starting with just a small amountof capital - $10,000 plus savings over time, I have made many hundreds of thousands of dollarstrading. I have never worked for an investment bank, never been a trader for a hedge fund,never worked for a broker and I have never been an 'insider'.

I am a normal person just like you.

You don't need insider secrets - they don't exist anyway. All you need to become a successfultrader is the determination to succeed and the willingness to learn and grow.

During my trading journey I have read over 150 trading books. There is a lot of fantasticinformation and insights out there, but there is an awful lot of garbage too. To help you on yourjourney, this special report describes the top 10 lessons that I learned reading over 150 tradingbooks.

There are many other lessons that I have learned, but the 10 below are the most important ones.As a special bonus, at the end of this report I have also listed the trading books that have mostinfluenced my trading success, and provided a link to a Trading Assessment which will provideyou with more specific feedback on your current approach.

The top 10 lessons are listed below, and explained in each subsequent section:1. The search for the holy grail is a waste of time2. Trading systems are the best solution for most people3. Your trading system must suit you4. Positive expectancy is the key to success5. Curve fitting is your evil nemesis6. PPP (Preserve Precious Capital)

7. Risk a (very) small % of your account on each trade8. You MUST have a written trading plan9. Diversification is the only free lunch - get all you can!10. Trading Mistakes are extremely expensive - eliminate them!


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Lesson 2: Trading systems are the best solution for most peopleEstablishing a trading system is an excellent way for most traders to ensure they have aprofitable approach to the markets and reduce their mistakes to the point that they can beconsistently profitable.

In Curtis Faith's outstanding book Way of the turtle he talks about the many biases that peoplehave which make them lose money trading. There are many things we learn through ourupbringing, our education system and in our professional lives that make most people terribletraders. Even human nature makes people terrible traders because our ability to make gooddecisions goes down when emotions go up.

Just think of the last time you were stressed or angry did you make the smartest decisions you could have made?

Probably not!

When I started trading I did what most people do - I used a whole host of information sourcesand made discretionary (gut) trading decisions based on what I thought all that informationmeant.

What I realised early on (after quite some losses and frustration), was that I had two choices -spend years working on my psychology OR remove myself from the equation altogether. I tookthe simpler and quicker option and decided to build a trading system and I never looked back!

Van Tharp provides excellent context for what a trading system actually is in his book Tradeyour way to financial freedom. This book is a must for all traders whether you will be using atrading system or not. A complete trading system consists of the following components:

Figure 2: Components of a complete trading system.

By following a system, most of the biases and problems most traders face are eliminated andwhat is left becomes much more manageable.


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Lesson 3: Your trading system must suit youSomething that I learned from Richard Weissmans fantastic book "Mechanical TradingSystems" is that your trading system must fit you. Every trader has a different personality,different objectives and a different ideal lifestyle. It is also clear that different trading strategieshave different psychological challenges which make them suited to different types of people.

Figure 3: Each person is different, so the trading system must suit the trader!

For example, let's say you are the sort of person who likes action, you like rapid fire decisions,you keep your focus by opening and closing many trades each day, you like to bank yourwinners quickly and move on, and most of all you love watching the markets, so you look at thescreen constantly when your markets are open.

You may have a great system and you may make tons of money, but if you gave that system tome I could not trade it - I would make mistakes and lose money. Why? Because I am pretty muchthe opposite of everything that I described above! It would not work for me, I would find itstressful, I would hate waking up in the morning and I would not be able to follow the systemconsistently.

Your trading system must match what you like for you to be successful. I have tried manysystems, most of which should have been profitable, but only the ones that fit my personality,objectives and ideal lifestyle have ever made money for me consistently.


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Lesson 4: Positive expectancy is the key to successIn Trade your way to financial freedom Van Tharp explains that for any approach to makemoney in the markets it must have a positive expectancy. Put simply, expectancy is the amountof money you expect to make per dollar that you put at risk over the long run:

If you are a maths person, here is the formula:

( )

Figure 4: Formula for expectancy

If you are not a math person, here is how you calculate expectancy:

Get a sample of at least 30 (preferably over 100) trades generated by your trading system or

your actual live / simulated trading, and then follow these 4 steps:1. Calculate the risk per contract for each trade (Entry Price - Initial Stop Loss)2. Calculate the return per contract for each trade (Exit Price - Entry Price)3. Divide the return per contract by the risk per contract to get the R-Multiple for each trade4. Average all R-Multiples to get the expectancy

(If you design your trading system on a back testing platform then your software will probablybe able to give you the expectancy automatically.)

If your expectancy is negative after accounting for the cost of slippage and commissions thenyou will lose money in the long run and you should not trade with that approach. The larger(positive) the expectancy, the more money you expect to make for each dollar that you risk, andthe more profitable your system or approach should be.

Many people who trade based on intuition or gut feel have no idea what their expectancy is, andtherefore do not know whether they will ultimately make money or not. There is no excuse forthis.

If you do not know what your expectancy is then you are taking a huge gamble!

Take some time now and calculate your expectancy if you haven't already - you will not succeedin the long run if you have a negative expectancy.


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Lesson 5: Curve fitting is your evil nemesisWhen we design a trading system we devise a set of rules that determines when we will enterand exit our trades. If we code these rules and test them on historical data then we can evaluatehow well our system would have worked in the past.

What we typically do after designing our initial set of rules is try to find ways to improve thesystem by changing or adding rules, or by optimising the parameters used in each rule. We thenretest the adjusted system on the historical data and determine how much better the new rulesare.

By far the best explanation of how to design and optimise trading systems correctly is providedby Robert Pardo in his excellent book "The Evaluation and Optimization of Trading Strategies".This book is a must if you are serious about creating a profitable trading system and avoidingproblems like curve fitting.

Traders run into trouble because they focus on getting the best historical back testrather than the highest likelihood of future success

Most commonly traders do this by adding lots of specific rules to their trading system andoptimising every rule to get the best possible back test results. When there are too many rulesthat are specific to the historical data, the system looks very profitable when you run it over thepast data, but when you trade it in real time with new data it has no predictive power and itloses money.

Traders need a small number of simple and logical rules for a trading system to work in realtime. Once you have those rules, you then need to optimise the settings for each rule to find themost stable level ie. the level that is also surrounded by other equally profitable settings. Thisis important because the best setting in the past will not be the best setting in the future, so you

need to choose the setting that is surrounded by the most other profitable settings see below:

Figure 5: Example optimisation showing the total profit for different lengths of movingaverages. The 4 day moving average produces the best results, but this is curve fittingbecause the surrounding results are losers. The 17 day moving average is a betterchoice because it is surrounded by a wide range of good performance results.

You can test how curve fit your system is by doing an out of sample test. For example, youdesigned your trading system using Australian stock data and tested the system on US stockdata as your out of sample test. If your system is curve fit then the US performance will be

much worse than the Australian historical test. If the system is robust and simple with a realmarket edge then it should still work on the new data.

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Example Optimisation - Length of Moving Average


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Lesson 6: PPP - Preserve Precious Capital (don't lose too much)

Warren Buffet has said that the two rules for investing are:1. Never lose money2. Never forget rule number 1

We all know that not all trades will be profitable (every trader has losses), so how do MrBuffet's rules apply to traders? We have to think beyond individual trades to our overallaccount. The key insight is that the more you lose, the harder it is to recover. For example, if youlose 10% of your account you need to make 11% to recover, but if you lose 50% of your accountyou need to make 100% to recover.

This challenge of requiring disproportionately higher returns to recover from higher levels ofdrawdown is discussed by Michael Covel in his book Trend Following. The implication is thatkeeping maximum drawdowns to a low level makes consistent profitability easier to achieve.

The diagram below shows how it becomes increasingly difficult to recover from large losses. Atthe extreme end, if you lose 90% of your account you then need to make 900% to recover - thisis essentially impossible. Even recovering from a 60% drawdown in your account is extremelyunlikely.

Figure 6: Return required to recover from increasing levels of drawdown or losses

So the lesson for traders in this is to ensure your maximum drawdown (the percentage dropfrom your highest account balance to the next low in equity) remains small so that it is easier torecover to make new equity highs.


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Lesson 7: Risk a (very) small % of your account on each tradeMost outstanding trading authors devote a lot of effort to explaining how to manage risk. VanTharp, Curtis Faith, Jack Schwager, Thomas Stridsman and many others all stress low risk pertrade as a critical ingredient to long term trading survival.

Poor understanding and management of risk, and excessive risk per trade, are probably thebiggest killers of novice trading accounts!

Figure 7: Relationship between risk per trade and expected profit...risk too much andyou go over the edge of the cliff!

The only safe way to trade is to ensure you are in the safety zone for your. This means riskingless than is historically optimum. This is important because the market shifts over time andwhat was optimum yesterday will not be optimum tomorrow. You need to ensure that marketshifts do not push you over the precipice into the red zone . The only trouble is you wont knowtill it is too late, so you need to risk less than the historical optimum.

The higher your level of risk per trade, the greater your chances of losing all or most of themoney in your account. In the vast majority of cases this is how I think about risk per trade:

1. Risking >10% of your account on each trade is guaranteed suicide. It is just a matter oftime before you lose everything in your account and maybe even more than that.

2. Risking 5-10% of your account on each trade is really wild trading. You will probably havehuge swings in your equity curve and one short losing streak could wipe you out.

3. Risking 1-5% of your account is starting to approach something sensible; however, formost traders this is still too much! Most systems are way too volatile with 5% risk per

trade.

4. Risking


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Lesson 8: You MUST have a written trading planWriting a great trading plan will set you apart from the 95% of traders who ultimately losemoney and quit. This is probably the single biggest difference between successful andunsuccessful traders.

John Forman provides a very good discussion on trading plans in his book The Essentials ofTrading. My view on the components of a complete trading plan is influenced by John Forman,combined with many other good authors and my own experience in this area.

A good written trading plan makes a huge difference to your chances of success and shouldcover the following 8 areas:

Figure 8: The 8 components of a complete trading plan.

No matter what stage you are up to in your trading, if you do not have a written trading plan,creating one should be very high on your priority list. In fact, the only things that I would rate asa higher priority are ensuring your position sizing is not too aggressive and that you have apositive expectancy trading system.

A good trading plan template will help guide you through the process. Of course I recommendyou purchase the Trading System Life "Trading Plan Workbook", because it is very thoroughand will make the process much faster and less painful for you than starting from scratch onyour own. Of course I also use the Trading Plan Workbook for my own trading plan!

Your trading plan is not something that you will complete in a day, but as you continue to workon it over the coming months you will be amazed how much clarity it brings to your trading - itcertainly did for me!


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Lesson 9: Diversification is the only free lunch - get all you can!What happens when your trading system has a period where it loses money? With just a singlesystem you have to trade through it and wait until your system returns to profitability. Thesedrawdowns are part of trading any system, so how can we get around it and improve theconsistency of our profits? Diversification is the answer!

In his excellent book, 'Mechanical Trading Systems', Richard Weissman gives an overview ofdiversification which is very useful for all system traders.

There are several levels of diversification that traders can use to improve their profitability andconsistency:

You can diversify: Instruments: Having multiple instruments in your portfolio (not just trading one stock) Parameters: Use several different parameter settings for the same system simultaneously Systems: Use multiple different trading systems Direction: Trading both Long and Short Timeframes: Apply trading systems to different timeframes e.g. Intraday and long term Profit Drivers: Systems that profit from different conditions e.g. long / short / volatility

The key is to realise that while all systems have drawdown,these drawdowns don't always occur at exactly the same time

If you add a second trading system that behaves slightly differently to the first, then the secondmay be making money when the first is losing money and vice versa. As it turns out, providedthere is some difference in the timing of the drawdowns in each system, adding additionalsystems can be very beneficial.

The second system may be a variation on your first system, or it could be trading a totallydifferent strategy. The less correlated the system equity curves are, the more benefit you willget from combining the systems.

If you have a profitable long side system and you combine it with a profitable short side systemthen you should notice some fairly significant smoothing in your overall equity curve. Even ifyou have a long term trend following system and you combine it with a swing trading system ora mean reversion system which trades the same portfolio you will find some significant benefits.

Short systems also have the added advantage that they benefit from market crashes (assumingyou have some short exposure when the market crash occurs). I find that having some shortexposure helps me sleep better knowing that if there is an extreme event, I have some positionsin the market that should benefit.

Once a trader has learned how to build a trading system and has the discipline to execute it withconsistency, the next wave of benefit really does come with diversification. I suggest you look atthe different types of diversification listed above and see how you can build them into yourtrading to improve the consistency of your returns.


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Lesson 10: Trading Mistakes are extremely expensive - eliminate them!A trading mistake is anything you do that is not consistent with your trading plan or that costsyou money unnecessarily (note that taking a trade that makes a loss is not a mistake if it isconsistent with your trading plan). Van Tharp explores the impact of mistakes and how thetraders psychology contributes to these in his excellent book Super Trader. This book covers

many of the psychological challenges of trading and fitting your trading approach to your ownpersonality.

The impact of mistakes on your profitability can be so severe that you could even lose moneywith a profitable system if you make too many trading mistakes. Many good trading books talkabout mistakes, so I haven't listed any specific book here.

On my website (here ) I demonstrate the financial impact of mistakes on your trading account.The output of my website example is here:

Figure 9: Impact of infrequent large mistakes and regular small mistakes on tradingsystem performance. Click here for details of the assumptions.

Eliminating mistakes is so important, but most traders don't even realise they are makingmistakes!

Below is a list of common trading mistakes. I hope that in reading this list you will start toidentify and eliminate some of your own trading mistakes and thereby improve yourprofitability. Each mistake has been grouped with other similar mistakes under specificheadings. Note that this list is not exhaustive and many traders seem to make up new and evermore creative trading mistakes to limit their profitability.

Trading System Mistakes: Trading without a written trading plan Attempting to trade with a system that does not suit you Not having a complete positive expectancy trading system Breaking trading plan rules Not having documented all aspects of your trading plan Not having spouse buy-in to your trading plan Failing to do an out of sample back test Not having specific entry and exit rules that are not subject to discretion Copying someone else's trading strategy or trading system that does not suit you Selecting a trading strategy or trading system that does not fit your personality Making 'great product' the sole criteria for investment in a fundamental trading strategy Taking profits early for winners Not back testing your strategy in all market conditions (up / down / sideways and volatile / quiet) Adding to losing trades
http://www.tradingsystemlife.com/Trading-Mistakes.htmlhttp://www.tradingsystemlife.com/Trading-Mistakes.htmlhttp://www.tradingsystemlife.com/Trading-Mistakes.htmlhttp://www.tradingsystemlife.com/Trading-Mistakes.htmlhttp://www.tradingsystemlife.com/Trading-Mistakes.htmlhttp://www.tradingsystemlife.com/Trading-Mistakes.htmlhttp://www.tradingsystemlife.com/Trading-Mistakes.htmlhttp://www.tradingsystemlife.com/Trading-Mistakes.html


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Trading System Execution Mistakes:

Failing to determine the worst case exit point for every trade prior to entry Not placing a stop loss for each and every trade Deciding to hold a losing trade 'for the long term' rather than exiting at the stop loss Skipping trading signals from your system because they make you uncomfortable Placing market orders in illiquid markets so you end up with terrible fills Breaking any rule written in your trading plan Placing market orders in illiquid markets Paying commissions to buy an instrument that you can buy commission free direct Not being patient to get a good price when executing a trade Buying something that is falling rapidly Dont try to catch a falling knife Taking any trade that is not triggered by your trading system Not double checking orders before placing them Fat finger problems like wrong price / volume or buying instead of

selling Moving protective stops away from the current price to give it more room to move Not buying or selling when the position hits the target price that you determined before entering the trade

Risk Management Mistakes: Not controlling the number of correlated positions in the portfolio Taking on excessive leverage without understanding of the downside Failing to set risk tolerances at a portfolio level Trading positions that are so small that commissions are a large percentage (>1-2%) of the trade Failing to understand the risk / reward ratio on each trade Failing to reduce your trading size when you are losing Buying an investment vehicle when you dont know how it works

Psychology Mistakes in Trading: Trading when you are emotionally compromised (births / deaths / marriages / divorces / moving house / lost job etc) Letting any form of emotion into your trading Trusting your emotions or gut when they are telling you to break one of your trading plan rules Making decisions like This company has awesome products, therefore I must own the stock Seeking (or getting) any form of excitement through your trading Following the herd (making an investment or trade because others are doing it) Risking more (or less) than your trading system says you should Letting losers ride hoping they will come back to your target loss or to break even Not keeping a trading journal Allowing yourself to be sloppy in your trading

Financial Management Mistakes: Undercapitalisation (trading with too little capital) given your trading systems largest historic al drawdown and your

position size / risk management strategy Paying higher commissions than you need to (not shopping around for the best brokerage rates) Trading with money that you cannot afford to lose Not accounting for taxes, fees and charges Trading with a dealing desk who is trading against you

After reviewing the above list and being truly honest with yourself, the chances are you haveidentified a long list of trading mistakes that you need to address.

Reducing your trading mistakes should improve yourprofitability dramatically with relatively little effort!


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ConclusionThese are the ten most important and influential lessons that I learned from reading over 150trading books. I have applied them in my own trading with huge success so I can tell you frompersonal experience they are all priceless lessons.

Apply these lessons in your own trading and watch the benefits. Some of the lessons may befamiliar to you, so treat this as a reminder and take a good look at your trading approach toensure you are really applying them.

In all my interaction with traders over the years, I have observed that the most common areathey fall down is on Lesson 8: You MUST have a written trading plan. I am sure this is because itis overwhelming and takes a lot of effort to think about what should be in the plan, let aloneactually writing it.

Because of this I decided to take the hard work out of writing a trading plan and I have createdthe Trading Plan Workbook to make it easy for you to create your own plan. Click here andenter your email to pre-register your interest (no obligation) for my trading plan workbook andI will give you a 50% discount AND three special bonuses.

If you want to learn more about trading systems in a very quick and easy to understand formatthen I suggest you register here to learn more about my trading systems crash courseI willeven send you the first 5 lessons for free so you can see what you get and how easy it is to learnin my special short video lesson format.

Special BonusesI have read many trading books on my journey and there was a lot of garbage out there. But asmall number of books stand out for me above all the rest as providing huge reward for the

comparatively low cost of the book.

As traders isn't this exactly what we want - high reward / low risk trades!

Books that most influenced my trading journey: Way of the turtle - Curtis Faith Trade your way to financial freedom - Van Tharp Trading systems that work - Thomas Stridsman Trading Systems and Money Management - Thomas Stridsman Market Wizards - Jack Schwager The New Market Wizards - Jack Schwager Stock Market Wizards - Jack Schwager Hedge Fund Market Wizards - Jack Schwager The Evaluation and Optimisation of Trading Strategies - Robert Pardo Mechanical Trading Systems - Richard Weissman Quantitative Trading Strategies - Lars Kestner

See reviews of these and other books here

If you want a very fast and easy way to get more personal feedback on how to improve yourtrading, then you should take my Free Personal Trading Assessment. Just spend 3 minutes tocomplete the 20 multiple choice questions and I will send you a comprehensive feedback reportwith explanation of the areas and actions you can take to improve your trading immediately.

Take the Trading Assessment Now
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Top 10 Lessons From 150 Trading Books

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Transcript of Top 10 Lessons From 150 Trading Books