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* B9 [. l: o! Q5 @" O# m: C/ L Provides an intellectually challenging theory of how markets work and shows investors how to improve their decision-making and risk management.
( U5 V0 m4 {+ _! _& g( S& Q 内容简介
. s) }% t! ^* _: u$ |5 g8 ` The book draws from three disparate fields to present a theory of how markets work: Market Profile, behavioral finance, and neuroeconomics.?The Market Profile posits that that the markets reflect a continuing auction in which the underlying dynamic of the market is to facilitate transactions.?Behavioral finance posits that investors do not make rational decisions, but rather are driven by emotional factors or rely on rules of thumb in making decisions. Neuroeconomics emphasizes that underlying psychology of investors permeates their investment decisions.?Mr. Dalton believes the markets natural auction process in conjunction with the frequently irrational decisions of investors create predictable market structures and predictable opportunities for investors how understand the underlying dynamics. The book will improve investors ability to interpret change and continuity in markets and to make better, more confident investment decisions.
; e% @8 e% q X7 I9 } 作者简介- Q& ~0 W- }* t
James Dalton (Prescott, AZ) has been a pioneer in the popularization of the Market Profile, a unique method of interpreting market behavior and identifying trading/investment opportunities.?Most recently, Mr. Dalton was director of research for managed accounts at UBS Financial Services and, prior to that, manager of hedge fund research for UBS.Previously, he was an executive vice president at the Chicago Board Options Exchange.?He began his career in the investment industry as a broker with Merrill Lynch and Shearson Lehman.?He wrote a book, Mind Over Markets, which was one of the best books ever written on the Market Profile.
k0 T7 s0 r# G; D/ c 目录2 B% B% `: J* u% K0 s; A" E
Title Page- Q0 A% \9 f9 a E- |4 v1 e) O
Copyright Page7 F- J- Y* o/ m9 r9 A
Dedication* T% W0 J% N: y9 ?
Preface
+ k4 L, b; A+ e, }8 X# t9 S MARKETS ARE RATIONAL, PEOPLE ARE NOT
o/ [' T# M Z3 ?0 L IS THIS BOOK FOR YOU?
0 F) V) O# o( i @ THERE IS NO CERTAINTY—THERE ARE ONLY PROBABILITIESKNOW THE MARKET, KNOW YOURSELF, MANAGE RISKSO WHY LISTEN TO ME?& b+ [* m4 J0 D9 J/ P& h2 ?: _* _
Acknowledgments1 r6 J8 g- h1 z+ y8 k
CHAPTER 1 - The Only Constant
4 }& u, J8 t* v& [7 D1 P3 Q8 N THE CREATION OF ERISA
5 w, e. |' {- Q4 D+ a THE RISE AND FALL OF RELATIVE PERFORMANCETHE FALL OF THE GREAT BULL# _$ {+ K) b5 B
THE RISE OF ABSOLUTE RETURN/ l3 p9 G1 [* ~) Z5 Y1 }
SUCCEEDING IN AN ABSOLUTE RETURN MARKET ENVIRONMENTPURE, UNBIASED INFORMATION, r* Z7 L/ J1 P, i/ {' P
PEOPLE CHANGE MARKETS, MARKETS CHANGE PEOPLECHAPTER 2 - Information- W" ]9 W1 x0 R2 a/ u* y0 ?2 K5 X
FUNDAMENTAL INFORMATION2 J4 H5 U! c* M$ K5 Q+ O
RATIONAL OR IRRATIONAL?3 t3 W: }$ ]7 J9 b! Y
MARKET-GENERATED INFORMATION9 F8 K" h, U. B" P4 h: a) ^" J/ R
THE AUCTIONS0 N* g0 v& Q) r2 u3 g
FAIR VALUE
; d' S7 Q9 R' c* a/ |5 } MARKET PROFILE FUNDAMENTALS4 M/ h' m% r$ _+ b1 I/ ?5 Q; w
DEMYSTIFYING MARKET BEHAVIOR
5 }, o/ {1 {/ d4 O4 l CHAPTER 3 - Timeframes1 I. p% i- G% k1 m1 i
BREAKING DOWN MARKET TIMEFRAMES: F. K6 t" C. M
YOUR TIMEFRAME IS YOUR STRATEGY CORNERSTONECHAPTER 4 - Auctions and Indicators
* N e% h% G y8 }" g* _ THE SEARCH FOR VALUE d# E! r' a9 y# q
KEY MARKET-GENERATED INDICATORS( q& r0 G5 v7 O2 ]$ e
PERFECTING THE ART OF VISUALIZATION6 F/ j1 g7 G- q2 S3 F
CHAPTER 5 - Long-Term Auctions
) n( {) w* f3 L( v AUCTIONS IN ACTION
5 G' A, q/ p" q1 i THE COMPOUND-AUCTION PROCESS
( G5 N' |/ W! }/ T0 j) Z; j2 ` THE EBB AND FLOW OF BALANCE, H/ {9 b7 ]1 ~$ a4 W4 T
WHERE DO TRENDS END AND BRACKETS BEGIN?, u, t0 d5 K" K$ C
CLARITY IN THE MAELSTROM, g! d7 d/ ^/ J; g2 b- I
THE BIG PICTURE
, V# y8 |# m; B$ _1 m% W ASYMMETRIC OPPORTUNITIES AND RISK
3 z S. Z$ r7 h0 j0 d LONG-TERM STRATEGY DEVELOPMENT
8 n$ I/ V2 H' J9 R# | ASSEMBLING THE BIG PICTURE: CONTEXT WITHIN CONTEXTCHAPTER 6 - Intermediate-Term Auctions
# c+ \" v3 j2 ]- Y# ] CONVERGENCE AND THE BRACKETING PROCESS0 N2 v4 X) p" T, s3 U9 ^& `- o U( V' A
DEFINING THE INTERMEDIATE TERM
! o6 s9 M) m6 l* t: L2 I/ Y+ |2 f' J THE TRANSITION FROM BRACKET TO TRENDS' o8 ~2 v$ X6 p% E- ?
THE TRANSITION FROM TREND TO BRACKET
( {& v, Y8 |7 D0 R" Z" _' } THE CONVERGENCE OF INTELLECT AND EMOTION
2 d. I4 P% n8 J4 \ ACCELERATE THE LEARNING PROCESS: f' A5 N) n% _$ T: X4 t
PRELUDE TO A SEA CHANGE
* B, i0 z- C/ p HEAR THE BELLS A-RINGING4 p: V; ?4 H) s% j* a" g
COUNTERTREND AUCTIONS
( L- z% Q5 ^" t1 p- {( T4 Q THE QUEST TO DO BETTER THAN “NORMAL”8 E0 k; M5 z7 {* Q1 U$ R$ r! |
OH, THE DIFFERENCE A FEW POINTS MAKES
9 {( c) y( i* d) |3 ?5 `6 U5 Z) @1 x CHAPTER 7 - Short-Term Trading8 r7 z9 z3 j) M: h& H
ANALYZING SHORT-TERM MARKETS, N8 {& r' c! D- K `! X
COMMON MIND TRAPS, o+ n7 A5 b* c& _2 Z, P ^" c
WHEN AND WHERE TO LOOK FOR SHORT-TERM TRADESOPPORTUNITIES AROUND INTERMEDIATE-TERM BRACKETSTECHNICAL INDICATORS
3 v/ b6 e5 y: ^ m* s YOUR OWN WORST ENEMY: YOUR BRAIN
H$ W# L y1 t! j' o SEEKING THE “EXCEPTIONALLY TASTY PATTERNS”
: @: c% U( m! F4 j+ t1 |+ y ALL PRICES AND OPPORTUNITIES ARE NOT EQUALONGOING FORENSIC INVESTIGATION% O! y4 s' R: f8 N1 m
LOOKING FOR THE ALL-IMPORTANT REFERENCE POINTSNEVER BE A LAGGARD
8 `2 c0 s+ l; F A GOLDEN OPPORTUNITY! O2 f3 O5 u% l5 y0 z
FADE THE EXTREMES, GO WITH BREAKOUTS
. ?8 @) t5 }$ ~5 [& N “THE EXPERT REASONS CONTEXTUALLY”( v. ?9 N3 g5 t. m0 H' F
CHAPTER 8 - Day Trading Is for Everyone
" W; k5 V% h) a$ S6 q" A WHAT’S A DAY TRADER TO DO?
7 J1 D, f. S7 Y" c WHAT YOU DON’T DO MAY BE MORE IMPORTANT THAN WHAT YOU DOTHE REAL WORLD IN ACTION
2 k3 N, x+ @7 p" ]. c ? TOP DOWN3 _* U- H; J9 }# f( Q
LACK OF CONVICTION7 e& [! x) J$ |* e0 m
FLIGHT TO SAFETY0 y% c1 P5 v4 x% }0 V% `
INVENTORY IMBALANCES
1 q+ H6 t" @% g8 `3 U CORRECTION OF INVENTORY IMBALANCES
9 a7 w' S; I/ u6 p. | TREND TRADERS’ TRAP2 h* Z+ t$ S7 ]- e9 t! l1 O9 o+ [( D ]
MARKET CONDITION
2 m- R, f' o- F YESTERDAY’S TRADE6 F8 M- _2 ]- o* H! w. y5 u9 ~/ T$ y2 e
THE MARKET IS OPEN
- X1 Z0 ^4 d8 s, o/ L DAY TRADER’S CHECKLIST
! q9 h* |9 g! @ W! T PRACTICE, PRACTICE, PRACTICE
& C2 T. |; a8 e$ g6 ?) ? CHAPTER 9 - Profiting from Market-Generated InformationTIMEFRAME DIVERSIFICATION) z- t1 L! u4 ~
THE NEW PARADIGM' U3 _' T8 Q1 S8 U
APPENDIX A - Market Update
# o; l: t* b `, H- p, F About the Authors
6 O* Y& q* n6 y4 P v% r% G% m Index
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