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by Michael Toma (Author)
Develop the skills to manage risk in the high-stakes world of financial speculation
The Risk of Trading is a practical resource that takes an in-depth look at one of the most challenging factors of trading--risk management. The book puts a magnifying glass on the issue of risk, something that every trader needs to understand in order to be successful.
Most traders look at risk in terms of a "stop-loss" that enables them to exit a losing trade quickly. In The Risk of Trading, Michael Toma explains that risk is ever-present in every aspect of trading and advocates that traders adopt a more comprehensive view of risk that encompasses the strategic trading plan, account size, drawdowns, maximum possible losses, psychological capital, and crisis management.
- Shows how to conduct a detailed statistical analysis of an individual's trading methodology through back-testing and real-time results so as to identify when the methodology may be breaking down in actual trading
- Reveals why traders should think of themselves as project managers who are strategically managing risk
- The book is based on the author's unique 'focus on the risk' approach to trading using data-driven risk statistical analytics
Using this book as a guide, traders can operate more as business managers and learn how to avoid market-busting losses while achieving consistently good results.
Front Jacket
Whether trading as an individual or as part of a firm, you are in a business where the chance of loss is always a possibility. Despite this reality, there are ways to shift the odds in your favor and gain the edge required to be successful.
Nobody understands this better than author Michael Toma--a Certified Risk Manager with extensive experience in the field of finance. And now, in The Risk of Trading, he outlines a holistic, or "enterprise-based," approach towards managing risk that encompasses not only the risks of a trade, but also the risks for the trader and ultimately the business of trading.
Divided into three comprehensive parts, this reliable resource skillfully shows how combining data-driven insights with a proven risk management process will allow you to meet your trading goals and objectives over time--whether you're trading stocks, futures, ETFs, or other securities and derivatives. Along the way, you'll discover how a broader understanding of managing risk as a trader can put you in a better position to identify, assess, control, measure, and monitor it.
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Part I provides an introduction to the principles of risk management as well as a five-step risk management process and how it can be applied to your trading endeavors
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Part II addresses practical applications of managing and measuring risk using data analytics and explores leveraging solid trading strategies within a culture of metrics
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Part III discusses the human risk elements that challenge every trader, from managing losing streaks and drawdowns to taking emotions out of your trading decisions
Filled with in-depth insights and expert advice, The Risk of Trading is a must-read for anyone serious about achieving long-term trading success.
Back Jacket
Whether trading as an individual or as part of a firm, you are in a business where the chance of loss is always a possibility. Despite this reality, there are ways to shift the odds in your favor and gain the edge required to be successful.
Nobody understands this better than author Michael Toma--a Certified Risk Manager with extensive experience in the field of finance. And now, in The Risk of Trading, he outlines a holistic, or "enterprise-based," approach towards managing risk that encompasses not only the risks of a trade, but also the risks for the trader and ultimately the business of trading.
Divided into three comprehensive parts, this reliable resource skillfully shows how combining data-driven insights with a proven risk management process will allow you to meet your trading goals and objectives over time--whether you're trading stocks, futures, ETFs, or other securities and derivatives. Along the way, you'll discover how a broader understanding of managing risk as a trader can put you in a better position to identify, assess, control, measure, and monitor it.
- Part I provides an introduction to the principles of risk management as well as a five-step risk management process and how it can be applied to your trading endeavors
- Part II addresses practical applications of managing and measuring risk using data analytics and explores leveraging solid trading strategies within a culture of metrics
- Part III discusses the human risk elements that challenge every trader, from managing losing streaks and drawdowns to taking emotions out of your trading decisions
Filled with in-depth insights and expert advice, The Risk of Trading is a must-read for anyone serious about achieving long-term trading success.
Author Biography
MICHAEL TOMA, CRM, is a corporate risk manager and specialist in trading the equity index and futures markets in the United States. A Certified Risk Manager, Toma is a frequent speaker on the industry trading conference circuit. His first book, Trading with Confluence, released in 2010, provides a first-hand perspective of risk-based trading and the challenges that new traders are forced to overcome. In addition to managing his own international risk management consulting firm, he is an active member of several risk management organizations and research academies that promote corporate ethics and risk management educational programs.
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