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Trading as a Business: The Methods and Rules I've Used To Beat the Markets for 40 Years



Trading as a Business: The Methods and Rules I've Used To Beat the Markets for 40 Years gives you a behind-the-scenes look at how Dick Diamond became a successful independent trader. With this step-by-step guide you can adopt Diamond's methods for analyzing the market and knowing the right time to get in and out of trades. Experienced traders and those new to the market can tap into Diamond's strategy of 80/20 trading which offers an 80% chance of making a winning trade.

Using Diamond's methods, tools, and techniques will transform you from an ordinary investor into a trading force in the marketplace. You'll break free of your old trading habits and become a savvy trader that trades small, uses tight stops, and cultivates emotional discipline. Once you master the trading secrets from Dick Diamond, you will have the skills to beat the odds and sustain success.

A trading legend, DICK DIAMOND has made a living day trading the stock market for over 40 years. He provides in-person trading courses through his website,, and classroom training in association with Robert Prechter's organization, Elliott Wave International.

Foreword ix

Robert Prechter

Preface xi

Acknowledgments xiii

CHAPTER 1 My Life as a Trader 1

Trading as a Business 5

CHAPTER 2 Emotional Discipline 9

Why Traders Fail 11

Core Position and 80/20 Trades 12

The Emotions of Trading 13

The Importance of Commitment 15

CHAPTER 3 Principles of Successful Trading 17

Trade within Your Capital 17

Quiet Confidence 18

Sell Too Soon, Not Too Late 19

Take Personal Responsibility for Your Trading 21

Wait for 80/20 Trades 21

Play Great Defense 22

Pull the Trigger 22

Opinions Are for Pundits, Not Traders 23

Strictly Follow Technical Data 23

Market Entry Tactics: Use Limit Orders, Buy/Sell Zones, and Position Scaling 24

Use Defensive Stops 24

Track Your Results 25

Managing Your Trading Account 25

Take Advantage of Market Conditions 26

Review the Rules Every Week 27

CHAPTER 4 Technical Analysis and Trading Concepts 29

Moving Averages 29

Crossovers 34

Divergences 35

Williams %R 37

Stochastic Oscillator 38

Stochastic Momentum 40

Bressert 41

RMO 42

Moving Ribbons 43

CHAPTER 5 Trading with theMoving Average Template 45

CHAPTER 6 Trading with theMoving Ribbons Template 65

CHAPTER 7 Trading with the Bressert Template 79

CHAPTER 8 Trading with the RMO Template 99

CHAPTER 9 A Day of Trading 117

Appendix: About MetaStock Pro Templates 123

Creating the Dick Diamond Templates 124

Template 1: Walter Bressert 126

Template 2: Moving Ribbons 127

Template 3: RMO 127

Template 4: Moving Averages 128

Applying an Existing Template 128

Making Changes to a Template 129

Saving a Template 129

The Default Template 130

Creating the Diamond Work Space 131

About the Author 135

Index 137