High Probability trading
by Marcel Link
|
List Price: Our Price: $20.99 You Save: $18.96 (47%) Availability: Usually ships in 24 hours Buy Used: from $20.00 (click here) Category: Book See more book details and other editions |
|---|
Book Reviews of High Probability trading
Book Review: Good advice from a pro
Summary: 5 Stars
This book won't change your life -- at least not in the glammorized, one-hour-video-makes-me-a-Ferrari-driving-multi-millionaire way. You won't be given the holy grail of trading, nor will all your speculative worries be taken care of by some super-duper, 99% success rate system that Marcel serves up on a golden platter.
This book, quite simply, is a friendly, honest (very honest), instructional manual detailing what you need to become a successful trader. You need time, money, patience, knowledge, and a level of discipline uncommon to many professions. Many traders (especially individual traders) fail within their first year of trading because they lack one of the above traits, or any of the dozens of other things needed for success -- like a business plan, a trading strategy, and a willingness to work very long, unpaid hours developing both these things so you don't end up playing the market like some blind chicken foolishly pecking at any stock that moves in the hope you'll get lucky.
The book also has shades of a memoir, and this adds to its readability. Link is a weathered hand who's probably experienced every emotion a trader can, and he does a good job telling the reader about these trading "facts of life" in a very humble, unpretentious manner (unlike some of the braggarts who write similar tomes extolling their brilliance). Thus, the reader never feels put off, or as if he is in the presence of some oracular genius who quietly sneers at his readers as he takes their dollars.
High Probability Trading is a must for beginners, and a valuable reference for more experienced traders. I find it especially good reading if you're having a bad day on the market and want to maybe retrace the basics to see where you might be going wrong.
Highly Recommended!
Book Review: Easily pays for itself
Summary: 4 Stars
Until last year I was satisfied to shift my investments around between Fidelity funds. Since then I've been using a brokerage account and ETFs with a small amount of experimentation with options.
A brokerage account with real-time software is a dangerous thing, and I've made some expensive mistakes. Previous investment books have been useful, but none has helped me as much as High Probability Trading in identifying my psychological weaknesses (chasing trends, ignoring timing, overconfidence ...) and giving me concrete advice on correcting them. I look back on recent trades and cringe now -- the losses would have been less and the gains more if I had been doing what I am now. Not that I expect this book to turn me into a sure winner, but based on looking back I would have lost less and made more.
The author's style is quite personal, with lots of amusing and educational anecdotes.
What's not to like about it? The author's orientation is short-term (day or a few days) trading of futures, but he has tried to include stock traders and investors too. Perhaps addressing multiple audiences slightly dilutes the message for any single group, but most of the advice applies to several asset classes and time periods, and will make you question what you're really most comfortable with. It caught me at the right developmental stage, but if you don't feel a need to address the issues that are raised, or have already dealt with them, it wouldn't be as useful to you.
Disclaimer: I'm only about 50% through the book, but found it so useful that a review might be helpful to others now. Although I have a five star feeling from the first part, it's getting only four in this review because it's only based on the first part.
Book Review: You need to be quick & adapt to the situation
Summary: 4 Stars
I absolutly like the way Mr. Link presents the day trading arena. He has a realistic vision that many other authors don't care to expose.
Day trading is not that different from investing in the sense that its all about making buy and sell decisions. When you make a trade either your going to lose money or your going to make money, and some other times you will break even. When you win some body else will lose and so forth, but that's NOT what's important.
The most important aspect in day trading is the knowledge FILTER you employ to make your buy & sell decisions. There are many "fantastic" strategies outhere, but you need to test them in order to discover which ones help you the most. That's part of your homework as a stock trader. Test, test and test again.
Complicated strategies that rely on a "boat load" of technical indicators can make you slow, and being slow in this game can be as dangerous as not knowing what to do in the first place.
I think the worst thing that can happen to a beginner stock trader is to get information overload. It's better to go step by step, and test a simple strategy that can show you how to focus on concrete ways to make money.
Fortunatly there are some good sites on the web today that can show you how to trade stocks in practical and effective ways. One of those sites is Stress Free Traders ( StressFreeTraders com )
In the end, stock investing & trading is all about buying and selling according to your knowledge FILTER. Once you master and follow youre proven filter parameters like a clock, you can expect to start making serious amounts of cash on a consistent basis.
Book Review: Needs more practical daytrading tactics
Summary: 4 Stars
I like the way Mr. Link presents the day trading world. He has a realistic vision that many other authors don't care to expose.
Day trading is all about making buy and sell decisions. When you make a trade either your going to lose money or your going to make money, and some other times you will break even. When you win some body else will lose and so forth, but that's NOT what's important.
The most important aspect of day trading is the knowledge FILTER you employ to make your buy/sell decisions. There are many "fantastic" strategies outhere, but you need to test them in order to discover which ones help you the most. That's part of your homework as a daytrader. Test, test and test again.
Complicated strategies that rely on a "boat load" of technical indicators can make you slow, and being slow in this game can be as dangerous as not knowing what to do in the first place.
I think the worst thing that can happen to a beginner trader is to get information overload. It's better to go step by step, and test a simple strategy that can show you how to focus on concrete ways to make money.
Fortunatly there are some good sites on the web today that can show you how to trade in a practical and effective way. One of those sites is Stress Free Traders (StressFreeTraders com)
In the end, day trading is all about buying and selling according to your knowledge FILTER. Once you master and follow youre proven filter parameters like a clock, you can expect to start making serious amounts of cash on a consistent basis.
Book Review: Needs more practical day trading tactics
Summary: 4 Stars
I like the way Mr. Link presents the day trading world. He has a realistic vision that many other authors don't care to expose.
Day trading is all about making buy and sell decisions. When you make a trade either your going to lose money or your going to make money, and some other times you will break even. When you win some body else will lose and so forth, but that's NOT what's important.
The most important aspect of day trading is the knowledge FILTER you employ to make your buy/sell decisions. There are many "fantastic" strategies outhere, but you need to test them in order to discover which ones help you the most. That's part of your homework as a daytrader. Test, test and test again.
Complicated strategies that rely on a "boat load" of technical indicators can make you slow, and being slow in this game can be as dangerous as not knowing what to do in the first place.
I think the worst thing that can happen to a beginner trader is to get information overload. It's better to go step by step, and test a simple strategy that can show you how to focus on concrete ways to make money.
Fortunatly there are some good sites on the web today that can show you how to trade in a practical and effective way. One of those sites is Stress Free Traders (StressFreeTraders com)
In the end, day trading is all about buying and selling according to your knowledge FILTER. Once you master and follow youre proven filter parameters like a clock, you can expect to start making serious amounts of cash on a consistent basis.