High Probability trading
by Marcel Link
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Book Reviews of High Probability trading
Book Review: The best trading book I ever read
Summary: 5 Stars
I had read tens if not over a hundred trading books (and written many reviews here on Amazon), This is by far the best I ever picked. It really helps!The author had covered most of the topics that should be included in a compleat guide of trading (trading psychology, uaage of TA, money management, trading system development....). Some of his key points are:-
1. Top traders are essentially pro gamblers who only bet when the odds are in their favor.
2. Trading must be dealt focusedly as an entrepreneurial business with loss (must be relatively smaller than profit) taken emotionlessly as regular business cost.
3. Good money management is the common denominator of all successful traders irrespective of their style.
4. TA is bascially a trend/fact finding process to be searched through multiple time frames, verified with different indicators, and that TA can be applied on indicators as well (trendline in MACD, and CD between price and MACD)
I personally like the no nonsense and humorous writing of the author much. The summary and point form "do's and dont's" in the end of every chapter did help me to memorise what I had studied for long. His clever use of graphs in the TA tools section is really outstanding. Believe me or not, his use of less than 10 pages on the explanation of MACD is a lot more powerful than many TA books that used up over 100 pages on this single topic.
In short, it's a must read for any player who wants to improve his/her edge over the ocean of competitors in the market. My salute to the author who writes me this excellent book.
Book Review: This book ties everything together
Summary: 5 Stars
I've read some of the reviews (or should I say criticisms) of this book. They write that it's for beginners, there are just a couple of setups, and the obligatory discipline "cut your losses" warning chapter. I think people are missing the big picture.If you want a detailed book about technical analysis, with lots of explanations, setups, etc. etc., there's "Technical Analysis Explained" by Martin J. Pring, or you can buy something by Jack Schwager or John Murphy.
If you want a book about building and testing a trading system, there's "Trade Your Way to Financial Freedom" by Van K. Tharp.
If you want a self-help book about discipline / psychology, there are a lot of those, some in the investment section, some in the psychology section.
If you want a book about day-trading, there are a ton of those as well.
The thing I like about this book is that everything is there in one place. At the end of each chapter, the author gives you pointers on what to do and what to avoid doing to reinforce your memory of the principles. The book is written in a very readable style. I got this book about three weeks ago, and by applying some of the principles I learned from the book, I made two profitable trades (which I would not have normally made) and avoided making a trade which I normally would have made. This trade would have been a loser. As a result of reading this book, I made and saved enough money in the last three weeks to buy ten copies of this book. Isn't that why we read these books???
Book Review: Don't let it sit on your bookshelf
Summary: 5 Stars
like I did for about 3 years. Now I that I finally picked it up I am almost a third of the way through and already has Marcel Link's clear, honest, to the point language and approach to day trading dotted my i's and crossed my t's several times over. Yes, I did read books about small cap value investing, how to read charts and how to make money using all kinds of fancy systems before this one and I recommend you do the same. But don't stop there - go ahead and finish your training with this excellent work. Marcel's straightforward message is so simple yet so deep that I hope it will, just like it is already doing for me, banish all your fears about making mistakes and still coming out a winner. I write this on purpose because if you are not making money in the market you probably have a fear of winning and/or are making too many mistakes. Right after I started reading this book I had my first winning streak in years only to face an age old stumbling block just a week later; this time, thanks to Marcel's warning, I could honestly say to myself "It's OK, keep going" and I actually was able to prevent a big loss because the market had turned against me. Thanks to Marcel's "handholding" I had the courage to read all the charts before rushing into a decision that could have cost me. This book is for everybody who is missing out on grasping the "whole" of trading. After this, I plan to read more technical books just to stay sharp in that area, but for the time being I am enjoying every page in this volume. Highy recommended.Book Review: message from a real trader
Summary: 3 Stars
I will give the readers of this message who are interested in trading the best advice you will ever get because it comes from a guy who really makes money trading futures from his own PC.
I have 5 years experience in the markets
1..Anyone who tries to sell you trading advice is ripping you off. Bar none. Going public with a system immediately ruins that system, so quit making trading authors, seminar speakers etc.. rich
2. Indicators do not work, none do.
3. If you want to trade then you are on your own. You must teach yourself. You do this by subscribing to tradestation software and by studying price action, talk with other traders on their forums, but beware that many of the traders there don't yet make real money trading, they do help with the basics though.
4. remember that when you make a dollar trading, another trader must lose a dollar. Trading is all about taking money away from other experienced traders and it aint easy. Some of the most brilliant minds and companies spend millions studying the markets and you are pitting you mind agianst theirs.
After years of studying sometimes 10 hours day i finally can say that I make about 30 to 50% and I am soooo proud to have finally gotten here.
only a few make it, more would if they would realize that nothing comes easy and that anyone who publishes any system is ripping you off, you must learn, sadly enough, on your own.
Book Review: This is the one!
Summary: 5 Stars
At the risk of being repetitive, I'm going to have to give this book another stellar review. Like many others, I have read a hundred other trading books and this one stands heads above the rest. The author is obviously an active trader and is not ashamed to divulge his weaknesses, even current ones. He covers all of the necessary bases (psychology, money management, risk management, setups, tradeable markets, etc.) without being exessively wordy. He is one of the few traders who can actually write relatively well. He manages to explain arcane and complex trading concepts using understandable and economical word choices. The review structure at the end of each chapter is an excellent technique to enhance the learning process.Yes, most of the information is more useful to the novice trader but one neeeds a basic comprehensive understanding of trading to get the most benefit. On the flipside, since it is so inclusive, the book could serve as an excellent refresher for the seasoned trader. That trader might even come across a concept long forgotten and be able to turn it into a profitable strategy.
HPT has become my primer. I come back to it every few months to review sections that I feel weak in. I recommend this book to everyone who asks me for that "one book" that can get them a head start in learning to trade.
Great job Mr. Link! I eagerly await your next contribution to the world of trading literature.