High Probability trading
by Marcel Link
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Book Reviews of High Probability trading
Book Review: Read if you are a beginner, skip if experienced
Summary: 4 Stars
My rating is actually 3.5 stars.
As an experienced stock and option trader I did not find much new in this book. Of course, I did not expect breakthrough new technical indicators but I was hoping for ,at least, subtle combinations of existing ones that I have not seen before.My rating is thus 3 stars if you are experienced.
After reading the book I gave it to a friend who is a beginning trader.His feed back was quite positive. One area that was well explained is the difference between trend following indicators and oscillators. Most beginners wonder why is it that sometimes a stock with overbought stochastics as an example keeps going higher but another one reverses as they expect.As explained in this book one stock is trending and the other not. Many beginners miss this point and wonder why the stock moved the other way. Also money management and disciline in trading that are important to beginners are discussed well.
One take I have is that there is no clear objective explanation on how to tell whether a stock is trending or in a trading range other than visual chart inspection which is tough for beginners. I have seen a subtle use of ADX in other books to objectively decide on whether a stock is trending or not and whether it is ready to enter a new trend. For this reason I rate the book 4 stars for beginners.
Book Review: The Fundamentals of Successful Trading
Summary: 5 Stars
I would say that this book deals with the basics of what it takes to be a successful trader. It gives the reader a realistic point of view regarding how hard it is to be successful and the most important aspects of surviving and eventually thriving as a trader. In summary:
1.Money management-Have a plan that allows you to have a string of losses and still be ok. MOST new traders destroy their account because they never thought this part through. If you are new to the game and can't afford to lose thousands of dollars within a few weeks, this should be your top priority before doing any real trades.
2. Greed and Fear-The mental part of the game must be mastered once you have a plan for not losing all your money. Losing and making money both make you crazy. Self control
3. Strategies-this book goes over mechanical system building and the importance of backtesting strategies, but does not go into any detail about specific strategies.
This book teaches you how to think about trading and gives you advice aimed at preventing you from failing, as 90% of new traders do, so says the author. Read this book to learn what concepts need to be prioritized and then get another book to learn specific strategies and charting skills, etc.
Book Review: losing in trading like every other two breathes.....
Summary: 4 Stars
I agree you learn from losing more than anyone can tell you about winning trades, on the floor it is all simple, off and alone difficult. Best book I read on this was "What I Learned Losing a Million Dollars" by Jim Paul and Brendan Moynihan. So difficult and yet fun to gain wealth, but so much to learn from the errors in losing. And in America.....afer 25 years of trading for a living, where does one go? Or do? As no one understands. Lose (smoke take drugs, etc) while young....as this is a bite of life you would never assume from your condo in the sky....ah....and they ask to see my real name Doug Temple and where I am now (GETTING RELIGION...THE WRONG SORT IN SOUTH CAROLINA....THE CHEAPEST PLACE I COULD FIND TO LIVE WHERE NO ONE UNDERSTANDS WHAT I DID, OR STILL LOVE AND MY ODDS ARE NOT GREAT ...BUT STILL THERE FOR MAKING IT BACK. ASK ME IN TEN YEARS. A CTA OR CPO COULD IN THEORY RAISE THE FUNDS TO CONTINUE. A SOLO TRADER HAS A TOUGH TIME).
But it does teach what poverty is like at the wrong end of life for a highly educated, older, non-team player sort. And all takes a turn on its head especially your theory of human intelligence.
Now watching markets and reading is the best. Oh and love.
Book Review: Too much hype. OK for beginners.
Summary: 2 Stars
I was gonna give it 3 stars ("It's OK") , but when I saw the description for the 2 star ("I don't like it"), I thought the 2 star rating was more accurate. My expectations might have been too high because of the many positive reviews. The book had a little bit of the history of the author, a little bit of trading psychology and money management, some trade setups in the middle, and final thoughs in the end. I can't comment on the trade setups since I don't read those sections (in any book). This is because I read trading books more to find gems and reminders, or find the common trading rules, like "be patient" or "cut your losers", explained in such a way that it changes the way you think. The book has a really casual tone, so nothing really jumped out at me and I didn't find any "a-ha" moments.
My favorite book is "Trading in the Zone" which is purely about trading psychology. I also like the 1st half of "Tools and Tactics for the Master DayTrader" (especially the "band wagon" story), the 2nd half was on trade setup which I didn't read. There are many good books out there and this one ranks around the middle.
Book Review: We are professionals and we use this book
Summary: 5 Stars
We are a Equity Trading firm located on the trading floor of a National Secuirities Exchange (North America's Oldest) and we find this book quite useful as guide or perhaps an outline of what is important to remember if you want to be a successful professional trader.
Yes the book may not be as extensive in some areas as it may (and that is debatable among experts) but time and again we go back to this book that we issue to a new or recently hired experienced professional traders to serve as a guide or structure to what parts of trading tactics, and technical + fundamental analysis makes a professional successful trader successful in our firm in its duties as a specialst firm in several hundred listed equities.
In short, yes you can bury yourself in lots of throughly detailed books on all manner of the components of what makes a sucessful professional trader, but......
This is the book that is both the overview and index to what you need to pack in order to make your life long trip as a professional trader a successful one.