High Probability trading
by Marcel Link
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Book Reviews of High Probability trading
Book Review: Perhaps best book on making a living from speculating
Summary: 5 Stars
Link's book is among the best book you can read about if you serious about making money investing for a living. There are tons of books about technical analysis and stock picking, but you won't get far unless you can recognize and control emotions, have a system and money management plan, and learn discipline. High Probability trading is one of only a handful of books that covers those aspects, which is most important in determining your success. Unlike many guys, he actually admits to making big mistakes and blowing through $$$. You have to accept the fact that you'll lose money at first and that large chunks of money that you blow through is really "trading tuition". This guy is really an ordinary Joe who has journeyed through many painful experiences in the investing world. Link teaches you how to deal with them.
I've read Trader Vics book and it doesn't hold a candle to High Probability trading. The only shortcoming is that Link does not cover techniques of speculating in options.
Book Review: This book covers it all
Summary: 3 Stars
If you're looking for an overall book on trading with every aspect clearly described, this is the right book. It contains all the important parts on trading: entries, exits, money management, a trading plan, trading psychology, ...
The book is very realistically written with very practical to do lists at the end of each chapter. The author also manages to tell this stuff in a clear amusing way, also with funny stores. I had a great time reading this book and found it pretty helpful to start my trading plan and my trading setups. Most helpful to me was the chapter on money management.
Some of the reviewers here claim it's all basic stuff. In a way this is true, this book does not contain any new theories, nor does it have a complete trading system to present to the reader. This book does however a great job in describing what successful trading is about and how to manage that on a daily basis. For that alone it's well worth adding it to your trading library.
Book Review: Best Intraday Trading Book
Summary: 5 Stars
I have been trading profitably for about three years. I have been at this for about five years. I trade anything from fx spot market to mini-futures. Once a month I go back over all of my trades, read Elder's, Come Into My Trading Room, and this book is the first book I grab to re-hash strategies. I estimate that only about ten actual books on trading these days will make you profitable in todays markets. This book is one of the top three. The other two are Murphy's technical trading book and Tading in the Zone for the psychological aspect of this game.
For the person who said that indicators are not profitable- How have I been making money, consistently, for several years now with indicators all over my charts? Granted, I do not use indicators like the typical "Default" hogs that get slaughtered when they use indicators without any testing etc.. I use indicators exactly like Link shows in this book. I guess it works for some traders and not for other traders?
Book Review: Some good information, but poorly presented
Summary: 3 Stars
I'm a relative newcomer to the world of investing books and have been choosing my reading material based mainly on reviews (like Amazon's) and recommendations. I'm disappointed with "High Probability Trading."
The author clearly has experience and knowledge about the subject but the writing is poor, even by investment book standards. Rather than introduce a concept, outline it logically, and present takeaways and recommendations, the book lapses into circuitous, hit-and-miss ramblings vaguely around a concept and never seems to make a clear, actionable point. I felt like I was repeatedly battered by urgent insistence that I make high probability trades (!!) without receiving much help identifying and setting up those same critical trades.
If I were stranded on a desert island with only one trading book (and a live internet connection, trading platform, and quoting package, of course) I'd choose John Carter's "Mastering the Trade."
Book Review: Good Advice .... Could use an Update
Summary: 4 Stars
I think this book is fine but one needs more updated strategies to make in this game
These days it's really hard to find trading books that are practical and simple to understand. Most of the info outhere is full of the same thecnical analysis jargon that makes you lose a lot of times. Basically most tehcnical trading books tell you the same story but organized in different chapters using different words and charts as examples.
Some places on the web have pretty practical information. One site that I recommend is MomentumStockTrading com. They have a pretty clear way for trading stocks with momentum using easy to understand strategies. This is also one place where you can understand why the use of a Level 2 system is critical for trading the rally.
Understanding how to trade a rally is one of the most important aspects of trading, since for us traders the rally is where we make our money.