High Probability trading
by Marcel Link
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Book Reviews of High Probability trading
Book Review: A Real Keeper
Summary: 5 Stars
I've bought alot of trading books, usually at 50 bucks a pop, and some of them really leave you groaning about. I rationalize that even one good idea, even it just reinforces something I already know or reminds of something I forgot or ignored then it's better that losing 50 bucks to the market. It's kind of like trading itself, you take some losses but the winners make up for it.
This was a great book. One of the best sections I've seen on stops and exits. It goes more into the proper mentality than cookbook strategies, but it goes deep into areas alot of other books overlook or just don't develop beyond a few cliche's. If you're past the introduction level and already own all the indicator catalogs then this is a great pick. Not too deep into the tools, but good in that area too. Mentality and strategy development without becoming a psychology book. Excellent. The 1 star guys missed the point.
Book Review: If you like trading, get this book!
Summary: 5 Stars
This very readable book is written by an experienced trader who has gone through the bad years, turned it around, and figured out how to make money trading. What Marcel Link offers is an experienced guide to tell you how a winning trader thinks about the process of trading, and what it takes to be a successful trader. He writes like a friend. He confirms the good things you were doing with your trading, and uncovers the areas where you can improve. You finish reading the book with increased confidence in knowing what it takes to be a trader, and in your approach to trading. Get this book, relate to it with what you've experienced with your trading, and enjoy some insights into the decisions and dilemmas, you need to get past, to become a successful trader. This book has changed the way I trade. One of the best trading books out there. Enjoy.Book Review: Excellent Book on Trading
Summary: 5 Stars
Be forewarned, High Probability Trading is not a book on investing; rather, it is a book on trading, primarily from a "day-trading" point of view. However, the lessons in this book apply to trading in any time frame.This book contains a wealth of practical knowledge in learning the disciplines involved in consistently making money over time, covering subjects such as journaling to track and analyze your results; using oscillators to improve your entry- and exit-point timing; how to properly use stops to minimize your losses; and how to develop an overall trading plan. Though the author uses TradeStation to provide charts and examples, the information can easily be applied to other products or services.
Overall, one of the best books in my financial library, and one that I should read over and over again.
Book Review: Save Yourself Potential Trading PAIN!
Summary: 5 Stars
If your an advanced trader who has a system down, making lots of money and no bad trading habits then you don't need this book.
If you are a trader wantta be, beginning trader or an intermediate trader and can't afford $200/hr for a trading coach or $500 per trading seminar then this book is the best solution and could save you a lot of trading PAIN!
Written by a trader who has made all the mistakes you can imagine, yet had the courage and persistance to learn from his mistakes. This is the best, self-help, trading book I have found to date.
If you have a capacity for honesty and want to get better at trading, this author's experience will help you spot your trading defects. You can then take action to correct short comings so you might become a better trader.
Book Review: Encourages the formation of a plan
Summary: 5 Stars
I gave this book 5 stars for the very fact that its the first trading book I've read that emphasises the importance of having a *plan*.
This is not really a book about how to do technical analysis - there are libraries of books out there that you can use for that which treat the subject in a lot more depth.
Marcel makes no bones about the fact that you are likely to lose money for the first couple of years, but if you have a good plan and stick to it, learn from your winning and losing trades, keep a trading diary and adjust your technique, then you have a good chance of outperforming your peers.
So in essence, this is what the book is about - creating and backtesting your own trading strategy and the disciple that is necessary to succeed.