High Probability trading
by Marcel Link
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Book Reviews of High Probability trading
Book Review: You learn more from Losing
Summary: 5 Stars
This is what this book is best at. It may not give you a key or a set of keys to trade successfully, but it definitely reminds you of how you can lose without following the rules. May be basic to some old timers, but not many old timers will have time to write a book like this. Someone commented it is depressing, too realistic ... But it is better to find realistics in a book than in the market.
I trade more in FX market and find it applies just as good. Almost in every chapter and every page I found things that I either not know yet or know already by unpleasant trading experiences.
You can skip this book only if you are sure that you cannot be wrong or you have a deep pocket to learn the same in the market.
Book Review: Well-written, no marketing, great foundation
Summary: 5 Stars
As an advanced beginner trader, this is one of my favorite books. It does not fill up pages with self-serving marketing, quick get rich schemes, or fluff. It gives you the basic no-nonsense tools relevant for whatever market you trade: creation of a concrete trading plan, importance of specific types of discipline (not just generalities), specific tips on system trading, backtesting, managing your risk, and handling your trading money. It also contains specifics on entries, exits, and technical indicators-not an encyclopedia, but a discussion relevant to an advanced beginner. This is very quickly grown to be my favorite book-complex enough that many sections need a re-read, but not overly academic, and full of realism. Highly recommend it for traders in any market.Book Review: Another run-of-the-mill book
Summary: 2 Stars
I bought this book seeing high ratings. Now, I feel generous even to give two stars.
One appeal for this book was author's personal narrative and his claim of a loser-turned-winner after many years of struggles. There is a gap: his "winner" claim is not elaborated in any detail. What is his level consistency in terms of odds and net profits? It would have been helpful had he backed up with audited results the way Morales & Kacher did in their book using O'Neils methods (which provide decent odds when trading growth stocks in up trending markets).
In summary, yet another 300+ pages of run-of-the-mill trading platitudes. If you have been trading for sometime, there are no insights here. Don't bother.
Book Review: If your trading is suffering, buy this book
Summary: 4 Stars
The book is very basic, so everyone from beginning traders to veterans may find something to complain about, but this book should be in every trader's library. Almost every trading book writes about money management, but this is the first one i've read that discusses writing a trading plan (much like a business plan). Having a trading plan will force you to determine which type of trader you plan to be and under what scenarios a trade is justified. Being able to explain why you made a specific trade is crucial in both eliminating overtrading and in learning from each and every trade. Developing a trading plan that assures you at least have the odds on your side prior to entry certainly doesn't hurt your trading results either.Book Review: The typical traders missing LINK to becoming a consistent winner ?
Summary: 5 Stars
At the beginning I thougt I'd read all this before and that it was all the same.
But soon after reading some more I learned some new things, f.exmpl. to use the fibonacci retracement properly, this is mandatory because every serious trader watches these levels and trade thereafter.
Marcel also goes through exit strategies , something very few other authors do.
He uses his own hard earned wisdom to give great advices.
One of the most important things was the money management chapter, if a trader misses out on this one the it doesn't matter how good a technician he or she may be.
One of the best trading books I've read, just wish I'd read this one earlier.
Good Luck !