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Book: High Probability trading :: Robert Kiyosaki|Books :: Book
Date: Friday, 21 November, 2008 :: 02:14
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High Probability trading
List Price: USD $39.95
from USD $22.19
Product Group: book
Manufacturer: McGraw-Hill
Studio: McGraw-Hill
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Offers:
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Editorial Review: Product Description
A common denominator among most new traders is that, within six months of launching their new pursuit, they are out of money and out of trading. High-Probability Trading softens the impact of this "trader's tuition," detailing a comprehensive program for weathering those perilous first months and becoming a profitable trader. This no-nonsense book takes a uniquely blunt look at the realities of trading. Filled with real-life examples and intended for use by both short- and long-term traders, it explores each aspect of successful trading.
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Reviews:
Average Customer Review: 
Summary: Well-written, no marketing, great foundation
Date: 2008-11-09 - 
Comment: 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.
0 of 1 people found the following review helpful:
Summary: Must Have Book For Any Serious Trader
Date: 2008-11-08 -
Comment: Just finished reading "High Probability Trading" and have to say that it is a must have book for any serious trader. Marcel Link writes with simplicity and clarity and conveys much information needed to be successful in trading. The book covers technical analysis, money management (my favorite topic) and trading with a plan. It is this book's ability to cover complicated topics in a conversational way (not overly technical) that brings home the concepts needed to be profitable consistently.
Love his passage about Charles Dickens's "David Copperfield" excerpt where Link writes that Dickens "...is saying, Make more than you spend (lose) and you will do fine, but if you spend (lose) more than you make, you are ruined...". Very true - simple on the surface - but an essential lesson to getting profitable in trading or any life endeavor. The Dickens analogy is an example of how Link is able to draw you away from the traditional "trading" jargon long enough to think on another mental plane so that you can come back to your trading with new understanding.
Another book that may be useful in addition to Link's is "The ART of Trading" by Bennett McDowell The ART of Trading: Combining the Science of Technical Analysis with the Art of Reality-Based Trading (Wiley Trading) since it offers you a chance to take a 30-day trial of the ART trading software, and I've found it to be a very useful tool in my trading.
0 of 1 people found the following review helpful:
Summary: Don't buy this book...! It is the best.
Date: 2008-10-14 -
Comment: Because since Option Trading is a zero sum game(I believe), I want to sell my profitable premiums to novice and ignorant traders who don't use the author's methodology which is simple but brilliant. I bought around 20 books on trading and I use 80% of his methodology and I have to say,though not spectacular,his methodology gives me consistent profits and minimal losses. Never have I had any regrets lingering in my mind after completing this book and applying it.=) So traders out there,please don't buy this book,so that trading will be less competitive.lol =)
0 of 1 people found the following review helpful:
Summary: Good info but...
Date: 2008-09-20 - 
Comment: Very good book. Alot of info to digest. I wish the featured charts were larger and in color. The writer is a bit self aggrandizing and writes in a condescending manner. If you can get pass that, you can learn from him.
1 of 2 people found the following review helpful:
Summary: The Fundamentals of Successful Trading
Date: 2008-09-09 -
Comment: 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.
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