Customer Reviews

Make Money Trading: How to Build a Winning Trading Business with foreword by Toni Turner

5 star:		(4)
4 star:		(0)
3 star:		(0)
2 star:		(0)
1 star:		(1)

 

 

I am a visual learner, and the illustrations/figures in the book are helpful in explaining key concepts. The book finally made evident to me the importance of understanding risk in trading. I've read over and over things like "keep your losses small, and let your runners win" but I never really understood why I could have a trading system that wins 80% of the time and still have a losing system. This book spells out the interrelatedness of profit targets, stop losses, percent profitable, average win and average loss. It provides a clear, systematic approach to system development that includes some of the realities of trading (like if it looks too good to be true on paper it most certainly will be in live trading). The book also provides several strategy examples that were really helpful to me.

I am using this book as a reference quite a lot and it definitely has some good tips for newbies starting their own trading business. Highly recommended for pointing out all the things we take for granted (trading plan, money management etc) but never really follow until it is too late.

Few books offer what the authors present in Make Money Trading. They provide a comprehensive treatment of the necessary conditions to make trading work but they take it a step further. While many authors deal in platitudes, which become tiresome as one gains experience in the market, this book gives concrete strategies that can be tested on just about any platform. Not only do they explain what a trend-following approach is vs. say a swing trading style they outline an example of each with well defined rules for entry, exit, position-sizing, etc.

What is very important is that they do not treat the systems presented as "holy grails", but rather a starting point for development (simple systems, though, like the ones in this book can work extremely well). I am a systematic trader who only trades mechanically and that is why I like this book so much for anyone getting started as it underscores the importance of having a well defined plan.

The name is a little cliche, but this book is helpful in explaining some of the basics as well as more advanced trading concepts. I enjoyed and found useful the charts that accompany the text. The tone of the book is professional but written in plain English so I could really understand the material. This is the type of book that will be referenced frequently.

As a medium-level trader, I thought I would learn something from this book. I was very disappointed in that it is a collection of very basic concepts. Certainly not enough to make money trading. A more appropriate title, given its emphasis on risk management would have been "Lose less money trading".