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McDowell shares his personal money management system, with the ultimate goal of helping you design your own system, customized to fit your risk tolerance, your experience level, and financial needs. He identifies the six types of risk to consider every time you make a trade—trade risk, market risk, margin risk, liquidity risk, overnight risk, and volatility risk—covering each in detail.
In easy-to-understand terms, the author then breaks down his system into five key elements. He first explains the psychology of risk control, telling what issues to look for and how to address them in order to more effectively implement your money management system. McDowell then details a variety of stop-loss approaches and gives you tips on how to make sure you adhere to them when they're hit. He follows with a discussion of trade size, showing how to determine how large or small your trade size should be so that you are not overextending your risk. McDowell then covers the crucial element of record keeping, and explains how it pays significant dividends. Finally, he shows how to design a realistic personal plan—one that you will continue to use and profit from.
This book also equips readers with two valuable tools: A one-month free trial of Trade Size Calculator software and The Trader's Assistant recordkeeping materials. The trial Trade Size Calculator software is downloadable at www.traderscoach.com (see Appendix A for details), and The Trader's Assistant recordkeeping materials can be photocopied directly from the book. These two tools complement the text and together provide a complete package that will deliver better results to your bottom line.
"I am pleased to strongly recommend this excellent book, A Trader's Money Management System. If you are picking up this book, congratulations, since you have taken the first steps in following in the footsteps (by using proper money management) of successful traders."
—Steve Nison, President, Candlecharts.com, and author of Japanese Candlestick Charting Techniques
"Bennett McDowell demystifies money management for traders in his new book. With these simple, time-tested strategies, a trader will decrease the time it will take to become profitable."
—Adrienne Toghraie, President, TradingOnTarget.com
"Bennett McDowell does traders a HUGE favor in this valuable book by emphasizing the extreme importance of risk control and its vital place in a sound trading plan. Further, he provides knowledge of and access to specific tools, which enable the trader to implement his ideas simply and effectively. His simple straightforward treatment of a complex and often boring subject is a breath of fresh air and a worthwhilecontribution to this important element so crucial to the achievement of successful trading results."
—Edward D. Dobson, President, Traders Press Inc.
The best-kept secret to trading success: money management
Money management may very well be the most important piece of the trading puzzle. In A Trader's Money Management System, expert Bennett McDowell provides time-tested techniques that can turn a losing trader into a winning one—and take the winning trader to an entirely new level. In revealing his personal approach to staying out of trouble in the financial markets and maximizing profits, he offers comprehensive insights into:
The psychology of risk control as well as the finer aspects of setting stop-loss exits
The value of managing trade size and consistent record keeping
The process of putting together your own personal money management system
Unlike other books that focus on the complex mathematical theories behind money management, this book presents its system in straightforward, easy-to-understand terms that will allow you to quickly see how these concepts work—and immediately benefit from the value of effectively managing risk.
This book is very easy to read and very interesting.
This book lays out step by step how to create and implement a rock solid money management system to fit your trading method that will ensure your success as a Trader.
I have read through the book once quickly, and now I am preparing to work through it at a much slower pace.
Not much to add that has not already been written in the 1-3star comments. So I will not rehash it. For a book written in 2008 I would have thought the author would have done a... Read morePublished 19 months ago by R. S.
Basic but so tough to apply when eager to succed. excelent book.
Ideal for day trading system set ups parameters. importance of size and money management
Just the usual - you need a plan, stop-loss and certainly traderscoach.com - and nothing, but nothing original. At least nice reviews from other readers...Published on February 18, 2012 by RB
Others have already given good accounts of what this book covers, so I won't rehash them here. If you haven't already accepted the premise, you should: money management is... Read morePublished on November 22, 2011 by D. Witkin
place stops let profits run , advanced traders have higher risk tolerance, really really basic, not worth the price at all, a media for selling some other a.r. Read morePublished on October 26, 2011 by Fan Blunt
I find this book an eye opener in explaining in simple layman language the money management concepts to prevent risk of ruin. Read morePublished on August 22, 2011 by MK
Never trade more than 2% of your total capital. There, you no longer need to read this book because there is nothing else of value in it.Published on December 23, 2010 by James S. Reed
I enjoyed McDowell's writing style. It was a quick read and easy to understand. I would recommend this book to anyone who wants a "basic" understanding of risk psychology, methods... Read morePublished on July 25, 2010 by RickyB
I purchased this book on Amazon after using the "Look Inside" feature. My main purpose was to have the Trader Assistant forms. Read morePublished on June 25, 2010 by A reader