Customer Reviews

Trading Rules: Strategies for Success

5 star:		(11)
4 star:		(1)
3 star:		(1)
2 star:		(1)
1 star:		(1)

 

 

The better I get at making money trading, (not investing), the more these good books show up. (When the student is ready, the teacher will appear). I have read dozens of books over the years like all of you,and most of them did nothing for me except help me part with my money. I would get discouraged and quit the game for a few weeks or a couple of months but love of the game kept bringing me back. And when I picked up books like this one, some years ago, it didn't interest me. Know why? I wasn't ready for it. The reason it interests me now is because through many losses and trial and error, I am finding my way through this trading game and I find myself doing most of the right things now and when I read a book like this one, it confirms it! When I was a novice and not doing the right things, this book didn't confirm it, hence, it didn't appeal to me. I guess what I'm saying is, if your not improving at the trading game, then perhaps you're not ready for this book. If you are, you will be pleased to see yourself on many of the pages, but better yet, the confirmation you'll get from the book will increase your confidence and you just have to make more money. Maybe if you're not doing well and read this book, it will help you, too. All I know is when I was losing every day, I kept reading all the hype in the day trading books, losing money and this book didn't appeal to me. Now I have patience and discipline and sleep better and make money. This book has helped me make more as a position/swing trader of stocks only. Just keep in mind the 4 cardinal rules of trading: 1. Trade the trend, 2. Cut your losses quickly, 3. Let your profits run to infinity, and 4. Manage your risk. And when you learn that managing your risk partly involves losing money properly, then losing money won't bother you anymore. Read and reread this book and perhaps you too can trade the market for a living. And you know what? The markets are crashing and I'm still making money. I'm not sure if I would if I hadn't read the book.

This book is about the mindset and mental habits a trader needs to be successful in the markets. Every successful trading career has been a process of learning the "rules" in this book. If you can imagine a good friend with years of experience giving you advice on how to improve your trading; that is exactly how this book reads. This book IS NOT a "how to place a trade book." It IS an excellent book on what not to do once a trade has been placed. No book can replace the school of hard knocks every trader has to go through in order to succeed, but if you embrace the principles contained in this book and make them your own; you will save yourself a ton of money. You may even save yourself enough money to stay in the game.

The book began with the author's recall of the suicide of his bond trader friend who lost about US$60K in one single Friday in 1982. Quite a sad story, but it did tell how serious the author was about trading and his sincerity of writing a good book that attempted to help traders and those aspiring ones. In my opinion, he did a very good job.

With fifty chapters of individual trading rules (one can refer to the sample page on Amazon.com), the author had discussed, with abundant real life samples, and without nonsense, most of the essential trading rules that I had read here and there in other trading books and had personally experienced, though not effectively put into practice. One might had already read a lot of trading books. I did. However, this one was so well written and organised that I would like to recommend it to anybody who wants to buy a book for easy reference to keep himself/herself well guarded against the ups and downs of trading life.

Trading Rules is one of the best books I've read on the markets. At first read I thought it was too simple and not detailed enough. The book doesn't give you any complicated math formulas and difficult equations. It's straightforward and to the point. It's one of the easiest reads I've ever had. After reading it once I dismissed with most of what was written by the author. when I traded the stock market I realized that the author had written about certain things about a particular market action. I reviewed what the author wrote and sure enough he had already detailed what the proper strategies should be. I reread the book and sure enough what he had written made more sense. I reread the book a second time and this time I got more out of it because the author explained everything the market was to do!! On the surface of this book it's a real simple read, but the strategies and plays helped me make a lot of money. And that's what the game is all about: making money!!!

Written by a floor trade on the cbot, this book is simply a list of rules with brief 5 page explanations for each chapter. I found about most of the rules to be elementary to an intermediate trader. However, almost any trader regardless of experience can pick up a few tidbits in this book .. which is more than I can say for most trading books.

I give the book 3 stars for content, another star for being a very quick read, and another star for being cheap ...

Finally, a book that keeps your money in your pocket! Mr. Eng systematically disects each myth and clearly explains why certain things work, and why they don't. I found that once I read this book, I could develop my own game plan, one that suits my style of trading. A MUST HAVE

As a former member of the MidAmerica Commodity Exchange I can say that Bill Eng was a well respected trader and that his book is a helpful tool in the learning process. What is most interesting is that the biggest impact it had on me had nothing to do with trading. You'll have to read it to discover that for yourself.

Kind Regards,

John Onesti

Enjoyed pondering the table of contents before I bought.

Even though experienced traders may know much of this; has enough war stories and other golden material to buy it .

Practical trading experience, like Solomon the trader king.
He does well in mentioning principle rather than exception;
''Bear markets have no support,Bull Markets have no resistance''

This books author was a trader for 20 years when he wrote this book. He traded his own account and then managed funds for others. It consists of 50 short and concise chapters that explain the rules and principles that he learned to be true over his 20 years of overall success in the markets. He traded along side such legends as Richard Dennis of Turtle Trading Fame. I like that this book is right to the point and explains how the market really works and is more fact based with little of the authors opinions. He does contribute personal stories of his experience in trading but is focused on his rules for successful trading. This book was published in 1990 and it is weird because there was no internet trading to speak of, this book was meant for people that traded for a living, especially floor traders.

In my opinion here are his five most powerful principles.

Rule 4. Never let a profit turn into a loss. (A trailing stop will allow your profit to run but take you out automatically with a profit when the run is over. You make your money when you exit properly).

Rule 5. Trade with the trend. (Your system must have you buying at retracements to support and/or breakouts in a Bull market and selling short at resistance or breakdowns in prices to new lows in a Bear market).

Rule 13. Take big profits and small losses. (This is what makes you a winner in trading. Letting your winners run and cutting your losses short. Reverse this process and your account will be gone quickly).

Rule 35. Become a buyer as soon as a stock makes new highs after a normal reaction. (This is how Nicolas Darvas made over $2,000,000 in the stock market. At new highs all holders are winners and slow to sell out).

Rule 45. Bear markets have no supports and Bull markets have no resistance. (Hence the success of trend traders like the Turtles who made millions).

This book contains most of the important principles traders need to be successful in the market. It is an excellent book for new traders. It is easy to read and is a treasure chest of what new traders need to know when entering the markets. Buy it, read it, and take these rules to heart. I learned them the hard way through losing money. Believe me I know they are the truth.

I didn't care enough for this book to read the whole thing. I found it dull and uninspiring.
I read the first few pages of each rule and that's it.
I think this author my have been a good trader 100 years ago, (and some things never change) but really?!
I would really prefer advice from someone more current.