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High probability trading : take the steps to become a successful trader 1st Edition
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From the Back Cover
"The Goal Is to Teach All Traders to Think with the Mindset of a Successful Trader..."
While successful trading requires tremendous skill and knowledge, it begins and ends with mindset. What do exceptional traders think when they purchase a quality stock and the price immediately plummets? How do they keep one bad trade from destroying their confidence--and bankroll? What do they know that the rest of us don't?
"Some trades are not worth the risk and should never be done."
High Probability Trading shows you how to trade only when the odds are in your favor. From descriptions of the software and equipment an exceptional trader needs to high probability signals that either a top or bottom has been reached, it is today's most complete guidebook to thinking like an exceptional trader--every day, on every trade.
"It's not how good you are at one individual thing, but it's the culmination of every aspect of trading that makes one successful."
Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader--by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade.
"Why do a select few traders repeatedly make money while the masses lose? What do bad traders do that good traders avoid, and what do winning traders do that is different? Throughout this book I will detail how successful traders behave differently and consistently make money by making high probability trades and avoiding common pitfalls..."--From the preface
Within 6 months of beginning their careers full of promise and hope, most traders are literally out of money and out of trading. High Probability Trading reduces the likelihood that you will have to pay this "traders' tuition," by detailing a market-proven program for weathering those first few months and becoming a profitable trader from the beginning.
Combining a uniquely blunt look at the realities of trading with examples, charts, and case studies detailing actual hits and misses of both short- and long-term traders, this straightforward guidebook discusses:
- The 10 consistent attributes of a successful trader, and how to make them work for you
- Strategies for controlling emotions in the heat of trading battle
- Technical analysis methods for identifying trends, breakouts, reversals, and more
- Market-tested signals for consistently improving the timing of entry and exit points
- How to "trade the news"--and understand when the market has already discounted it
- Learning how to get out of a bad trade before it can hurt you
The best traders enter the markets only when the odds are in their favor. High Probability Trading shows you how to know the difference between low and high probability situations, and only trade the latter. It goes far beyond simply pointing out the weaknesses and blind spots that hinder most traders to explaining how those defects can be understood, overcome, and turned to each trader's advantage.
While it is a cliché, it is also true that there are no bad traders, only bad trades. Let High Probability Trading show you how to weed the bad trades from your trading day by helping you see them before they occur. Packed with charts, trading tips, and questions traders should be asking themselves, plus real examples of traders in every market situation, this powerful book will first give you the knowledge and tools you need to tame the markets and then show you how to meld them seamlessly into a customized trading program--one that will help you join the ranks of elite traders and increase your probability of success on every trade.
About the Author
Marcel Link has been trading professionally since 1991. He is the founder of linkfutures.com and is a TradeStation consultant. Linkfutures.com serves the trading community with daily commentary on the markets, along with insights into technical analysis, training, marketing, and other information that can be vital to traders. Link can be reached for questions or comments at firstname.lastname@example.org.
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Top customer reviews
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There are some very simple rules such as:
1. Never chase the price.
2. It's better to miss a good trade than to get into a bad one
3. Exit a trade quickly if it isn't working out. (love this rule)
and lots more things that will help you. Good luck!
Do you currently use multi-timeframe analysis? If not, you NEED to. Are you using any type of trend following system? This book is for you. Have a successful breakout system? READ this!
My only issue with it was some of the indicators and chart analysis tools are glanced over with no guidance on how to use them or even the author's feelings on those indicators. For example, he mentions in passing using Fibonacci retracements, and while there are entire books on the subject, he mentions nothing specific about its usage (or his usage, or lack thereof).
Also would've liked to have more on using different indicators on different timeframes, whereas the author just says that different people like different indicators. So the vagueness is a little weird, but overall excellent book which has definitely made a very quick and noticeable difference in my trading.
In the author's opinion, you need at least $50,000 in tuition and at least several years of intense trading experience to succeed. I don't necessarily agree with him on this point, because $50,000 is quite a bit of money and trading is an extremely stressful job. After all, it is all about gambling.
When you get into trading business, skills of trading matters more then stock picking based on fundamental analysis or recommendations. And don't necessarily rely on technical analysis all the time, because it is not supposed to work 100% of the time.
Some of the most important rules and advice include
Think in terms of risk/return rather than return only.
Don't rush in or rush out. Buy and sell a little at a time.
Do not buy into rumors or news.
Avoid the spike and sharp sell-offs.
Do not deal with fundamentally troubled entities.
check out variety of asset classes. don't just limit yourself into stocks, but also check out etf's, bonds, commodities, precious metals, etc.
This is my opinion, but I personally try to avoid derivative markets (CDS, leveraged etf's, options, futures, etc) since they are way too volatile and you take on much more risk.
Avoid mainstream financial news coverages. Try independent blogs such as
Max Keiser or Daily Reckoning.
You also need to know the nature of the Federal Reserve and our monetary system. Read the following books too
The Creature from Jekyll Island: A Second Look at the Federal Reserve
Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books)
Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free