- Paperback: 188 pages
- Publisher: Island Lake Press (October 9, 2014)
- Language: English
- ISBN-10: 9780964695207
- ISBN-13: 978-0964695207
- ASIN: 0964695200
- Product Dimensions: 6 x 0.4 x 9 inches
- Shipping Weight: 12.2 ounces (View shipping rates and policies)
- Average Customer Review: 23 customer reviews
- Amazon Best Sellers Rank: #541,601 in Books (See Top 100 in Books)
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My Trading Bible Paperback – October 9, 2014
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About the Author
Mark Andrew Ritchie grew up in the deep south, an Oregon coast logging town, and Afghanistan, where he traded for pigeons, kites, and glass string. He was one of four founding partners of CRT, a participant in Jack Schwager’s bestselling, "New Market Wizards", and creator of the RR trading app. After raising 5 kids with his wife, she engaged him to follow her dream--working with orphans in Asia where he became immersed in barefoot banking. Today he is the Chairman of the Board of RTM2, a trading group, and lives outside Chicago.
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While some may be disappointed that Mr .Ritchie does not share his own entry/exit criteria, he does offer some suggestions of other books which contain trading systems. The most important takeaway, however, is that the best system in the world can bust your account if you trade it incorrectly, and a mediocre trading system can be quite profitable if you trade it correctly. This book shows you how to trade them correctly.
The trading vendor industry (books, software, systems) is really like a "Three Ring Circus Act" they need you to be stupid to sell you their "latest and greatest mouse trap. Not all vendors are hustlers and snake oil salesmen, but a good 90% of them will do nothing more than waste your TIME and MONEY, this book falls in the 10% category of what really works. My point is this, The book: "My Trading Bible" will show you why "Entry Points" on a chart are only as good as the trader who executes it, so if your trading signals are being generated by a "failed trader" who designed the software signals, then what does that tell you?
Chapter Four: "The Holy Grail" is where you will finally see what has been eluding you for months, years or even decades. In trading, it's not how much you make, it's what you keep. Let me phrase this another way for you: It’s not whether you’re right or wrong on your trades, but how much money you make when you’re right versus how much you lose when you’re wrong. You need to first learn how to BALANCE yourself with your losing trades and your risk management... until you do this you will continue to lose your shirt at this game... I know, I've spent years having to UNLEARN what does NOT work in trading. In order to be a success in trading you must have and Edge + Position Sizing ( a way to control the downside). If you really want to get on the RIGHT path read: "May Trading Bible" and then get the APP for your phone.