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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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It is truly humbling to learn such insights from a market veteran, who is willing to share his thinking.
This book is much different than other trading books you will read as the author begins with a warning that trading is probably not for you and your time could be best spent in a pursuit of an easier path in life. Mr. Ritchie warns sternly that the pursuit of profitable trading can be a brutal path filled with pain that few can handle. He even spends the first chapter discussing all the people that he knows were financially ruined by trading and the dangers of suicide in our business. The reasons for these dangers is why I always discuss the importance of risk management and managing of the risk of ruin in my own trading books and blog.
After reading hundreds of trading books this book still stood out as one of the best explanations on how hard it was to trade through a long term equity curve and the mental and emotional pain of drawdowns in capital during losing streaks. I also found his explanation of how impossible it was to mathematically be a profitable trader for any length of time if you are risking too much on any one trade very concise. Mr. Ritchie shows with mathematical examples how the results of a string of wins and losses is affected by percent of capital at risk per trade.His approach for explaining drawdowns through a sequence of wins and losses and not just losses in a row was one of the most important perspectives that a trader can gain in understanding the importance of position sizing and stop losses. One of the best explanations I have ever heard.
The book also directs the reader to Ritchie's app that simulates an equity curve based on capital at risk and a trader's win/loss ratio.It is like a future test for your own systems equity curve.
Ritchie is a devout Christian and writes about trading through a biblical perspective and about the hypocrisy of many in the Christian world. The book also dives into Christian Apologetics and gives answers for his faith.
This is one of those books that explains the realities of trading, the good, the bad, and the ugly. It can help take a trader to the next level that reads it and really takes it to heart. The risk per trade, the dangers, and the rewards are all there for those who are disciplined and focused enough to follow the right path.