High probability trading : take the steps to become a successful trader Reviews

High likelihood trading: take the steps to become an effective trader

High probability trading: take the steps to become a successful trader

A typical denominator amongst most brand-new traders is that, within 6 months of introducing their brand-new pursuit, they are out of cash and out of trading. High-Probability Trading softens the impact of this “trader’s tuition,” detailing a detailed program for weathering those dangerous very first months and becoming a rewarding trader. This no-nonsense book takes a distinctly blunt appearance at the truths of trading. Fulled of real-life examples and meant for use by both short- and long-lasting traders, it

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2 thoughts on “High probability trading : take the steps to become a successful trader Reviews

  1. 449 of 482 people found the following review helpful
    5.0 out of 5 stars
    This book ties everything together, October 25, 2003
    By 
    James Lor “James Lor” (Montreal, CANADA) –
    (REAL NAME)
      

    This review is from: High probability trading : take the steps to become a successful trader (Hardcover)
    I’ve read some of the reviews (or should I say criticisms) of this book. They write that it’s for beginners, there are just a couple of setups, and the obligatory discipline “cut your losses” warning chapter. I think people are missing the big picture.
    If you want a detailed book about technical analysis, with lots of explanations, setups, etc. etc., there’s “Technical Analysis Explained” by Martin J. Pring, or you can buy something by Jack Schwager or John Murphy.
    If you want a book about building and testing a trading system, there’s “Trade Your Way to Financial Freedom” by Van K. Tharp.
    If you want a self-help book about discipline / psychology, there are a lot of those, some in the investment section, some in the psychology section.
    If you want a book about day-trading, there are a ton of those as well.
    The thing I like about this book is that everything is there in one place. At the end of each chapter, the author gives you pointers on what to do and what to avoid doing to reinforce your memory of the principles. The book is written in a very readable style. I got this book about three weeks ago, and by applying some of the principles I learned from the book, I made two profitable trades (which I would not have normally made) and avoided making a trade which I normally would have made. This trade would have been a loser. As a result of reading this book, I made and saved enough money in the last three weeks to buy ten copies of this book. Isn’t that why we read these books???

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  2. 209 of 224 people found the following review helpful
    5.0 out of 5 stars
    solid, July 30, 2004
    By 
    a professional trader (Colorado Mountains) –

    This review is from: High probability trading : take the steps to become a successful trader (Hardcover)
    This is probably one of the most realistic books on what it takes to trade professionally. The author starts by correctly stating how difficult it is to trade successfully. He gives a time frame of 3 to 5 years, although he states it took him seven years to be consistently successful (he refers to himself as a slow learner).

    He also discusses unrealistic expectations of beginning traders, who typically open accounts of $10,000 to $25,000, and expect to make a living trading such accounts. The author notes that the best fund managers on Wall Street, who can consistently return 35-40 percent, command salaries in the seven and eight figures. Even if a beginner could produce such returns their first year (extremely unlikely), could they live on 40 percent of $10,000? When Wall Street investment firms want to hire a trader, they go to the best business schools, recruit the top graduates, pay them maybe over $200,000 their first year just to sit in training classes for months. They tell these trainees they do not expect them to make any money for at least two years, and these are individuals who have access to some of the most experienced traders on Wall Street. When they do finally start trading, they are closely watched and given only modest amounts to trade. Would you be surprised to know that the average professional trader is successful on only approximately 50% of their trades? With some futures trading systems, it is closer to 30 percent. This is why taking losses quickly is the single most important aspect of successful trading.

    The book also covers the basics of trading systems, including indicators, stops and exits, typical trading system characteristics, backtesting and system writing.

    While he also touches on trading psychology, this is the weakest part of the book, and is mostly biased towards his own hurdles, which were taking too large a position in too many different markets. He refers to this as “overtrading”, although I would define overtrading differently. For those looking for a book on trading psychology, try Mark Douglas’ books, such as “The Disciplined Trader”, and “Trading in the Zone”.

    Finally, the book is interspersed with anecdotes about real trades and traders, which are invaluable about how not to trade, and are often hilarious. One example, the author stated he once held positions in 15 different futures markets at one time on a $5000 account, although this seems impossible, if one was to meet the margin requirements of each market.

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