High Probability Trading
High Probability Trading may in time find itself being placed beside Van Tharp’s Trade Your Way to Financial Freedom (McGraw Hill) and Elder’s Trading for a Living (Wiley). Like Van Tharp and Elder, Marcel Link has put together a book covering the whole trading gambit – method, money management and psychology. When people ask me to recommend trading books I usually refer them to Van Tharp and Elder, as I believe they are good all-round books. I may start including High Probability Trading.
At 383 pages High Probability Trading is a large book. It contains something for everyone: discretionary or mechanical trader, beginner or veteran.
Marcel Link shares the insights he has gained from personal experience as a trader and broker. Starting with the setting of realistic goals, he takes the reader through the steps he believes all aspiring traders should take. The book explores the proper way to treat news. For the discretionary trader he imparts his views on the correct use of technical analysis over multiple timeframes. For the mechanical trader he provides enough useful ideas to keep any system writer happy and busily occupied (TradeStation code is provided where relevant). The importance of trading with a plan, the importance of money management and the challenges of psychology are explored in depth.
I like this book because the author places money management where it should be, at the top. My only criticism of the book is that, unlike Van Tharp and Elder’s books, High Probability Trading is a little loose in structure (for instance, although the author believes money management is king, he doesn’t discuss it until page 286) and somewhat repetitive. However, the content of the book is such that it will help many traders find a path to trading success.
This article was originally published in the Sep/Oct 07 issue of YourTradingEdge magazine (www.YTEmagazine.com). All rights reserved. © Copyright 2009, MarketSource International Pty Ltd.
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