Don't Be a Mule: A down-to-earth, common-sense approach to saving more, spending less, and generating extra money in your everyday life. Review

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(More customer reviews)David Bakke has got the timing perfect for the release of this much needed book. When you read it you realize that it makes perfect sense, when you put his ideas into action you see it for yourself.
I have read many of the `How to get Rich' books, this is unlike them. It actually prevents you from being poor, or paying out huge amounts for things we don't need to.
The big advantage this book has over any other I have read is that it is written in a language you can understand. You don't need to be a financial advisor or `Whizz Kid' on `Wall street' to grasp the concept. Some of it are very humorous but carry an important life learning message.
If you need to erase credit card debt, save money on bills, save money on groceries, save money on gas, get free credit reports, increase you income, make more money at work, plus frugal living tips in a nutshell; This is the only book you will need.
If you or you know someone who is having a few financial problems or you just want your money to go a little further, you need to get the book now. I have given it to my brother as an additional wedding gift, considering 30% of marriages end in divorce due to finances; this should be a compulsive read for all newlyweds. I hope it helps him as much as it does me.


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David Bakke was in deep financial trouble. Desperate to be debt-free, he created a program based on his ideas about saving, spending, and earning. The result? Financial stability, and a book designed to offer a hand to everyone struggling and in debt. Don't Be a Mule: A Common Sense Guide to Saving More, Spending Less, and Generating Extra Money in Your Everyday Life is a practical guide to changing how you think about money. David is no financier, but he does understand that debt invites chaos into our lives and sets us on a path that, for some, seems hopeless and never-ending. The program he has devised has nothing to do with getting lucky in the lottery. Instead, its focus is to change our attitudes about money, rethink how we spend, and create an environment of increased earnings. In a voice that is both instructive and friendly, David delivers a book guaranteed to make us rethink how we relate to money. It's a strategy that got him out of debt'and can work for you, too.

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Trading Without Gambling: Develop a Game Plan for Ultimate Trading Success (Wiley Trading) Review

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(More customer reviews)This book is in the top eight out of the over one hundred stock trading books I have read. It presents one of the most important principles of successful trading: DO NOT GAMBLE, ONLY TAKE TRADES WITH A HIGH PROBABILITY OF MAKING MONEY. Author Marcel Link covers in great detail all the areas that a stock trader needs for success in the markets.
First he explains the importance of having a detailed trading plan:
1. Entering a trade
2. Exiting a trade
3. Stop placement
4. Position sizing
5. Money management parameters
6. What to trade
7. Trading time frames
8. Back testing
9. Performance review
10. Risk vs. Reward
In two areas of the book he writes about how even though great traders have a huge amount of differences about them they all share one common trait:Discipline. Whatever your trading style you must have the discipline to follow your trading plan by taking your wins while they are there, cutting your losses when it is time, and never trade to large a position and risk to much of your capital.
He touches on some of the key aspects of trading strategies, but his main point is whether you trade based on technical indicators or fundamentals you must trade a proven system that has been back tested and once you make your system rules, follow them.
The author advises focusing on one market and really know how your market or specific stock trades. He believes you can really hurt your performance watching commodities, futures, bonds, or to many individual stocks, and having to many positions on at the same time. I agree.
You will receive advice to keep the right perspective and always ask yourself "If I did not have this position on would I buy now"? Try to look over your own shoulder while in a trade and give yourself advice like you are trying to advise a friend's trading.
I really liked how Mr. Link said that you should avoid over trading and you should not always either be long or short a stock, that no position was a position in itself. (I had to follow this "no position" mantra in my major account in 2008 being unable to get a feel for any trend or support and resistance levels and saved myself from huge losses).
The author shares his personal trading rules, key principles for successful trading, favorite books and magazines. This book is a treasure test of information and advice from a real 20 year veteran trader who has done very well for himself and is sharing his knowledge with us. This is not a gamble, buy the book and use its principles and you will win in trading.

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Many people perceive trading as nothing more than a gamble. But there are still people who consistently make money trading. How do they do it? They've learned to separate gambling from trading. And the way they do this, says author Marcel Link, is by developing a proper plan. In Trading Without Gambling, Link shows how to create and use a sound game plan to improve every aspect of trading–including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk–while leaving very little to gambling.

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Trading Systems: A New Approach to System Optimisation and Portfolio Construction Review

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(More customer reviews)A fairly good book, that does a excellent job at explaining the pitfalls of system building. While not agreeing completely with the authors on all points, most of their arguments are in line with best practice when it comes to back testing and system building. On the downside, I probably expected more code than what existed in the book, without it, the examples become something of a 'trust-me' trade.
Overall, a book that serves most system developer as a reminder that there are a number of ways to improve their own back testing protocols. More importantly, it does also make a good job at explaining the various charts and analytics that are available in Rina Systems and Trade Station.

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Every day the sun rises on the horizon there are some traders who make a fortune. It seldom happens but it does happen, as the names of William Eckhardt, Ed Seykota, Jim Simons, and many others remind us. And you can be one of them.
'Trading Systems' is an insight into what a trader should know and do in order to achieve success on the markets. You don't need to be a rocket scientist to build a winning trading system.
Divided into three parts, this book highlights exactly how you can build that system.

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Make Money Trading: How to Build a Winning Trading Business with foreword by Toni Turner Review

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(More customer reviews)I am a visual learner, and the illustrations/figures in the book are helpful in explaining key concepts. The book finally made evident to me the importance of understanding risk in trading. I've read over and over things like "keep your losses small, and let your runners win" but I never really understood why I could have a trading system that wins 80% of the time and still have a losing system. This book spells out the interrelatedness of profit targets, stop losses, percent profitable, average win and average loss. It provides a clear, systematic approach to system development that includes some of the realities of trading (like if it looks too good to be true on paper it most certainly will be in live trading). The book also provides several strategy examples that were really helpful to me.

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Want to be your own boss? Live independently? Take a more active role in managing your money? That s what a trading business can mean for you money, independence, and complete control over your finances. But without the proper education, about 90% of people will fail. That s why this book is essential to your trading success.Jean Folger and Lee Leibfarth present an organized, top to bottom look at what it means to start, run, and ultimately succeed at the business of trading.As active traders with over 15 years of teaching and coaching experience, Jean and Lee wrote this book specifically to give you unlimited access to all the tools and skills necessary to becoming a profitable, self-sufficient trader. Inside you ll find information that will turn you from a spectator to a full-time pro!Gold mines and pitfalls of the Business of Trading: Learn what makes the markets tick to find the next big win, essential risk management techniques to protect your gains, and detailed information on how technology can be your greatest asset and make your life easier.How traders predict the markets: Explore the tenets of technical analysis and how reading the charts can help you pinpoint the highest probability trades.Secrets of disciplined trading: Discover the secrets to developing, testing, and building a successful trading plan to fit your personal style with tips on backtesting, optimization, and evaluation. Don t risk your money reinventing the wheel. Every detail you need to start or refine your trading business is in this book. Packed with of examples, downloadable code, and worksheets, Make Money Trading is the ultimate resource for creating a winning trading business. Come discover what Jean and Lee already know the joys of being an independent trader.

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Trading Risk: Enhanced Profitability through Risk Control Review

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(More customer reviews)In his book Trading Risk, Ken Grant draws upon his experience as a risk manager for Tudor Investments and SAC Capital to create an insightful and surprisingly non-technical guide for traders and portfolio managers. As Director of Trader Development at a large proprietary trading house, I have been impressed with the role risk management plays in the success of the firm and its individual traders. Moreover, this is a scalable difference: risk management very much impacts the outcomes of individual trades, results of trading days, and performance across entire quarters. Where I believe Grant has admirably succeeded is in documenting that risk management is much more than simply "cutting your losses". Trading Risk systematically breaks down elements of the process of managing trades, from the establishment of concrete objectives to the allocation of risk capital to specific trades and the use of correlation analysis in evaluating trading results. His discussions of adjusting portfolio exposure and evaluating the risk components of individual trades are highly practical and encourage a rigor of self-analysis that is rarely practiced.
Perhaps an example from my own work with traders that overlaps Grant's ideas might be illustrative. I encourage traders to keep a log of all their trades that tracks time of day, position taken, position size, holding period, and profit/loss (P/L). Changes to the position are also documented, as traders scale into or out of trades. From this record, we can evaluate a host of performance statistics, such as position sizing as a function of market volume/volatility, the correlation of profitability with trade size/holding period, and patterns of activity within the trading day. While Grant's background is with portfolio management-appropriate to a manager who is holding a basket of positions in a variety of equities-his ideas are easily adaptable to the intraday trader who is trading a single instrument. By viewing each trade during a day as an element of that day's "portfolio", we can ask important questions about the mix of position sizes, overall directional bias, and the management of volatility as a function of trade capital/loss limits.
Written in an engaging style with bits of humor interspersed, Trading Risk ends with a practical chapter that summarizes the book's major points. He explains the importance of developing and modifying trading plans, defining one's trading "edge", judiciously allocating risk capital, and improving performance "at the margin". This latter point is a particularly neglected element in risk management. For the active, large trader, the ability to squeeze the extra tick out of trades is frequently the difference between a winning day and a losing one. Superior traders have an ability to read the very short-term patterns of price change and momentum to determine when it is prudent to hit the bid or let the market go offer in exiting a position. At such points, good risk management and good trading are indistinguishable.
I have few reservations about Grant's book. A text of 250 pages is not going to provide many workbook-like examples, something that would help the more mathematically challenged master the ideas of value-at-risk and correlation analysis. Small retail traders who trade only occasionally will probably find the risk metrics less compelling than larger, active traders or portfolio managers, though the basic principles emphasized in the last chapter certainly apply to any serious trader. Considering the absence of serious discussions of risk management in the popular trading literature, Trading Risk is a major contribution and a worthy addition to a library. I plan to use it as a core reading in our training program for new traders, perhaps the best endorsement I can give.


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Revolutionary techniques that traders can implement to improve profits and avoid losses
No trader, professional or individual, can afford not to have a solid risk management program integrated into his or her trading system. But finding a precise mathematical model to replace subjective decision-making processes is a challenge. Traditionally, risk management has focused solely on loss avoidance, but in Trading Risk, hedge fund risk manager Kenneth Grant presents some-thing completely new—how to manage a portfolio to minimize risk and increase profits by putting more capital at risk. Trading Risk details a risk management program that can help both money managers and individual traders evaluate which elements in a portfolio are working efficiently and which aren't. By illustrating an extremely simple set of statistical and arithmetic tools this book can help readers enhance their performance in many financial markets.
Kenneth L.Grant is Cheyne's Global Risk Manager, and is the Managing Member for Cheyne Capital, LLC, the firm's U.S. arm. Mr. Grant is a pioneer in the field of hedge fund risk management and capital allocation. Before joining Cheyne, he created risk control programs at two of the world's leading hedge funds, Tudor Investments and SAC Capital, where he was eventually promoted to the title of Chief Investment Strategist. Mr. Grant holds a Bachelor of Science in Economics and Mathematics from the University of Wisconsin, an MA in Economics from Columbia University, and an MBA from the University of Chicago Graduate School of Business.

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The Strategic Dividend Investor Review

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(More customer reviews)"The Strategic Dividend Investor" is a well written and informative guide to a rock solid investment strategy that has, unfortunately, been largely overlooked for the past two decades. Peris takes the time to educate the reader on the fundamentals of company valuation without bogging down in analytics. A pleasure to read without ever being campy or dumbed-down, "Strategic Dividend Investor" fills an obvious void in the realm of money management publication: a book sophisticated enough in content to satisfy the needs of the investment professional while being witty and accessible to those managing their own money.

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TIRED OF THE STOCK MARKET'S UPS AND DOWNS?
Get off the Wall Street roller coaster with strategic dividend investing!

"Peris is way out in front of the Wall Street pack. His book makes a case for dividend-driven investing that no one in this back-to-basics era should ignore."Josh Peters, Editor, The Morningstar Dividend Investor

"Peris is a leading portfolio manager in the dividend investing space, and his results and insights add tremendous value to any portfolio. Whether you're an individual investor or an institution portfolio manager, The Strategic Dividend Investor is an absolute must read in this challenging market environment."Don Dion, President, Dion Money Management, and Editor, The Fidelity Independent Adviser

"In this lively and persuasive polemic, Daniel Peris forcefully reminds us what equity investing is really all about: SHOW ME THE MONEY!"Ian Kennedy, former Director of Research, Cambridge Associates

About the Book:

There's a big difference between investing in the stock market and investing in companies through the stock market.The Strategic Dividend Investor shows you why, over the long run, investing in companies with high and rising distributions is far superior to "playing the market."

Responsible for $4.5 billion in dividend-anchored portfolios, Daniel Peris demonstrates that, for most investors, buying a stock in the hope of making a quick buck by selling it in a few weeks or months is far from the best way to create wealth. Instead, you should use the stock market as a means of receiving a share of excess profits—dividends—from corporations in which you own stock. Over time, those payments—and the growth of those payments—represent the vast majority of stock market returns.

The Strategic Dividend Investor outlines the key issues you need to address in order to create a solid dividend portfolio, including how to:
View the stock market as a business venture rather than as a platform for speculation
Strike the right balance between current yield and dividend growth
Learn to assess the ability and inclination of a company to pay and increase its dividends over time

The real key to mastering the stock market is to take the stock out of the equation and treat your outlay as you would any other business investment—with an eye to the long term and to cash returns.

By contrast, the "buy low, sell high, repeat frequently" philosophy foisted on the investing public has been wrecking portfolios on Main Street for decades, all the while generating big profits for Wall Street. But after a decade of mediocre returns from the stock market—highlighted by two dramatic crashes—now is the time to refocus your portfolio on dividends, and The Strategic Dividend Investor will show you how.

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The Complete Guide to Building a Successful Trading Business Review

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(More customer reviews)Put simply I found this book to be exactly what it says; a complete guide to building a successful trading business.
The layout and design are clear and concise, the material constantly relevant and the narrative always thought provoking. Throughout I was struck by the meticulous detail especially on the adminstrative areas like contingency planning (for most people these are the boring and most overlooked areas of trading - hint - that it's so exhaustively covered here should be telling you something). If you are someone who is just looking for quick fixes or holy grail systems this book will not give you what you want, it will however tell you what you need to hear.
The section on simulation was particularly useful for me being an area I personally needed to better understand and again the detail is extensive. I am also someone who likes to dip in to books for reference material afterwards and the way this book has been designed and written it is perfect for that as the author has been very careful to cross-reference relevant topics elsewhere in the book so each area is completely covered.
In all I found this to be an excellent addition to my trading library.

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This concise, to the point, and waffle-free reference lays out everything you need to do to build a successful trading business.It includes:How to maintain discipline and accurately run your trading business.How to allocate capital to your trading systems.How you should use simulation in your trading.How to create, develop, and test your trading systems.What good contingency planning looks like.What should be in your business plan.This book is a "must-read" for anyone serious about trading for a living.See pmkingtading.com for more details.

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Study Guide for Trading for a Living: Psychology, Trading Tactics, Money Management Review

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(More customer reviews)Sometimes I read a book and think I understand its author's ideas... but 2 weeks later only vaguely recall what i read. Dr Elder's STUDY GUIDE did a fantastic job of exposing my blind spots. Each of its questions is referenced to a specific chapter in the book. He shows you charts and puts you into trading situations, then asks, what will you do? He tells you not only what answers are correct but why they are correct and why others are wrong! The self-rating scales at the end of each chapter showed me exactly where I stood and what I needed to do next. A great follow-up to TRADING FOR A LIVING!

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Better Stock Trading: Money and Risk Management Review

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(More customer reviews)The book really starts out examining how risk management can affect a system with positive expectations. The main point he is making is that your average profit should be greater than average loss, which is true enough. Unfortunately, there is an implied assumption in this section that suggests you can change the stop without impacting the probabilities of success -- i've found this not to be true in my own trading. I would certainly liked to have seen some mention of this in the book, but that's a bit of a nitpick to be quite honest.
In the book, Mr. Guppy uses the 2% risk model Elder uses. However, there are bits missing. For example, he has no real way of limiting risk. He has a model whereby through diversification and position limits, he will limit outstanding risk to 20%. However, from my brief reading of the book (I plan to go over it more thoroughly later), there is nothing stopping you from entering another 20% worth of positions, and another 20%. Stopping your entire portfolio out several times. Sure, I hear you say, this could never happen to a top trader -- however, if it happened to Steve Walton , I suspect it can happen to you.
Overall, I think this is an excellent book, and I learned quite a bit from it. Mr. Guppy's writing style may not be quite as polished as some writers, but I think it's still quite good. If you are a position trader, i'd highly recommend this book -- if you opt for the swing or daytrading timeframes, I think you might be better off with Elder or Tharp -- although it certainly does no harm to study all of these authors, as they each have a lot of really good things to say about this topic. I think this book may indeed be destined to be in fine company, alongside Elder and Tharp. This work is much stronger and generally more useful than his earlier work, Market Trading Tactics.

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An in-depth examination of money management methods for consistent trading successIn Better Stock Trading, Daryl Guppy shows readers how to improve returns by using good money management technique???not by increasing risk in trying to win more trades. Readers will learn how to level the market playing field by using the best money management strategies for their particular account size. From the straightforward two percent rule, to pyramiding methods, and overall portfolio management, Guppy presents a selection of strategies, which will allow any independent trader to capitalize on a rising market and protect funds when the bear takes over. He also shows readers how to study their own trading history and use this information to improve their trading future. Trading skill counts, but money management gives independent traders the edge. Daryl Guppy (Australia) is an experienced and highly successful private trader. A member of IFTA and the Australian Technical Analyst's Association, he is a popular speaker at international trading seminars in Australia and the Asia Pacific region. He is the author of five highly successful trading titles, including Market Trading Tactics (0-471-84663-5), and is the Editorial Director of The Investors' International Bookshelf.

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Professional Stock Trading: System Design and Automation Review

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(More customer reviews)I like this book--even though I don't have TradeStation to actually try the source code out on. It's a great nuts-and-bolts look at the actual step-by-step coding of several different sample systems. I recommend this for any novice trading system developer using the TradeStation platform. For non-TradeStation owners, I don't particularly recommend it, as many of the useful tidbits found in the explanatory parts of the book are drawn from other famous trading books. Without TradeStation, most of the book is rendered useless. Still, I was able to make use of the book because I am a programmer and can convert the tons of provided source code into Wealth-Lab Developer or Amibroker's proprietary languages. And the sample systems gave me some great ideas on how I can improve my existing systems.

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The ART of Trading: Combining the Science of Technical Analysis with the Art of Reality-Based Trading (Wiley Trading) Review

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(More customer reviews)What I liked about the book is that it covers all the various aspects of trading, from psychology to money management and explains the true realities of the markets which are price and volume. In his book, McDowell does not lull readers into thinking ART is a "get rick fast" trading system and instead instills the notion of strict risk control and discipline, essentially helping readers to learn how to trade in a market where odds are against traders.
The down side is that the trading ideas in the book are applicable for his software only. Therefore unless you purchase the software, the majority of the book is pretty much just nice to read but not that useful.

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An expert in the field of finance reveals his proven trading systemAs a trading coach and financial advisor, Bennett McDowell has used his own proprietary trading system--Applied Reality Trading or ART to enhance the performance of his clients' portfolios. Now McDowell outlines the unique benefits of his system and makes the case for trading the reality--not the fantasy--of financial markets. Readers will discover the importance of simplicity in a trading approach; how to develop "The Trader's Mindset;" how to use ART(r) technical analysis software; and much more. The ART of Trading will enlighten readers in how to use reality to enrich both their financial portfolio and their own financial psychology.

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The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires Review

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(More customer reviews)In The Complete TurtleTraders, author Michael W. Covel tells the riveting account of a group of investors who were led by one remarkable man, Richard Dennis (with the help of his partner, William Eckhardt). Dennis was somewhat of an iconoclast, not brought up through the ranks of Fortune 500 company grooming programs, figuring out his own methods for making money.
Dennis was a successful investor who believed that investing
principles could be taught to anyone. His partner, William Eckhardt, disagreed, tending to believe that the talent was inborn. Their differing views formed the basis for a bet between the two men and led to one of the more remarkable experiments in investing history.
Basically, Dennis agreed to find a diverse group of individuals, give each recruit $1 million dollars, put them through two weeks of intensive training, teach them specific investing principles and methods and see how well they'd do after that. To add to the challenge, Dennis and his partner (who agreed to help teach the recruits) hired people from all walks of life.
Exactly how diverse was the group? Well, there was a security guard, a restaurant manger, an unemployed student, a bartender, kitchen cook, teacher and even a prison worker. Covel describes in detail how Dennis
interviewed and selected each recruit, nicknaming them "The Turtles". He also chronicles their 14 days of intensive training. It wasn't easy but the potential rewards were great.
While the account of the Turtles' experiences is reason enough to buy this book, I want to stress that it is more than the story of that remarkable group of individuals. It is also the profile of Richard Dennis, his background and his own conflicting feelings as the experiment
concluded and a second generation of Turtles came along. At times, it is hard to wonder if the Turtles succeeded too well, leading to mixed feelings in Richard Dennis as some of them surpassed him.
Covel also updates readers about some of the Turtles today. The book is so full of investing principles, guidelines and rules that I don't know how anyone with an interest in learning more about investing, trading or finances could pass this one up!


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The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading) Review

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(More customer reviews)The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)
This is my first Amazon.com review, and with excellent reason -- Dr. Steenbarger's latest book is his best yet!
Wall Street is the only place on earth where an expert and a novice have a 50-50 chance of winning. This is the human fascination with speculation.
Dr. Steenbarger's book provides 101 lessons every rookie and professional trader should---thanks to this book---be familiar with. Like his previous books, The Daily Trading Coach provides little jewels to improve your viewpoint from amateur trader to professional trader.
Compared to Van Tharp's books, Dr. Steenbarger takes an entirely different approach. Where Van Tharp focues on Position Sizing and Positive Expectancy systems, Dr. Steenbarger focuses on proper self-monitoring and self-coaching tips to improve performance over the daily uncertainty of Wall Street.
Combining Van Tharp & Brett Steenbarger's lessons, below are some commonly misunderstood facts of financial speculation:
1) It's not by making large profits that money is made over time. It's by consistently keeping losses small in relation to profits.
2) Making Money and Being Right are at opposite ends of the performance spectrum, and --- very surprisingly to most --- most professional traders admit their primary job is to minimize losses, NOT focus on being right. Why? Minizing losses (well over 50% of the time losses can't be avoided) ensures their average winner will be greater in relation to the average loser.
3) No one knows FOR SURE how much profit any trade is likely to make. Fortunately, it is possible to know THE INITIAL RISK a trader is willing to lose.
4) Projection of future prices are only a BEST GUESS, never a 100% certainty.
5) Top traders only control three things all the time: Initial Risk, Exits, and EMOTIONS...
Most professional traders keep emotions in check, and most admit that an emotional trader is a Dangerous Trader. I'm happily surprised to find Dr. Steenbarger support a different view.
Dr. Steenbarger uses research to argue that emotions can become a trader's best friend by fueling the drive to sustain change and modify a trader's behavior to enhance trading performance. Learning this is worth 1000x the price of the price of the book! Why? Because humans are naturally wired to act on emotions, and the human mind is the most complex to understand because emotions drive its actions unpredictably. Over 75% of the Daily Trading Coach is focused on harnessing the psychology of emotions to propel performance
It is said that Wall Street is the most expensive place to find yourself. Although this will always be the case, The Daily Trading Coach will certainly help reduce the cost of such an expensive lesson.
My faith is stronger than your doubt,
Federico Tewes

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The Trader's Tax Solution: Money-Saving Strategies for the Serious Investor (Wiley Trading Advantage Series) Review

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(More customer reviews)I found this book to be a vast waste of time. There is very little of practical use to the trader. The author spends the majority of the book on his "Triple Crown" of reducing taxes. None of which you can do without a CPA. You would be better off visiting this book at your local bookstore, jotting down the "Triple Crown" and then hiring a CPA to explain it to you. The writing is poor and difficult to follow -- not because of the technical difficulty, but, because the sentences and paragraphs are so poorly constructed. Save the $( ) and look elsewhere.

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The trader's one-stop guide to reducing tax liabilityAs trading increases in popularity, so too does the tax liability. Ted Tesser, expert tax consultant, arms all traders with the right information to reduce their tax liability and be better prepared once tax preparation time rolls around. This comprehensive guide covers all business planning issues and provides tax-saving strategies, explaining in detail what is deductible and what is not, and what documentation is required. Individual case studies, real-world examples, and model tax returns provide the answers traders need.Ted Tesser, CPA (New York, NY), specializes in investment taxation and is an active trader. He is the author of Wiley's The Trader's Tax Survival Guide, Revised Edition and is well known for his popular seminar entitled "How to Create and Manage a Profitable Trading Business."

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Trading Rules that Work: The 28 Lessons Every Trader Must Master Review

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(More customer reviews)The author, a 20-year trader and market analyst, provides 28 concrete trading rules in this 192-page book that will aid the newbie or experienced futures and FX trader control their inner self when trading. It is also useful for traders of equities and other investment vehicles.
According to the author there are three keys to successful trading:
1. A trader understands their his own psychology
2. A trader masters the psychology of his personal trading rules, and
3. A trader understands and masters the market's psychology
The book is equally divided into four parts: getting in the game, cutting losses, letting profits run, and trader maxims. Jankovsky devotes one chapter to each of the 28 rules. A number of the rules are well known such as have a trading plan, cut losses and let profits run, don't overtrade, and never add to a loser. Others are not as well known such as keep good records and review them, don't second-guess your winners, and all markets are bearish.
In all cases, the author provides excellent insights, a thorough discussion, and good advice on how to implement each rule. Jankovsky notes that traders who consistently make money have a trading plan with specific rules, while losing traders typically have no plan. He believes that it is critical for the trader to keep accurate and comprehensive records of all trades, especially recording what you were feeling and thinking while making the trade.
The author suggests that those interested in trading read books by great traders and focus on how they think and leverage their experience into your own. Also provided is a list of recommended reading, which includes eighteen books focusing on psychology, contrary thinking, and crowd behavior. It is important how a trader creates the market in his/her head, since trading success will depend upon how you see and interpret the market's input.
The book has only a few tables and charts. Unfortunately, a few of the charts are only one-third of a page in size, and the small-boxed comments are hard to read. Half-page charts would have been clearer.
In summary, anyone considering trading for a living, whether using futures or equities, can glean very useful, practical and implemental trading rules that will provide a basis for trading success. This book is a welcome addition to the field. As the author of Day Trading on the Edge: A Look-Before-You-Leap-Guide to Investing published in November 2000, and a voracious reader of over 500 trading and investing books, I found Jankovsky's book easy-to-read and very worthwhile.


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Trade Like the Little Guy: How a small trader can consistently profit in the markets, Second Edition Review

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(More customer reviews)I have been trading stocks on and off for many years, and much more earnestly in the recent past. About Three years ago I got the financial "bug" to take control over my own financial destiny. Since that time I have read more than 45 books and hundreds of magazine articles on stocks, options, futures, forex, day trading and various methodologies. It was not until I read "Trade Like The Little Guy" that I started trading successfully and stopped losing money!
The information contained in this book is presented in a very straight-forward and easy-to-understand manner. The main principal this book taught me was to have patience. Wait for the market to unfold and give up the information it has to allow you to make intelligent decisions about your trading. So now I always ask myself "What is the market telling me now?".
In addition the other point driven home for me was to switch my focus on preservation of capital and mitigation of risk, rather than simply focusing on how much I "might" make on a given trade. This has actually allowed me to live the old addage "Cut your losses short and let your profits run!"; a practice much more easily said than done, until I read this book.
Up until this point I had never really used Stock Screeners, but after reading this book, and trying them myself, I am now a believer.
From thesis development to risk management and trade execution, this book provides an excellent springboard into a larger world, and helps you focus on becoming a more disciplined trader. It has has improved my success rate substantially. A must read for traders of all levels!

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Trade Like the Little Guy (second edition) takes the approach that the small trader is not like the large trader - they have a unique footprint. They are able to dart in and out of stocks easily and find that high levels of cash are safer in times of uncertainty rather than in safe stocks. Small traders have advantages and it is imperative that they use them. Trade Like the Little Guy informs the everyday trader on how to successfully build wealth over time in a methodical fashion. It starts with a current market thesis and then seeks to exploit opportunities in the market place with trading ideas that are congruent with that thesis. The book starts with a definition of a successful trader and then shows you how to become one. Emphasis is place on risk factors and risk management; trading tools; thesis creation and the formation of a trading strategy. Through the use of a real world trading example, the concept of Active Portfolio Management is shown to minimize risks while creating substantial rewards.

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The Universal Principles of Successful Trading: Essential Knowledge for All Traders in All Markets (Wiley Trading) Review

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(More customer reviews)This book is excellent for traders that are ready for it. You need a foundation in trading to understand its importance and take the principles seriously. Once you are through the rainbow and butterfly phase of trading and realize that you will not be a millionaire in a year this book will help you get focused and get serious about your trading and what really works.
Here are the six universal principles of successful traders:
1). Preparation
Author Brent Penfold is in the minority believing risk management is the #1 priority in trading. He believes that once you get your trading system and position size in place you must use the amount you will risk on each trade to figure out your risk of ruin. The book shows specifically how to figure this out using an excel spreadsheet. His point is that if your risk of ruin is not zero then you will eventually blow out your account. Risking 1% to 2% of your capital in any one trade usually gives you a zero percent risk of ruin but it also depends on your systems win/loss ratio. But the point is to test any system with 30 trades first then determine your risk of ruin.
2). Enlightenment
Your #1 goal is to lower your risk ruin to zero. In trading the trader with the best ability to cut losses short wins. Simple trading strategies work the best based on support and resistance. The simplest way to win in trading is to trade with the trend on either retracements of break outs. The 10% of winners in the market win by treading where others fear, buying on break outs when they first occur and going short when a new low is made. Or buying into the abyss when a security finds support or resistance and reverses at the end of a monster trend.
3). Developing a trading style
You must choose your own personal style of trading, swing trading or trend trading. You must also trade based on your chosen time frame: intraday, short term, medium term, or long term.
4). Selecting Markets
Ideal markets to trade have volume and price transparency, liquidity, 24 hour coverage, zero counter party risk, have low transaction costs, and are honest and efficient. They also need to have the good trading attributes of volatility, research, simplicity, ease of short selling, specialization, opportunities, growth, and leverage. These are the markets you can make money trading.
5). The Three pillars of trading.
Money Management: You must make your trades as fixed as possible. Trade with the same risk, capital, units, percentage, and in the same type markets to manage risk most effectively.
Method: Choose a method that works for you and your personality from the ones available. (Dow Theory, technical indicators, patterns, price and volume, etc,. etc.) Once you have a methodology to your trading test it 30 times by e-mailing a trading partner for accountability to verify it works in the real world.
Psychology: Manage your hope, greed, fear, and pain to stay in the game.
6). Putting it all together
Monitor performance. Positive reinforcement. Equity momentum.
I have been actively and successfully trading the market for a decade and agree 100% with the authors principles.I have also learned a lot from this book even though I have read over 100 books on trading at this point.
The author finishes up his book by asking many legendary traders and some that are successful private traders what one advice they would give to aspiring traders. This advice alone is worth the price of the book. Here is a summary:
Money Management:
Trade small
Focus on risk.
Methodology:
Pick a method that suits your personality.
Develop a simple methodology.
Avoid the majority, learn to anticipate reversals.
Look for alignment in set ups.
Good defense wins games.
Identify low risk set ups.
Know your methodology using software.
Psychology:
Deep practice before trading
Expect to lose. Trade to win.
Be disciplined. Be patient.
Be humble.
Be in control.
This book is the real deal. The author warns of the pain of trading. If you trade you will experience those ten losing trades in a row in any system. You will experience the 10% draw down in your account the only question is when. 90% of people who enter the markets to trade will lose. The majority of even successful traders who win in the markets usually start out by losing most of the money in their first trading account. So be warned the market uses maximum adversity at all times so the majority of traders lose long term. This book is in the top five I have ever read on trading and is a must for any serious trader's library. Even with the long review I have not even scratched the surface of this excellent book full of trading wisdom. It is like combining all the best trading books into one. I would give this book six stars if Amazon would let me.

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The Universal Principles of Successful Trading clearly and unambiguously articulates trading principles that distinguish the winners from the losers. Though trading can be performed in different markets, across different timeframes, and with different instruments based upon different techniques, there is one common thread that ties all winning traders together: the universal principles of successful trading. All consistently profitable traders adhere to them regardless of the markets, timeframes, and techniques.
In this ground-breaking book from top trader, Brent Penfold, the reader will:
Learn how to develop a trading plan
Learn how to identify and create an effective methodology
Discover successful money management strategies
Understand trader psychology
And many more exciting trading and strategies secrets.

Supporting the universal principles are rare interviews from a diverse group of successful traders. Some are the new young guns of trading and others are market legends who are trading just as actively today as they were over 50 years ago. They represent a diverse group of traders from the United Kingdom, America, Singapore, Hong Kong, Italy, and Australia. All of them have generously agreed to offer the reader one singularly powerful piece of advice to help them towards their trading goals. Each piece of advice emphasizes an essential element of the universal principles.
This timely and exciting book from Brent Penfold has already garnered many accolades and looks set to become a modern-day classic.

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