By Bennett A. McDowell, Steve Nison
This is often one of many worst books i've got examine trading/financial markets.It could have been an enticing 5-page article in yet virtually 2 hundred pages is simply very painful for the reader. it is not particularly approximately funds administration other than declaring that prevents are very important - good, we all know that via now. quite a few examples approximately different issues which are very tense within the booklet (in lovely random order):[x] the writer talks approximately 7 varieties of danger (as pointed out in different reports) yet there's not genuine price during this categorization and the "explanations" are a waste of time, e.g.:"Overnight hazard. For day investors, in a single day danger provides a priority of what can ensue in a single day, while the markets are closed, can dramatically influence the worth in their place. [...]" Zzzzzzz - inform me anything new.[x] In each chart there's ads for the authors buying and selling approach that he attempts to promote, e.g.: "THE artwork CHARTING software program WORKS ON ALL TIME-FRAMES!". by way of web page five you recognize the writer has this "fantastic" approach yet he is going on and on and on approximately it on each web page and each chart.[x] the writer by no means explains on how you can do it... he merely says that this and that's very important, like "Have a plan.", "Find a profitable buying and selling system", ... My grandma may have given me extra important suggestion.
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Extra resources for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
Meaning that you may not currently have a money management plan in place, but that is why you are reading this book, isn’t it? So once you have your risk plan completed, you’ll already have moved one item from your weak column to your strong column. Remember, when it comes to weaknesses and strengths, it is all relative. For example, a little fear and greed is actually a good thing. A little fear will give you respect for the power of the market, as long as the fear doesn’t overwhelm and paralyze you.
That means having a plan that includes homeowners’ insurance to rebuild if necessary, having the cars packed in advance so we can get the family out of danger, and watching the direction that the ﬁres are moving every step of the way. My wife, Jean, and I will take shifts tonight to watch the hill, and if it gets to a certain point we’ve agreed on, that’s when we’ll evacuate. Sure sounds like an “exit” stop loss, doesn’t it? As long as our family members are safe, the loss of material items is secondary.
Your primary goal is to understand the theory and adapt it to work with your system. System selection is a very personal thing, and it is crucial that you are working with a system in which you have confidence. P1: PIC/b c06 P2: c/d QC: e/f JWBK182-McDowell T1: g April 25, 2008 48 15:54 Printer: Yet to come A TRADER’S MONEY MANAGEMENT SYSTEM If you have not followed the five parameters (see sidebar) with your current system, you will need to do so. These five parameters are intended to ensure that you are trading in accordance with a plan as opposed to making random entry and exit choices, and to ensure that the plan has been tested to some degree so that you have proven to yourself that it works for you.