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Product Details

• Amazon Sales Rank: #13479 in Books
• Published on: 2003-04-01
• Number of items: 1
• Binding: Hardcover
• 288 pages

Synopsis
"The Goal Is to Teach All Traders to Think with the Mindset of a Successful Trader..." While successful trading requires tremendous skill and knowledge, it begins and ends with mindset. What do exceptional traders think when they purchase a quality stock and the price immediately plummets? How do they keep one bad trade from destroying their confidence - and bankroll? What do they know that the rest of us don't? "Some trades are not worth the risk and should never be done."High Probability Trading" shows you how to trade only when the odds are in your favor. From descriptions of the software and equipment an exceptional trader needs high probability signals that either a top or bottom has been reached, it is today's most complete guidebook to thinking like an exceptional trader - every day, on every trade. "It's not how good you are at one individual thing, but it's the culmination of every aspect of trading that makes one successful."Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why.

In "High Probability Trading", Link reveals the steps he took to become a consistent, patient, and winning trader - by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade. "Why do a select few traders repeatedly make money while the masses lose? What do bad traders do that good traders avoid, and what do winning traders do that is different? Throughout this book I will detail how successful traders behave differently and consistently make money by making high probability trades and avoiding common pitfalls..." - From the preface.Within 6 months of beginning their careers full of promise and hope, most traders are literally out of money and out of trading. "High Probability Trading" reduces the likelihood that you will have to pay this "traders' tuition," by detailing a market-proven program for weathering those first few months and becoming a profitable trader from the beginning.Combining a uniquely blunt look at the realities of trading with examples, charts, and case studies detailing actual hits and misses of both short- and long-term traders, this straightforward guidebook discusses: the 10 consistent attributes of a successful trader, and how to make them work for you; strategies for controlling emotions in the heat of trading battle; technical analysis methods for identifying trends, breakouts, reversals, and more; market-tested signals for consistently improving the timing of entry and exit points; how to "trade the news" - and understand when the market has already discounted it; and learning how to get out of a bad trade before it can hurt you.

The best traders enter the markets only when the odds are in their favor. "High Probability Trading" shows you how to know the difference between low and high probability situations, and only trade the latter. It goes far beyond simply pointing out the weaknesses and blind spots that hinder most traders to explaining how those defects can be understood, overcome, and turned to each trader's advantage. While it is a cliche, it is also true that there are no bad traders, only bad trades. Let "High Probability Trading" show you how to weed the bad trades from your trading day by helping you see them before they occur.Packed with charts, trading tips, and questions traders should be asking themselves, plus real examples of traders in every market situation, this powerful book will first give you the knowledge and tools you need to tame the markets and then show you how to meld them seamlessly into a customized trading program - one that will help you join the ranks of elite traders and increase your probability of success on every trade.

From the Back Cover

"The Goal Is to Teach All Traders to Think with the Mindset of a Successful Trader..."

While successful trading requires tremendous skill and knowledge, it begins and ends with mindset. What do exceptional traders think when they purchase a quality stock and the price immediately plummets? How do they keep one bad trade from destroying their confidence--and bankroll? What do they know that the rest of us don't?

"Some trades are not worth the risk and should never be done."

High Probability Trading shows you how to trade only when the odds are in your favor. From descriptions of the software and equipment an exceptional trader needs to high probability signals that either a top or bottom has been reached, it is today's most complete guidebook to thinking like an exceptional trader--every day, on every trade.

"It's not how good you are at one individual thing, but it's the culmination of every aspect of trading that makes one successful."

Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader--by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade.

"Why do a select few traders repeatedly make money while the masses lose? What do bad traders do that good traders avoid, and what do winning traders do that is different? Throughout this book I will detail how successful traders behave differently and consistently make money by making high probability trades and avoiding common pitfalls..."--From the preface

Within 6 months of beginning their careers full of promise and hope, most traders are literally out of money and out of trading. High Probability Trading reduces the likelihood that you will have to pay this "traders' tuition," by detailing a market-proven program for weathering those first few months and becoming a profitable trader from the beginning.

Combining a uniquely blunt look at the realities of trading with examples, charts, and case studies detailing actual hits and misses of both short- and long-term traders, this straightforward guidebook discusses:

• The 10 consistent attributes of a successful trader, and how to make them work for you
• Strategies for controlling emotions in the heat of trading battle
• Technical analysis methods for identifying trends, breakouts, reversals, and more
• Market-tested signals for consistently improving the timing of entry and exit points
• How to "trade the news"--and understand when the market has already discounted it
• Learning how to get out of a bad trade before it can hurt you

The best traders enter the markets only when the odds are in their favor. High Probability Trading shows you how to know the difference between low and high probability situations, and only trade the latter. It goes far beyond simply pointing out the weaknesses and blind spots that hinder most traders to explaining how those defects can be understood, overcome, and turned to each trader's advantage.

While it is a cliché, it is also true that there are no bad traders, only bad trades. Let High Probability Trading show you how to weed the bad trades from your trading day by helping you see them before they occur. Packed with charts, trading tips, and questions traders should be asking themselves, plus real examples of traders in every market situation, this powerful book will first give you the knowledge and tools you need to tame the markets and then show you how to meld them seamlessly into a customized trading program--one that will help you join the ranks of elite traders and increase your probability of success on every trade.

About the Author
Marcel Link, a fully licensed commodities broker and CPO, is currently a proprietary trader for Schonfeld Securities in New York. He also owns and operates his own Web site (LinkFutures.com). The site, which receives about 10,000 impressions per day, provides daily commentary on the markets, technical analysis, training, marketing, and other information vital to traders. Previously, he was a floor trader at the New York Mercantile Exchange for British American Capital, Esco Commodities, and Cargill, where he also wrote several computerized trading programs and provided a bi-weekly newsletter to clients. He is licensed for NASD Series 3, 7, 55, and 63.

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Customer Reviews

Great practical book about trading
I have book shelves full of trading books, but this is one of my favourites. Even pretty experienced traders will find something useful here, for novices it is a must.

Gets better as you get into it
If you have read no other trading books you will find this a very accessible and easy read, into trading the markets. Its covers no especially new ground in my opinion but as some other reviewers say, it reminds you why your doing it and goes over the same old pitfalls we all make in an honest and "hands up I did this " fashion.

If you have read other trading texts you will possibly be put off the book early on as it covers much of the same ground as you will have read before- thats not to say its not useful- I think we can all learn by having some of the disciplines of trading repeated, but I found it heavy going to start with- not because it was complex, or boring materially, just because I have read the same stuff so many times.

Once I got about half way through the book improved (for me) and I would have to recommend it for anyone with the observation above. Its easy to read and written in a relaxed style that I came to enjoy as it went along.

If any real criticism was to be levelled at the book, it was that some of the examples given looked a little too optimal, in that there were few examples of where a system doesn't work even though you follow the "rules".

The summaries and checklists were on the other hand, good and I can see me returning to it to review information again.

An excellent book for the beginner with some useful insights for the experienced trader
The whole thrust of Marcel Link's High Probability Trading is the concept that traders should only focus on trades with a high probability of success. He describes the steps a trader needs to take to be able to differentiate between high and low probability trades in terms of psychology, trading style, money management, and technical analysis techniques. In other words, this book is an all-round introduction to the world of trading, covering all the important facets that a trader must master if he/she is to become successful.

The good thing about Marcel Link is that he is not just a writer, he is an active trader himself with a wealth of experience managing his own brokerage firm. So he's gone through the long learning curve, made all the mistakes, and learnt his lessons the hard way. So this gives him an excellent perspective on trading and makes for a very enjoyable read as he often throws in amusing anecdotes about experiences he has had in his trading career, many of which you'd be amazed at.

So what exactly does Mr Link bring to the table? Well, this really is a book of two halves, the first half being more useful than the second. The book starts with some excellent chapters on psychology and how to handle losses and losing streaks. I encourage any trader to read these chapters as Link gives both a fascinating and encouraging perspective on dealing with those 'bad' days.

Next, there are some excellent chapters on technical analysis. He describes in detail the best way to use oscillators and even if you've read a lot of technical analysis books you will still find these chapters very educational and insightful. He also discusses some good methodologies on trend following and breakout systems, and how to adapt your trading style for when markets go range bound.

The second half of the book discusses devising a trading plan, system trading and backtesting. This is where the book loses it's way a little as it isn't as useful, in fact experienced traders will probably skip these chapters as they're a little tedious. Link discusses system trading in depth and even suggests that buying a trading system is OK. This is a surprise as generally trading books strongly advise against buying trading systems and encourage you to develop your own. After all, you've just bought a book on trading, so why would you do that if you're going to buy a ready made system that requires no real input from you.

Overall, though, this is an excellent choice for the beginner as it covers every aspect of trading and gives you a solid foundation of knowledge. If you've read many trading books already, or you're an experienced trader, then I have to be honest and say you'll skip many of the chapters. But for the excellent chapters on psychology, technical analysis (particularly oscillators), as well as Marcel Link's own light-hearted and informative anecdotes on trading, I still highly recommend you add this book to your trading library.