A Trader's Money Management System: How to Ensure Profit and by Bennett A. McDowell, Steve Nison PDF

By Bennett A. McDowell, Steve Nison

ISBN-10: 0470187719

ISBN-13: 9780470187715

This can be one of many worst books i've got examine trading/financial markets.It could have been a fascinating 5-page article in yet virtually 2 hundred pages is simply very painful for the reader. it is not rather approximately funds administration other than stating that prevents are vital - good, we all know that through now. quite a few examples approximately different issues which are very demanding within the ebook (in lovely random order):[x] the writer talks approximately 7 different types of possibility (as pointed out in different experiences) yet there isn't 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 impression the worth in their place. [...]" Zzzzzzz - inform me anything new.[x] In each chart there's advertisements for the authors buying and selling process that he attempts to promote, e.g.: "THE artwork CHARTING software program WORKS ON ALL TIME-FRAMES!". through web page five you recognize the writer has this "fantastic" procedure 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 easy methods to do it... he simply says that this and that's vital, like "Have a plan.", "Find a profitable buying and selling system", ... My grandma can have given me extra valuable recommendation.

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Additional info for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)

Sample text

Instead, I rationalized (or should I say, fantasized) that this upward move was just a quick move to the upside before selling off. After all, my forecasting analysis was still indicating lower prices, and there was no new news event that could account for this upward bullish move. So, I just hung in there while attempting to calm myself down and hoping it was still okay. The next week, I watched in disbelief as Applied Materials kept moving sharply upward. There had not been a move this strong in years on this stock.

It seemed the P1: PIC/b c02 P2: VEV/d JWBK182-McDowell 18 QC: e/f T1: g April 25, 2008 15:39 Printer: Yet to come A TRADER’S MONEY MANAGEMENT SYSTEM only choice I had was to hang in there and stay with the position. The emotions created by this trade gone bad clouded and paralyzed my judgment. On week three, the upward surge continued, and by that Friday I had experienced my limit of anxiety. Not being able to take one more second of pain as I watched my loss grow to an absurd level, I exited the trade.

Consider a change in perspective and see money management as insurance and a cost of doing business. It may take on an even greater meaning and value to you. AN INSURANCE POLICY FOR TRADERS AND INVESTORS The principles that work for you in day-to-day life can also work in your trading and investing endeavors. Putting a money management plan into place may create some additional costs to you in both time and money. But these costs can work to your advantage in the same way as paying a monthly insurance premium cost can protect you against catastrophe for a variety of situations in your day-to-day life.

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A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) by Bennett A. McDowell, Steve Nison

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