By Bennett A. McDowell, Steve Nison
This can be 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 isn't fairly approximately cash administration other than declaring that prevents are very important - 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 varieties of danger (as pointed out in different studies) yet there's not genuine price during this categorization and the "explanations" are a waste of time, e.g.:"Overnight probability. For day investors, in a single day threat provides a priority of what can ensue in a single day, whilst the markets are closed, can dramatically impression the price in their place. [...]" Zzzzzzz - inform me anything new.[x] In each chart there's ads for the authors buying and selling procedure that he attempts to promote, e.g.: "THE paintings CHARTING software program WORKS ON ALL TIME-FRAMES!". by means 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 tips to do it... he purely says that this and that's very important, like "Have a plan.", "Find a successful buying and selling system", ... My grandma may have given me extra precious suggestion.
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Extra info for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
Trading was not fun anymore. I had lost a total of $32,000 in just four weeks. I took some time off, and recouped. Once I regained my senses, I analyzed the trade. It took me awhile before I could look at this trade objectively without getting angry. In the final analysis, if I had used stops and adhered to them, I would have keep my loss small. I also would have been able to clearly see the new uptrend developing and would have been able to enter it early on. Also, using stops would have kept me objective and in control of myself and my trading.
When your system is failing (by a given percentage that you have determined in your money management plan), stop trading with live money and go back to the drawing board (paper trading) to determine what the cause for failure is. 8. Once your testing and analysis and paper trading is proving profitable again, reenter the market with a live cash account. IMPORTANT NOTE: For some advanced traders, it is beneﬁcial to risk more than 2 percent of their trading account. The amount these traders risk must be carefully calculated depending on their proven historical performance statistics.
When you look at the yin characteristic of water it is in fact considered stronger than the yang characteristic of fire. This is because water can extinguish fire and for this reason has greater power. The value of discussing these philosophies is so that you can look at yourself with greater understanding and awareness. And remember that nothing is entirely black and white. Choose your perceptions carefully and consider that sometimes perceived weaknesses, if approached creatively, can be transformed into strengths.