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 a fascinating 5-page article in yet nearly 2 hundred pages is simply very painful for the reader. it isn't rather approximately cash administration other than pointing out that forestalls are vital - good, we all know that via now. quite a few examples approximately different issues which are very demanding within the e-book (in beautiful random order):[x] the writer talks approximately 7 varieties of threat (as pointed out in different stories) yet there's not actual worth during this categorization and the "explanations" are a waste of time, e.g.:"Overnight danger. For day investors, in a single day possibility offers 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 whatever new.[x] In each chart there's ads for the authors buying and selling process 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" process 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 find out how to do it... he basically says that this and that's vital, like "Have a plan.", "Find a profitable buying and selling system", ... My grandma may have given me extra beneficial recommendation.
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Additional resources for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
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. We’ve listed a number of common insurance policies that you may be beneﬁting from today. If you can see how these policies help protect you from disaster, you may ﬁnd it easier to see the beneﬁt in also insuring that you protect yourself from the potential risks that are inherent in the ﬁnancial markets: r r Automobile insurance for both bodily injury and car repair and replacement due to an accident Home insurance for both bodily injury and home repair and replacement due to an accident or catastrophe P1: PIC/b c02 P2: VEV/d JWBK182-McDowell QC: e/f T1: g April 25, 2008 15:39 Printer: Yet to come Conﬁdence in Your Plan r r r 17 Health insurance for everyday illnesses and routine check-ups, as well as catastrophic and terminal illness Life insurance protection for the devastating loss of a loved one that may be a provider, so that the family can deal with their grief and have their monetary needs provided for Disability insurance if one becomes unable to work due to physical or medical complications and can’t generate income to provide for necessities In the ﬁnal analysis, by implementing an insurance plan, you are protecting yourself from the worst-case scenario.
Consistency is what counts in this business. c05 JWBK182-McDowell April 25, 2008 15:51 42 Printer: Yet to come A TRADER’S MONEY MANAGEMENT SYSTEM PERFECTIONISTS BEWARE If we now agree that every trade will not be a winner, how will the perfectionists reading this chapter be able to cope? If it means that there will be times that you are wrong, can you live with that? We have a lot of clients that are fighter pilots, airline pilots, you name it. When we talk to them, it is interesting because they are the first to understand all the concepts of paper trading (just like flight simulators), following the trading rules (just like preflight checklist), and having discipline.
When you’re 30,000 miles above land, there is no room for error (or stop-outs), or for being wrong, because when you are wrong it usually means you will crash and burn. They have little tolerance for imperfection. So when they get stopped out, they have to rewire their thinking to remember that a stop-out is only a minor flight-plan course correction—it is not crashing and burning. Maybe a stop is the equivalent to turbulence that you eliminate by adjusting your altitude. For the perfectionists, remember that stop-outs are a normal part of trading, and being wrong is not the end of the world, especially if you make the appropriate corrections in a timely manner.
A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) by Bennett A. McDowell, Steve Nison