High Probability Trading: Take the Steps to Become a Successful Trader 1st Edition by Marcel Link (PDF)

Description

A common denominator among most new traders is that, within six months of launching their new pursuit, they are out of money and out of trading. High-Probability Trading softens the impact of this “trader’s tuition,” detailing a comprehensive program for weathering those perilous first months and becoming a profitable trader.This no-nonsense book takes a uniquely blunt look at the realities of trading. Filled with real-life examples and intended for use by both short- and long-term traders, it explores each aspect of successful trading.

User’s Reviews

Editorial Reviews: From the Publisher Marcel Link has been trading professionally since 1991. He is the founder of linkfutures.com and is a TradeStation consultant. Linkfutures.com serves the trading community with daily commentary on the markets, along with insights into technical analysis, training, marketing, and other information that can be vital to traders. Link can be reached for questions or comments at marcel@linkfutures.com. 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 prefaceWithin 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 has been trading professionally since 1991. He is the founder of linkfutures.com and is a TradeStation consultant. Linkfutures.com serves the trading community with daily commentary on the markets, along with insights into technical analysis, training, marketing, and other information that can be vital to traders. Link can be reached for questions or comments at marcel@linkfutures.com. Read more

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐I have a small collection of books on stock trading. For the most part they tell me what other people did to be on the payday side of the market. Some are specific to a set of methods (

⭐), others are good read on what a trader should know, practice, do or not do (

⭐).Marcel Link takes a practical approach to high probability trades. The basic idea:You are a good ping pong player who beats all the neighbors in your basement. Do you think you would do well at the US Open?Last weekend you managed not to drown while crossing the 25 yards of your local pool. Do you think you can beat Michael Phelps?What is the probability of a positive outcome of one of the above? Yet that’s exactly what we do when we jump into the stock market and lay our hard earned cash on the line in a bid against professionals with Harvard degrees, years of experience and deep pockets. With such a lineup, what is the probability of us winning?This book explains in a good level of detail that actually yes, there is a probability of winning. However, one needs to do a bit of learning, training and planning beforehand. It remains unlikely that you’ll beat the seasoned table tennis pro (my opinion), but with knowledge, training, patience and discipline, you’ll be able to pocket a few points instead of getting blown off the table.The book goes to great lengths to explain that trading the market is a serious business decision that requires knowledge, preparation, planning and above all, discipline.Marcel Link explains how several technical indicators work, how traders use them, when to use them and when to stay away from them. He tells you “look, here is a pattern that seems to have worked in the past” but he also points out that a single pattern alone doesn’t make for a good trade and it is up to you to find, interpret and evaluate such pattern and get it confirmed (or not) by other indicators.This book is an eye opener. One of the very first things I did after cracking it open was to look back and evaluate my past trades. It is horrifying to realize how easily I could have lost a lot of money due to my “buying strategies”. I would have never made those trades if I knew then what I know today.Summary:- very well written book, concise style with a touch of humor, very well organized- very readable, written in simple and effectively used plain English, no typos- sticks to the point of making trades that have higher probability of payoff- describes the toolbox needed to find, evaluate and execute great trades- leans a bit towards short term trading and has commodity trading examples sprinkled through quite frequently. However, both the short term and commodity trading strategies are applicable to long term trades as well- spends quite a few pages on trader psychology, establishing a trading plan, writing a money management plan and coming up with a game strategy- emphasizes that a well designed and thought through entry point is just the beginning of a good trade and it needs an equally well designed and thought through exit point. Otherwise a good entry point may turn into a very expensive lesson- discipline, discipline, disciplineConclusion:This is not one evening read. You need to study it, consult the market, study your past trades, play with charts, learn various analysis techniques.Above all, you need to come up with your plan, test it and come up with your trading identity before you lay a single red cent on the line.Other (my opinion) useful, complementary books:

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⭐Classics:

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⭐Technical analysis formulas:

⭐For starters, I do not want to pick a fight, and I am not saying this book is by any means perfect, but I hope no one is influenced by Larry Livingstone’s review dated May 18, 2006. In case you don’t know, Larry Livingstone is the character in Lefevre’s classic, “Reminiscences of a Stock Operator”, which is itself a slightly fictionalized biography of the very real Jesse Livermore. Just so you’ll know. Read his review and then come back.Again, without spending my entire review responding to the “Larry’s” criticism, let me just say that if you actually read the book, these criticisms will vanish. Link is not advising traders to be loose and wild and not worry about blowing your account, as “Larry” seems to imply, rather he is stating an undeniable, plain fact….many successful traders have at one point blown their accounts…..period! Cold, hard reality. Yes, me included. Had I read this book, however, I might have prevented that. “Larry’s” other cherry-picked criticisms will fade away when you read the book and understand the context of some of the quotes “Larry” provided.Moving on….as I said this is probably the best trading book I have ever read. As opposed to books like “The Master Swing Trader”, this book is very well written (like it or not, this is important), very easy and interesting to read, very practical, and very informative. Nor is he a big Wall Street fund manager (at least the book is not written from that perspective) that operates in a completely different world than the average trader. It is a very practical and realistic book that you will be able to relate to. I have read many trading books including Market Wizards and Reminiscences, and I highly recommend them, but in reality how many of us actually operate at that level? These are good books and you should read them, but Link’s “High Probability Trading” is aimed at the small trader and it will have an immediate impact on your trading.Yes, most of what he teaches can be found elsewhere, but my response is that it can be found here too; and as I said, he brings it to you in a way that you can relate to and it will help you really understand the why and the how. Just having a list of rules is not as good as having someone give you a very good example of how to implement the rule and what can happen if you don’t. This is why, in my opinion, High Probability Trading, for the average trader, is even superior to books as acclaimed as Market Wizards and Reminiscences.Link’s discussion of technical indicators is very brief, but I have to say it was in some ways far superior to other, much longer, items I have read about them. What he does better than others is that he shows you how to apply them. He gives you the proper uses, and limitations, of these indicators. Not many writers do that…. some make them out to be a crystal ball, while others tell you that they have no place whatsoever. I would disagree with both.Link does not try to build himself up in this book like some writers do, rather he is very honest about his growth as a trader, which I find very refreshing. He tells some stories about his experiences, good and bad, his mistakes, his successes, his emotions, that you can immediately relate to. You will find yourself saying, “Yep, been there… done that.”Although the book is very well written and easy to read and understand, the main reason I found it to be the best book on trading I had ever read is very simple…… it was the most realistic book on trading I had ever read.Unless you are already at the top of the trading world and can condescend to the rest of us, I suspect you will disagree with “Larry” and find this book very helpful. I wish I had read it about 5 years before it was written..One other book I highly recommend is Stanley Kroll’s “The Professional Commodity Trader”. This book is a sleeper. Again, it is very well written and is very interesting to read.

⭐This book is supposed to teach people how to trade, so it is safe to assume that people reading this don’t know anything about trading. It starts off with a long rant about not trying to make too much money from the get go and the need to set yourself realistic expectations. That’s fine but the point is repeated over and over and I can read, really I can, so I got the point about 10 pages ago.Then it starts to delve into the actual trading and here is where I started to have issues. It starts naming various signals or types of analyses and doesn’t explain what they are about. I realise there is a whole section about technical analysis but if you are going to introduce it earlier at least try to give a short explanation. I think terminology is important and if you are going to introduce it you can’t leave your readers guessing what it means.I am giving up on this book for now. I might come back to it after I have done courses somewhere else, maybe by then I will understand the terminology better.

⭐Having read many trading books, this was honestly disappointing. Link continuously dwells on the same points throughout, which are non-specific and makes vague statements with no quantifiable evidence. Many reviewers have said this would be a good read for beginners, which has some merit, but I think it would also leave a beginner wondering where to go for more information, as the book does not provide much.

⭐This book makes a lot of useful general points about trading which will be of some help to beginners. But if you are looking for specific strategies to trade, better to look elsewhere.

⭐I really enjoyed this book, and it was full of value for me as a developing trader.All of the main bases are covered and Marcel’s writing style keeps you interested throughout.

⭐I generally do not reply to this type of question but I was surprised and pleased with the condition of the book. As to reading it – it will line up with the others and will be read as soon as I can. I bought it in advance because, as with other books I have bought from Amazon it looked a good deal. I don’t expect to be disappointed.

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