Trading Without Gambling: Develop a Game Plan for Ultimate Trading Success by Marcel Link (PDF)

Description

Many people perceive trading as nothing more than a gamble. But there are still people who consistently make money trading. How do they do it? They’ve learned to separate gambling from trading. And the way they do this, says author Marcel Link, is by developing a proper plan. In Trading Without Gambling, Link shows how to create and use a sound game plan to improve every aspect of trading–including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk–while leaving very little to gambling.

User’s Reviews

Editorial Reviews: From the Inside Flap Many people perceive trading as nothing more than a gamble—and to many traders it is. But there are still traders who, year after year and month after month, consistently make money trading. How do they do it? They have learned how to separate gambling from trading. And the way they do this, says Marcel Link, is by developing and trading with a proper, well-thought-out plan. In Trading Without Gambling, Link shows how to create and use a sound game plan to improve every aspect of trading—including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk—while leaving very little to gambling. Building on the strategies first revealed in his highly successful previous book, High Probability Trading, Link reveals that the key to winning in the markets is planning for it and knowing in advance how to react to certain situations—and this is exactly what a game plan will do for you. Trading is not simply about buying and selling, he explains, but about knowing when and why to do so. Link details the benefits of a game plan in easy-to-understand, straightforward terms, showing how a plan will help you pick the best trades, monitor and exit trades, keep you from overtrading, keep you focused and financially in line, prepare you for what the market has to offer, and ultimately take the gamble out of your buying and selling. Drawing from his twenty years of trading experience, Link offers numerous examples of both his good trades and his mistakes, enabling you to learn from those mistakes and become a better trader in the process. This book, the author stresses, is not for the lazy trader. You won’t find any get-rich-quick strategies here, but you will learn how to work smart and work hard to improve your bottom line. After reading Trading Without Gambling, you’ll be in a better position to excel at this difficult endeavor. From the Back Cover Many people perceive trading as nothing more than a gamble—and to many traders it is. But there are still traders who, year after year and month after month, consistently make money trading. How do they do it? They have learned how to separate gambling from trading. And the way they do this, says Marcel Link, is by developing and trading with a proper, well-thought-out plan. In Trading Without Gambling, Link shows how to create and use a sound game plan to improve every aspect of trading—including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk—while leaving very little to gambling. Building on the strategies first revealed in his highly successful previous book, High Probability Trading, Link reveals that the key to winning in the markets is planning for it and knowing in advance how to react to certain situations—and this is exactly what a game plan will do for you. Trading is not simply about buying and selling, he explains, but about knowing when and why to do so. Link details the benefits of a game plan in easy-to-understand, straightforward terms, showing how a plan will help you pick the best trades, monitor and exit trades, keep you from overtrading, keep you focused and financially in line, prepare you for what the market has to offer, and ultimately take the gamble out of your buying and selling. Drawing from his twenty years of trading experience, Link offers numerous examples of both his good trades and his mistakes, enabling you to learn from those mistakes and become a better trader in the process. This book, the author stresses, is not for the lazy trader. You won’t find any get-rich-quick strategies here, but you will learn how to work smart and work hard to improve your bottom line. After reading Trading Without Gambling, you’ll be in a better position to excel at this difficult endeavor. About the Author MARCEL LINK has been involved in trading for more than twenty years and, for the last several years, has been a successful independent trader of futures and stocks. Previously, he founded LinkFutures.com, which was a discount, online brokerage firm. Link is a former member of the New York Financial Exchange. For more information, visit www.MarcelLink.com. Read more

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

⭐This book is in the top eight out of the over one hundred stock trading books I have read. It presents one of the most important principles of successful trading: DO NOT GAMBLE, ONLY TAKE TRADES WITH A HIGH PROBABILITY OF MAKING MONEY. Author Marcel Link covers in great detail all the areas that a stock trader needs for success in the markets.First he explains the importance of having a detailed trading plan:1. Entering a trade2. Exiting a trade3. Stop placement4. Position sizing5. Money management parameters6. What to trade7. Trading time frames8. Back testing9. Performance review10. Risk vs. Reward In two areas of the book he writes about how even though great traders have a huge amount of differences about them they all share one common trait:Discipline. Whatever your trading style you must have the discipline to follow your trading plan by taking your wins while they are there, cutting your losses when it is time, and never trade to large a position and risk to much of your capital. He touches on some of the key aspects of trading strategies, but his main point is whether you trade based on technical indicators or fundamentals you must trade a proven system that has been back tested and once you make your system rules, follow them. The author advises focusing on one market and really know how your market or specific stock trades. He believes you can really hurt your performance watching commodities, futures, bonds, or to many individual stocks, and having to many positions on at the same time. I agree. You will receive advice to keep the right perspective and always ask yourself “If I did not have this position on would I buy now”? Try to look over your own shoulder while in a trade and give yourself advice like you are trying to advise a friend’s trading. I really liked how Mr. Link said that you should avoid over trading and you should not always either be long or short a stock, that no position was a position in itself. (I had to follow this “no position” mantra in my major account in 2008 being unable to get a feel for any trend or support and resistance levels and saved myself from huge losses). The author shares his personal trading rules, key principles for successful trading, favorite books and magazines. This book is a treasure test of information and advice from a real 20 year veteran trader who has done very well for himself and is sharing his knowledge with us. This is not a gamble, buy the book and use its principles and you will win in trading.

⭐It is a good read, lots of stuff are from other books though like “How to make money in stocks”. Also too pricey.

⭐Good read, info I hadn’t read elsewhere

⭐very good

⭐I’ve read Mr. Link’s first book “High Probability Trading” and also had high hopes for this one. Unfortunately, I found this book to be written in too personal a way with the author going off on tangents completely unrelated to trading on what seemed like every other page.I didn’t mind when he discusses his bar business or family and how those things affect his focus on trading, but the book is laced with his side comments about how animal manure is contained in processed meat (p.74) or about how he knows a bunch of successful people who smoke pot (p.253) etc etc. He also talks alot about how he wrote the book and in what order and what he was originally gonna title the book in almost every chapter! I kept thinking to myself, “Who cares dude, let’s get back to the trading advice”The book is full of these little anecdotes that I found extremely distracting. The author does state that he wrote the book like a conversation but I still found it annoying. Also, it’s full of spelling and grammar mistakes and I wonder if those kind people at Wiley even edited it.Having said that, if you can get past the writing style, there are good nuggets of advice like in his first book. The chapter on drawing up scenarios was particularly helpful in demonstrating the authors thought process throughout a trade.

⭐This book is about two things; a “trading plan”, and a “game plan”, with the main focus on implementing the game plan (for those unsure what the difference is, a “trading plan” is your signal generation methodology and money management, while the “game plan” is how you actually implement your methodology on a day to day basis). If you are new to trading, and are looking for a book to learn how to trade on the stock market, then I suggest reading “High Probability Trading” first, as that will teach you about technical analysis, dealing with news reports, trend following systems, stops, multiple time frames, and the psychology and discipline you will need. If you’ve read a few books on technical analysis, and know what methods you are going to use to get signals from the markets but don’t know how to put it all together, then “Trading without Gambling” is the book that will show you how to implement what you have learned and turn it into a trading methodology. This book was written near the end of 2007, when the stock markets crashed. As you read through the chapters of the book, the author shows many examples of a game plan being used on a day to day basis. It shows the thought processes behind each of the trades he makes, how he set technically correct profit targets and stops, and the how he created scenarios which told him when to get in and get out of a trade. I found this particularly useful, because it gives the reader the opportunity to see how an experienced trader makes decisions from chart analysis and implements them. The charts he uses as examples are taken from the Dow Futures at the time the market was turning into a major bear market, but written in “real time” so the author did not know the market was about to crash. Being able to see how an experienced trader manages positions during a crisis was invaluable, as any trader will undoubtedly go through similar situations in the future.

⭐Five stars

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