As reviewed on the Traders Library Blog.
This brutally honest new book - from a trader much like yourself - gives you the knowledge and tools needed to find the highest potential trades, and develop a customized trading program that can help increase your probability of success on every trade.
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"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 preface
Within 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.
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“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 preface
Can losers become winners? If you are presently trading and have lost money, you'll benefit from the tips and insights industry expert Marcel Link shares in his straight-talking overview of High Probability Trading.
Link uncovers why you lost the money, how to overcome those mistakes – and methods for when to trade and when not to trade. After reading High Probability Trading, you'll be able to distinguish the difference between high and low probability situations and take the winning approach.
Link also details how successful traders behave, how they make money and how those who day trade can learn the most common errors that most successful traders make in the first few years of starting out.
High Probability Trading is one of the most highly recommended books for active traders, whether they are short-term day traders or position takers.
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