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High-Probability Trading [Kindle Edition]

Marcel Link
4.2 out of 5 stars  See all reviews (16 customer reviews)

Print List Price: £24.99
Kindle Price: £20.27 includes VAT* & free wireless delivery via Amazon Whispernet
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Book 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.



Product Description

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 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.

About the Author

Marcel Link, a fully licensed commodities broker and CPO, is currently a proprietary trader forSchonfeld Securities in New York. He also owns and operates his own Web site (LinkFutures.com).The site, which receives about 10,000 impressions per day, provides daily commentary on the markets,technical analysis, training, marketing, and other information vital to traders. Previously, he was a floortrader at the New York Mercantile Exchange for British American Capital, Esco Commodities, andCargill, where he also wrote several computerized trading programs and provided a bi-weeklynewsletter to clients. He is licensed for NASD Series 3, 7, 55, and 63.

Product details

  • Format: Kindle Edition
  • File Size: 7792 KB
  • Print Length: 426 pages
  • Page Numbers Source ISBN: 0071381562
  • Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
  • Publisher: McGraw-Hill; 1 edition (7 April 2003)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B000SEGJ6M
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Bestsellers Rank: #266,460 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
30 of 32 people found the following review helpful
5.0 out of 5 stars First class work, and an essential read 21 Jan. 2006
Format:Hardcover|Verified Purchase
Marcel is superb, and so very readable. The book is worth reading often because of the feel it gives you about the heart and mind of the professional trader, whether institutional or private. There is deep insight into the workings (and underlying agendas) of each and every part of the industry - the Trading Floor, the Brokers, the institutions, the amateur and the professional traders - and reasoned explanations of how their interactions lead to the behaviour of the traded instruments. Simple and logical explanations, clear examples, illustrations of the specific skillsets and targets relevant to different trading styles whether positions held for minutes or months. Brilliant. Absolutely brilliant. A "must have" for anyone hoping to succeed in this business.
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19 of 22 people found the following review helpful
Format:Hardcover
The whole thrust of Marcel Link's High Probability Trading is the concept that traders should only focus on trades with a high probability of success. He describes the steps a trader needs to take to be able to differentiate between high and low probability trades in terms of psychology, trading style, money management, and technical analysis techniques. In other words, this book is an all-round introduction to the world of trading, covering all the important facets that a trader must master if he/she is to become successful.

The good thing about Marcel Link is that he is not just a writer, he is an active trader himself with a wealth of experience managing his own brokerage firm. So he's gone through the long learning curve, made all the mistakes, and learnt his lessons the hard way. So this gives him an excellent perspective on trading and makes for a very enjoyable read as he often throws in amusing anecdotes about experiences he has had in his trading career, many of which you'd be amazed at.

So what exactly does Mr Link bring to the table? Well, this really is a book of two halves, the first half being more useful than the second. The book starts with some excellent chapters on psychology and how to handle losses and losing streaks. I encourage any trader to read these chapters as Link gives both a fascinating and encouraging perspective on dealing with those 'bad' days.

Next, there are some excellent chapters on technical analysis. He describes in detail the best way to use oscillators and even if you've read a lot of technical analysis books you will still find these chapters very educational and insightful.
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19 of 22 people found the following review helpful
5.0 out of 5 stars Excellent Read and a Good Primer... 2 May 2007
By Andy
Format:Hardcover|Verified Purchase
I completely agree with "Chris Gooden". This is both an entertaining and informative read and I keep seeing practical examples of his techniques in the daily charts. My trading and knowledge has steadily improved since reading this book and I find myself re-reading sections of it and utilising in practice. It is not as scary as it first looks. Hope Marcel treats other subjects e.g Options similarly.

Highly recommend for the serious beginner like yours truly.
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2 of 2 people found the following review helpful
4.0 out of 5 stars A good foundation 4 Dec. 2009
By A. Niel
Format:Hardcover
Marcel Link has years of trading experience and this book gives the reader a very good insight into the world of the professional trader.

There's no trading secrets to be found but, it's an excellent foundation for those wishing to know more about the forex markets.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Excellent 12 Nov. 2010
By Luks
Format:Hardcover
It is the ideal book to start trading after having gotten a good knowledge about technical analysis from different sources. It gives you a good view about this though, but it is not the main purpose of the book.

It teaches you how to trade. It gathers the main aspects of trading and stands out the fact that to become a professional trader there are others aspect as important as making good set ups. These are getting good skilled in risk and money management, and improve your discipline. Trading is not just about set ups, but is the whole thing what makes traders successful.

Basically, it helps you put your feet on Earth.
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Format:Hardcover|Verified Purchase
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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5 of 7 people found the following review helpful
4.0 out of 5 stars Gets better as you get into it 28 Jun. 2008
Format:Hardcover|Verified Purchase
If you have read no other trading books you will find this a very accessible and easy read, into trading the markets. Its covers no especially new ground in my opinion but as some other reviewers say, it reminds you why your doing it and goes over the same old pitfalls we all make in an honest and "hands up I did this " fashion.

If you have read other trading texts you will possibly be put off the book early on as it covers much of the same ground as you will have read before- thats not to say its not useful- I think we can all learn by having some of the disciplines of trading repeated, but I found it heavy going to start with- not because it was complex, or boring materially, just because I have read the same stuff so many times.

Once I got about half way through the book improved (for me) and I would have to recommend it for anyone with the observation above. Its easy to read and written in a relaxed style that I came to enjoy as it went along.

If any real criticism was to be levelled at the book, it was that some of the examples given looked a little too optimal, in that there were few examples of where a system doesn't work even though you follow the "rules".

The summaries and checklists were on the other hand, good and I can see me returning to it to review information again.
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Most Recent Customer Reviews
5.0 out of 5 stars Five Stars
Numerous good ideas to assist a trader
Published 1 month ago by Mr R J WELSH
5.0 out of 5 stars Very helpful
5 stars ,because it is very helpful book, a lot of repeat but not in order to make you tired you but in order to learn you things . Must for traders .
Published 8 months ago by Nikolaos
1.0 out of 5 stars Not useful to the beginner or advanced trader
I have been trading Forex full time for a few of years now and I would consider my self a successful trader. Read more
Published 13 months ago by Elelondon
3.0 out of 5 stars Very Interesting Book
For anyone interested in getting into financial trading this book sets the ground rules of the mental approach, planning and strategies to at least start out in the right... Read more
Published 21 months ago by David Smith
5.0 out of 5 stars Well worth the trade
Excellent book which will move you forward with trading if you've read many of those basic entry level books(most of which are hopeless). Read more
Published on 18 Jun. 2010 by P. Fox
2.0 out of 5 stars funny at best
Although the author is very candid on his own mistakes in his trading career and tries his very best to give you advice on what not to do. Read more
Published on 6 May 2010 by G. Chianelli
5.0 out of 5 stars Great read full of info
THis is a great book for beginners. It is comprehensive and very honest the latter being what I liked the most about it. Read more
Published on 16 Nov. 2008
5.0 out of 5 stars Great practical book about trading
I have book shelves full of trading books, but this is one of my favourites. Even pretty experienced traders will find something useful here, for novices it is a must.
Published on 9 Aug. 2008 by system trader
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