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Product Description
- The psychology of risk control as well as the finer aspects of setting stop–loss exits
- The value of managing trade size and consistent record keeping
- The process of putting together your own personal money management system
Unlike other books that focus on the complex mathematical theories behind money management, this book presents its system in straightforward, easy–to–understand terms that will allow you to quickly see how these concepts work and immediately benefit from the value of effectively managing risk.
From the Inside Flap
McDowell shares his personal money management system, with the ultimate goal of helping you design your own system, customized to fit your risk tolerance, your experience level, and financial needs. He identifies the six types of risk to consider every time you make a trade—trade risk, market risk, margin risk, liquidity risk, overnight risk, and volatility risk—covering each in detail.
In easy–to–understand terms, the author then breaks down his system into five key elements. He first explains the psychology of risk control, telling what issues to look for and how to address them in order to more effectively implement your money management system. McDowell then details a variety of stop–loss approaches and gives you tips on how to make sure you adhere to them when they′re hit. He follows with a discussion of trade size, showing how to determine how large or small your trade size should be so that you are not overextending your risk. McDowell then covers the crucial element of record keeping, and explains how it pays significant dividends. Finally, he shows how to design a realistic personal plan—one that you will continue to use and profit from.
This book also equips readers with two valuable tools: A one–month free trial of Trade Size Calculator software and The Trader′s Assistant recordkeeping materials. The trial Trade Size Calculator software is downloadable at www.traderscoach.com (see Appendix A for details), and The Trader′s Assistant recordkeeping materials can be photocopied directly from the book. These two tools complement the text and together provide a complete package that will deliver better results to your bottom line.
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You will find that if you have seriously thought about the topic, you will have seen some of the concepts, but the book hammers them home again.
Decent read imo.
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