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A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
 
 
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A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) (Hardcover)

by Steve Nison (Foreword), Bennett A. McDowell (Author)
4.7 out of 5 stars  See all reviews (3 customer reviews)
RRP: £47.50
Price: £29.70 & this item Delivered FREE in the UK with Super Saver Delivery. See details and conditions
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Customers buy this book with The ART of Trading: Combining the Science of Technical Analysis with the Art of Reality-Based Trading (Wiley Trading) by Lawrence G. McMillan

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Product Description

Product Description

Money management may very well be the most important piece of the trading puzzle. In A Trader′s Money Management System, expert Bennett McDowell provides time–tested techniques that can turn a losing trader into a winning one and take the winning trader to an entirely new level. In revealing his personal approach to staying out of trouble in the financial markets and maximizing profits, he offers comprehensive insights into:

  • 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

Risk control tends to be the last thing that most traders focus on, perhaps because of the popular belief that it′s their trading strategy that will generate great fortunes. But ultimately, a strategy alone won′t create riches. A trader or investor needs to develop discipline, a strong financial psychology, and a sound money management system to maximize profits and keep them out of financial danger. In A Trader′s Money Management System, veteran trader Bennett McDowell offers readers an expert guide to the most important elements of money management in trading.

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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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

3 Reviews
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Average Customer Review
4.7 out of 5 stars (3 customer reviews)
 
 
 
 
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2 of 2 people found the following review helpful:
5.0 out of 5 stars Essential Reading, 19 Mar 2009
By D. W. Cox "Shirtbroke" (Sheffield UK) - See all my reviews
(REAL NAME)   
It soon becomes obvious to a trader at any experience level that keeping records of trading activities is an essential part of the business. This book provides it all with examples of all the forms that are needed day to day. It is the perfect companion book to "The ART of Trading"
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1 of 1 people found the following review helpful:
4.0 out of 5 stars How to manage your trading., 1 May 2009
By Juan Carlos De Carle "MarianoJC" (Spain Europe) - See all my reviews
(REAL NAME)   
Rather than being a book about money management merely, the author teaches about how to manage your trading, which means: keeping relevant records of your trades to be able to self regulate and to self analize your trading performance and to be able to implement a proper money management system.

This book is intended for anyone starting to learn about trading. It is a basic book about how to manage your trades, and I don't know any other book offering to teach this simple pragmatic basis.

The author uses as example of trading system one system of himself, which does not explain, and which may not be of interest for the reader. (This is why I put only 4 stars).
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1 of 2 people found the following review helpful:
5.0 out of 5 stars Great Money Management Book, 22 Mar 2009
The book covers McDowell's philosophy on Money Management which encuorages you to always set a stop BEFORE you enter a trade. By doing that you can then determine your risk amount on each trade by adjusting your trade size to ensure no more than -- say -- 2% loss on any one trade - based on your entry and your initial stop.

Then based on your current payoff ratio and win ratio you can go to the risk-of-ruin tables and customize what your risk truly should be. Based on your current performance maybe you should be risking less than 2% or maybe more. Thing is you want to refer to the risk-of-ruin tables to find out what percent risk gives you a ZERO "probable" (not guranteed) chance of ruin. This subtle adjustment can make a difference on improving your payoff ratio. And there is a sample of a risk-of-ruin table in the book so you can see how it works.

The other tool in the book that I like is the record keeping forms that help track and calculate payoff ratio and win ratio. Anyway, this is a great money management book with lots of formulas and tools to help design your own system.

PS: McDowell's other book "The ART of Trading" is a great book too and covers everything you need to be successful using a technical analysis system. The ART of Trading: Combining the Science of Technical Analysis with the Art of Reality-Based Trading (Wiley Trading) "The ART of Trading" book is the perfect companion to "A Trader's Money Management System" and really covers McDowell's approach from head to toe.

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