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| Author: Bennett A. Mcdowell
Creator: Steve Nison
Publisher: Wiley
Category: Book
List Price: $70.00
Buy New: $36.50
You Save: $33.50 (48%)
New (36) Used (9) from $36.50
Avg. Customer Rating:  22 reviews
Sales Rank: 34779
Media: Hardcover
Number Of Items: 1
Pages: 210
Shipping Weight (lbs): 0.7
Dimensions (in): 9.1 x 6.2 x 1
ISBN: 0470187719
Dewey Decimal Number: 332.645
EAN: 9780470187715
ASIN: 0470187719
Publication Date: July 8, 2008
Availability: Usually ships in 1-2 business days
Shipping: International shipping available
Condition: Brand New, Perfect Condition, Please allow 4-14 business days for delivery. 100% Money Back Guarantee, Over 1,000,000 customers served.
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| Customer Reviews:
 How much should you risk? August 26, 2008
4 out of 5 found this review helpful
That's the million dollar question at the heart of sound money management, how much should you risk on each trade? McDowell answers the question superbly in his book and gives the reader tools to answer this question for yourself. The debate on this topic has raged on prior to the release of McDowell's book and will surely continue on long after as well.br /br /Some traders will urge you to never risk more than 2%. And, the traders in this camp feel that Ralph Vince's obsession with Optimal f formulas pose far too much risk for any trader. While other traders (see a John Bollinger review posted on one of Vince's books) will warn you against risking too little. The dilemma with risking too little is that you will minimize your rate of return and weaken your edge.br /br /Perhaps, as McDowell's new book outlines, the answer to this question lies somewhere in between. He compares, and spells out, two ways to determine how much to risk: 1) referring to the risk of ruin tables; and 2) using the Optimal f formula. Either way, you absolutely need to know what both your current pay off ratio and win ratio are, so that your choices are based on data not impulse.br /br /This book gives you the formulas and information to make an informed decision on how much to risk. How you use the information (via testing your own system) is up to you.br /
 Thinking about Trading? August 25, 2008
5 out of 5 found this review helpful
Read this book before you lose your life savings or a portion thereof. I would venture to guess that most "non professionals" play in markets without a plan or system. It may be true that more people lose money in the market than make money in the market, especially in 2008. Well, if you fall into this category you need to read and use this book before you make another trade. Money management discipline is more important than stock picking!br /br /This book is an easy read. It will, in a clear and concise manner, guide you to create your trading system for money management ("preservation"). Learn your strengths and identify your weaknesses. Understand your risk psychology and how to develop a "Traders Mindset" that fits you. Entry rules, stop-loss exits, risk-of-ruin tables, tracking systems and risk management rules, it is all here. It's well laid out and worth the investment in your financial future. I am glad that I bought and am using this book. Highly recommended!br /
Confidence to a Young Trader August 21, 2008
3 out of 4 found this review helpful
I am so thankful that I began my life as a trader with reading 'A Trader's Money Management System'. I am currently in the research mode and have yet to buy my first system, set up my first brokerage account or make my first trade. It has given me confidence that so far I am doing things right and in order (capital, money management, system then psychology). I now have a realistic understanding that a low win to loss ratio is ok as long as I have a good money management. It will be the money management that will keep me in the game and hopefully allow my winners to overtake my losers. Thanks Bennett.
The true "Holy grail" August 20, 2008
2 out of 3 found this review helpful
Have you ever traded even for 1 day? then,you must know that your technical system is maybe the least important part of your trading plan....Money management is the most important part,it's the true "Holy grail" of trading and Bennett McDowell has done a great job focusing on it!br /br /An experienced trader knows very well that he must control his inevitable losses if he wants to survive in the markets.He must control his position size in every trade,to avoid the possibility to take a big loss.A big loss that will not only diminish his capital,but,more important,it will "destroy" his psychology,it will "destroy" his self confidence,which is the most valuable asset a trader can have....br /br /Mr. McDowell has written a great book on money management and traders' psychology.Being himself a successful trader,he knows very well how important these things are.As he states in many of his presentations,"you must stay alive to fight for another day"....great advice,believe me fellow traders....br /br /I believe that this is the first book a trader must read.He must understand the concept of money management and it's importance.And this book is the best way to do it....
Recommended August 20, 2008
3 out of 3 found this review helpful
This book is all about risk: trade risk, market risk, margin risk, liquidity risk, overnight risk, and volatility risk. It covers the 2% risk formula, risk of ruin tables, stop loss exits, scaling in and scaling out, trade posting cards ledgers. You need this.
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