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Trading Without Gambling: Develop a Game Plan for Ultimate Trading Success (Wiley Trading) |  | Author: Marcel Link
Publisher: Wiley
Category: Book
List Price: $60.00
Buy New: $33.16
as of 7/31/2010 18:45 MDT details
You Save: $26.84 (45%)
New (26) Used (12) from $31.94
Seller: indoobestsellers
Rating:  11 reviews
Sales Rank: 697075
Media: Hardcover
Pages: 274
Number Of Items: 1
Shipping Weight (lbs): 1
Dimensions (in): 9.1 x 6.1 x 1.2
ISBN: 0470118741
Dewey Decimal Number: 332.64
EAN: 9780470118740
ASIN: 0470118741
Publication Date: December 10, 2008
Availability: Usually ships in 1-2 business days
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Product Description
Many people perceive trading as nothing more than a gamble. But there are still people who consistently make money trading. How do they do it? They've learned to separate gambling from trading. And the way they do this, says author Marcel Link, is by developing a proper plan. In Trading Without Gambling, Link shows how to create and use a sound game plan to improve every aspect of trading–including finding trades, timing, knowing how much to trade, where to exit, and how to adjust risk–while leaving very little to gambling.
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| Customer Reviews:
Showing reviews 1-5 of 11
 Puts the odds in your favor when trading January 25, 2009
Steve Burns (Nashville, TN)
15 out of 16 found this review helpful
This book is in the top eight out of the over one hundred stock trading books I have read. It presents one of the most important principles of successful trading: DO NOT GAMBLE, ONLY TAKE TRADES WITH A HIGH PROBABILITY OF MAKING MONEY. Author Marcel Link covers in great detail all the areas that a stock trader needs for success in the markets.
First he explains the importance of having a detailed trading plan:
1. Entering a trade
2. Exiting a trade
3. Stop placement
4. Position sizing
5. Money management parameters
6. What to trade
7. Trading time frames
8. Back testing
9. Performance review
10. Risk vs. Reward
In two areas of the book he writes about how even though great traders have a huge amount of differences about them they all share one common trait:Discipline. Whatever your trading style you must have the discipline to follow your trading plan by taking your wins while they are there, cutting your losses when it is time, and never trade to large a position and risk to much of your capital.
He touches on some of the key aspects of trading strategies, but his main point is whether you trade based on technical indicators or fundamentals you must trade a proven system that has been back tested and once you make your system rules, follow them.
The author advises focusing on one market and really know how your market or specific stock trades. He believes you can really hurt your performance watching commodities, futures, bonds, or to many individual stocks, and having to many positions on at the same time. I agree.
You will receive advice to keep the right perspective and always ask yourself "If I did not have this position on would I buy now"? Try to look over your own shoulder while in a trade and give yourself advice like you are trying to advise a friend's trading.
I really liked how Mr. Link said that you should avoid over trading and you should not always either be long or short a stock, that no position was a position in itself. (I had to follow this "no position" mantra in my major account in 2008 being unable to get a feel for any trend or support and resistance levels and saved myself from huge losses).
The author shares his personal trading rules, key principles for successful trading, favorite books and magazines. This book is a treasure test of information and advice from a real 20 year veteran trader who has done very well for himself and is sharing his knowledge with us. This is not a gamble, buy the book and use its principles and you will win in trading.
This Book has everything you Need March 12, 2009
S. Morse (New York, NY)
0 out of 2 found this review helpful
I must be fair and say I have never read Mr Link's first book so i can not compare it like other reviewers have. But i found this to be one of the best trading books I have read and it has definately improved my trading, especially the chapter on Money Management.
I strongly recommend it to anyone who is trading and wants to improve thier game
I do look forward to picking High Probabilty Trading by him
One of the Two Best Trading Books Ever December 24, 2008
Marcel Link (New York)
7 out of 17 found this review helpful
Okay so I may be bit biased as I wrote the book, but I believe this to be a fun to read, pretty damm helpful book and as good as my first book, High Probability Trading. It should help any trader, from beginner to pro and at the very least make you laugh. After writing High Probability Trading I thought I had nothing else to write about trading. But what I did with Trading Without Gambling was take the concept of how to improve your trading by carefully planning out everything you do as well as and making scenarios for all possibilities to improve your odds of making money. For example I never predicted the market collapse of late 2008 (but as I was writing the book in mid 2008 I did showed how it was a scenario that could happen and technically why it could. With this kind of information traders could have made or saved a lot money and this is what this book is about. It is about how to find those great trading opportunities while avoiding the poor ones, which in the long run is what will make you money. There are no difficult formulas or Midas touch strategies, it is just about how to be prepared for what the market has to offer. Many, Many people helped make High Probability Trading a classic, and I thank you, I hope this one turns out like that one as well
Marcel
Highly recommended book! February 1, 2009
Julie (Tampa)
0 out of 5 found this review helpful
This book is as good as Mr. Link's first one but even more entertaining. It's very insightful on how the mind of a trader works. Very easy read and I highly recommend it if you're serious about improving your skills as a trader.
 Trading is serious - books dont have to be! April 15, 2009
P. McHale (Phoenix, AZ USA)
3 out of 4 found this review helpful
This is an enjoyable book! Regarding some of the other reviews, it was definitely written in an off-the-cuff conversational manner.
If you are looking for a serious, strict provide-specific trading rules/plans then this book isn't for you. If you actually enjoy some trading tales and dont mind some repetition - I would highly recommend the book.
There is alot of good information contained within the pages, with plenty of reminders of what sets apart professional traders from amateurs. (hint: there isnt a holy grail. There is just creating your own game plan - trading it - and constantly monitoring your positions.)
Simply put - if you are the type of individual who would like to sit down with a professional trader after the market closes, pick his brain, and drink a beer or two while listening to his thought process and hearing some good stories (the $8000 nooner is classic) - than this book was written for you. If that sounds like torture - take a pass and read his first book (High Probability Trading). Both are excellent. I am assuming this one shows his personality a little bit more, which I find refreshingly different! (Lets face it - most trading books are about as dry as an Arizona summer!)
Showing reviews 1-5 of 11
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