High Probability trading 1st (first) edition by Link, Marcel published by McGraw-Hill (2003) [Hardcover]

by Unknown Author

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.

Genres: Finance, Business, Nonfiction, Personal Finance, Economics

Paperback

First published March 17, 2003

About the author

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Reviews

[Jacqui Schischka · Rating 5 out of 5]

This was a great, comprehensive trading book that was full of information ranging from technical analysis, trading plans and making sure you take high probability trades only. I have highlighted a lot of this book and plan to read again :)

[Tony WANG · Rating 4 out of 5]

"

This reminds me of what my college tennis coach once told me: If you hit the ball over the net four times, you’ll win 80 percent of the points. He said, “Don’t worry about winning points. Let the other guy lose them; just keep hitting the ball in play and you’ll do just that. It’s easier to win when you switch your focus from trying to win to trying not to lose; your opponent will take care of that himself.

"

[Marc Laliberté · Rating 5 out of 5]

I’ve read many many investing and trading books.
This is one of my favourite trading book.
Really well explain, give good exemples and ways to implement it.
Lots of what not to do, how to avoid costly mistakes.
Good for beginners and intermediary people.

[Larry Fisherman · Rating 2 out of 5]

I would re-title this book to read, "Basic Trading Concepts". The book is nicely put together and does provide a good deal of information but the title is totally misleading in my opinion. Most of the material provided is general trading knowledge and not specific "high probability trading" methods. I was expecting actual techniques and specific entry and exit systems. If you're new to trading, this book will give you the basics. If you have been trading awhile, this book is mostly milk and no meat.

[Drew Beyersdorf · Rating 5 out of 5]

Easily the most informative beginners book to trading

[Stephen Chung · Rating 4 out of 5]

An honest trading book.

[Victor · Rating 4 out of 5]

High Probability Trading is an excellent book to help traders to transition from losses to profits. Link focuses squarely on the target zone composed of 1) addressing and overcoming common mistakes, and 2) building the kind of systematic approach to trading that successful professionals employ. Each chapter ends with a section entitled "Becoming a Better Trader" that summarizes key points and offers a set of questions to ask yourself to determine whether you truly understand the best practices described in that chapter. Entertains, real life trading and life examples (e.g. Sophie the Cat) appear throughout as highlight boxes that reinforce the key points. I find that I am revising my own written trading plan based on ideas in this book. I also enjoyed the clear organization that allowed me to skim material in which I either have deep expertise (systems design) or little interest (day trading). In summary, worth reading for the majority of traders and market speculators.

[Chris Esposo · Rating 4 out of 5]

I initially purchased this book as a reference for a course, but found it to be very useful as a guide to real trading. To be sure it is basic (though not elementary), and it should not be picked up by experienced traders. However, for those who are coming into the world of trading pretty fresh, you can’t do wrong picking up Marcel Link. This book is a nice mix of practical advice on setting up your own system (and hopefully not breaking it), as well as explaining the rudiments of both charting and more fundamental analysis. There’s even a section on programmatic trading which includes simple pseudo-code (though let’s be clear, this is VERY basic).

For me, the sections most useful initially were those chapters that defined, and discussed, how certain technical indicators were used for human trading (I was attempting to model human trading at the time for a machine learning project!), but eventually read most of the book, though not-sequentially. This is something that should be noted, I found the book best read “as-needed” , that is reading it cover-to-cover is probably not the ideal way to consume this information. Instead, the best approach is to start trading (after you’ve read the first 4 chapters maybe), then once you’re in position, to consume a-la carte depending on your strategy/system. Depending on your own psychology, it may make sense to read the last 3 chapters after (to learn about the follies of braking-system or going discretionary too often, or at all) , then as you succeed (or more likely fail) to begin to read the chapters on technical trading and indicators.

In this way, I consumed this text piecemeal over a period of a year. I plan on re-reading pieces of it in the near future before progressing to more advanced text. I think some of the best parts of the text though are not technical, they are more conceptual advice on trading, journaling, the folly of winning too much too soon (and giving you bad habits in the process), and overall commentary on the importance of discipline (something I have not kept track with). Each trader will be different, some will ride their trade too long, others will pull the trigger too soon, it’s good to keep track of these peccadillos so you can work on them after hours. Depending on your individual strengths/weaknesses, your next book will likely either be more coaching book on trading (i.e. “The Risk of Trading”) or maybe something that’s more focused on a style of analysis you are fond of (or believe in) whether that’s fundamental (Ben Graham’s Fundamental Analysis or any number of Graham-Doddsville based books) , technical trading, or maybe something more quantitative/programmatic.

Whatever way, this is a great first book into the world that will guide your first steps with sound advice. Recommended.

[Sujay · Rating 2 out of 5]

Good book for beginner/novice trader . Talks about trends, trend lines, oscillators, indicators how to use them, basics of risk management, trade with the trend, etc
Did touch upon trading psychology part but not in much details.

For professional or those who are already trading, may skip this one...

[Amit Kumar · Rating 5 out of 5]

Really Good Book

The book is extremely good. Provides strong foundation to become a good trader. The focus of the book is not to win some random trade rather establish processes to do trading for life

[Russ · Rating 5 out of 5]

Whether you're a novice or expert trader, read this book. Some chapters are dated but you can skip them. The advice and technique is sound. Definitely one of four or five trading books that you should own.

[Abhishek Sardar · Rating 5 out of 5]

Not exactly what I expected. Unlike adxellence, this book is mostly about the psychology of trading and its profits and losses. The author talks about indicators as well but not a part of strategy. But the book non the less is worth reading.

[Ketan Joshi · Rating 5 out of 5]

Great book, really great for those beginning their journey in the world of trading, really explains all the major concepts really well with illustrations and diagrams, also has great personal anecdotes and stories to drive home the key points.

[Gurmukh Sandhu · Rating 4 out of 5]

Discipline and clear mind..

[Jerry Campbell · Rating 3 out of 5]

Basic strategies that have no complicated rules to follow. It was a pretty easy read and really not applicable to algorithmic trading era.

[John R. Custer PhD · Rating 5 out of 5]

A complete intro & then some

The author provides inights to trading that are both broad & deep. An excellent read. The section on backtesting is particularly useful.

[Mira · Rating 5 out of 5]

An excellent book!

[Stefan · Rating 5 out of 5]

Great introduction to trading.

[Ares Adali]

2qgt

[Abey Thomas · Rating 5 out of 5]

great book

[Zolbayar · Rating 3 out of 5]

Ер нь арилжааны бүхий л номнуудад гардаг зөвлөгөөнүүдийг арай өөр байдлаар дурьджээ.

[Luis Moreira · Rating 4 out of 5]

Besides being a great vast technical book, ranging all the main concepts any trader must know, it also covers Marcel Link's life story and all his mistakes until he finally gets it right: discipline, discipline, discipline.

[Richard Sarver · Rating 5 out of 5]

Very strong, no nonsense processes to improve trading proficiency. The methodology is sound.

[Teddee · Rating 4 out of 5]

Good tips on getting your trading head straight, sticking to high probability situations, and avoiding low probability situations that are the downfall of many traders

[Susan Gast · Rating 5 out of 5]

I really enjoyed Marcel's book. Showed proper stop placement on ascending triangles and such like. One of the best books on trading I've read.

[John Richards · Rating 3 out of 5]

low level reading last chapter ok

[David · Rating 2 out of 5]

Just another mundane book on TA and a repeat of what a 100 or more what other books say. Save your money.

[Ryan · Rating 2 out of 5]

Only first chapter is useful, the remaining two are to use Elliot Wave and Fib Retracements
Try Market Wizards instead, that book has a lot more actionable tips

[Alex Hogan]

Alright