High probability trading - Marcel Link (Take the steps to become a successful trader) Within 6 months of beginning their careers full of promise and hope, most traders are literally out of money and out of trading. High Probability Trading reduces the likelihood that you will have to pay this “traders’ tuition,” by detailing a market-proven program for weathering those first few months and becoming a profitable trader from the beginning.
Combining a uniquely blunt look at the realities of trading with examples, charts, and case studies detailing actual hits and misses of both short- and long-term traders, this straightforward guidebook discusses:
- The 10 consistent attributes of a successful trader, and how to make them work for you
- Strategies for controlling emotions in the heat of trading battle
- Technical analysis methods for identifying trends, breakouts, reversals, and more
- Market-tested signals for consistently improving the timing of entry and exit points
- How to “trade the news”–and understand when the market has already discounted it
- Learning how to get out of a bad trade before it can hurt you
The best traders enter the markets only when the odds are in their favor. High Probability Trading shows you how to know the difference between low and high probability situations, and only trade the latter. It goes far beyond simply pointing out the weaknesses and blind spots that hinder most traders to explaining how those defects can be understood, overcome, and turned to each trader’s advantage.
While it is a cliché, it is also true that there are no bad traders, only bad trades. Let High Probability Trading show you how to weed the bad trades from your trading day by helping you see them before they occur. Packed with charts, trading tips, and questions traders should be asking themselves, plus real examples of traders in every market situation, this powerful book will first give you the knowledge and tools you need to tame the markets and then show you how to meld them seamlessly into a customized trading program–one that will help you join the ranks of elite traders and increase your probability of success on every trade.
ABOUT THE BOOK
“Throughout this book I’ll give many personal examples, as well as examples involving traders I’ve known who are both good and bad traders. I’ve known traders who began terribly but were able to turn it around and many who just never learned. I’ll use these examples to help get my point across in stressing what to do and what not to do. I protect these peoples’ identities to keep from embarrassing some of them. I’m not too proud to say that I was a horrible trader, and I detail all my losing habits as well as those I’ve seen in others along the way. I always had a great sense of market direction, but there were too many other issues that kept me from succeeding.
Once I was able to conquer those weaknesses, and learn to trade with the odds in my favor, my trading turned around. My turnaround came mostly from watching both good and bad traders and starting to emulate the traits of the successful ones while avoiding anything I had in common with the bad ones. Getting better was also a result of analyzing my losing trades and trying to learn a lesson from them. Eventually it gets to be painful to lose; as with a child who must touch a hot oven once, pain can be a good teacher.
One thing that helped me was sitting next to a guy who was just awful; he made the same mistakes over and over and over again. I was able to notice a few similarities I had with him and quickly decided that it was time to change them. Watching him trade helped me get a clearer picture of my mistakes.
High Probability Trading will walk the reader through what I believe to be the most important aspects of being a successful trader. The book runs through most aspects of trading, starting with the building blocks every trader needs to succeed and ending with discipline and the emotional factors traders face. In between, there is a thorough discussion on technical and fundamental analysis, on making and using a game plan, a trading plan, and a risk management plan, and on how to write and backtest a system. It will help readers learn to trade with the odds in their favor while avoiding the proven losing situations. I conclude each chapter with a short section called “Becoming a Better Trader,” followed by some tips on what to do and what not to do, and some questions traders can ask themselves to make sure they are doing the right thing. This should help identify strengths and weaknesses that could guide one onto the path of becoming a winning trader.
“The Goal Is to Teach All Traders to Think with the Mindset of a Successful Trader…”
While successful trading requires tremendous skill and knowledge, it begins and ends with mindset. What do exceptional traders think when they purchase a quality stock and the price immediately plummets? How do they keep one bad trade from destroying their confidence–and bankroll? What do they know that the rest of us don’t?
“Some trades are not worth the risk and should never be done.”
High Probability Trading shows you how to trade only when the odds are in your favor. From descriptions of the software and equipment an exceptional trader needs to high probability signals that either a top or bottom has been reached, it is today’s most complete guidebook to thinking like an exceptional trader–every day, on every trade.
“It’s not how good you are at one individual thing, but it’s the culmination of every aspect of trading that makes one successful.”
Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn’t, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader–by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade.
“Why do a select few traders repeatedly make money while the masses lose? What do bad traders do that good traders avoid, and what do winning traders do that is different? Throughout this book I will detail how successful traders behave differently and consistently make money by making high probability trades and avoiding common pitfalls…”–From the preface
About the author
Marcel Link has been trading professionally since 1991. He is the founder of linkfutures and is a TradeStation consultant. Linkfutures serves the trading community with daily commentary on the markets, along with insights into technical analysis, training, marketing, and other information that can be vital to traders.