Friday, August 19, 2011

High Performance Trading: Book Review

High Performance Trading is written by Steve Ward. The book is published by Vision Books (www.visionbooksindia.com), New Delhi, India. The price is Rs 495 only. I am obliged to Vision for publishing an excellent book at a low price. (just to compare, similar publications in the USA wold be $40 or more, i.e. Rs 2000 or more).

Every trader needs to read this book. Trading is not about obtaining tips. It is a business, more complicated to manage than an average business. High Performance Trading discusses 35 practical strategies to enhance your Trading Psychology and Performance. Each of these startegies contains numerous ideas and practical suggestions to organize your trading, and, improve it.

In "Strategy 15: Run Your profits, Cut Your Losses" tells us something we already know. But do we follow it? The chapter gives exercises, top tips and gives five reasons why traders cannot follow this Golden Rule. The reasons are:

1. Taking excessive risk in relation to their trading account
2. Placing stops at levels which give uncumfortable losses
3. Not fully accepting losses as part of trading
4. Not having stops and profit targets in the first place
5. Trading when you need to make money

Each page is worth not one but many reads. So, my suggestion is: This book should be part of your library, to be read many time.

4 comments:

Sasi Uppuluri said...

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sudhin said...

Do you personally follow your own stop loss? Having a view is one thing and actually following it is another do you agree?

Jayvant Phadtare said...

please suggest other books which you likes

segviola11 said...

Sir,

As usual you
- you have stood apart
- you have shown that you are the master
- have not let us down.

A great book. Not a usual, time pass sort of recommendation.

I bought this book and completed it reading the previous weekend.

Very very practical.

I had been doing the day trading and found that the first part was my own experiences in the early days of my trade.

Thanks a lot once again.

sir requesting your kind self to recommend some other international books to vision books and get it published at Indian prices.

Any recommendation on books relating to Elliot Wave.

Regards,
Murali.