Although the book's content is good and interesting, it is totally unsuitable for reading and studying on the Kindle.
As it is all about charts, analyses, details, it is very (!) annoying not to be able to see or read the charts on the kindle approprietly. Also the browsing/moving forth and back between the charts and text is irritating.
This is not the author's mistake but Amazon's.
Amazon should warn its customers for this!
I just bought the paper back version of the book, but now have double costs of course...

This is a most practical and complete book I had ever read after Mark Douglas Trading in the zone. I read this book several times once I borowed from library and later on purchased this book. I still read this book whenever I get a chance. This book talks about trading psychology, trading style, strategy, pitfalls and whole lot. I highly recommend this to everyone who is in the trading profession.

First, let me say that the content of this book is just fine. I think the key themes presented are very true, and the author seems to have a basis of personal experience to work from. My complaints are twofold:
(1) the book rehashes the same basic points over, and over, and over, and over. I don't consider myself a particularly quick study, but I don't need to be told 20 times that it's important to have a disciplined money management approach. I think the author could've actually proposed a specific framework (or five) for money management rather than just endlessly saying that you need to cap your losses
(2) it's written in a pretty uninspired way. I like that the author is a trader who writes rather than a writer who trades, but multiple misspellings, poor grammar and sloppy sentence structure. This is the editor's problem, not the author's since I don't expect content experts to be Steinbecks

Read the book if you like, but be prepared to skim after about the first 50 pages

As a beginner in trading, i find this book really helpful for me in understanding the high risk in trading. I recommend to anyone about this book!!! The author really give a good idea in not making any bad trades. How to use different time frames really help me a lot.

I love this book. I have read 12-15 trading books over the past year and I think this one is the best I've read. I like it because he is thorough. He covers every subject in trading. Some of the books I've read didn't really cover some subjects very much or even at all, but the author has a chapter of everything. It's a nice thick book that has lots of information in it as opposed to some authors that seem to follow a simple template for writing a trading book. I strongly got the feeling that this man truly knew more about trading than any of the other authors I've read. He seemed like more of a trader and less of an author compared to the others and that is a compliment. I highly recommend it.

This author is without question (IMHO) one of the most honest, straight forward, down to earth stock market commentators I have ever had the pleasure of reading. Occasionally, perhaps slightly redundant, but sometimes there is nothing wrong with trying to drive home a point by repetition. This is a book I will refer back to frequently.

If your an advanced trader who has a system down, making lots of money and no bad trading habits then you don't need this book.

If you are a trader wantta be, beginning trader or an intermediate trader and can't afford $200/hr for a trading coach or $500 per trading seminar then this book is the best solution and could save you a lot of trading PAIN!

Written by a trader who has made all the mistakes you can imagine, yet had the courage and persistance to learn from his mistakes. This is the best, self-help, trading book I have found to date.

If you have a capacity for honesty and want to get better at trading, this author's experience will help you spot your trading defects. You can then take action to correct short comings so you might become a better trader.

I was gonna give it 3 stars ("It's OK") , but when I saw the description for the 2 star ("I don't like it"), I thought the 2 star rating was more accurate. My expectations might have been too high because of the many positive reviews. The book had a little bit of the history of the author, a little bit of trading psychology and money management, some trade setups in the middle, and final thoughs in the end. I can't comment on the trade setups since I don't read those sections (in any book). This is because I read trading books more to find gems and reminders, or find the common trading rules, like "be patient" or "cut your losers", explained in such a way that it changes the way you think. The book has a really casual tone, so nothing really jumped out at me and I didn't find any "a-ha" moments.

My favorite book is "Trading in the Zone" which is purely about trading psychology. I also like the 1st half of "Tools and Tactics for the Master DayTrader" (especially the "band wagon" story), the 2nd half was on trade setup which I didn't read. There are many good books out there and this one ranks around the middle.

When I started reading this I liked it from the beginning: it is very concice and clearly written, and as a consequence understandable and useful for persons that want to improve their trading skills and habits. One of the best books that I have encountered on this topic.

When I originally read this book and decided to review it, I wasn't being honest with myself, and was looking at the text as someone who had overcome a lot of the bad habits that Marcel Link wrote about before I had even read the book. The original review can be found in the comments section, as the sixth comment. This book is important, that's why I gave it four stars. For a lot of traders it may be the most important text they will ever read--though I think one should look to Dr. Alexander's Trading For A Living (this text is the greatest one on proper psychology I have read yet). Marcel Link gives a great book, but the fact is that when I was reading it, I think I mistook a lot of what he said that would pertain to day trading, for regular stock trading, and investments, in which I mean the Gerald Loeb definition of investment and trading, Short term being (weeks to a couple of months), long term being (A few months to a year). A lot of what Marcel Link writes about is day trading, making a thousand a day, which, when I said that people should think big, and aim high, which he talks against--demanding reality based thinking--it didn't pertain to thinking that you could trade for a living on a five thousand dollar account. Though it's happened, I agree with Marcel Link, its unlikely.

But let me say this clearly, a beginner trader can double their money, even tripple it in a year, or six months with some success and steadfast rules, and a good market. The problem I take with the beginning of his book, is that Marcel Link spends a lot of time talking about paying the "tuition" for the market, a word I understand, Edwin Lefevre used, Bernard Baruch used, and Nicolas Darvas used--though he never went bust. The difference between these people should be that they don't have the books informing them of their mistakes. Something I've learned from the books, which, quickly kept me from losing a lot of money, once I figured out that I should be buying in small increments and adding to my position. His capital preservation is at best average to other great books like Nicolas Darvas's How I made 2 million Dollars, William O'Neil How to Make Money in Stocks, Martin Zweig's Winning on Wall Street, and Stan Weinstein's Secrets for Profiting in Bull and Bear Markets. He doesn't emphasize the stop loss as much as he could and should--its an essential and wonderful tool for any and all beginner and non-full time trader, and even for them. He talks about trading by the news, which just doesn't work--though he does give a great manner of how to do it, one can succeed just as well with looking at the prices of stocks--I trade in stocks, so I don't know about anything else--and then following them looking for increases in volume and price, which works just as well, and lets you utilize a buy stop order.

This book talks about all the pitfalls of trading, though, unlike other books of this type, it doesn't talk about the upside with as much fervor. It's depressing. Had I read this book when I started trading and lost half of my thousand dollars, I would've probably taken my money out and called it quits, not added a few more dollars, and kept at it, with new ideas, and more information.

The Pitfalls it mentions:
New Traders overtrade which is a detriment to them, they hold on to losing positions even while cutting their winning positions, they consolidate when they should evacuate, they have too big of ideas for their capability, and for such a time--making a thousand a day on a twenty five thousand dollar account is just ridiculous.

I had my failings, I used to work with a trader when I was in High School researching stocks for him, as I explain in the comments, and he had lost a good junk of his trading account, but eventually, he turned it into a large fortune, when he learned to utilize stop losses and stop buy orders, and now is a millionaire--he's nearly worth a million dollars--who paid for my college, and he did it in three years from an acocunt of slightly more than fifty thousand dollars.

I'm a rather new trader, I started with a thousand dollars--which, when he called this undercapitalized, though I agreed, I don't think discouraging people with little money from starting in the market is intelligent either. I lost five hundred dollars when I first started trading in two weeks. I made a ton of trades, some winners, most losers, and my money got wiped out. I was depressed, worried, wondering what I could do, and I started reading more and more books, a list of which is in the comments. From April to today, I have made a total of about 20 trades--which is still too much, but I'm still learning. I turned my five hundred into three thousand. The major things I did he talked about, taking smaller positions--I buy right now only ten to thirty shares initially (I don't buy stocks under fifteen dollars), and I set my stop losses at two to three dollars, depending on what i witness the fluctuation to be. It has caused me to be sold out of more stocks than you'd think, but my winners, were big and by adding to my positions my winnings bigger than any sold off losses could be.

This book is depressing, I'm a new trader, I'll admit it off the bat, I'm twenty one, I still go to college, I even went to a Community College, because money was tight, but now, I have some money, and I was hoping to make more money, but after reading this book, if I didn't know better, I wouldn't think it possible until I was about twenty eight, or thirty even. This book is wrong. I'll explain my qualifications to say this at the end.

First things first, if you have small capital, it is better to put a steadfast stop loss, and if you get bumped out of the stock, its too volatile, and look for another one, while continuing to follow that one, if you think its still going up.

Take emotion completely out of the game, once you buy the stock, watch it, but let your stop loss be the deciding factor, let it ride its way up, or let it drop. the stop loss should be set at about two to seven percent of the money you use to buy the stock--or your overall capital.

You don't need to spend five thousand to ten thousand dollars on High Tech equipment, this made me angry. This would turn off any would be stock trader right there, who doesn't have a lot of capital. I use a single five hundred and fifty dollar laptop, with wireless internet connection, and I pay fifteen dollars a month from Yahoofinance to get their real time market tracker. Big expenses, no.

NEVER, EVER, EVER, TRADE BY THE NEWS. DON'T YOU EVER TRADE BY THE NEWS. I recently watched CNBC and on a youngmoney stock simulator account, I bought what they said to buy long on, and sold short what they said to sell, and the million your given in the account was reduced to a little over five hundred thousand in one month.

My Qualifications: I started trading in March, with one thousand dollars, lost five hundred dollars in three weeks. If I read this book, I would've quit. I was sick about it. i didn't tell my parents, i was afraid they'd tell me to stop. I decided I needed to buy some books, and did--there's a much bigger story, I'll attach to a comment for those who want to know more of my strategy. Anyways, from April to June i lost another five hundred dollars, however, I also made two thousand dollars. By June, I was up to two thousand dollars. With the volatility in the market, I began to swing my trades following a strategy that I established, and scalped fifty or sixty cents from hundred share trades, which has brought me up to nearly three thousand. I have nearly a five hundred percent return, or a three hundred percent return if you want me to start at my thousand dollars. When he claims its highly improbable to get a forty percent return. Small investors, are not mutual funds, or big brokerages, we have small capital, we can invest in volatile stocks, in small stock, and in big ones, getting in and out. When you make more money, then your returns will get smaller--that's what I've learned. There is a ton of good information that you can find in this book, that's why I gave it four stars, even though I disagreed with it, but none of it you can't find in cheaper books--and he suggests you buy more. A list will be available in the comments section.

This is one of those more honest books than many trading books out in the mainstream considering the price. I agree that most seasoned traders won't necessarily find anything new in this book. When I first read it after reading couple of stock-picking books, it helped me quite a bit. It does shed quite a bit of light if you have been reading only stock-picking books which I don't find that useful anyways.

In the author's opinion, you need at least $50,000 in tuition and at least several years of intense trading experience to succeed. I don't necessarily agree with him on this point, because $50,000 is quite a bit of money and trading is an extremely stressful job. After all, it is all about gambling.

When you get into trading business, skills of trading matters more then stock picking based on fundamental analysis or recommendations. And don't necessarily rely on technical analysis all the time, because it is not supposed to work 100% of the time.

Some of the most important rules and advice include

Think in terms of risk/return rather than return only.
Don't rush in or rush out. Buy and sell a little at a time.
Do not buy into rumors or news.
Avoid the spike and sharp sell-offs.
Do not deal with fundamentally troubled entities.
check out variety of asset classes. don't just limit yourself into stocks, but also check out etf's, bonds, commodities, precious metals, etc.
This is my opinion, but I personally try to avoid derivative markets (CDS, leveraged etf's, options, futures, etc) since they are way too volatile and you take on much more risk.
Avoid mainstream financial news coverages. Try independent blogs such as
Max Keiser or Daily Reckoning.


You also need to know the nature of the Federal Reserve and our monetary system. Read the following books too

The Creature from Jekyll Island: A Second Look at the Federal Reserve
Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books)
Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free

I 've read a lot of trading books. And I have to say that it is a must-read book. The book is both educative and entertaining. I really recomend it to everyone who is begining or already in the trading journey.

My rating is actually 3.5 stars.
As an experienced stock and option trader I did not find much new in this book. Of course, I did not expect breakthrough new technical indicators but I was hoping for ,at least, subtle combinations of existing ones that I have not seen before.My rating is thus 3 stars if you are experienced.
After reading the book I gave it to a friend who is a beginning trader.His feed back was quite positive. One area that was well explained is the difference between trend following indicators and oscillators. Most beginners wonder why is it that sometimes a stock with overbought stochastics as an example keeps going higher but another one reverses as they expect.As explained in this book one stock is trending and the other not. Many beginners miss this point and wonder why the stock moved the other way. Also money management and disciline in trading that are important to beginners are discussed well.
One take I have is that there is no clear objective explanation on how to tell whether a stock is trending or in a trading range other than visual chart inspection which is tough for beginners. I have seen a subtle use of ADX in other books to objectively decide on whether a stock is trending or not and whether it is ready to enter a new trend. For this reason I rate the book 4 stars for beginners.

I have read first two chapters of the book from a Indigo book store in Toronto and then decided to buy. I liked what I have read by flipping trough all other chapters.
Best way to buy book is not from reading reviews but by see it to yourself before putting your hard earned money on the risk. Same like trading. Analyze the chart before you enter the trade.

This is the Best trading book ive read.
In fact, it isnt until now ive started to make money trading. Not only beacause of this book, but it has been a greatful help, espacially the second half of the book.

I truly recommend this book to others who wants to become better traders.
Sure its sometimes basic, but trading isnt harder, stay focus and dicsiplined.

Thanks
Patrik

More of a day trader's book. But the principals can be used for all time frames.

This book isn't really about specific trading strategies...although some are included. Rather, it is a book that serves to help "pull things together" for traders. I think this book can really help those traders who are knowledgable and experienced but still need to improve their discipline to be truly successful. I found it to be an outstanding book.

If you have traded for a time and read books on Technical Analysis (TA) such as trading for a living (it seems the author pulled some concepts from that book) or other books you will not find much new here. You can basically read this book in a day. For someone that is new to trading and has not read much on TA then this book has some good lessons.

An excellent book from Marcel, mind you though this is not a novel!. You have to read it and read it many times and take notes. Any real trader at least the shot term traders will find this book very insightful. Excellent discussions about money management, position sizing and about all the indicators you will need to trade the markets. Every trader is unique you will need to study the book from your perspective and it will help you a lot!.

I didn't like this book at all. Clearly it is aimed at beginners and it tries to cover technical analysis, money management, trading psychology, and system testing. Just too much to be able to cover anything in depth. However, the author seems honest in his approach of trying to tell the reader a bit about everything he has learnt himself. Honesty is unfortunately not sufficient to write a good book.

This book would have been better by cutting down the amount of text, especially the sections that state the obvious, for instance the 30 odd bullet points that end each (!) chapter. Come on what was the author thinking? Writing a textbook and getting paid by the page?

I bought this book due to the high rating on amazon, but clearly the author has a fan-club that raises the book to the sky. That is not fair, but c'est la vie.

Don't buy this book. For the beginner I would recommend Miner's "High probability trading strategies". That book doesn't tire the intelligent beginner with loads of different things. That books is also very valuable for non-beginners.

I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.

I didn't like this book. Clearly it is aimed at beginners and it tries to cover technical analysis, money management, trading psychology, and system testing. Just too much to be able to cover anything in depth. However, the author seems honest in his approach of trying to tell the reader a bit about everything he has learnt himself.

This book would have been much better by cutting down the amount of text, especially the sections that state the obvious, for instance the 30 odd bullet points that end each (!) chapter.

For the beginner I would rather recommend Robert Miner's book with an almost identical title. That book doesn't tire the intelligent beginner with loads of different things.

I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.

I didn't like this book. Clearly it is aimed at beginners and it tries to cover technical analysis, money management, trading psychology, and system testing. Just too much to be able to cover anything in depth. However, the author seems honest in his approach of trying to tell the reader a bit about everything he has learnt himself.

This book would have been much better by cutting down the amount of text, especially the sections that state the obvious, for instance the 30 odd bullet points that end each (!) chapter.

For the beginner I would rather recommend Robert Miner's book with an almost identical title. That book doesn't tire the intelligent beginner with loads of different things.

I didn't like this book. Clearly it is aimed at beginners and it tries to cover technical analysis, money management, trading psychology, and system testing. Just too much to be able to cover anything in depth. However, the author seems honest in his approach of trying to tell the reader a bit about everything he has learnt himself.

This book would have been much better by cuttig down the amount of text, especially the sections that state the obvious.

For the beginner I would rather recommend Robert Miner's book with an almost identical title. That book doesn't tire the intelligent beginner with loads of different things.

As an advanced beginner trader, this is one of my favorite books. It does not fill up pages with self-serving marketing, quick get rich schemes, or fluff. It gives you the basic no-nonsense tools relevant for whatever market you trade: creation of a concrete trading plan, importance of specific types of discipline (not just generalities), specific tips on system trading, backtesting, managing your risk, and handling your trading money. It also contains specifics on entries, exits, and technical indicators-not an encyclopedia, but a discussion relevant to an advanced beginner. This is very quickly grown to be my favorite book-complex enough that many sections need a re-read, but not overly academic, and full of realism. Highly recommend it for traders in any market.

Just finished reading "High Probability Trading" and have to say that it is a must have book for any serious trader. Marcel Link writes with simplicity and clarity and conveys much information needed to be successful in trading. The book covers technical analysis, money management (my favorite topic) and trading with a plan. It is this book's ability to cover complicated topics in a conversational way (not overly technical) that brings home the concepts needed to be profitable consistently.

Love his passage about Charles Dickens's "David Copperfield" excerpt where Link writes that Dickens "...is saying, Make more than you spend (lose) and you will do fine, but if you spend (lose) more than you make, you are ruined...". Very true - simple on the surface - but an essential lesson to getting profitable in trading or any life endeavor. The Dickens analogy is an example of how Link is able to draw you away from the traditional "trading" jargon long enough to think on another mental plane so that you can come back to your trading with new understanding.

Another book that may be useful in addition to Link's is "The ART of Trading" by Bennett McDowell The ART of Trading: Combining the Science of Technical Analysis with the Art of Reality-Based Trading (Wiley Trading) since it offers you a chance to take a 30-day trial of the ART trading software, and I've found it to be a very useful tool in my trading.

Because since Option Trading is a zero sum game(I believe), I want to sell my profitable premiums to novice and ignorant traders who don't use the author's methodology which is simple but brilliant. I bought around 20 books on trading and I use 80% of his methodology and I have to say,though not spectacular,his methodology gives me consistent profits and minimal losses. Never have I had any regrets lingering in my mind after completing this book and applying it.=) So traders out there,please don't buy this book,so that trading will be less competitive.lol =)

Very good book. Alot of info to digest. I wish the featured charts were larger and in color. The writer is a bit self aggrandizing and writes in a condescending manner. If you can get pass that, you can learn from him.

I would say that this book deals with the basics of what it takes to be a successful trader. It gives the reader a realistic point of view regarding how hard it is to be successful and the most important aspects of surviving and eventually thriving as a trader. In summary:

1.Money management-Have a plan that allows you to have a string of losses and still be ok. MOST new traders destroy their account because they never thought this part through. If you are new to the game and can't afford to lose thousands of dollars within a few weeks, this should be your top priority before doing any real trades.

2. Greed and Fear-The mental part of the game must be mastered once you have a plan for not losing all your money. Losing and making money both make you crazy. Self control

3. Strategies-this book goes over mechanical system building and the importance of backtesting strategies, but does not go into any detail about specific strategies.

This book teaches you how to think about trading and gives you advice aimed at preventing you from failing, as 90% of new traders do, so says the author. Read this book to learn what concepts need to be prioritized and then get another book to learn specific strategies and charting skills, etc.

I have a small collection of books on stock trading. For the most part they tell me what other people did to be on the payday side of the market. Some are specific to a set of methods (How To Make Money In Stocks: A Winning System in Good Times or Bad, 3rd Edition), others are good read on what a trader should know, practice, do or not do (Invest Like a Shark: How a Deaf Guy with No Job and Limited Capital Made a Fortune Investing in the Stock Market).

Marcel Link takes a practical approach to high probability trades. The basic idea:
You are a good ping pong player who beats all the neighbors in your basement. Do you think you would do well at the US Open?
Last weekend you managed not to drown while crossing the 25 yards of your local pool. Do you think you can beat Michael Phelps?

What is the probability of a positive outcome of one of the above? Yet that's exactly what we do when we jump into the stock market and lay our hard earned cash on the line in a bid against professionals with Harvard degrees, years of experience and deep pockets. With such a lineup, what is the probability of us winning?

This book explains in a good level of detail that actually yes, there is a probability of winning. However, one needs to do a bit of learning, training and planning beforehand. It remains unlikely that you'll beat the seasoned table tennis pro (my opinion), but with knowledge, training, patience and discipline, you'll be able to pocket a few points instead of getting blown off the table.

The book goes to great lengths to explain that trading the market is a serious business decision that requires knowledge, preparation, planning and above all, discipline.

Marcel Link explains how several technical indicators work, how traders use them, when to use them and when to stay away from them. He tells you "look, here is a pattern that seems to have worked in the past" but he also points out that a single pattern alone doesn't make for a good trade and it is up to you to find, interpret and evaluate such pattern and get it confirmed (or not) by other indicators.

This book is an eye opener. One of the very first things I did after cracking it open was to look back and evaluate my past trades. It is horrifying to realize how easily I could have lost a lot of money due to my "buying strategies". I would have never made those trades if I knew then what I know today.

Summary:
- very well written book, concise style with a touch of humor, very well organized
- very readable, written in simple and effectively used plain English, no typos
- sticks to the point of making trades that have higher probability of payoff
- describes the toolbox needed to find, evaluate and execute great trades
- leans a bit towards short term trading and has commodity trading examples sprinkled through quite frequently. However, both the short term and commodity trading strategies are applicable to long term trades as well
- spends quite a few pages on trader psychology, establishing a trading plan, writing a money management plan and coming up with a game strategy
- emphasizes that a well designed and thought through entry point is just the beginning of a good trade and it needs an equally well designed and thought through exit point. Otherwise a good entry point may turn into a very expensive lesson
- discipline, discipline, discipline

Conclusion:
This is not one evening read. You need to study it, consult the market, study your past trades, play with charts, learn various analysis techniques.
Above all, you need to come up with your plan, test it and come up with your trading identity before you lay a single red cent on the line.


Other (my opinion) useful, complementary books:
How To Make Money In Stocks: A Winning System in Good Times or Bad, 3rd Edition
Invest Like a Shark: How a Deaf Guy with No Job and Limited Capital Made a Fortune Investing in the Stock Market

Classics:
Reminiscences of a Stock Operator (Wiley Investment Classics)
How I Made $2,000,000 In The Stock Market
How to Trade In Stocks

Technical analysis formulas:
Technical Analysis from A to Z, 2nd Edition

At the beginning I thougt I'd read all this before and that it was all the same.
But soon after reading some more I learned some new things, f.exmpl. to use the fibonacci retracement properly, this is mandatory because every serious trader watches these levels and trade thereafter.

Marcel also goes through exit strategies , something very few other authors do.
He uses his own hard earned wisdom to give great advices.

One of the most important things was the money management chapter, if a trader misses out on this one the it doesn't matter how good a technician he or she may be.

One of the best trading books I've read, just wish I'd read this one earlier.

Good Luck !

This is an excellent book about trading, especially for the beginner. However, the beginner is not likely to recognize why this book is excellent versus the many books written about trading by non-traders. I highly recommend this book to anyone trying to teach themselves about the markets. If you already are a successful trader, the book may not be that helpful. If I were to teach a course in trading, I would consider using this book as one of the textbooks for the class, in part because there are very few comprehensive good books about trading. I have read the negative reviews posted on Amazon, and I don't think they are, for the most part, informed or fair. I hope the author comes out with a second edition, in part because while I think the content is excellent, the writing could be improved upon. But I'd rather have a substantively excellent book, than one of the many trading books well-written by a non-trader that is unhelpful or even misleading on the substance. "High Probability Trading" is worth the read.

like I did for about 3 years. Now I that I finally picked it up I am almost a third of the way through and already has Marcel Link's clear, honest, to the point language and approach to day trading dotted my i's and crossed my t's several times over. Yes, I did read books about small cap value investing, how to read charts and how to make money using all kinds of fancy systems before this one and I recommend you do the same. But don't stop there - go ahead and finish your training with this excellent work. Marcel's straightforward message is so simple yet so deep that I hope it will, just like it is already doing for me, banish all your fears about making mistakes and still coming out a winner. I write this on purpose because if you are not making money in the market you probably have a fear of winning and/or are making too many mistakes. Right after I started reading this book I had my first winning streak in years only to face an age old stumbling block just a week later; this time, thanks to Marcel's warning, I could honestly say to myself "It's OK, keep going" and I actually was able to prevent a big loss because the market had turned against me. Thanks to Marcel's "handholding" I had the courage to read all the charts before rushing into a decision that could have cost me. This book is for everybody who is missing out on grasping the "whole" of trading. After this, I plan to read more technical books just to stay sharp in that area, but for the time being I am enjoying every page in this volume. Highy recommended.

I've bought alot of trading books, usually at 50 bucks a pop, and some of them really leave you groaning about. I rationalize that even one good idea, even it just reinforces something I already know or reminds of something I forgot or ignored then it's better that losing 50 bucks to the market. It's kind of like trading itself, you take some losses but the winners make up for it.

This was a great book. One of the best sections I've seen on stops and exits. It goes more into the proper mentality than cookbook strategies, but it goes deep into areas alot of other books overlook or just don't develop beyond a few cliche's. If you're past the introduction level and already own all the indicator catalogs then this is a great pick. Not too deep into the tools, but good in that area too. Mentality and strategy development without becoming a psychology book. Excellent. The 1 star guys missed the point.

I just started to trade a month ago with paper money. It's a good book for a beginner. The book is out of date, 2003 edition. Charts are black-and-white color that makes them difficult to read. Recommended.

Unlike most books on trading, this one isn't filled with fluff. It shows you how to trade, as promised. As a very experienced trader, while I did not learn a whole lot of new material, the author's ability to crystallize difficult material into a readable form should be commended, as this is a feat extremely difficult to achieve. Excellent book. Highly recommended.

Until last year I was satisfied to shift my investments around between Fidelity funds. Since then I've been using a brokerage account and ETFs with a small amount of experimentation with options.

A brokerage account with real-time software is a dangerous thing, and I've made some expensive mistakes. Previous investment books have been useful, but none has helped me as much as High Probability Trading in identifying my psychological weaknesses (chasing trends, ignoring timing, overconfidence ...) and giving me concrete advice on correcting them. I look back on recent trades and cringe now -- the losses would have been less and the gains more if I had been doing what I am now. Not that I expect this book to turn me into a sure winner, but based on looking back I would have lost less and made more.

The author's style is quite personal, with lots of amusing and educational anecdotes.

What's not to like about it? The author's orientation is short-term (day or a few days) trading of futures, but he has tried to include stock traders and investors too. Perhaps addressing multiple audiences slightly dilutes the message for any single group, but most of the advice applies to several asset classes and time periods, and will make you question what you're really most comfortable with. It caught me at the right developmental stage, but if you don't feel a need to address the issues that are raised, or have already dealt with them, it wouldn't be as useful to you.

Disclaimer: I'm only about 50% through the book, but found it so useful that a review might be helpful to others now. Although I have a five star feeling from the first part, it's getting only four in this review because it's only based on the first part.

This book is excellent. All aspects of trading covered & dealt with in candid form. Marcel is open about his own shortcomings & failures. He has been there, done that. And also deals with the most important areas of money management & psychology. Bob

This is one of the great books that I read. I know many will say that the information in the book is available free on the internet, yes it is true, but not in a systematic manner in which the author does it in this book.

I think every new trader should read this book before beginning trading.

This is not really a trading systems book, although some systems are discussed. It is an overview of fundamental disciplines that traders can use for making and keeping money. Although not exciting in themselves, these disciplines will probably make or break a trader. A successful trader will already have integrated most of this information. The book is well organized and reads easily enough.

Excellent. (I never give a 100% rating as there is always room for improvement). This book is written by a person that understands what it is all about and knows what he is talking about. He is a real person. The book is very easy reading with real information. A definite read for beginners. It has turned my trading from 80% negative trades to 60% positive trades. The only reason my positive trades are so low is because I am still hanging on to bad habits. Do not miss this one.

If you want a decent overview of trading then this book is a good choice. The author covers the basics of getting started to what tools to use, such as, the news, indicators, and breakouts. I thought the best parts of the book were the discussions on money management and the last part on Self-Control. If you are an experienced trader there are a few nuggets here.

It is recommended for a trader starter like me or someone who need a reminder how to save money in trading. Before i read this book, i've made mistake and lost a lot. That's because i start real trading this week and only did virtual trading for 2 months. Lucky i read this book, to remind me and give me the big picture of way of trading. At least it works for me. Now, i still back again doing virtual trading, to mastering and practice the guidance from the book.

Different trading books cover different aspects of trading, like risk, execution, or psychology. This book covers all of that and more. It is one of the few complete books on trading I have read so far. I don't think you can read this one book and become a great trader, but I do think it starts you in the right direction and if you follow what Marcel is saying you will be a better trader.

I also think if you are already a successful trader there are many things in this book that can help you to become even more successful. I first read this book about two years ago. Learned some good things from it and then put it on my shelf of trading books. I pulled it back off the shelf about a week ago and started reading it again. I am glad I did. There are so many pearls of wisdom in this book that I had forgotten, or just stopped using over time. Sometimes we need to be reminded so we can continue to improve.

Marcel appears to be a real trader. That's a good thing because there are many trading books out there written by real authors, not real traders. The wisdom he lays down in this book are the bits and pieces he learned through his trials and errors over years of trading.

Here are some of the things I took away from this book.

-Trading is the hardest job you will ever have. If you think you are going to just walk over to your computer, turn it on, and then buy or sell your way to riches without any preparation, you are sadly mistaken. If someone tells you it is easy, ask to see their audited statements for the past few years.

-Be realistic about the time it will take you to become successful. It will probably be 2-5 years of diligent work before you can become a successful trader. Some people can do it in less time, others will need more time. A doctor, lawyer, or other professional cannot become an expert in their field in a couple of months. Why would you think you can do it in a field like trading? Something else to learn from doctors or lawyers, the really successful ones specialize. You cannot trade every market, so find the ones you are good at and specialize in those areas. That's the way to happiness and profits.

-Learning to trade is a timed race. You need to become successful before you run out of money. Its just like a new business, you need to make money before you go broke. Treat trading as a business and you will be more successful at it.

-In the beginning it is much more important to learn how to not lose money than it is to learn how to make money. If you keep from losing money you lengthen your learning time. No money means no trading. You have to preserve your precious capital. Plus once you learn how not to lose money, you start getting better at realizing how to make it.

-You need to have the proper capital to succeed, or you need to have realistic expectations for the capital you currently have. You should not be trading four e-mini futures contracts on a $10,000 account. It would put your risk level way too high and lower your chances to succeed. Proper risk levels are vitally important.

-Never take a trade that you cannot explain. You need to understand why you are getting into a trade. There are tons of trades every single day. This book is about taking the high probability trades. Why take a low probability trade when all you need to do is be patient and a higher probability trade is right around the corner.

-Trading against the trend is a low probability trade. Why not place the odds in your favor by trading with the trend?

-Trade the market, not your P/L. Trade what the market is showing you. Do not trade because you need to make a mortgage payment or car payment. The market is very generous and gives you many opportunities each and every day to transfer some of its money to your account. Wait patiently and be prepared to act when those opportunities arise.

-Always have a stop-loss. That means a hard stop you place the second after you put on the trade, or a mental stop that you will execute without fail if the market hits that number. A stop-loss just lets you know the trade is not what you are expecting. A small loss is part of the game. Do not let it turn into a large loss. Some of the best traders are only right about 30-40% of the time. And they make millions by only taking a small loss when they are wrong and letting their profits run when they are right.

-Risk. You need to set proper risk levels and always follow them. You will never know ahead of time which trades will make money or which trades will lose money, so you need to have proper risk levels at all times. Improper risk levels are one of the most critical reasons that new traders fail. By risking too much they never give themselves a fighting chance to be successful in the markets. New traders have not figured out their edge, they have not dealt with their own psychology, they have a dozen reasons why the trade is wrong, but with improper risk levels they get too few chances at learning the correct way to trade.

-Psychology. Whole books have been written on this subject. Marcel hits many of the important ones in his life, they will probably help you out too. This is a very important subject that you must conquer to be successful. For some it is easy, others will work on it until the day they die. I once read somewhere that "The market is an expensive place to learn about yourself". It's very true.

I can easily say that this book is in my list of the five best trading books. It deserves to be read more than once. Maybe once a year if you are actively trading. I would like to be able to give a brief description of the highlights of this book, but this is an all-encompassing book on trading. It covers everything that the majority of traders need to know and understand. If you follow what Marcel talks about in this book, you will have a high probability of succeeding in your trading career.

I just went through this book and it has some good information a stock trader can use to improve his approach trading stocks.

I read so many trading books in my trading career and many you can through out the window. This one you can find a spot on your book shelf after you read through it and you won't need to throw it out of the window.

If you are having a hard time getting on the right track trading this is another book you can find a place on your bookshelf.
The Subtle Trap of Trading: Why So Many Smart People Don't Make Money Trading, And How To Get On The Right Track In Less Than Two Hours
by Brian McAboy

I just went through this book and it has some good information a stock trader can use to improve his approach trading stocks.

I read so many trading books in my trading career and many you can through out the window. This one you can find a spot on your book shelf after you read through it and you won't need to throw it out of the window.

This book is one of my favorite trading books. It was right after I hit a pretty huge drawdown that I started reading this book, and it gave me a clear vision of high probability trading. I took back all my losses and became consistently profitable though I still do lose, but losing is part of trading anyway...
One thing, some of the strategies might be a little difficult to program for those who trade based on systems, but lots of useful ideas!! recommended!!

I have been trading profitably for about three years. I have been at this for about five years. I trade anything from fx spot market to mini-futures. Once a month I go back over all of my trades, read Elder's, Come Into My Trading Room, and this book is the first book I grab to re-hash strategies. I estimate that only about ten actual books on trading these days will make you profitable in todays markets. This book is one of the top three. The other two are Murphy's technical trading book and Tading in the Zone for the psychological aspect of this game.
For the person who said that indicators are not profitable- How have I been making money, consistently, for several years now with indicators all over my charts? Granted, I do not use indicators like the typical "Default" hogs that get slaughtered when they use indicators without any testing etc.. I use indicators exactly like Link shows in this book. I guess it works for some traders and not for other traders?

The title of this book speaks volumes about what you will find inside. What the author discusses through out this book is how to make every trade give you high probable odds to make money. Trade unemotionally, don't get greedy, and don't try to make the market pay you back for past losses. Do not become arrogant and stop using a proven system. Wait for a pullback to buy a hot stock instead of buying at an all time high. Do not over trade, wait and watch for a great set up. Give trades room to develop do not set to tight of stops. Give winning trades room to run before taking profits. This book is an all in one book for successfully trading covering all the bases, technical trades, money management, risk management, and the psychological aspects of trading. No trade is a sure thing, we deal in probabilities, increase your odds by practicing what this book teaches. I highly recommend. Also read ALL of Dr. Alexander Elder's books for more specific trading principles involving your mind, method, and money management.

Best book on trading I've ever read. Confirmed everything I had to learn the hard way over several years. If you are new to trading, read this first. It will get you on the fast track!