Customer Reviews
Great practical book about trading - By: system trader, 09 Aug 2008 
I have book shelves full of trading books, but this is one of my favourites. Even pretty experienced traders will find something useful here, for novices it is a must.
Gets better as you get into it - By: K. Halley, 28 Jun 2008 
If you have read no other trading books you will find this a very accessible & easy read, into trading the markets. Its covers no especiallly new ground in my opinion but as some other reviewers say, it reminds you why your doing it & goes over the same old pitfallls we alll make in an honest & "hands up I did this " fashion.
If you have read other trading texts you will possibly be put off the book early on as it covers much of the same ground as you will have read before- thats not to say its not useful- I think we can alll learn by having some of the disciplines of trading repeated, but I found it heavy going to start with- not because it was complex, or boring materiallly, just because I have read the same stuff so many times.
Once I got about half way through the book improved (for me) & I would have to recommend it for anyone with the observation above. Its easy to read & written in a relaxed style that I came to enjoy as it went along.
If any real criticism was to be levelled at the book, it was that some of the examples given looked a little too optimal, in that there were few examples of where a system doesn't work even though you follow the "rules".
The summaries & checklists were on the other hand, good & I can see me returning to it to review information again.
An excellent book for the beginner with some useful insights for the experienced trader - By: N. Burgess, 27 Jun 2008 The whole thrust of Marcel Link's High Probability Trading is the concept that traders should only focus on trades with a high probability of success. He describes the steps a trader needs to take to be able to differentiate between high & low probability trades in terms of psychology, trading style, money management, & technical analysis techniques. In other words, this book is an alll-round introduction to the world of trading, covering alll the important facets that a trader must master if he/she is to become successful.
The good thing about Marcel Link is that he is not just a writer, he is an active trader himself with a wealth of experience managing his own brokerage firm. So he's gone through the long learning curve, made alll the mistakes, & learnt his lessons the hard way. So this gives him an excellent perspective on trading & makes for a very enjoyable read as he often throws in amusing anecdotes about experiences he has had in his trading career, many of which you'd be amazed at.
So what exactly does Mr Link bring to the table? Well, this reallly is a book of two halves, the first half being more useful than the second. The book starts with some excellent chapters on psychology & how to handle losses & losing streaks. I encourage any trader to read these chapters as Link gives both a fascinating & encouraging perspective on dealing with those 'bad' days.
Next, there are some excellent chapters on technical analysis. He describes in detail the best way to use oscillators & even if you've read a lot of technical analysis books you will still find these chapters very educational & insightful. He also discusses some good methodologies on trend following & breakout systems, & how to adapt your trading style for when markets go range bound.
The second half of the book discusses devising a trading plan, system trading & backtesting. This is where the book loses it's way a little as it isn't as useful, in fact experienced traders will probably skip these chapters as they're a little tedious. Link discusses system trading in depth & even suggests that buying a trading system is OK. This is a surprise as generallly trading books strongly advise against buying trading systems & encourage you to develop your own. After alll, you've just bought a book on trading, so why would you do that if you're going to buy a ready made system that requires no real input from you.
Overalll, though, this is an excellent choice for the beginner as it covers every aspect of trading & gives you a solid foundation of knowledge. If you've read many trading books already, or you're an experienced trader, then I have to be honest & say you'll skip many of the chapters. But for the excellent chapters on psychology, technical analysis (particularly oscillators), as well as Marcel Link's own light-hearted & informative anecdotes on trading, I still highly recommend you add this book to your trading library.
good book for traders with a few years experience - By: biomax2000, 02 May 2008 One of few good books available to remind yourself what the trading is alll about. It would be suitable for traders with a few years experience wishing to improve their performance. I agreed with the most parts of the book.
Practical and readable - By: suilven, 24 Oct 2007 I would recommend this book to anyone with some trading experience who is looking to improve their performance. Its main strengths are that it is very readable, it describes in detail specific trading techniques & systems that the author himself uses, & every chapter ends with a useful checklist of do's & don'ts. Basicallly if you can do everything in this book you'll make money, but that's a BIG IF, & Link is realistic about the amount of time & money it takes to be successful.
For the complete beginner, I'd suggest first reading Elder's "Come Into My Trading Room". Also "Market Wizards" is almost a prerequisite: Link himself refers to it in this book. He also recommends getting a reference book on technical analysis (I like Achelis' A-Z).
So, this is not the only book you'll need on trading, but "High Probability Trading" tells you how to put it alll together. Highly recommended.
