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A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) | 
 enlarge | Author: Bennett A. Mcdowell
Creator: Steve Nison
Publisher: Wiley
Category: Book
List Price: $70.00
Buy New: $36.46
You Save: $33.54 (48%)
New (35) Used (9) from $36.46
Rating:  32 reviews
Sales Rank: 23749
Media: Hardcover
Pages: 210
Number Of Items: 1
Shipping Weight (lbs): 0.7
Dimensions (in): 9.1 x 6.2 x 1
ISBN: 0470187719
Dewey Decimal Number: 332.645
EAN: 9780470187715
ASIN: 0470187719
Publication Date: July 8, 2008
Availability: Usually ships in 1-2 business days
Shipping: International shipping available
Condition: BRAND NEW
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Product Description
Money management may very well be the most important piece of the trading puzzle. In A Trader's Money Management System, expert Bennett McDowell provides time-tested techniques that can turn a losing trader into a winning oneand take the winning trader to an entirely new level. In revealing his personal approach to staying out of trouble in the financial markets and maximizing profits, he offers comprehensive insights into: -
The psychology of risk control as well as the finer aspects of setting stop-loss exits -
The value of managing trade size and consistent record keeping -
The process of putting together your own personal money management system Unlike other books that focus on the complex mathematical theories behind money management, this book presents its system in straightforward, easy-to-understand terms that will allow you to quickly see how these concepts workand immediately benefit from the value of effectively managing risk.
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| Customer Reviews: Read 27 more reviews...
 A tool of risk management January 5, 2009
Law Chi Keung (Hong Kong)
2 out of 2 found this review helpful
Risk control is always neglected by traders. In fact, money management is a essential element for successful trading; especially for the small traders. The authour of this book explained the importance of money management; teach readers how to use small amount of money to build up huge amount of wealth. Besides, it also teach readers how to avoid unexpected risk in order to keep hard earned profit. The book is recommend to everybody who want to be successful in trading market.
 traders money management system January 4, 2009
Raymond Limansky
2 out of 2 found this review helpful
This is the best book on money management I have read,in fact I have given my son another one because I want to keep this one as a reference.you will learn how to save yourself from ruin and also how objectively,you can calculate the size of the trade .
Must have for traders for proper risk management January 2, 2009
Steve Burns (Nashville, TN)
2 out of 2 found this review helpful
If you are serious about being a profitable stock trader then this book belongs on your top shelf. I have been trading stocks successfully for five years and have read over 100 books on the subject and put this in the top five for useful information. This book spells out each step very simply and clearly for money management,so that you can instantly know, step by step and formula by formula what you need to do so that risk is minimized and the probability of success is maximized.
The six types of risk to manage in trading are covered in detail:
1. Trade risk
2. Market risk
3. Margin risk
4. Liquidity risk
5. Overnight risk
6. Volatility risk
Your long term success will depend on your ability to control these variables to make your risk of ruin almost zero. "The markets are the ultimate university of finance and sometimes the tuition is on par with Harvard, Columbia, or Yale".
This book will take you through exercises to identify your strengths and weaknesses as a trader and show you where improvement is needed. It will also give you questions to answer to grade yourself on where your personality is on the spectrum for taking on risk and also your level of discipline.
This book contains a wealth of useful work sheets that enable you to track your trading statistics daily, weekly, monthly, and yearly. You should have at least 25 trades for a system, then check the statistics for that sample. The book suggests the key stats will be: the win ratio, payoff ratio, commission ratio, largest winning trade, largest losing trade, average winning trade, average losing trade, largest % of draw down, average of draw down, total % of profit/loss. These stats are crucial in determining where adjustments need to be made for greater success. While and average amount of risk is 2% of equity on each trade, your amount of risk could be adjusted higher or lower based on your win rate.
If you are a fan of Alexander Elder's work then this book will fit in great with his methods. There is no greater book on money and risk management on the market that I know of. Don't go back in the market with out reading it and implementing the record keeping and risk control tactics it teaches.
Every Trader's Guide December 31, 2008
B. Williams (MV,CA,US)
2 out of 2 found this review helpful
Every trader should be using the money management techniques outlined in this book, otherwise it will be "love your losses".
Money Management Rules to Live By December 12, 2008
L. Garmendia (Miami)
2 out of 2 found this review helpful
A great read and a book that you leave next to your trading monitor.
Easy to follow risk management tools that will take your trading to the next level. After reading this book I was able to apply rules to my trading that puts me on par with the Professionals. A must read for any TRADER
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