Great read full of info
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THis is a great book for beginners. It is comprehensive and very honest the latter being what I liked the most about it. It tells you from the start what not to expect from trading.
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Great practical book about trading
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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.
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Gets better as you get into it
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If you have read no other trading books you will find this a very accessible and easy read, into trading the markets. Its covers no especially new ground in my opinion but as some other reviewers say, it reminds you why your doing it and goes over the same old pitfalls we all make in an honest and "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 all 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 materially, just because I have read the same stuff so many times.
Once I got about half way through the book improved (for me) and I would have to recommend it for anyone with the observation above. Its easy to read and 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 and checklists were on the other hand, good and I can see me returning to it to review information again.
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An excellent book for the beginner with some useful insights for the experienced trader
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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 and low probability trades in terms of psychology, trading style, money management, and technical analysis techniques. In other words, this book is an all-round introduction to the world of trading, covering all 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 all the mistakes, and learnt his lessons the hard way. So this gives him an excellent perspective on trading and 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 really is a book of two halves, the first half being more useful than the second. The book starts with some excellent chapters on psychology and how to handle losses and losing streaks. I encourage any trader to read these chapters as Link gives both a fascinating and 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 and even if you've read a lot of technical analysis books you will still find these chapters very educational and insightful. He also discusses some good methodologies on trend following and breakout systems, and 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 and 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 and even suggests that buying a trading system is OK. This is a surprise as generally trading books strongly advise against buying trading systems and encourage you to develop your own. After all, 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.
Overall, though, this is an excellent choice for the beginner as it covers every aspect of trading and 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 and 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 and informative anecdotes on trading, I still highly recommend you add this book to your trading library.
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good book for traders with a few years experience
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One of few good books available to remind yourself what the trading is all 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.
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United Kingdom | 
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