A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)

This is one of the worst books I have read about trading/financial markets.It might have been an interesting 5-page article in a magazine but almost 200 pages is just very painful for the reader. It's not really about money management except mentioning that stops are important - well, we know that by now. Just a few examples about other things that are very annoying in the book (in pretty random order):[x] The author talks about 7 types of risk (as mentioned in other reviews) but there is not real value in this categorization and the "explanations" are a waste of time, e.g.:"Overnight risk. For day traders, overnight risk presents a concern of what can happen overnight, when the markets are closed, can dramatically impact the value of their position. [...]" Zzzzzzz - tell me something new.[x] In every chart there is advertising for the authors trading system that he tries to sell, e.g.: "THE ART CHARTING SOFTWARE WORKS ON ALL TIME-FRAMES!". By page 5 you know the author has this "fantastic" system but he goes on and on and on about it on every page and every chart.[x] The author never explains on how to do it... he only says that this and that is important, like "Have a plan.", "Find a winning trading system", ... My grandma could have given me more helpful advice.

Praise for A Trader's Money Management System

"I am pleased to strongly recommend this excellent book, A Trader's Money Management System. If you are picking up this book, congratulations, since you have taken the first steps in following in the footsteps (by using proper money management) of successful traders."
—Steve Nison, President, Candlecharts.com, and author of Japanese Candlestick Charting Techniques

"Bennett McDowell demystifies money management for traders in his new book. With these simple, time-tested strategies, a trader will decrease the time it will take to become profitable."
—Adrienne Toghraie, President, TradingOnTarget.com

"Bennett McDowell does traders a HUGE favor in this valuable book by emphasizing the extreme importance of risk control and its vital place in a sound trading plan. Further, he provides knowledge of and access to specific tools, which enable the trader to implement his ideas simply and effectively. His simple straightforward treatment of a complex and often boring subject is a breath of fresh air and a worthwhilecontribution to this important element so crucial to the achievement of successful trading results."
—Edward D. Dobson, President, Traders Press Inc.

The best-kept secret to trading success: money management

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 one—and 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 work—and immediately benefit from the value of effectively managing risk.

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 one?and 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 work and immediately benefit from the value of effectively managing risk. Proven money management techniques that can help today's trader excel. Not adhering to a sound money management program can expose a trader to unnecessary risk, and possibly destroy their account. A few essential money management techniques can make a big difference to the bottom line. In A Trader's Money Management System, author Bennett McDowell introduces readers to the most important elements of money management in trading. Topics covered throughout this book include how to design a program to get maximum profit from a trading system; how to calculate the best trade size on every trade; ho