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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: $38.85
You Save: $31.15 (44%)
New (26) from $38.85
Avg. Customer Rating:  20 reviews
Sales Rank: 34396
Media: Hardcover
Number Of Items: 1
Pages: 210
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 15 more reviews...
 Great Read on the Most Important Component of Any Trading Strategy September 1, 2008
2 out of 3 found this review helpful
Watch Video Here: http://www.amazon.com/review/RHJ41D0Z1V960 One of the few books out there that focuses completely on one of the most important, yet often overlooked aspects of trading, money management. Where other books tend to devote only a chapter or two on money management, Author Bennett McDowell devotes his entire 170 page book to the topic. Here you will find answers to some of the most important questions in trading such as why money management is so important yet often overlooked, the psychology of money management, strategies for placing stop losses, how to scale into and out of trades, and how to correctly size positions. Also included are sections on record keeping and how to analyze profits and losses, complete with record keeping documents that can be photocopied directly from the book.
 Important Topic for Traders September 1, 2008
2 out of 2 found this review helpful
A very clearly written and readable text on the #1 topic for success as a trader. The book offers valuable advice on crafting a money management system tailored to your individual style and needs. In my opinion, one of the best books out there on this hugely important topic. What sets it apart is it's readability. This will be a book I come back to a lot, I am sure.
The Real Secret? August 30, 2008
2 out of 2 found this review helpful
I am a veteran of over 30 years of hands-on trading and a former member of many exchanges, NYSE, ASE etc
Even though I have been a successful trader I have always had a problem exposing myself to too much risk and undue stress.
In this book the dedicated reader will gain useful insight into the only secret on Wall Street and that is money management.
How much should you risk? August 26, 2008
3 out of 4 found this review helpful
That's the million dollar question at the heart of sound money management, how much should you risk on each trade? McDowell answers the question superbly in his book and gives the reader tools to answer this question for yourself. The debate on this topic has raged on prior to the release of McDowell's book and will surely continue on long after as well.
Some traders will urge you to never risk more than 2%. And, the traders in this camp feel that Ralph Vince's obsession with Optimal f formulas pose far too much risk for any trader. While other traders (see a John Bollinger review posted on one of Vince's books) will warn you against risking too little. The dilemma with risking too little is that you will minimize your rate of return and weaken your edge.
Perhaps, as McDowell's new book outlines, the answer to this question lies somewhere in between. He compares, and spells out, two ways to determine how much to risk: 1) referring to the risk of ruin tables; and 2) using the Optimal f formula. Either way, you absolutely need to know what both your current pay off ratio and win ratio are, so that your choices are based on data not impulse.
This book gives you the formulas and information to make an informed decision on how much to risk. How you use the information (via testing your own system) is up to you.
Thinking about Trading? August 25, 2008
3 out of 3 found this review helpful
Read this book before you lose your life savings or a portion thereof. I would venture to guess that most "non professionals" play in markets without a plan or system. It may be true that more people lose money in the market than make money in the market, especially in 2008. Well, if you fall into this category you need to read and use this book before you make another trade. Money management discipline is more important than stock picking!
This book is an easy read. It will, in a clear and concise manner, guide you to create your trading system for money management ("preservation"). Learn your strengths and identify your weaknesses. Understand your risk psychology and how to develop a "Traders Mindset" that fits you. Entry rules, stop-loss exits, risk-of-ruin tables, tracking systems and risk management rules, it is all here. It's well laid out and worth the investment in your financial future. I am glad that I bought and am using this book. Highly recommended!
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