Trading Rules: Strategies for Success

Written by a floor trade on the cbot, this book is simply a list of rules with brief 5 page explanations for each chapter. I found about most of the rules to be elementary to an intermediate trader. However, almost any trader regardless of experience can pick up a few tidbits in this book .. which is more than I can say for most trading books.I give the book 3 stars for content, another star for being a very quick read, and another star for being cheap ...

This book is about the mindset and mental habits a trader needs to be successful in the markets. Every successful trading career has been a process of learning the "rules" in this book. If you can imagine a good friend with years of experience giving you advice on how to improve your trading; that is exactly how this book reads. This book IS NOT a "how to place a trade book." It IS an excellent book on what not to do once a trade has been placed. No book can replace the school of hard knocks every trader has to go through in order to succeed, but if you embrace the principles contained in this book and make them your own; you will save yourself a ton of money. You may even save yourself enough money to stay in the game.

The better I get at making money trading, (not investing), the more these good books show up. (When the student is ready, the teacher will appear). I have read dozens of books over the years like all of you,and most of them did nothing for me except help me part with my money. I would get discouraged and quit the game for a few weeks or a couple of months but love of the game kept bringing me back. And when I picked up books like this one, some years ago, it didn't interest me. Know why? I wasn't ready for it. The reason it interests me now is because through many losses and trial and error, I am finding my way through this trading game and I find myself doing most of the right things now and when I read a book like this one, it confirms it! When I was a novice and not doing the right things, this book didn't confirm it, hence, it didn't appeal to me. I guess what I'm saying is, if your not improving at the trading game, then perhaps you're not ready for this book. If you are, you will be pleased to see yourself on many of the pages, but better yet, the confirmation you'll get from the book will increase your confidence and you just have to make more money. Maybe if you're not doing well and read this book, it will help you, too. All I know is when I was losing every day, I kept reading all the hype in the day trading books, losing money and this book didn't appeal to me. Now I have patience and discipline and sleep better and make money. This book has helped me make more as a position/swing trader of stocks only. Just keep in mind the 4 cardinal rules of trading: 1. Trade the trend, 2. Cut your losses quickly, 3. Let your profits run to infinity, and 4. Manage your risk. And when you learn that managing your risk partly involves losing money properly, then losing money won't bother you anymore. Read and reread this book and perhaps you too can trade the market for a living. And you know what? The markets are crashing and I'm still making money. I'm not sure if I would if I hadn't read the book.

Trading Rules is one of the best books I've read on the markets. At first read I thought it was too simple and not detailed enough. The book doesn't give you any complicated math formulas and difficult equations. It's straightforward and to the point. It's one of the easiest reads I've ever had. After reading it once I dismissed with most of what was written by the author. when I traded the stock market I realized that the author had written about certain things about a particular market action. I reviewed what the author wrote and sure enough he had already detailed what the proper strategies should be. I reread the book and sure enough what he had written made more sense. I reread the book a second time and this time I got more out of it because the author explained everything the market was to do!! On the surface of this book it's a real simple read, but the strategies and plays helped me make a lot of money. And that's what the game is all about: making money!!!