The Universal Principles of Successful Trading: Essential Knowledge for All Traders in All Markets: 534 (Wiley Trading) - Hardcover

Penfold, Brent

Hardcover

ISBN 10: 0470825804 ISBN 13: 9780470825808

Publisher: Wiley, 2010

Synopsis

The Universal Principles of Successful Trading clearly andunambiguously articulates trading principles that distinguish thewinners from the losers. Though trading can be performed indifferent markets, across different timeframes, and with differentinstruments based upon different techniques, there is one commonthread that ties all winning traders together: the universalprinciples of successful trading. All consistently profitabletraders adhere to them regardless of the markets, timeframes, andtechniques. In this ground-breaking book from top trader, Brent Penfold, thereader will: * Learn how to develop a trading plan * Learn how to identify and create an effective methodology * Discover successful money management strategies * Understand trader psychology * And many more exciting trading and strategies secrets. Supporting the universal principles are rare interviews from adiverse group of successful traders. Some are the new young guns oftrading and others are market legends who are trading just asactively today as they were over 50 years ago. They represent adiverse group of traders from the United Kingdom, America,Singapore, Hong Kong, Italy, and Australia. All of them havegenerously agreed to offer the reader one singularly powerful pieceof advice to help them towards their trading goals. Each piece ofadvice emphasizes an essential element of the universalprinciples. This timely and exciting book from Brent Penfold has alreadygarnered many accolades and looks set to become a modern-dayclassic.

About this title

Review:

Brent gives you the opportunity to sit down with some really great traders and learn from their good and bad experiences. This should be an invaluable experience for the reader. --Larry Williams, Trader Unlike most trading books, The Universal Principles of Successful Trading covers the key principles of trading success. It even has a money management chapter-a topic which most books neglect. I recommend reading this book cover to cover several times. It will change your mind about what's important in trading. --Van K. Tharp, Ph.D., Trading Coach and President, Van Tharp Institute (www.vantharp.com), and Author of The Definitive Guide to Position Sizing Brent Penfold has successfully provided readers with a blueprint for trading success. Not only does he cover such vital topics as trader psychology and effective money management, he also presents interviews with many successful traders and market researchers and his probing questions and their answers offer insights into their specific trading styles and psyches?a "how-to" book from start to finish. --Tom DeMark, Founder, Market Studies, LLC This is one of the best books on trading to come along in a long time and I predict it will become a classic. The book covers just about every aspect necessary to become a successful trader. His discussion and conclusions on the highly promoted Gann and Fibonacci methodologies might indeed surprise you. He made over 16,000 observations of Fibonacci ratios to derive his conclusions. This section alone is well worth the price for the "wanna-be" traders who are looking for techniques that work. In summary, read this book. You will be richly rewarded for your time and effort. --John Hill, President, Futures Truth Co. Brent has compiled all the ingredients in this book. He has experience, intelligence, and knowledge that he has tapped from traders all over the world. It is so refreshing to read a book written by a "true trader" such as Brent. --Mark D. Cook, Pro Trader and Creator of the Cook Cumulative Tick Indicator In my opinion trading education is delivered in two styles: quantitative and qualitative. The vast majority of information in the trading universe is quantitative-"hard-coded" information that can be replicated by the majority. However, successful trading only comes about by an understanding of qualitative learning-how you can readily teach someone to learn to lose when it goes against everything we're brought up to believe. Brent's "Just One Piece of Advice" section is one of the best attempts to get this qualitative message across. Take it. Read it. Then read it again and again. --Nick Radge, Trader and Adviser (AFSL 288200) and Author of Adaptive Analysis (www.thechartist.com.au) This book cries out to be placed in any trader's library. Brent does a superb job of outlining, exploring and evaluating the current state of position sizing algorithms. As successful traders know, money management is one of the three pillars of trading success. He also provides a unique trading plan. A great book! --Ray Barros, Professional Trader and Fund Manager and Author of The Nature of Trends This book is a "must-read" for anybody approaching the world of trading but also for skilled traders. I've read many books but this is the one I wished I had found when I was starting this adventure. Brent addresses exactly what a trader should really focus on. --Andrea Unger, Winner of the World Cup Championship of Futures Trading (R) 2008 & 2009 Normally when asked to review a book, I will skim through it and make a few comments. With this book, I just kept reading-I couldn't stop! Brent has an amazing ability to tell it like it is. His "Just One Piece of Advice" section is brilliant, and worth the price of the book many times over. If you have a genuine deep desire to be a consistently profitable trader and want to learn what traders really need to know as opposed to what most think they need to know, do yourself a favor and read this-please! --Stuart McPhee, Trader and Author of Trading in a Nut Shell In my 25 years in the market I have read and seen just about every trading book there is. Very few get to the crux of trading like Brent has. Get it. Read it. This is not your typical trading book, this is a comprehensive book written by a real trader for traders, everyday people who are serious about becoming successful traders. --John (JR) Robertson, Director, I-Deal Financial Group Crawling in the right direction beats running in the wrong direction every time and Universal Principles of Successful Trading will definitely get you heading in the right direction. Straight forward language, simple concepts and emphasis given where emphasis is needed. I wish this book was around when I started out because to master the markets now all you have to do is master this book. --Alan Hull, Trader and Fund Manager and Author of Active Investing When Brent asked me to review his new book The Universal Principles of Successful Trading I was both excited and curious. Having read his first book and recommended it to many of my clients I knew to expect something big. Brent is one of the very few authors who actually puts into practice the strategies he espouses, which lends great credibility to his words. He provides the most comprehensive approach to the various strategies of money management I've ever seen. A must read for anyone serious about trading. --David Montuoro, Futures Broker and Director, Bellmont Securities Concise, to the point, and relevant for gaining the trading skills and strategies needed to maneuver in today's marketplace, Brent provides a clear road map on how to emulate the elite traders who consistently win over the long-term. Forget the hype you hear about trading and get this book. Read it, read it and read it again. And then study it until your eyeballs drop out. Brent keeps it real and if you can too then you may just find yourself in the exclusive 10 percent winner's circle! This book is destined to become a trading classic. --Steve Mater, CFD Business Development, MF Global In his first book Brent hits the nail on the head with a down to earth, no nonsense explanation of what you need to be a successful active trader. I haven't seen a more practical guidebook for traders in over 20 years in the financial markets. If you want to stop being in the 90 percent of traders who lose and join the elite 10 percent who win, then I suggest you throw out all your other textbooks and read this book from cover to cover. This is a book written for traders by a trader and is the obvious starting point for a successful trading career. --Tony Makowiak, Head of Dealing, Aliom Pty Ltd

About the Author:

Brent Penfold is a full time trader, author, educator andlicensed advisor. He began his career in 1983 as an institutionaldealer with Bank America and today specializes in trading forex andglobal indices. Brent is the author of the bestselling book Trading the SPI (Wiley 2005) and is profiled in JohnAtkinson's e-book The Stock Market Wizards of Australia.Brent publishes daily newsletters for active Forex and Indextraders and is a popular and sought after international speaker whohas presented to traders throughout the Asia Pacific region inSingapore, Hong Kong, Malaysia, Vietnam, Thailand, India, China,Australia, and New Zealand. Brent is a licensed futures advisor (AFSL 225946) and holds aMaster of Commerce (Finance) degree.

About this edition

• Publisher: Wiley
• Publication date: 2010
• ISBN 10: 0470825804
• ISBN 13: 9780470825808
• Binding: Hardcover
• Edition number: 1
• Number of pages: 256