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Trading Rules: Strategies for Success Hardcover – Jan 1 1990


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Hardcover, Jan 1 1990
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Product Details

  • Hardcover: 266 pages
  • Publisher: Longman Financial Service (January 1990)
  • Language: English
  • ISBN-10: 0884629201
  • ISBN-13: 978-0884629207
  • Product Dimensions: 23.4 x 16.3 x 2.5 cm
  • Shipping Weight: 567 g
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Bestsellers Rank: #719,322 in Books (See Top 100 in Books)

Customer Reviews

4.6 out of 5 stars
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By A Customer on April 4 2003
Format: Hardcover
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 ...
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Format: Hardcover
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.
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Format: Hardcover
Rather than detailing the glories of the trading lifestyle and the millions to be made, Mr. Eng opens his book with a tragic tale of pain and loss that illustrates just how tough trading can be, and how the psychological effects can be magnified by conflicts in other parts of your life if you are not prepared. Many dabblers and novices hoping for a fast path to a quick buck will be turned off after reading the introduction, and I get the impression that this is the way Eng wants it.
The advice in this book rings true because Eng has been there and done it. He has lived and breathed the rules he teaches. He has made most if not all of the mistakes he warns of and personally felt the painful consequences. It is hard not to respect a veteran, especially one who has been successful in his campaign.
A lot of the rules may seem deceptively simple, or even contradictory at times (a number of trading maxims often are on the surface level), but perhaps the real value in this book is in the explanation of the rules through example and experience. With the basics so prominent and the rules for trading success so widely disseminated, the paradox is why so few can follow those rules. Perhaps one reason is because it is necessary to really understand on a deeper level why these rules are important before it is possible to follow them consistently without internal conflict. Eng's examples and stories help to illustrate the importance of the rules. This book will likely be appreciated more by old traders than new. Those who have years of trading under their belts will see hard earned wisdom in the words and maybe find a sense of comraderie with Eng as he tells his stories.
If you find Eng's rules too simple or too basic to bother with, ask yourself what your own interpretation of trading success is and how well you follow your guidelines. You might be surprised.
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By A Customer on Nov. 28 2000
Format: Hardcover
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.Read more ›
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