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Trading Rules: Strategies for Success [Hardcover]

William F. Eng
4.6 out of 5 stars  See all reviews (7 customer reviews)

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Hardcover, January 1990 --'s 2014 Books Gift Guide
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Book Description

January 1990
Here is a collection of over 50 strategies for market success targeted to sophisticated investors and financial professionals. Eng explains what works and what doesn't in an authoritative yet accessible tone. Partial Contents: Don't Follow the Crowd; Markets Are Never Wrong, Opinions Often Are; Grab Windfall Profits; Make a Distinction Between Speculating and Investing; Bear Markets Have No Supports, Bull Markets Have No Resistances; Index.

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4.6 out of 5 stars
4.6 out of 5 stars
Most helpful customer reviews
5.0 out of 5 stars wisdom from the trenches April 17 2001
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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5.0 out of 5 stars For intermediate traders Nov. 28 2000
By A Customer
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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5.0 out of 5 stars A Classic Read for Everyone's Library! Sept. 9 1998
By A Customer
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!!!
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5.0 out of 5 stars Wisdom for Traders, Not "Trading for Dummies" May 27 2002
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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