on July 17, 2016
Before I get on to the book review, I thought of giving you a brief idea about my trading experience & where I was in the trading learning curve, so readers are able to see what progress I have made after reading this book. I have been trading Forex for over 2 years with reasonably good results. There was no particular trading plan except for using 3 indicators (2 moving averages & MACD), & their trigger for trade entries. Trade exits were mostly based on size of profit or loss & how significant they were compared with my small initial capital.
I have just completed reading this book cover to cover for the second time. Though I have read many trading books in the past, I can hardly recall an occasion where I read any book twice! However, Robert C. Miner’s "High Probability Trading Strategies" was different. The first time I read the book, I was able to have a fairly good understanding of concepts, & somewhat of a vague understanding of strategies. The second reading was deep. I made notes, spent time on details, & got a very good grounding of concepts, strategies, & their practical use. I now had a completely objective way of identifying conditions for a trade entry, placing stop, managing the trade until exit. Based on the process outlined in this book, I have also completed a trading plan which includes several steps from open to close under different trading conditions.
The book shows how to use dual timeframe momentum strategy as a filter, together with price, pattern & time relationships for high probability trading opportunities. The book uses a vast array of charts, & most of them are on the same page as of the commentary. At most times multiple charts are used for the same trade to show the progression of the trade bar by bar. There is a section allocated for trades done by Robert’s students as per the strategies taught in this book. The pinnacle of this book is the enclosed CD with several signature trades. It has an ongoing commentary by Robert, bar by bar, logically analysing actions, reasons for taking them in accordance with market behaviour. The CD is an awesome university of knowledge & know how for the practical trader!
“High probability Trading Strategies” has definitely changed my outlook, attitude & approach to trading. Above all I now have a concrete trading plan that could guide me in identifying, entering, managing & exiting trades logically. I have so far done 3 trades as per the trading plan with outstanding results. I have to agree that I have come a long way towards becoming a master trader after reading this book. I recommend it not only for aspiring traders, but also for seasoned ones wanting to take their trading to the next level.