By Philip Reschke
In this book, seasoned Wall Street investor Philip Reschke hopes to give readers the tools to improve the precision, accuracy, and profitability of their market trading strategies. The main takeaway is the importance of testing the individual components of a trading strategy individually before putting it all together in an implementable strategy. This provides the reader with a more robust strategy and allows them to spot potential pitfalls.
Philip Reschke’s book aims to improve the overall profitability of readers’ stock market trading strategy by leveraging some of the market edges and trading strategies that the world’s most successful traders put to use daily. The author provides what is less a get-rich-quick scheme and is more a trading methodology that gives readers the tools to generate long-term profits.
To this end, Reschke includes sections on the benefits of using one “set-up” and “entry signal” when developing and operationalising a trading strategy, which helps tilt the odds in the trader’s favour. Readers will also find the sections on conducting statistical tests particularly insightful. Such tests allow one to assess and make a call over whether a proposed trading idea or strategy has an edge over the market. Readers will also learn how to avoid many of the mistakes that seem to plague beginner traders, such as not considering trading costs when back-testing strategies. In the final chapter, Reschke sets out the framework for a consistent and profitable trading strategy that is built completely on set-ups and information provided in the previous chapters. Readers of this forex book review will also be impressed to find that all the strategies presented have been built around popular trading platforms such as MultiCharts, NinjaTrader, and MetaTrader, which means that they can easily be implemented using readily available tools.
Packed full of real-world industry insight, Reschke’s book is a solid addition to any fledgling trader’s library.
Format: Kindle eBook
Length: 108 pages
Publisher: Amazon Media EU
Publication Date: February 2014